IFA - Some questions
What about motor business
We don’t write motor business at all from our office but we have an agreement now from Keith Michaels for a 50/50 spilt in commission for any motor business. This 50% will be given in full to the introducer. We don’t need any of this as we have signed up to write Household, liability & commercial for Keith Michaels. Again it’s an opportunity to maybe gain some clients & make a bit of money in the process.
We have been asked by concerned Introducers about two main issues:
1/ If I stop working in Financial Services will I still get on going commissions?
Yes you will if you have more than 5 cases a year with us, for the fact that if a case lapses that we have paid you on then having something due during the year means we can claim the commission back we have paid to you.
We will let you know if you fall below this number at any stage. As our renewal retention is so high most cases should just keep renewing, we are a company that would rather have renewals then keep chasing new business. We have introducers that are not even in financial services receiving commission from us (although if you are not registered under the FCA on your own merit or do not work under a company umbrella you can only pass on to us a contact name & number).
We have found out that if you do not write a single case within a 12 month period with Paymentshield no matter how many cases you have with them they will only pay you 5% per month on every single case you have with them. We will always pay 50% of what commissions we receive on every new case & every renewal.
2/ What happens if you sell Starlane Insurance?
I have been approached many times to sell the business & have not even thought about it, this is the reason we are doing business like this now.
As most of you know I have a already made alot of money from Insurance & I have a large portfolio of properties, so what am I supposed to do with my life. I have proven over the past 10 years that I can already work lying on a beach anywhere in the world running the business on my own, now I have staff it’s even easier.
I want to pass Starlane Insurance on to my children if they want it & let them run the family business. I even have provisions in my will that if something happens to me the company will be taken over by a colleague of mine & close friend for nearly 40 years, Gary at Keith Michaels Insurance who will look after the business for Leeann & the children.