Smart Money Questions for New Producers

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:

1. What’s the starting base salary?
2. What’s the first year On-Target Earnings (OTE)?
3. Can I make $100K the first year?

Honest answers:

1. If you’re wise, as low a base salary as you can get by on.
2. Less than will delight you.
3. Yes. Likely? No.

Does the starting salary and the first year earnings matter?

Of course.

Not as much as the long-term rewards.

Smarter money questions to ask:

1. How does the client’s compensation program work?
2. How much residual commission will I earn on a renewal client?
3. How fast can I validate (get to a full commission basis on my book of business)?
4. How much do your top producers make?
5. 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:

1. Understand this is a commission-based, residual-driven career.
2. Accept modest pay in the early years.
3. Invest in yourself.
4. Don’t overfeed at the trough on guaranteed starting salary.
5. Validate as fast as you can.
6. Get on a full commission-basis.
7. Crave uncapped, big-time 6-figure money long-term.
8. Make the sacrifice and do the hard work early that will pay off later.