I was talking to an agent today and we were talking about Monumental commissions. He said that monumental takes his earned commissions and applies it to his Advance Balance. In essence if he keeps writing business, he always has a Balance and very rarely sees his trails (25% not advanced) in the form of a net check. Could this be correct? I hadn't heard of this.
Monumental Commissions
- Thread starter lsalmans
- Start date
They look at a 75% advance as a 12 month loan and not an advance on mo's 1-9.
You have to request from the upline to be put on as earned for the 25% or the entire as earned will be used against the advance balance.
RomCat
Expert
- 23
John Huston: I hope you don't mind if we serve the fish with the head still on it, Mr. Gitts!
Jack Nicholson: Oh, I don't mind that. Just as long as you don't serve the chicken that way!
Jack Nicholson: Oh, I don't mind that. Just as long as you don't serve the chicken that way!
- Thread starter
- #6
You're exactly right. This is whats happened.
- 24,971
I just called Monumental and ^^^ that is how mine is set up. Except that I had chosen a lower advance. Seems like a good way to wean off off of advances.
- Thread starter
- #8
Its definitely a good way to protect the manager. But for an agent just getting started in the business., there can be a lot of earned commissions they are not paying but applying to your advance balance. To that new guy getting started $1500 a month in trails helps out a lot.
- Thread starter
- #10
I think it could go both ways, because the agent will decide he would like to collect on his earned commissions and quit writing business to lower his advance balance. is that smart for the upline? Create a contract to incentivize the agent to quit writing under you?
Also, is this kind of contract in the best interest of the "little guy", your normal agent trying to make his way in this business.
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