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We were paying a non-contractually-obligated override on Jeff’s largely passive recruiting efforts (consisting of an occasional blog post, podcast, or referral to one of our brokerage managers). This was done to incentivize his continued partnership with Pinney, and encourage him to continue promoting the same services and processes he was using to others. However, in light of his dismantling his hierarchy, eliminating carrier contracts, and moving agents, that is no longer feasible. We discussed this with Jeff in December of 2016, at which time he claimed ignorance of these changes, that he wasn’t involved (laying blame on our former brokerage manager), or that he was independent and could do what he wanted relative to carrier contracts (“it’s a business decision”). We agreed that he was independent and could do as he wished, but that there were ramifications to doing so.
If you read their side they sound like they have a convincing argument; Jeff and his agents didnt submit business over a year, tried to make a competing product/process and used company emails to push it forward except they got caught, fired, and are out overrides that terminate at the end of written receipt of the contract which they did with Jeff. Maybe Im wrong interpreting these 2 sides of the story, but it's some good reading!
The thing that gets me in the Pinney link, is that they talk about an EMPLOYMENT agreement/handbook. If you are an EMPLOYEE of a company (paid W2 vs 1099), and you shift business elsewhere, that's a conflict of interest and can be subject to immediate termination.
So the allegation is not that commissions were withheld, but overrides. Since I'm not in a position to worry about overrides why is this an issue.
I've never had issues with the CURRENT people working with Pinney.
Rick
If you read their side they sound like they have a convincing argument; Jeff and his agents didnt submit business over a year, tried to make a competing product/process and used company emails to push it forward except they got caught, fired, and are out overrides that terminate at the end of written receipt of the contract which they did with Jeff. Maybe Im wrong interpreting these 2 sides of the story, but it's some good reading!
I dealt with Pinney on a very large policy. My experience was good. 99.9% of agents don't have to worry about getting screwed on overrides paid by the Bga.When someone else pays you there's always risk.