Symmetry Financial compensation question

[MrBob]

Hi,

I have a friend who has signed up with Symmetry Financial Group and when I was looking at the compensation and as he explained it, it looks like there are no renewals for the agent.

Does anyone know if that is just a misunderstanding or are there really no renewals given to the agent?

Also, any advice/insight in general on Symmetry Financial as far as good/bad etc...

Thanks.

 

[MrBob]

I meant residuals not renewals....As I understand the structure as my friend explained it, he will be paid 60% of the annual premium amount, 75% of the year up front and then paid the monthly premium each month for the last 3 months...But no mention of anything after that...

I thought part of the benefit of insurance sales were the residuals, the building up of a passive income over time?

 

[Deadlily]

Your friend will start @ a 60% Contract Rate, however that does not equate to a commission of 60% on every product/carrier. In fact, he will be paid a 60% commission on far less than 1/2 of the products/carriers.

Term products generally pay zero renewals, however whole life products do. The problem with Symmetry is that they pay zero to very low renewals, compared to other IMOS on the same product.

Symmetry Financial Group is a MLM (“recruit, recruit, recruit”) company that pays very low commissions to agents. In fact, the highest contract rate an individual can earn with them is only 110% and an agent has to develop a large agency to qualify for that rate.

If you search on the forum (& Google) for Symmetry Financial Group / SFG, you will find a lot of info on the company.

Here is a link to a video posted over a year ago on YouTube by an individual who worked with SFG. He initially posted about once a week regarding his experience, but once he decided it wasn’t for him, he deleted all of the videos with the exception of the final one. He updated his video description a couple months ago. It is definitely worth a read, imho.

 

[MrBob]

Thanks

 

[csanderson]

Also, when you try to get out of SFG or use their carrier's they put a 6 month hold on you (you can't write with their same carriers 6 months from the time you signed up with that carrier and/or 6 months after the last application you write with them). This is very hard on an agent since they work with some of the top carriers in the business.

 

[GrassisGreener8]

Your friend will start @ a 60% Contract Rate, however that does not equate to a commission of 60% on every product/carrier. In fact, he will be paid a 60% commission on far less than 1/2 of the products/carriers.

Term products generally pay zero renewals, however whole life products do. The problem with Symmetry is that they pay zero to very low renewals, compared to other IMOS on the same product.

Symmetry Financial Group is a MLM (“recruit, recruit, recruit”) company that pays very low commissions to agents. In fact, the highest contract rate an individual can earn with them is only 110% and an agent has to develop a large agency to qualify for that rate.

If you search on the forum (& Google) for Symmetry Financial Group / SFG, you will find a lot of info on the company.

Here is a link to a video posted over a year ago on YouTube by an individual who worked with SFG. He initially posted about once a week regarding his experience, but once he decided it wasn’t for him, he deleted all of the videos with the exception of the final one. He updated his video description a couple months ago. It is definitely worth a read, imho.

I'm no rocket scientist here but do we really want to gauge an entire company off of this guys opinion? I mean we all know it takes someone that is different to do this business, not some "well you know, I was simply working," instead of someone really grinding. This guy looks like he should never do sales.
just my opinion.

 

[Newby]

I'm no rocket scientist here but do we really want to gauge an entire company off of this guys opinion? I mean we all know it takes someone that is different to do this business, not some "well you know, I was simply working," instead of someone really grinding. This guy looks like he should never do sales.
just my opinion.

Every company has people that love them AND people that hate them. You have to weight that into opinions. But math is math. The numbers are easy to compare. If they were really trying to sign the guy up at 60% (with or without renewals) he needs to shop that around a bit to see that he would have to sell twice as many policies to make the same money as the agents he said s competing with.

All agents need to collect the commission grids (first year and renewal in print, never verbal) from several agencies before committing to any of them. Any agency that makes it difficult to get their grid is NOT going to be a good experience. Usually they are going to be lower if they do the pyramid recruiting which adds nothing positive for the agent who is selling the policies but gives a huge chunk of his commission to other people.

Opinions are opinions. But numbers are the easiest part to compare. And attitudes about getting those numbers to you when asked tell you a lot about the agency too. The should be as easy as clicking on their website. Most aren’t.
Final Expense Commission Levels