Starting at World Financial Group

[DHK]

Just to put it in perspective....

When I was a full-time State Farm agency "owner", I made only 20% on most term and 30% on most perm. All was paid "as-earned"... I became a SF agent because I was buying into a "system" (what a joke).

30% with advances to someone that is new to the industry is not that horrible when you take that SF joke into consideration. Especially considering the support system and mentorship - there is a price for that. What good is an 80% contract for a new person if they don't know anything or how to sell? 80% of nothing is nothing.

I'm not sure if WFG will place experienced people at a more reasonable contract....

I'm not saying to go out and join WFG, but anytime you join a company with a system, you are not going to get paid what you would if you were 100% "on your own". I don't know what New York Life or Mass Mutual agents make, but I can certainly guess they are not making 80%-100% on first year premium either...

True, they don't. Last I recall, MassMutual paid 45% on term and 55% on permanent whole life plans based on commissionable premium. (That's overly simplistic as I also seem to recall that MassMutual's compensation guide was about 100 pages long. Same thing for the broker agreement too.)

However, these companies will have plenty of other benefit programs, bonuses, non-qualified deferred comp plans, marketing allowances, certain expense reimbursements, etc., that would SEEM to make up the difference. (But you'd have to SPEND money in order to get it reimbursed back to you.)

The way I look at it would be that you could either earn 50% in cash and let the company determine how to give you the other 50%... or you can earn 100% and you determine it all.

 

[Norwayguy]

Just to put it in perspective....

When I was a full-time State Farm agency "owner", I made only 20% on most term and 30% on most perm. All was paid "as-earned"... I became a SF agent because I was buying into a "system" (what a joke).

30% with advances to someone that is new to the industry is not that horrible when you take that SF joke into consideration. Especially considering the support system and mentorship - there is a price for that. What good is an 80% contract for a new person if they don't know anything or how to sell? 80% of nothing is nothing.

I'm not sure if WFG will place experienced people at a more reasonable contract....

I'm not saying to go out and join WFG, but anytime you join a company with a system, you are not going to get paid what you would if you were 100% "on your own". I don't know what New York Life or Mass Mutual agents make, but I can certainly guess they are not making 80%-100% on first year premium either...

I spoke with a Primerica, WFC and HBW offices as I was leaving my B/D as I wanted an easy place to park the securities registration each and everyone offered me a position on the comp schedule 1 step below them with no recruiting.....they realize the normal recruit sells maybe 2 policies and will gladly pay reasonable comp for a producer.

 

[toolbelt]

I spoke with a Primerica, WFC and HBW offices as I was leaving my B/D as I wanted an easy place to park the securities registration each and everyone offered me a position on the comp schedule 1 step below them with no recruiting.....they realize the normal recruit sells maybe 2 policies and will gladly pay reasonable comp for a producer.

In an MLM, you are always one level below whoever recruits you, but not necessarily comp wise. Reps recruit both vertically and horizontally. Your upline's overide is often greater building wide rather than deep. The comp level is typically determined at the corporate level, tho hierarchies can be manipulated by "vertical stacking". Im not sure of the effect on morale tho to others in the chain, seeing someone circumvent the plan they assume all others must follow?

 

[dahonored1]

I spoke with a Primerica, WFC and HBW offices as I was leaving my B/D as I wanted an easy place to park the securities registration each and everyone offered me a position on the comp schedule 1 step below them with no recruiting.....they realize the normal recruit sells maybe 2 policies and will gladly pay reasonable comp for a producer.

so did you end up finding an easy place To park Your licenses?

 

[Norwayguy]

so did you end up finding an easy place To park Your licenses?

Yes then quickly realized I was doing less securities and it was better to let it go.