Agents Working Together to Make More Money

[Bob_The_Insurance_Guy]

Several years ago, my mentor introduced me to several independent insurance agents and financial advisers. We met at a Border's book store one day, and came up with the idea of creating an LLC, headed by a few of the financial advisers, who were working with the same b/d.

Hence, Legacy Financial Partners was born. We are all independent agents, financial advisers, 401(k) specialists, benefits folks, and annuity salespersons. There are even some Dave Ramsey ELP's.

We are all independent. The securities guys are all licensed through the same b/d, but the rest of us can go wherever we want. There are some FMO's attached to us, but we can hold contracts with anybody. I am the only Medicare and Health guy, and there are only three of us who do LTC and Whole Life/Universal Life.

It's worked out well for me.

 

[billberry12]

Re: P & C Agents Working to Make More Money.

RE: warnerins letter.

Question for P & C agents: How would you respond to a life and health agent sending you this letter to ask you to refer life and health propects to him? Med Supps, LTC, etc. Or for whatever financial products the P & C agent does not sell. Splitting the first yearscommissions of course, and sending a 1099 at yearend. Would any P & C agents be interested in this concept?
Thanks for your opinion.
Bill

 

[HomeService]

I have had great luck with P&C agents who do not wish to write health and life, referring stuff to me and me to them.

 

[billberry12]

HomeService,

Any details you can share on making it work? I have tried, and I seem to always get the old "if someone asks about LTC, Med Supp, etc, I'll have them call you." And they never do. Any luck getting them a little more proactive in this process? If so, how?
Thanks,
Bill

 

[wappahso]

Great Idea; has it worked for anyone?

 

[HomeService]

HomeService,

Any details you can share on making it work? I have tried, and I seem to always get the old "if someone asks about LTC, Med Supp, etc, I'll have them call you." And they never do. Any luck getting them a little more proactive in this process? If so, how?
Thanks,
Bill

Well, I used underage life {under 65} and underage health as an example -when I walked in to these agencies, not senior products.

So, I think that might be part of your problem. I just walk in the agency, ask if they offer life and health, and when they say they do not, they usually ask for a business card or two from me-and are eager for me to offer the plans to their clients, they want my cards to hand out. They say people ask them all the time for health and life and they do not know who to send them to.

 

[bobwise23]

Finally, we can team up with other agents and instead of thinking of it as competing against an agent. Now, the key is setting the right commission rate that you can both agree on. Long-term relationships with other agents are essential so maybe starting off asking a lower commission than normal.

Any agents in IL that focus on Health Insurance is our company's biggest issue. Our life products that are flourishing now, target the same age/income bracket, etc for Medicare supplements. There have been a few appointments we had with potential clients interested in Life that actually thought, at this time, to purchase Medicare supps. I want to help these clients. Even if they don't do business with me.

Bob Wajswol-Financial Representative
Third Lake Financial Corporation
www.thirdlakefinancialcorporation.com

 

[HomeService]

Commissions are not always legal. Referal fees may be. Or, just trade business. Write it for free, let them have it for free. Even trade.