{ "media_type": "text", "post_content": "Been doing a lot more 401k biz and want to eventually do that alone. Want to complement the 401k with group DI/group life. Is it possible with smaller companies? What about group life? Any experience?", "post_id": "59e9459a72362519205b28f4", "reply_count": 4, "vote_count": 3, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

Been doing a lot more 401k biz and want to eventually do that alone. Want to complement the 401k with group DI/group life. Is it possible with smaller companies? What about group life? Any experience?

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Only have one plan I took over from a departed broker and I've bid on a couple. You gather a census of the employees, turn it over to whatever company you want to use, they do all the work send you a proposal and you present it. There isn't any service work if the HR person is competent, otherwise you have to go over and sign people up. I think our plan has like 60 people in it for a small chain of credit unions and we make like $120/mo.Other brokers at my firm would be a lot more help as some actually do a lot of it.

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I have about twenty group DI/Life plans on the books. Easy business, sticky, and creates a nice renewal income stream. Not sure what you are basing the numbers on for large companies. Is it possible you are basing them on the employee contribution amount, not the full amount?The key to making life easier is finding an outfit who will shop carriers for you, keep the business in your name, and not lower your commission amount and opportunity for bonuses. They exist, let me know if you want the name of the outfit I use.As to $120 commission on a 60 person group, that is very low. I met with a 10 person group yesterday paying $500/month, I make about $900 a year on that account.

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$120/month? That's it?

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Hey there -- I work for ADP selling 401K plans to businesses. May be able to help you there..we work with advisors whether you function as an RIA or BD. Let me know if you are interested in hearing more about how might be able to work together and both grow our 401K business and income stream.

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