Please Masa Please Masa Please Release Me

[GMDM100k]

Back when I left the debit company and started an agency, there was very little debt to roll up.. Very few companies were paying advances.. especially in the health business.. There were a few advancing in the life business but for the most part it was limited to 3-6 months..

I imagine there are a few that still have 6 month advances. Advances are a huge liability for everyone involved .

But back then credit was taking the nation by storm. Everyone wanted to use credit. And it spilled over to the insurance industry.

It's essentially a loan against your earnings. People took out massive loans to buy over expensive houses. They're like damn. How am I gonna afford this huge mortgage!?? Wait. I know. I'll ask for almost my whole years worth of commission on an app up front! Yeah that'll do it.

 

[DayTimer]

Back when I left the debit company and started an agency...

Also no cell phone bills, internet bills, and y'all walked or rode a horse to your appointments so no car payments, gasoline, automobile insurance ...

Ahhhh ... those must have been the days, huh Louis?

 

[rousemark]

Also no cell phone bills, internet bills, and y'all walked or rode a horse to your appointments so no car payments, gasoline, automobile insurance ...

Ahhhh ... those must have been the days, huh Louis?

Well, there were cars... and an oil embargo that resulted in skyrocketing gas prices..

 

[somarco]

 

[HoosierLife]

There are things you can do to protect yourself as a manager and Imo. And I agree these new imos are figuring out about replacing and debt.

I think holding a release would encourage someone to replace. If an agent is not ever planning on writing with the company again they will be more likely to flop business. If they are planning on having future commissions from that company they probably won't.

I imagine if they are asking for a release they would be planning on still using them. So they wouldn't be planning to rewrite. But obviously if they need money they will.

There is definitely an easy way to have the possibility to keep their future commissions. Thats why some agencies have longer vesting periods . Usually agents that flop don't stay for very long. And don't flop every single app.

I don't know about you but for me most of my agent roll up comes from agents that were with me for less than two years. Some a tiny bit over. So having a two year vesting helps me wash out on some of the debt. But these are also changes that agents hate .

I see it all the time . A new ad. Top commissions! Day one vesting. Can sign up with any carrier you want.

Then a couple years later, these same guys have ads saying hiring captive agents! Starting com 80 percent.


There is a reason that captive companies and old imos do things the way they do them. And they get bashed repeatedly about it.

Quick to vector. Hate it. Omg .They vectored my advance debt!??? Criminal!! Two year vesting???? Wtf? I'm not ever working with them. I'm going with this guy that gives me super high comp so I can learn and leave him for even higher comp. Get that release form he said he'd sign up front before I write. So he makes a tiny spread and is in the hook for my 200k in advances I'm gonna roll.

The problem is what you're seeing right now with release thread. A new manager that offered all these things. And now it's biting him in the ass.

He'll wise up . And make changes . The imo too probably. But two years later some new agency will come along and do the same thing. They'll be like, high comp. Day one vesting, upfront release form. Duhhh. Why didn't anyone think of that before! I'm going to get so many agents. That's what they want! I'll give it to them. Lol

The best Agency Manager post in a long while.

And coming from a LH manager!!

 

[WinoBlues]

Show of hands -
How many believe a written or promised "release" agreement means anything?

The 'yeah butts' and the 'wheeeells' don't count.

 

[MedicareMillionair]

I came this close to finishing a Ph.D. in political philosophy (ABD - all but dissertation). When I write, I tend to revert back to my grad school days. When I speak to FE clientele, I tend to revert back to my grandma's trailer park days.

I assure you that when I select the words I write the aim is always pellucidity and I am in no way attempting to confound through circumlocution (though I am occassionally guilty of trying baffle through b***s***).

I think you should switch every other paragraph in writing and every other time it was your turn to speak in public. Just leave people with a stupid look on their face.

 

[Newby]

The best thing IMOs can do is screen the agents heavily

Show of hands -
How many believe a written or promised "release" agreement means anything?

The 'yeah butts' and the 'wheeeells' don't count.

A written release in advance has never meant anything and I have stated that all over this forum to deaf ears.

1. If you turn a release to a company that was dated three years ago, do you think the company is going to accept that?

2. If an IMO signs a blank release with no date...well that IMO is obviously too stupid to do business with.

3. And regardless of any signed release all it takes is a phone call from the IMO to the insurance company to put the ka-bash on the release.

So...where does that leave everyone. Maybe do business with IMOs that believe in releases provided that the agent clears up current debts and is going to an IMO that will agree to accept all debts on the agent from that day on.

And always understand that middle-men have consequences. If you are signing up with XYZ agency, do NOT allow them to put you under a guy who is under XYZ agency unless you have chosen to go under the guy.

 

[DayTimer]

And always understand that middle-men have consequences. If you are signing up with XYZ agency, do NOT allow them to put you under a guy who is under XYZ agency unless you have chosen to go under the guy.

Ahhhhh ... there is the rub. All too common it seems to me to be led to believe you are going to be direct to Mr A, but when you start writing business and getting paid you come to find you are shaved 5 to 15 points because you are actually direct to Mr B who is direct to Mr A

I know that someone is bound to come along and say "its up to the agent blah frickin' dah" but the truth of the matter is that most of us have never been exposed to the multi-level world that is ALL life insurance sales ... not just the IMO's that are tagged as "MLM."

 

[WinoBlues]

The best thing IMOs can do is screen the agents heavily

If I were an IMO / recruiter.

I am an independent so my perspective has me believing that I need to screen the IMOs I am hiring. So I do not have to fire them later.

On the other hand I don't jump around much. I have had some of my contracts in place for 20 plus years. Seems like the recruiters move more than the agents.