nathanoh
Expert
Greetings.
I am new to the insurance world (currently in class for Life and health). Will take exam at the end of the month.
Scenario: I have a potential customer (a friend's company) with 200 plus employees in the state of AL. The employer offers health benefits but does not offer any form of retirement benefits to their employees. They are seriously considering offering retirement benefits including but not limited to 401k, and others.
My situation:
- Currently in school for life and health. Don't have a license yet (but will soon after exam). After the license I am independent. I don't work for a broker or agency or insurance company.
- I don't have a series 6, or 7 or 63
I did ask around and there are a few companies stating they can offer a "consulting fee" to me if they sell retirement and/or health insurance to the potential client. When asked to see the consulting agreement, non have produced it. I asked what the compensation is for me, they are giving me the run around.
I need advice.
What would be a wise plan of attack to tackle this opportunity?
Is there a company that can guide me through the process and still get paid if I have only life and health license? or No license?
If I only receive a "consulting fee" for all services mentioned above, what are the typical fees that I can collect as a consultant vs producer?
What does this consulting agreement look like? and is there an upfront compensation and residual compensation? for 401k, retirement, annuities, IUL, health, p&c, workman's comp, business insurance, etc etc?
If I wait till I receive my Life and Health license, what are the benefits? How can I participate on the commissions and residuals of what I can legally sell and the ones I will have to act as consultant for those I do not have license to sell? Or can I?
PLEASE ADVISE.
THANK YOU
Any suggestions?
I am new to the insurance world (currently in class for Life and health). Will take exam at the end of the month.
Scenario: I have a potential customer (a friend's company) with 200 plus employees in the state of AL. The employer offers health benefits but does not offer any form of retirement benefits to their employees. They are seriously considering offering retirement benefits including but not limited to 401k, and others.
My situation:
- Currently in school for life and health. Don't have a license yet (but will soon after exam). After the license I am independent. I don't work for a broker or agency or insurance company.
- I don't have a series 6, or 7 or 63
I did ask around and there are a few companies stating they can offer a "consulting fee" to me if they sell retirement and/or health insurance to the potential client. When asked to see the consulting agreement, non have produced it. I asked what the compensation is for me, they are giving me the run around.
I need advice.
What would be a wise plan of attack to tackle this opportunity?
Is there a company that can guide me through the process and still get paid if I have only life and health license? or No license?
If I only receive a "consulting fee" for all services mentioned above, what are the typical fees that I can collect as a consultant vs producer?
What does this consulting agreement look like? and is there an upfront compensation and residual compensation? for 401k, retirement, annuities, IUL, health, p&c, workman's comp, business insurance, etc etc?
If I wait till I receive my Life and Health license, what are the benefits? How can I participate on the commissions and residuals of what I can legally sell and the ones I will have to act as consultant for those I do not have license to sell? Or can I?
PLEASE ADVISE.
THANK YOU
Any suggestions?
