texaslady
Expert
I recently attended a World Financial Group meeting/weekend convention. A friend of mine, who I have appointed as my subagent for medicare supplement products and other senior citizen insurance products wants me to join WFG with her as my upline. Her parents are heavily involved and making good money back in California.
World Financial Group is an insurance MLM, albeit a legit one, since they have been bought by TransAmerica, and offer over 300 carriers' (all A rated) products, including ING, Nationwide, Pacific Life, etc. They focus more on variable products and 401K rollovers, as the agents there all have their series 6 and 63 licenses.
They start you at a 45% commission. While that may seem low, they actually advance 40% of your commission upon submission, and I believe 30% upon issue, and the remaining 30% after 9 months or something like that. The fact that they advance that chunk upon submission is definitely appealing, and they do this for ALL of their products. It's relatively easy to move up on the split based on production, although I don't remember their exact requirements off the top of my head. On top of that, they pay a 6% - 8% renewal for as long as the client has the product, so no stopping after X amount of years. That's also appealing as well. They offer a 10% override on anyone you recruit in, as well as 10% override on anyone they recruit in, so on and so forth.
So here's where I am torn on what to do.... I have GA contracts at at LEAST 100% for my life insurance carriers, and I would have to give that up and go back down to 45%, to start. I would have to write all life insurance/annuity/LTC business through them, unless they don't offer that specific carrier.
Why should I do that? Well, for one, they don't offer anything medicare related or any health insurance for that matter. I am thinking I could make a deal with the other agents in this branch to give me their senior citizen client leads so I could help save them money on their supplements, or even MAPD. This could help the other agent as well as me. They have a huge network, and this idea could pan out to something. I could even possibly end up getting their agents as my subagents for health products. I could also get small business group health leads this way, though probably not as much.
Another factor, the recruiting side. I am not big on recruiting and rah rah sales meetings, things of that nature, however, I do often have girls in my circle of friends trying to break into insurance. I could bring them to a sales meeting, recruit them on, pass them off to the designated "manager/trainer" for a while until they get trained and licensed, then when they start with their warm market leads, I would go on the appointments with them and help them close, all the while splitting their commission 50/50. So, not only would I get half of the commission, but also the 10% override. By the time they wised up and tapped out their warm market, they will either go elsewhere or stick around but not write as much business. Sounds good, huh?
The girl that is trying to recruit me knows that she can't do this with me, since I'm not "green". I don't know, I feel like it could be a positive move, but I wanted some extra input from you guys.....
World Financial Group is an insurance MLM, albeit a legit one, since they have been bought by TransAmerica, and offer over 300 carriers' (all A rated) products, including ING, Nationwide, Pacific Life, etc. They focus more on variable products and 401K rollovers, as the agents there all have their series 6 and 63 licenses.
They start you at a 45% commission. While that may seem low, they actually advance 40% of your commission upon submission, and I believe 30% upon issue, and the remaining 30% after 9 months or something like that. The fact that they advance that chunk upon submission is definitely appealing, and they do this for ALL of their products. It's relatively easy to move up on the split based on production, although I don't remember their exact requirements off the top of my head. On top of that, they pay a 6% - 8% renewal for as long as the client has the product, so no stopping after X amount of years. That's also appealing as well. They offer a 10% override on anyone you recruit in, as well as 10% override on anyone they recruit in, so on and so forth.
So here's where I am torn on what to do.... I have GA contracts at at LEAST 100% for my life insurance carriers, and I would have to give that up and go back down to 45%, to start. I would have to write all life insurance/annuity/LTC business through them, unless they don't offer that specific carrier.
Why should I do that? Well, for one, they don't offer anything medicare related or any health insurance for that matter. I am thinking I could make a deal with the other agents in this branch to give me their senior citizen client leads so I could help save them money on their supplements, or even MAPD. This could help the other agent as well as me. They have a huge network, and this idea could pan out to something. I could even possibly end up getting their agents as my subagents for health products. I could also get small business group health leads this way, though probably not as much.
Another factor, the recruiting side. I am not big on recruiting and rah rah sales meetings, things of that nature, however, I do often have girls in my circle of friends trying to break into insurance. I could bring them to a sales meeting, recruit them on, pass them off to the designated "manager/trainer" for a while until they get trained and licensed, then when they start with their warm market leads, I would go on the appointments with them and help them close, all the while splitting their commission 50/50. So, not only would I get half of the commission, but also the 10% override. By the time they wised up and tapped out their warm market, they will either go elsewhere or stick around but not write as much business. Sounds good, huh?
The girl that is trying to recruit me knows that she can't do this with me, since I'm not "green". I don't know, I feel like it could be a positive move, but I wanted some extra input from you guys.....
