I have a question for you. I started as a Financial Consultant at a Local Credit Union. I love the enviroment buy the Payout on the GDC seems fairly low. (20%)
Can anyone tell me if you are in a Bank or Credit Union Enviroment what your GDC Payout is?
Also, I just should note that I also have a regular base salary in the high 20's...
I work in a Credit Union and I'm at a 40% payout. 20% is terrible, do you also have a salary?
What is your avg. GDC per month? How much comes from referrals how much from your effort?
Yes, I have a salary and it is in the high 20's....I started in mid 05 so I really have not established a lot in GDC yet..Also right now all of my assets come from referrals... I don't really have anything to complain about I guess, but I just don't want to establish myself over the next few years and decide that I am in a bad spot...
Do you get overrides on licensed banker production? Is there an opportunity for higher payout as your production goes up?
Not sure what licensed banker production is...Sorry....I get trails on the 12-B1's if that is the question...Yes my payout can go up to 40% once I have been their for a few years....Of course then my salary will lessen...
Is the 40% once you've been there awhile or once you hit certain production #'s? Say you do 20,000 GDC how much will you make this month?
A licensed banker is a new account rep who has an insurance license and you get credited for their sales in return you mentor them
No we do not have any Licensed Bank Reps...We have a OSJ Manger whom does the training himself..Each branch FC gets credit for their own prodcutions.
Yes the 40% max payout is when we meet a certain GDC and it looks like that will take another year
...On 20K in GDC I would get paid around (18%) = $3600...Would get 20% if I was hitting all my goals.... Plus I will still get my base salary of high 20's...
Does this sound reasonable?
Let say your making 28K salary. that's 2333/mo + 3600= 5933 =29.66% payout. That is not bad at the 20K mo. level if your doing 100% of your biz from referrals.
The thing is how fast are you growing the book? How many months have you been at it? What is the size of your book?
You should be bringing in 500K a month on avg. If your a rookie 350K you'll get to 500K soon. If it's less than that I would be concerned about things, however, this all depends where your located etc. Someone in Chicago/New York should be bringing in 1m a month if your in the sticks minimum might be 300K. I guess it is about how much your happy making and how fast you want to climb to a better lifestyle.
I am growing the book at a reasonable well for starting out I belive. I am at the 400K per month level. The problem is I am building mostly fee based so no huge upfront payment
I appreciate the feedback bankrep1....Anyone else have an opinion?
Porter just a word of advice. I would gather your assets in the traditional form (commission) and once your book is say 30 million/5 years from now start converting to a fee based platform, by then there will be alot more options and you won't starve getting there. Remember you cannot help anyone if your not in the business.
That is good advice....I just enjoy the fee based side much better but I need to be smarter buisness wise regarding it too..