Pri VP

[Davery123]

Hey all. I am a 10 yr veteran of Pri I was recruited by them out of college and have a solid book of business. I have 9 mil of personal assets under management and 17 mil within my team. I have 2 full time agents in my agency and 4 other agency's(other vps) that I have developed. I use American Funds for most of my clients and have 400 clients that invest into a Roth each month between $50 and $400 a month.


I am thinking about going out on my own but don't know if that is a good move or not. I don't like all the recruiting hype but it doesn't affect me because I am in total control of my business and don't take my people to that. I am at 110% commission on life plus a 10% bonus. I override 4 other guys who are 110% also because they pay me 15-25% on their sales. I make 62% payout on investments plus a 6% override on my vps.

What would you do if you were me? Who's life product would you sell and who would you use as your broker dealer? How do I set it up where I can still get paid on my agents but keep them on a good comp plan?

How does managing partner work? Any advise please fill me

 

[DHK]

The broker/dealer aspect will be your biggest issue. I don't know of any B/Ds (outside of the MLM structure) that allow non-supervisors/OSJs to earn an override on other reps. Unless you're in a 'team environment' of some kind? That's where you have a senior advisor, a junior rep, and an assistant, and perhaps other specialists or something.

The other option... is to get a position as a recruiting sales manager with another insurance agency. Then you bring your team with you... and you continue to do what you've been doing. 'Managing partner' is New York Life's title for such a position.

Of course, if you go to another insurance company, you'll need to learn about how to sell permanent life insurance and learn how it REALLY works.


Another way to go would be to affiliate with an RIA... but RIA business models are generally for wealth management of larger account balances, not really for periodic investment programs. Although I'm sure you could still use American Funds, but using F-shares and charging a fee.


Unless there were other alternatives out there that I'm not aware of (and that is possible) and if you're still committed to keeping these agents and agencies "under you"... the logic of your position would suggest to stay put... or find another 'MLM' based company to bring your team to. World Financial Group would be a "step-up" from Primerica, in my opinion.

 

[toolbelt]

RVPs are forbidden from holding second jobs, and of course the non-compete clause if you leave!

 

[WinoBlues]

RVPs are forbidden from holding second jobs, and of course the non-compete clause if you leave!

You mean they would frown on someone doing a replacement?

 

[toolbelt]

You mean they would frown on someone doing a replacement?

Well for some odd reason, the reps own their own business.....until they want to leave!!!

 

[WinoBlues]

Well for some odd reason, the reps own their own business.....until they want to leave!!!

The company that was built on replacement frowns on replacing........ Their business?!?

 

[toolbelt]

The company that was built on replacement frowns on replacing........ Their business?!?

Yes they're a company of contradictions. They'll say don't waste your time getting a university education or working a JOB, yet all their huge earners, directors, executives, managers etc in head office have both!!