Insurance Agent Forum

[motv8d]

Deleted

[insuranceexec]

Originally Posted by motv8d

I posted this in the P and C forum, but probably should've started here. Sorry for the double post and if this should be somewhere else please let me know.

Just found this site tonight; what a wealth of knowledge! Here is my question. I have been selling life insurance and annuities for about a year now. I'm doing ok, but overall I'm not happy with the company I work for and our target market makes it difficult to expect the income potential I was promised. I've recently met a gentleman that owns an agency that primarily sells commercial p/c. I'm about to be offered a position to come aboard, but having little experience I wanted to run the offer by the board and see how it stacks up. I've read every page in this forum but haven't found my answer.

Here is their comp plan as it was explained to me:

-1099 income
-50/50 split on new and renewal business
-Zero marketing support, except the occasional house lead
-Minimal back office help from what I've gathered so far
-I'm required to hire an assistant (at my expense) once my book reaches $1M
-Office space is provided, as is computer, printer, ect.
-Training provided to get me up to speed and ongoing training as needed

-Retirement/vesting schedule:

Once have 3 yrs with company and $3Million book of business I can retire and earn 65% of annual commissions paid out over 18 months. Goes to 70% at $4M mark, 75% at $5M mark and 80% at $10M mark...all paid out over 18 month period, starting 6 months after retirement.

I'm wanting to know if this is something I should accept no questions asked, or do you folks see a lot of opportunities that are more lucrative? Any and all advice is welcomed!!!

Thank you!

Well before I give some advice I need to ask a question.

What company are you working for?

Why not go independent L/H; and never accept anything without asking questions.

[motv8d]

Deleted

[insuranceexec]

Originally Posted by motv8d

Insuranceexec,

Thanks for the reply. I work for a small company that does a lot of annuity and life insurance sales. I'm being recruited by this new company. They are an agency that has agents selling all line of insurance, but the principal agent and I have become friends and he wants me to come aboard and sell commercial p/c. I am not averse to the idea, especially considering life insurance doesn't do much for me.

I guess part of the problem is I don't know exactly what to ask; my main concern was whether or not the commission plan they offer was in line with industry averages.

So I guess asking "What company you work for" is not a question you want to answer.

[motv8d]

Deleted

[insuranceexec]

Originally Posted by motv8d

I would prefer not to disclose which company I work for, as they do not know I am considering leaving and I don't know if this board is frequented by them, plus this is a VERY small (less than 20 agents) outfit that no one has ever heard of. I don't want to be evasive regarding your question, but I don't see how my telling you would help answer my question. I most definately don't want to be rude either.

The question I was hoping to get answered was whether the compensation plan they offer is sub-par, average or great.

I do not sell P&C, but have agents in my office that cross-sell my book; and Yes I am compensated, as I have a license........LOL

3M dollar book in 3 years is aggressive, but I guess its obtainable. I have 2 people working the P&C side of things off my book and have done 450K in 6 months; and they have been very busy. So more power to you.

My next questions would be:

What kind of income are renewals paying that you would be splitting 50%?

Are you getting 50% of the other guys new production?

What are the current comp levels?

[motv8d]

Insuranceexec,

I tried to PM you, but I do not have enough posts. I'd like to ask you to please remove my quotes from your posts. I probably should have asked my question in another fashion and would like have it removed all together. Thanks for your help!!!