WARNING: just a heads up on this week’s blog. It may be slightly more raw and less polished than what you usually find from us in your Monday morning inbox. Additionally, this is less of our typical blog and more of a rant that I occasionally post on LinkedIn. 😏
Because that is exactly what this is. The following is a post I recently shared on LinkedIn that resonated with many, and I want to share it with you here. Whether you agree or not, click through to the post to see the comments of industry peers and get a sense of other opinions and perspectives.
Here you go
It pisses me off when I hear/read advisors categorically criticizing other advisors who receive commissions and bonuses from the insurance carriers.
The criticisms tend to focus on the accusation that those who do have those revenue sources must have evil intent when advising their clients.
I don't think evil or pure intent is the result of your revenue source; I believe it comes from within. Commissions/bonuses don't necessarily make you evil, just as fees don't automatically make you of pure intent.
When I was an advisor, I received revenue from both commissions/bonuses as well as from fees. However, I ALWAYS gave the advice and recommendation I felt was in the best interest of the client.
I did so for two primary reasons.
First, it was the right thing to do.
Second, I would have never allowed myself to be so arrogant as to think that if I didn't make the right recommendation to a client that a competitor wouldn't come behind me and do just that.
Then, I wouldn't have the commission, bonuses, fees, or the client. 🤷♂️
What pisses me off most of all about these accusations is the self-serving hypocrisy that I think is often involved.
I wonder how many of those criticizing commissions/bonuses as evil have fully-insured clients for whom the commissions can't be removed?
I wonder how many of them, even if they only work on fees for the health coverage, receive commissions/bonuses from non-medical lines?
I wonder how many of them work for larger agencies that have carrier commissions and bonuses as significant sources of revenue?
If you and your agency only work on fees and receive no commissions and bonuses from any carrier, then, by all means, promote the hell out of that!
But please, unless you have specific and documented evidence of someone's evil intent, be respectful of the rest of your industry and don't pretend to know their motivation or what's in their heart.
To paraphrase Henry Ford - Quit worrying about what your competitors are doing and just focus on being the most impactful version of yourself.
Photo by Mark Carrel.