Insurance agent commission - Revealing how much I earned in my first year selling insurance
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- Опубликовано: 3 авг 2024
- Revealing every dollar of my insurance agent commission during my first year!! I joined as an insurance agent in 2009 and was 100% commission based. Wasn't the most hardworking agent but I was selling savings plans and ILPs which have high commissions. How much did I earn?!
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The term “tied agent” is quite literal! Tied agents find it very difficult to leave because their commissions will be lost when they do. This results in most tied agents just resigning to fate even though quite a few of them know they and their clients would be better off if they were not tied to the insurer.
I had to give up a lot of recurring commissions to leave the tied agency I was in, and it was a painful but necessary decision.
Chapters:
00:00 - Intro!!
00:57 - Commission schedule
01:22 - June to August 2009 - Starting out
04:06 - Rest of 2009 - Pretty good!
06:51 - First half of 2010 - Time to go?
08:37 - Second half of 2010 - Collecting recurring
09:52 - Why it is difficult for agents to quit
10:59 - Outro!! 
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You are misguided. IFA and FA doesn't mean they are acting in the interest of customers. What are you comparing? If you are comparing the wrong things with the wrong value with price point. This could be very detrimental to the customers.
In tied agencies, you get to have the strength of the agency for structuring the products.
Hello! Enjoyed the video! Really insightful. May I know if you were studying while doing this job?
I didn't go to uni (un)fortunately. I talked more about it here: ruclips.net/video/SpAIqiG8j20/видео.html
Thanks for the kind words!
Thanks for the honesty! Totally understand as I was in the same shoes. Became more 'woke' too after knowing there were so many more options out there.
Feels a lot less lonely knowing someone was in the same boat! Thanks for leaving your comment to let me know and it also helps the channel grow :D
Why did you quit ? And how do you keep finding new people to sell to
I made a video on that! ruclips.net/video/ZbDSDUgwT0Y/видео.html
I mainly hired telemarketers who would cold call for me
Hey Seth! Thank you for sharing your honest experience! I have a few questions to ask, out of curiosity, if you don't mind answering..
-the earnings shared were active and recurring combined, may I ask what was the kind of recurring earnings you received? (Perhaps give a range if you don't mind)
-would there be a sales quota to hit for IFAs?
I only worked quite actively for the first 6 to 8 months. The rest were mostly recurring. But do note that recurring also tapers off after a while.
Virtually every FA firm would have a sales quota of some sort. I joined one of the least stringent of firms when it comes to sales quota and even then they do have some number they want people to meet. To be fair they let me stay on for some time despite not meeting it 😅
@@Sethisfy i see, thank you for the reply!
Why is the tour to Vietnam a turning point in your life?
I was already having my doubts, and when I went for the trip, it was a 5-star hotel, and met many other agents who were boasting about their sales. Just became clear the products didn't deliver as much value to clients as they were to the agents and company.
@@Sethisfy Appreciate that u stand by your values :)
Thanks for the kind words! But not 100% altruistic since I lose out on sales also when the products are not competitive 😅
would be nice to have an anonymous insurance agent in a vid to have a constructive discussion over some of your points stated
I wonder what they can add! I already talked to many people in the industry wanting to be proven wrong so I could hang onto my recurring commissions 🥲
which insurance company was it ?
Ehhh prefer not to say. Didn't part on the best of terms and they even hinted at legal action 😟
@@Sethisfy maybe a hint ? what are the colours of the company logo?
😅😅😅
BAHAHA i love the little outpro msgs you slipping in
Bro, can you please show your cat more in your videos?
Hahaha he was in this video the whole time
ILPs are the worst.
Yay to the ex
😂 😂
Can look at camera? Tks
You are misguided. IFA and FA doesn't mean they are acting in the interest of customers. What are you comparing? If you are comparing the wrong things with the wrong value with price point. This could be very detrimental to the customers.
In tied agencies, you get to have the strength of the agency for structuring the products. Each brand has their own strength.
You forgot to mention the distribution channel from IFA are driven by higher incentives to pre-select certain range of products, you also never mention that distributor channel may have rights revoked to carry the products. What happens to the after sales service?
You have a very misguided view which are very opinionated.