After being in this industry for a year, I’ve realized it is extremely corrupt. Agents are screwed over on leads, commission, book of business. What makes me laugh is these agencies will tell you don’t screw over the customer at least that’s the script they tell you use on the customer all while the same agency is screwing the agent over.
• Actually... its the agency you joined that are corrupted. There are so MANY professional and respectable agencies & IMO's out there... its all about WHO you join.
As David said, if there are bells and whistles, rah rah meetings and conventions with lights, music, fog machines, cash, Bentleys and private jets, chances are it’s an MLM and they’re not looking out for the agent’s best interest. If those things aren’t occurring, look for recruiting, “free” leads, reduced commissions, charge back protection and “team leaders.” Honest IMO’s don’t micro manage, they offer support.
I'm a new agent joined a broker. I paid $400 for leads, down payment for a go Daddy website. Binder for all the documents I need to do business. Still waiting for screenshots to get reasonable price E&O. Everytime I ask for the commission split. I never get an answer.🤷♀️ I'm ready to take my leads and walk away. smh
One of our main carriers, private insurance, great policy, I make 17% commission then into the policyholders 2nd year, it decreases to 3-4%. I was told once I hit a certain $ book of business, my comission increases? Makes no sense to me.. so I'm taking a pay drop every 2 years to stay comitted to a policy that I actually like.
While selling Medicare for 2 of the major companies out there for the last 4 years! One of the companies first payout tier was at $45 until you sold 20 then it goes up to $65 once you sell 40 and so on the top tier was $90 but you have to close around 100 policies a month if you want more they make you tranfer to their other lines of service if you want them to throw you a bone if for some reason you cant helpout the client
I am glad you shared this info I just left a company I wasn't satisfied with not for some of the things you said but for my own personal reasons I felt it require too much of my time and I had other businesses to attend to but as I listened to you I notice some of what you said was going on and because I am a new agent I was native but you have just educated me but I do wonder what you think of this company if I gave you their name I won't say here but if you reply to this I would love to know your opinion.
I just had an interview today with an independent agency. They said they want to start me at a commission rate of 40% and the owner said that every agent is a w2 so that way they can get health insurance and everything. Should I run for the hills? It just doesn’t seem right.
Are they providing fresh and exclusive leads to you? What is their vesting schedule on ownership of your clients? Does your commission rate ever get to increase with production? These are some questions I would be asking. Hope that helps!
Im a wold financial group agent, all they want you to do it recruit. I dont feel comfortable prospecting people when I dont even know the products. I work in a salon, and I was recruited, and I want to help people now in this industry. I know I cant be on my feet all day, and saw this as an opportunity to shift my career. I was doing WFG part time, and they hated I was always busy with my clients in the salon. I lost the intrest when I kept asking them where can I learn how to do illustrations, and they would get snippy with me, they said just keep recruiting, that comes in later when your in the business long enough. I quit recruiting, I felt dirty in my heart because of my lack of knowelge. My commission is only 35% and my upline took the rest. I recruited 2 people but I want to take them out of WFG with me. I have 2 people right now, I want to be in the industry, but I dont want them under WFG. Am I stuck with WFG? Will the people I recruited be part with me if I joined your team? All I want to do is do this the right way genuinly helping people. You only get the best mentorshiip based on whos team you are on. Mine, he has a huge ego. When I finally stood up to him, he took me off his group access for training tools, so I am in the dark right now. And to be honest, its all about brining in the people for him, and he does the quick close, and I have no idea what he was doing because he was going so fast. He refused to send the zoom videos of what we did. I cant learn that fast since Insurance wasnt something I would end up learning. All the applications are coming from us agents to turn in and thats how he ended up doing mine, and got a big commission off of it. Once he had that, his demeor changed like a car salesman. Once he got the goods, he no lonnger is the nice guy, you become a neucance. He will ony talk to you if you are brining in HI END prospects. ( I was thinking alaready with his attitude, why would I bring in a millionaire prospect and Im only going to get 35% commission, and the he gets 65% and he will get that every year? ) I want to learn the right way to help people, that is all I asked.
![How Insurance Agent Commissions & Pay Works [No BS]](http://i.ytimg.com/vi/_O-S1sAOvYo/mqdefault.jpg)
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After being in this industry for a year, I’ve realized it is extremely corrupt. Agents are screwed over on leads, commission, book of business. What makes me laugh is these agencies will tell you don’t screw over the customer at least that’s the script they tell you use on the customer all while the same agency is screwing the agent over.
