What Should I Do to Profit from my Situation?

[iviax]

Hi guys, I am not an insurance agent yet but I am thinking of becoming one.

My brother has a few clients that are very rich people. They want to buy insurance( fixed annuities and whole/term life), I am talking about more than 4 million dollars contracts

So...Like I said, I am not life insurance agent yet. But i have no trouble to take whatever exams to become one, since I have been in insurance industry for more than 10 years now. I am an Actuary.

I spoked with one recruiter from xxxxx financial group, and he told me that :

1) I need an agency to sponsor me to take license exam

2) I have to go through the "level" promotion process, like when I first start in the company I can get 25% of the commission and when I have higer "level" i can get 75% of it.


What do you guys think?
I personally don't like what I heard, where does that extra 50% go? it certainly is not going back to insurance company right? I have million dollars contract in hands, why would I take a commisson loss? It's my clients. I would not give it away.

What would you guys do? Any suggestion is appreciated.

 

[JDCincinnati]

Hi guys, I am not an insurance agent yet but I am thinking of becoming one.

My brother has a few clients that are very rich people. They want to buy insurance( fixed annuities and whole/term life), I am talking about more than 4 million dollars contracts

So...Like I said, I am not life insurance agent yet. But i have no trouble to take whatever exams to become one, since I have been in insurance industry for more than 10 years now. I am an Actuary.

I spoked with one recruiter from xxxxx financial group, and he told me that :

1) I need an agency to sponsor me to take license exam

2) I have to go through the "level" promotion process, like when I first start in the company I can get 25% of the commission and when I have higer "level" i can get 75% of it.

What do you guys think?
I personally don't like what I heard, where does that extra 50% go? it certainly is not going back to insurance company right? I have million dollars contract in hands, why would I take a commisson loss? It's my clients. I would not give it away.

What would you guys do? Any suggestion is appreciated.

Look at someone besides woxxx financial group. The the 50% goes up the ladder. Or pyramid as it has been called.

 

[timp]

The the 50% goes up the ladder. Or pyramid as it has been called.

What is the typical rate for a fresh agent in the market?

 

[DHK]

If you start in an MLM program, 25% is typically where you start. You need to recruit in order to increase your own commission schedule on what you sell. The difference goes up several levels of MLM compensation.

If you start in a career agency (MassMutual, NYL, NWM, MetLife, etc.), then you'll start at around 55%. No recruiting required. You'll typically get in-house training opportunities. The difference goes to your manager and general agent.

If you start out as an independent with an IMO or other organization, 80%+ is the norm. You are responsible for all your expenses, compliance, and training opportunities. The IMO earns an override on your efforts. Your commission schedule often is set based on experience, previous production, and how much "hand holding" you require.

 

[rbadoux]

"
I spoked with one recruiter from xxxxx financial group, and he told me that :

1) I need an agency to sponsor me to take license exam

2) I have to go through the "level" promotion process, like when I first start in the company I can get 25% of the commission and when I have higer "level" i can get 75% of it. "



- Please don't tell me that company is Primerica. They told me the exact same thing. Recruiting is multi level, anything requiring recruiting should post a red flag immediately.

 

[DHK]

Anyone can get insurance licensed at anytime.

The only time you need a "firm sponsorship" is to take FINRA securities licensing exams, such as a Series 6 or 7.

 

[JohnWalker]

Run from world financial group. It's a subsidiary or primerica. Both are MLM they will tell you to pitch these wealthy clients shity universal life policies as investment vehicles. You'll also be taught how to **** these people over by rolling over their entire 401k into these plans. Then you'll take less than half while your upline gets rich off you selling your integrity.

My advice, start your search by learning about products that can actually bennefit your potential clients then find the most competitive company that offers those products. Don't pick a company and just sell whatever they tell you to pitch.