Mass Mutual Brokers Contract

[blue_wynd]

Questions for those in the know. Does it matter where I get a MM contract? I assume the brokers commission is the same if I contract with a IMO or a local MM general agency? Anywhere I can get better than 55%? On a side note, how much does Guardian pay commission-wise?

 

[JosephDeacon]

I'm unaware of a higher contract. Guardian is the same. If you produce a lot of business or can prove you already produce at certain levels, things may be different. I am writing a fair amount of Guardian DI and my FYC and renewals are going up now.

 

[DecisionMan]

Yes, it makes a huge difference. MM general agents compete for brokers by offering additional "ERA".

Similar to how Guardian pays brokers, you make a certain amount from Guardian or MM and then the General Agent pays an additional amount on top called an Expense Reimbursement Allowance.

The 'ERA' name isn't important, but basically you can make up to 88% between the 55% on most MM products plus the ERA.

The reason it makes a difference which GA you do your broker contract with, is that different GAs have different sliding-scales for ERA compensation. Some base it on cumulative FYC, others just give you a flat 88%.

Generally the less productive brokerage directors offer the higher ERA to buy business. It doesn't mean they're any better at case development, follow-through, etc.

You also don't need to work with the GA in your area. The MM brokerage rules is that any GA in a State that touches your State boundary can take your business.

 

[JosephDeacon]

DM. Thanks for this info. Is it possible to dual contract with MM or transfer a brokerage contract?

 

[blue_wynd]

So anyone know of any GAs offering higher commissions or ERAs for brokers in PA?

 

[deadhead]

I have been to MMs website trying to find a broker's contract link and it is no fun to navigte

 

[DecisionMan]

Deadhead: go to massmutualbrokerage.com to find offices.

Doesnt PA border NY? One of the most successful MM brokerages is in NYC.

JD: no dual contract and like most GAs the MM GAs are highly territorial, jealous and cry like babies when someone wants to move a contract-but it can be done. First find the new office's brokerage director & comp level you want and he'll walk you through the letter to write. It will be a fight and pissing contest but it will get done.

 

[blue_wynd]

Doesnt PA border NY? One of the most successful MM brokerages is in NYC.

And which one is that? Know if they give good commission rates? Thanks.

 

[DecisionMan]

Dont know the ERAs of different offices. Some are in stone, some are negotiable. Call some brokerage directors and have a conversation.