At The CIB Group, we recruit B2B (Business-to-Business) sales people.
We help them explore becoming a commercial insurance broker (producer).
They ask LOTS of money questions.
(Often too early. Find out if it’s a great career move. If not, the money won’t matter.)
Common Money Questions
Typical money questions include:
- What’s the starting base salary?
- What’s the first year On-Target Earnings (OTE)?
- Can I make $100K the first year?
- If you’re wise, as low a base salary as you can get by on.
- Less than will delight you.
- Yes. Likely? No.
Does the starting salary and the first year earnings matter?
Not as much as the long-term rewards.
Smarter money questions to ask:
- How does the client’s 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 book of business or the firm) someday?
Advice About Money Questions
Be a schizophrenic new producer candidate – about money.
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.
- Validate as fast as you can.
- Get on a full commission-basis.
- Crave uncapped, big-time 6-figure money long-term.
- Make the sacrifice and do the hard work early that will pay off later.