• Actually... its the agency you joined that are corrupted. There are so MANY professional and respectable agencies & IMO's out there... its all about WHO you join.
As David said, if there are bells and whistles, rah rah meetings and conventions with lights, music, fog machines, cash, Bentleys and private jets, chances are it’s an MLM and they’re not looking out for the agent’s best interest. If those things aren’t occurring, look for recruiting, “free” leads, reduced commissions, charge back protection and “team leaders.” Honest IMO’s don’t micro manage, they offer support.
@@PianoMessage name one?
I'm a new agent joined a broker. I paid $400 for leads, down payment for a go Daddy website. Binder for all the documents I need to do business. Still waiting for screenshots to get reasonable price E&O. Everytime I ask for the commission split. I never get an answer.🤷♀️
I'm ready to take my leads and walk away. smh
Would 80% be good if your getting good support ? And insured of warm leads?
is b2b better on commissions versus individual?
One of our main carriers, private insurance, great policy, I make 17% commission then into the policyholders 2nd year, it decreases to 3-4%. I was told once I hit a certain $ book of business, my comission increases? Makes no sense to me.. so I'm taking a pay drop every 2 years to stay comitted to a policy that I actually like.
While selling Medicare for 2 of the major companies out there for the last 4 years! One of the companies first payout tier was at $45 until you sold 20 then it goes up to $65 once you sell 40 and so on the top tier was $90 but you have to close around 100 policies a month if you want more they make you tranfer to their other lines of service if you want them to throw you a bone if for some reason you cant helpout the client
Is it legal for these companies to fire you before payout to keep all your commissions?
Excellent content & delivery!
Thanks!
I am glad you shared this info I just left a company I wasn't satisfied with not for some of the things you said but for my own personal reasons I felt it require too much of my time and I had other businesses to attend to but as I listened to you I notice some of what you said was going on and because I am a new agent I was native but you have just educated me but I do wonder what you think of this company if I gave you their name I won't say here but if you reply to this I would love to know your opinion.
Trust your gut =)
I just had an interview today with an independent agency. They said they want to start me at a commission rate of 40% and the owner said that every agent is a w2 so that way they can get health insurance and everything. Should I run for the hills? It just doesn’t seem right.
Are they providing fresh and exclusive leads to you? What is their vesting schedule on ownership of your clients? Does your commission rate ever get to increase with production? These are some questions I would be asking. Hope that helps!
What are your top for carriers that you prefer?
For which products?
Excellent!
Many thanks!
Would 80% be good if your getting good support ?
I'd want to know more about how the leads work, amount of training, etc.
Im a wold financial group agent, all they want you to do it recruit. I dont feel comfortable prospecting people when I dont even know the products. I work in a salon, and I was recruited, and I want to help people now in this industry. I know I cant be on my feet all day, and saw this as an opportunity to shift my career. I was doing WFG part time, and they hated I was always busy with my clients in the salon. I lost the intrest when I kept asking them where can I learn how to do illustrations, and they would get snippy with me, they said just keep recruiting, that comes in later when your in the business long enough. I quit recruiting, I felt dirty in my heart because of my lack of knowelge. My commission is only 35% and my upline took the rest. I recruited 2 people but I want to take them out of WFG with me. I have 2 people right now, I want to be in the industry, but I dont want them under WFG. Am I stuck with WFG? Will the people I recruited be part with me if I joined your team? All I want to do is do this the right way genuinly helping people. You only get the best mentorshiip based on whos team you are on. Mine, he has a huge ego. When I finally stood up to him, he took me off his group access for training tools, so I am in the dark right now. And to be honest, its all about brining in the people for him, and he does the quick close, and I have no idea what he was doing because he was going so fast. He refused to send the zoom videos of what we did. I cant learn that fast since Insurance wasnt something I would end up learning. All the applications are coming from us agents to turn in and thats how he ended up doing mine, and got a big commission off of it. Once he had that, his demeor changed like a car salesman. Once he got the goods, he no lonnger is the nice guy, you become a neucance. He will ony talk to you if you are brining in HI END prospects. ( I was thinking alaready with his attitude, why would I bring in a millionaire prospect and Im only going to get 35% commission, and the he gets 65% and he will get that every year? ) I want to learn the right way to help people, that is all I asked.
Wow, thanks for sharing your experience even though it doesn't sound too good.
Biff ?