You’re a B2B sales person.
You’re exploring a career upgrade.
To become a commercial insurance broker (producer).
Great career choice.
You have money questions.
Q: What’s the starting base salary?
A: If you’re wise, as low a base salary as you can get by on.
Q: What’s the first year On-Target Earnings (OTE)?
A: Less than will delight you.
Q: Can I make $100K the first year?
A: Yes. Possible. Unlikely.
Yes, you want to know about the money.
First, find out if this is a great career move for you.
If not, the money won’t matter.
If it’s a great career fit, the starting salary and the first year earnings will work out.
You just can’t expect to get rich at the beginning.
Focus on the long-term rewards.
That’s where commercial insurance broking is hard to beat.
Smart money questions to ask:
- How does the compensation program work?
- How much residual commission will I earn on a renewal client?
- How fast can I validate (get to a full commission basis on my book of business)?
- How much do your top producers make?
- Can I earn ownership (either in my book of business or the firm) someday?
Follow this advice:
- Understand this is a commission-based, residual-driven career.
- Accept modest pay in the early years.
- Invest in yourself.
- Don’t overfeed at the trough on guaranteed starting salary.
- Get on a full commission-basis (“validate”) as fast as you can.
- Crave uncapped, big-time 6-figure money long-term.
- Make the sacrifice and do the hard work early that will pay off later.
- Learn the profession, build your clientele, and get rich slowly but surely from the renewal commissions on your growing book of business.