Pros
-Reimbursement for licensing and certification courses is available. -Bonuses in the first year are very good, but hinge exclusively on sales activity. -Strong product and sales training are a mandatory part of the job. -Good commission rates on variable annuity sales can lead to big paydays, if you find the right client. -Company history and branding help reps with building client relationships. -Limited matching of marketing expenses helps lighten the expense burden, which is otherwise very significant. -There is tremendous flexibility in when, where and how you perform the role, especially if you're putting up decent numbers.
Cons
Where to start.... -No base pay, even though you sometimes spend a considerable amount of time servicing the needs of orphan clients, effectively providing client retention services to corporate. In my opinion, the lack of a base also incentivizes less scrupulous agents to make unsuitable recommendations, especially with regards to annuity sales. -Compensation structure is mind-bogglingly confusing to most new reps, especially with regard to the first-year support credits. -Absolutely no help with start-up costs; if you want an extra pen and some paper clips, be prepared to pay for them. Likewise, no transportation expense reimbursement, so when you drive an hour and the client doesn't pull the trigger, you lost both the sale and the gas money. -Training and support exercises are good at first, but become tedious, repetitive and time-consuming as you get into the role, but attendance is still expected. -Trail commission rates on life insurance are pretty rough, meaning new business is the only way to make serious money on life insurance sales. -Partners for P&C may have poor rates, depending on the state you're in, making it hard to build a renewal stream. -Maximum draw amount is set very high for new reps, meaning you have to hit some pretty solid numbers to take home more than the minimum draw. -Management support can be spotty and the company provides very few quality leads to new reps. If you don't have a natural market and/or the initial capital to buy leads, it's a really uphill battle to keep your draw account from emptying.