Commission vs. Salary

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Jan 29, 2009 11:42 pm

I just passed my 7 and am taking my 66 on thursday. I am planning on working for this small boutique firm that is going be paying me based on commission. I have friends that are just getting into the business working for larger firms and they are being paid a salary. Even while studying for all there test they were getting paid. Once they pass there test that are also going to be getting paid a commission as well. In the long run where should I make the most money if am bringing in a lot of business. Also, getting paid commission only what percent should I be getting. Is 50% to much or too little? Thanks in advance for the replies!

Jan 30, 2009 7:59 pm

If you are going to go all commission, you'd better plan on selling annuities in this environment!

 
Ender's Game
Jan 30, 2009 9:38 pm

ender's game is a great read. 

However, after doorknocking for the past 2 months, I have come to the realization that people are just petrified of the current market.  It's like medusa came out and froze everyone in place.  If you think you can get around that kind of mentality, then by all means go all commission.  however, I think you will have a hard time finding people who will invest with you enough to make straight commission worthwhile.  As I was told, and have been seeing first hand, it's time in the business and doing the work that will make you successful.  

Jan 30, 2009 10:54 pm

What percentage should I be expecting to get? Is 50% good or bad?

Jan 31, 2009 5:20 pm

50% is good.

Jan 31, 2009 5:35 pm

thanks!

Feb 11, 2009 7:54 am

The annuity idea is a good one.  Can you also sell life insurance and get paid?  I have been reading a lot on topgunproducers.com and a lot of what I hear is to get the ink on paper by selling them some convertible term insurance.  After that you can talk about more complicated securities products, etc., after they are already a client.  Get an inventory of clients that have already played ball with an easy sale that you can call on and educate later.  


Salary=high pressure on you=low payouts on a lot of products=non compete clauses & training agreements
 
Salary is definately something people may need but don't think these companies "give" you anything without taking their pound of flesh.