Asked by Anonymous
Asked on 08 Jul 2019
How much does the person who recruited me as an Insurance Agent make when I close a deal?
Eh? Comm structure should be share with you mah
Anyway, it depends on what you close. Typically he gets 10% to 15% in overriding commission.
And he/she typically gets overridding commission from ALL the agents under him/her.
There's really no 1 right answer, because every insurer is different. Some has a shorter 3 tier model of consultant/manager/director. Some has a longer structure with associate manager, manager, senior manager, associate director, etc etc.
Some will also have share comm, where the person who referred you is not your manager, but he gets a share of it.
Even then, at a financial advisory firm, it might be different once again.
Realistically, you can estimate that for every dollar you earn, 30cents to 60cents gets paid to everybody who has a hand in your agency structure, not including the corporate company.
Of course, that's not really the right question. If there is a manager that is able to create a system where you have a likelihood of success, then it really doesn't matter how much they make, if you are able to make enough.
On a separate note, if someone recruits you, then you should be able to ask them in the face, how much they would make as overriding from your sale. If they don't tell you that, walk away.
He makes an overriding commission. Depends on the product. If he hires you he's either the manager who earns all your overriding comm. Or an introducer who shares overriding comm for that specific period of time