My GA Said "I'm Making A Mistake" For Resigning

[ticker_shuffle]

And your prediction is based on??

I'm not long the market - just curious why you think the market will tank at this time. 20 weekly SMA hasn't been broken since March 09 (yet).

Select shorts are playing out nice - ie retail, consumer credit. Many "excuses" but the fact that over the past few weeks, financials have been rolling over, volume been indicative and possible short covering in the USD. Good thing with puts for being short is risk is capped.

No one knows for sure, and this does not constitute a recommendation, but it is what I am doing.

 

[BNTRS]

Yes your assumption is correct. The person in charge said I was welcome to broker there after I fill out some paperwork. What does a good ERA schedule look like? Is that the same as receiving an allowance as if I were an agent? I'll post the details when I look over the paperwork. Does anyone know where I can purchase E&O and how much $ a year?

ERA = enhanced reimbursement allowance, and goes by a few different names. Essentially it's like a bonus commission paid for to people who are not housed within an agency, or to career agents with exceptional production (it's sometimes used as an inducement to keep these agents from going independent).

It's also given to brokers and is usually (almost always) production sensitive.

There might be rules that keep other GAs from contracting you without permission from your current GA so be careful.

The ERA schedule might not be--in fact probably isn't--in the broker paperwork. You'll most likely need to ask the GA for an ERA schedule. There might be a brokerage director that you can get this from.

As far as E&O goes, there are a few placed on this forum that speak to that. You could also speak to an agent on the P&C side who focues on liability.

 

[StrictlyIndependent]

I just read through my broker agreement and can't find anything about a release.

Also no era schedule. Anything else I should know? What does your average base era schedule payout?

Thanks

 

[maksim]

if you are already a broker, there is nothing to release. lol.

ERA schedule you have to ask your brokerage director for. It is up to the office as to what they want to pay you. also, Mass doesnt allow new IMO's, but there are some existing IMO's that have agreement with them that can give you a good payout.

 

[StrictlyIndependent]

if you are already a broker, there is nothing to release. lol.

ERA schedule you have to ask your brokerage director for. It is up to the office as to what they want to pay you. also, Mass doesnt allow new IMO's, but there are some existing IMO's that have agreement with them that can give you a good payout.

So if there is nothing to release I can broker with more than 1 Mass GA at a time and one GA can give me a higher payout than the next? What's a new IMO and how is it different than what I have?

How do I shop my clients insurance with different carriers for the best deal....Is there and Indy platform I can enter their info and compare plans?

Thanks

 

[maksim]

mass mutual used to broker with marketing organization in the past. they have changed that practice and will not broker with new marketing organization, and go broker only. HOWEVER, they have kept the existing relationships with marketing organizations.

so.... you can check into FMO/IMO's that were around for a bit as they may have an existing mass contract at a higher payout than what you would get.

Mass brokerage directors will not really give you a high contract unless you are doing 100k in commissions annually.

 

[BNTRS]

So if there is nothing to release I can broker with more than 1 Mass GA at a time and one GA can give me a higher payout than the next? What's a new IMO and how is it different than what I have?

How do I shop my clients insurance with different carriers for the best deal....Is there and Indy platform I can enter their info and compare plans?

Thanks

You won't be able to broker with multiple GAs. You will also find that "shopping" for the best rate is a myth. You'll never have leverage at all the insurance companies to get cases through underwriting, so unless you plan to only work with super healthy people the idea that you'll collect a bunch of quotes and find the best deal will never work in practice.

There are several platforms you can use to compare rates based on field underwriting. Again, you're better off developing a relationship with a few companies and using them.