Together We Are the Best We are National. We are the Best. Together, We are National Best.
Understanding the Lifeline 0 21 29 40 50 65 85 100
4 Ways we can Earn Income
THE Lifeline Working Life 0 21 29 40 50 65 85 100
Canadians at Age 65 1 1 8 14 Financially Independent 8 Financially Comfortable 14 Still Working 24 Dead 53 24 53 Financially Dependent CPP $ 504* 9% Successful OAS $ 490* 91% Unsuccessful $ 994 / month * Sept 2010 Averages
The MGA System • In the good old days Insurance Companies had an in house sales force • Managing General Agency – – – Built to house many agents Manages office, negotiates contracts Can usually negotiate higher contract Get an override on their agents May be Captive Agents or Independents • Associate General Agency – Built to house many agents under an MGA – May have direct contracts – May act like a subsidiary of the MGA • Independent Agent
How do we get Paid? • Insurance Companies pay based on first year premium plus a bonus (negotiated) • They pay the MGA, AGA or the Independent Agent Example: FYC = First Year Commission FYC = 40% of Annual Premium plus Bonus = Negotiated % times FYC So. . . Suppose an MGA has a contract: FYC + 180
How do we get Paid? • FYC + 180 Annual Premium = $1000. 00 FYC = $400. 00 ($1000. 00 times 40%) Bonus = $720. 00 ($400. 00 times 180%) Total Paid to MGA $400. 00 + $720. 00 = $1, 120. 00
Understanding the Insurance Agent’s Life Line New Agents FYC + Bonus
The Builder’s Model • Advantages: – Team atmosphere, mentoring – Licensing programs – The headaches are taken care of for you • Challenges: – New people paid very little – If team members are struggling, they will leave – Have to build a large team to make a good income – You own your dreams, but not your business
Where Does the Money Go?
Understanding the Insurance Agent’s Life Line New Agents FYC + Bonus
The Captive Agent Model • Advantages: – Mentoring, training – Marketing and administrative systems • Challenges: – Low contracts – Limited product selection - Are clients well-served? – Can you take your book with you?
Where Does the Money Go?
Understanding the Insurance Agent’s Life Line Producers New Agents FYC + Bonus
The Independent Model • Advantages: – Work under an AGA/MGA – Better initial contract than other models – May own your book • Challenges: – You are working alone – Earning ceiling, how many clients can you effectively service? – High producer to maintain a high contract – Who wants to buy your book?
Where Does the Money Go?
Typical Business Owner
Understanding the Insurance Agent’s Life Line Producers New Agents Agency Owners FYC + Bonus
The Traditional AGA/MGA Model • Advantages: – You own the Agency – Better contract paid to your company – Can serve more clients, earn more • Challenges: – Cost of set up and running an agency – You own the headaches. . . administration, compliance, payroll, back office – As an MGA owner, who are you training?
Do You TRULY Own Your Business? • Can you sell your business? • Can you take your business with you if you move to a new agency? • What happens if you no longer have a license? • If you become incapacitated what happens? • If you die, will your loved ones inherit your business? • Do you have the experience or resources to start your own agency? • How can you ensure your agents will stay with you if you are an AGA or MGA?
There is No Substitute for TRUE Ownership • With NB, you own your business from day one and continue to own it throughout your career. – You can sell your book of business and your Agency – If for any reason you leave National Best, you are FREE to contact your clients and down-line agents – If you no longer have a license, your Incorporated Agency can continue to receive overrides and recurring revenue – Structured properly, your corporation can receive overrides and recurring revenue even after you die
Do YOU Have a Plan to Successfully Retire One Day? • Every advisor will leave the business one day due to retirement, career change, disability or death. – Will it be possible to sell your book of business, after the fact? Who will buy it? For how much? – Can your spouse or children inherit your book of business? – Will your residual income continue for your loved ones? – What kind of legacy will you leave? – Will your clients be well served?
National Best Succession Plan • Leverage your years of experience, increase your revenue, leave a legacy – Mentor other associates who can rework your book and expand your business – New associates participate in National Best Business Coaching Program – Clients will learn new strategies and product offerings by attending Financial Literacy Workshops – New agents will split revenue with you
National Best Advantages National Best Ownership Program + National Best Succession Plan = A Powerful Combination for Financial Services Professionals
National Best Agency Model • Three Generation Over-rides, Bonus Pools • Highest Contract = 6 Licenses • Best Compensation Model in the Industry – FYC + 160% Bonus Paid to the Field – New Agents Can Earn a Decent Living • No Exchange / Give Up – You Keep What you Build!
Where Does the Money Go?
National Best Independent Agent Model • New Agents start at FYC + 120% Bonus • We match existing contracts for Experienced Agents • 10% Residual Over-ride for referring new agents to the Network • Preserve Your Existing Brand • Transition to National Best Agency Model
Which Model Works for You?
Which Model Works for You? $11, 598 $4, 480 $3, 520
National Best Expansion Program • Refer clients to agents in other cities and receive 50% Compensation • Expand your agency to other cities and receive 50% Over-rides • Co-Leadership Program – Teammate moves to a new city – Teammate moves to a new team
Best-In-Class Product Providers • Contracts with the top 26 insurance companies in Canada • Exclusive contracts for online insurance applications - clients pay with credit cards • Insure your client even if they’ve had cancer, heart attack or stroke • Membership benefits: scholarships, orphan benefits • Multi-policy discounts
Strategic Alliances to Sponsor Licensing • • Life and A&S Mutual Funds Exempt Market Products RESPs
Referrals to Specialists • Access to Industry Specialists to close business for you and earn referral commissions – Living Benefits Specialists (CI, DI, LTC) – Group Benefits / Health Trusts – Mortgage Referrals – Networking and Services for Business Owners – Travel Insurance Referrals – Pre-Paid Legal Services
Скачать презентацию Together We Are the Best We are National
92086299f83392cb36385079abfbf921.ppt