IUL Recruiting Meeting

[Lakewood livin]

Last night I went to what I thought was going to be an interview for a company selling IUL. Ended up being a recruiting meeting with what appeared to be about 20 current agents and what looked to be about 10 folks like me. They went through the presentation and had us fill out a questionnaire to gauge any interest. I stayed because I have heard about this product and would like to learn more about it. I only stayed for a few minutes after the meeting to talk with a couple of the other invitees and and only two were already licensed and told the same thing, come in for an interview and not expecting a group presentation.

Anyone here heard of or worked for FFS in Torrance CA? I'm going to be talking with the gentleman that invited me and ask him some more in depth questions that weren't covered last night. They pay 50% commission on the product. Is this about right? I looked up the agent that invited me and he is appointed with Life of the South West. I looked on a post in this thread comparing the companies that offered this product and LSW was at the top, but in the article it was also mentioned they had a lower rating than other companies on the list.

So basically I'm asking if this is standard practice for this type of product/company. Any advice would be greatly appreciated.

 

[scagnt83]

This thread has some discussion about LSW IUL.


Is this standard practice? No. Not at all.

If you were unwittingly pulled into a recruiting meeting instead of what you were told was an interview that is not standard practice.


The group out of California is just the "Upline" that is providing a contract for Life of South West.

I highly doubt street comp (base comp) is 50% for LSW IUL.
Most companies are around 80%. That means FFS is taking an extra 30%.
So to answer the comp question: are they providing services and training that warrants the 30% reduction?


I have a problem with an upline pushing just a single product and focusing on just a single company. A single product/company will never be the right fit for everyone you come across.

And imo LSW, even thought they have a large market share of policies sold, is not the strongest IUL product. And yes, their ratings are not strong when compared to their competition.

 

[Tahoe Ray]

This thread has some discussion about LSW IUL.


Is this standard practice? No. Not at all.

If you were unwittingly pulled into a recruiting meeting instead of what you were told was an interview that is not standard practice.


The group out of California is just the "Upline" that is providing a contract for Life of South West.

I highly doubt street comp (base comp) is 50% for LSW IUL.
Most companies are around 80%. That means FFS is taking an extra 30%.
So to answer the comp question: are they providing services and training that warrants the 30% reduction?


I have a problem with an upline pushing just a single product and focusing on just a single company. A single product/company will never be the right fit for everyone you come across.

And imo LSW, even thought they have a large market share of policies sold, is not the strongest IUL product. And yes, their ratings are not strong when compared to their competition.

I wish that I didn't need to type anything but I needed 20 characters.

 

[Lakewood livin]

This thread has some discussion about LSW IUL.


Is this standard practice? No. Not at all.

If you were unwittingly pulled into a recruiting meeting instead of what you were told was an interview that is not standard practice.


The group out of California is just the "Upline" that is providing a contract for Life of South West.

I highly doubt street comp (base comp) is 50% for LSW IUL.
Most companies are around 80%. That means FFS is taking an extra 30%.
So to answer the comp question: are they providing services and training that warrants the 30% reduction?


I have a problem with an upline pushing just a single product and focusing on just a single company. A single product/company will never be the right fit for everyone you come across.

And imo LSW, even thought they have a large market share of policies sold, is not the strongest IUL product. And yes, their ratings are not strong when compared to their competition.

I appreciate the feedback. I can already see that this is a dead end. I called the guy who brought me in and I told him I had some questions and he suggested that I text them to him so he can get things straightened out before we talked again.

Regarding the commission level, I could easily see the lower commission to start if the training was rock solid but this doesn't seem to be the case here.

 

[Norwayguy]

Last night I went to what I thought was going to be an interview for a company selling IUL. Ended up being a recruiting meeting with what appeared to be about 20 current agents and what looked to be about 10 folks like me. They went through the presentation and had us fill out a questionnaire to gauge any interest. I stayed because I have heard about this product and would like to learn more about it. I only stayed for a few minutes after the meeting to talk with a couple of the other invitees and and only two were already licensed and told the same thing, come in for an interview and not expecting a group presentation.

Anyone here heard of or worked for FFS in Torrance CA? I'm going to be talking with the gentleman that invited me and ask him some more in depth questions that weren't covered last night. They pay 50% commission on the product. Is this about right? I looked up the agent that invited me and he is appointed with Life of the South West. I looked on a post in this thread comparing the companies that offered this product and LSW was at the top, but in the article it was also mentioned they had a lower rating than other companies on the list.

So basically I'm asking if this is standard practice for this type of product/company. Any advice would be greatly appreciated.

The 50% commission really is only part of the story. If you are selling an IUL for the cash value and future loan income you will want to be minimizing death benefit and maximizing the premium right up to the MEC limit. Your stated commission is to the target amount typically beyond target you get a smaller commission 1-5% range.

So that means your commission can be much less than 50% on a deal.