ML Insurance Payout= Pathetic!
Wow, it didn't take long for me to turn on this compensation plan. I'm still not sure where it is written in any part of our comp plan but I've verified how terrible the payout is on insurance at ML.
BAI on Term Insurance 65% plus trails. ML =40%
Perm. Insurance is the killer though
BAI=85% of Target Premium
ML= 50% of Target Premium
Moneyguard= 6% not 8%
The extra grid payout doesn't begin to cover this loss if you are a good insurance producer. Curious what other firms insurance payouts are. I know at Jones it was in the 70's for perm insurance.
This might be why I heard ML guys don't do a lot of insurance. Both companies had the internal consultants so you can't say overhead is more than it was at BAI. Makes the independent route pop back into my head.
At least they gave 400k producers at B of A retention bonuses.
I'm just jealous.
PS. Have you seen what you get paid on bond trades now?!?
Call me if you need help with the systems
...and if you know a way to make my personal banker stop asking to call everyone to open up $10,000 checking accounts.
I get 100% going direct as an Indy.
Putting a nice insurance case through ML's grid is just like giving he commission away....what a joke.
I did a $5 million term at BAI 2 years ago and got 50% of the first years premium, never any trails.