Are any of y'all buying this LOA stuff?

[myinsurebiz]

Maybe someone can dumb it down for me. Why would an agent do this. It is still commission only. Fear of charge backs? My guess if the bosses watch that very closely and boot you pretty quickly. And keep all backends. I don't get the appeal.

Certain benefits:

Health Insurance
401K
Weekly Draw
No debt roll up
Team Over-rides
Recruiting Bonuses

 

[myinsurebiz]

Who are you guys referring to?

Got a link to it?

Several - Innovative and TAG.

 

[WinoBlues]

Certain benefits:

Health Insurance
401K

How long do they need to be there before they get health insurance? I have to imagine there is a high turn over so those benefits do not last.

Weekly Draw

I Get deposits several times a week.

No debt roll up

How much debt can an agent accumulate before he is out of the business?

Team Over-rides
Recruiting Bonuses

You mean people are recruiting agents for these guys? Then leaving them there?

You got me there. I don't do Adult Daycare.

 

[rousemark]

Weekly draw indicates they are drawing a weekly check against "future" commissions.. Be a quick way to accumulate debt unless the company says they will forgive it..

 

[tribetime32]

Long story short is that going LOA you are signing the back of your checks instead of the front of them.

 

[goillini52]

Certain benefits:

Health Insurance
401K
Weekly Draw
No debt roll up
Team Over-rides
Recruiting Bonuses

Hey Tom, do those benefits come in blue?

 

[goillini52]

Long story short is that going LOA you are signing the back of your checks instead of the front of them.

Some people prfer it in the back.

 

[MrBob]

Any more information on this "new" setup that IFG is doing?

 

[tribetime32]

Any more information on this "new" setup that IFG is doing?

I’ve asked some of their top guys about it, but none of them have ever given any real information on it other than that they say that an agent will still ‘own their book.’ When pressing down on it, I’ve never gotten any real answers. Hopefully they are letting agents mitigate chargeback and debt roll up risk without losing their ownership, but we’ve never seen anything that would suggest just that. Generally speaking LOA = you get a paycheck and give up ownership.

We shall see...

 

[Newby]

I’ve asked some of their top guys about it, but none of them have ever given any real information on it other than that they say that an agent will still ‘own their book.’ When pressing down on it, I’ve never gotten any real answers. Hopefully they are letting agents mitigate chargeback and debt roll up risk without losing their ownership, but we’ve never seen anything that would suggest just that. Generally speaking LOA = you get a paycheck and give up ownership.

We shall see...

That’s just a new horseshit way to screw over agents that are gullible. It’s sad that they do it to them. But the agents that fall for it took NO effort to research the biz before jumping in. So some wolf was going to get them.