We urge CMS to require brokers and agents to reveal commissions, commission residual schedules, bonu

[ebayn001]

That reminded me of a situation that happened early on after transitioning from group health insurance to Medicare. One person, that had been a client for several years, asked how much I made from his policy. By that time we were friends, so I told him . . . I make about $20 per month (which was true at the time).

He was shocked . . . he said he thought I made more than that.

I said "This is not a get rich quick" proposition. With volume, I do fairly well, but it took a long time to make this more than a hobby."

I rarely have people ask how much I make, but some do ask how much I charge for the information I provide. Some have offered to pay me and I explain that I can't take their $$ and a commission.

Sometimes I tell them this.

I don't get paid until you trust me enough to allow me to be your agent. When I submit your application the carrier pays me a small fee based on the premium . . . the same premium you would pay if you went direct to the carrier. Just like a contractor you may hire for your home, I don't get paid until the work is done and you are satisfied with what I have done.

If you don't mind me asking why did you transition out of group health insurance?

 

[InsuranceGuy29]

"How much are you going to make on this sale?"

"Not enough to deal with these types of bullshit questions".

OR

"I'd make a lot more if I just charged you by the hour"

I always think that question is funny because I could make more or less on the sale than the agent down the road. Clients should not care about what I make any more than the professions in the post by @Packerland

"Not even near as much as if I was allowed to charge you with billable hours, like a lawyer. Consider yourself lucky."

 

[sshafran]

If it's implemented, I'll just put it as a hidden link on the website and provide the URL.

On that page I'll list comp in a way they won't really get - something like PMPM or FYC or something like that.

No one will go to that url.

 

[sshafran]

But I agree with everyone - its 100% none of their business.

I occasionally get a sly eye from a prospect when they ask where I live and I tell them the town. Then they go "Oh, which neighborhood?" I hate that question because it's a small town and my neighborhood is gated on the water and some people don't love that. It's not a "rich" neighborhood but some think it is.

 

[somarco]

If you don't mind me asking why did you transition out of group health insurance?

burn out

 

[somarco]

I hate that question because it's a small town and my neighborhood is gated on the water and some people don't love that. It's not a "rich" neighborhood but some think it is.

Some of the aerial pics look very similar to the Obama property in another quaint village called Martha's Vineyard

 

[sshafran]

Some of the aerial pics look very similar to the Obama property in another quaint village called Martha's Vineyard

Haha!!

Similar.... Real similar....

Does he have 5 kids running around his house too, scaring potential neighbors away?

 

[titeye]

They can KMA

HAHAHAHAHAHHAHAHAHAHAHAHHAHAHAHAHA

 

[titeye]

I revealed to a client what I made once and only once. I lost the sale because she thought I made too much money. Tried my best to explain that she would get the same exact price if she went straight to the company, and wouldn't have a local agent. That didn't help at all.

I will never let a client know what I make ever again! It's really none of their business. This is one area that CMS is really overstepping their bounds. I think they are presuming that their authority is a bit more than it is! Even if they pass that rule, I would ignore it.

Never say, Never, Todd. I've been in financial services since 1993, securities licensed. Disclosing your commission has been a requirement for years, in that industry. It would not surprise me one bit, if this industry follows suit.

 

[somarco]

Does he have 5 kids running around his house too, scaring potential neighbors away?

I think his wife has that covered . . .

Five kids? Do you ever leave the house??