Vested Commissions for Ex Career Agents

[ex new england financial]

i was a new england rep for many years and recently left the career agency setting. i wanted to see what standard industry practice is for agent commissions (balance of fyc and renewals).

i have been told that i am vested in certain commissions and not vested in others. when i look at the agents contract that i had it is extremely vague and no definitive answers can be made of it.

looking forward to hearing thoughts on this.

 

[cds251]

The only way you will find out exactly is to go through your contract with a fine tooth comb.

All captives structure their deals in different ways.....I can only speak from my experience and that was that while I worked for the company I was vested. Once I left, I was not.

There is some sliding scale variation on this....for example number of years etc

 

[BNTRS]

What do you mean it's vague? There are products that will best at certain intervals and some that may never. That's how it's usually done. The original contract may not have the answer, some will refer you to a rider or a handbook or some additional piece.

You have a right to get all of this is in writing. Simply request it. You do sort of need to know what you're looking for, if you don't ask and we can help.

As for standards, if this is in respect to what it paid, how long it's paid, etc. there really is no standard.

Under a career contract, it's probably not hugely great, but depends on how long you were there in some cases.

 

[CALTCAgent]

i was a new england rep for many years and recently left the career agency setting. i wanted to see what standard industry practice is for agent commissions (balance of fyc and renewals).

i have been told that i am vested in certain commissions and not vested in others. when i look at the agents contract that i had it is extremely vague and no definitive answers can be made of it.

looking forward to hearing thoughts on this.

With many captive contracts, if you are there long enough, you are vested. Most don't make it that far though and the company profits.