{ "media_type": "text", "post_content": "Every firm is claiming the benefits they give us are the best in the industry.\n so let’s clear things up once and for all: everyone here post what your firm offers for health insurance 401(k), life", "post_id": "5b6262a34f07b6001877eab1", "reply_count": 27, "vote_count": 5, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors", "feed_type": "crowd" }

Every firm is claiming the benefits they give us are the best in the industry. so let’s clear things up once and for all: everyone here post what your firm offers for health insurance 401(k), life

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I’m at Jones... the 401k has no match, and the insurance is ungodly expensive 😂😂 if they try to claim they have the best benefits I’d hate to see the other firms.

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I'm at Jones too.... the profit sharing more than makes up for a match to my 401k. And if my profit sharing is above the threshold the federal government allows they give it to me in a check. I don't know any other firm that does that. Not to mention a limited partnership that pays somewhere between 18 and 25% a year. And they pay it on the full amount of the lp even though all I ever had to put was 25% down on each offer. In the level 9 Bonus bracket if you're producing uowards of 800k you basically get three more months of paychecks a year. At Least that's been 100% my experience. All without having to come out of pocket one dime since day one and without having to manage any employee lease or business issues.

likefunny

A cubical...

funnylike

A 1099 at the end of the year. Better than any of you with ‘benefits’ have. That isn’t to disparage captives. 1099 isn’t for everyone. But in the end, it’s better. Oh, and no meetings! No bore the crap out of you pointless stupid f’ing meetings!

likesmartfunny

None of that. Just a 70% payout and guarantee of 2x my 12 month trail for my book at retirement. I count the 2x as my retirement and it far more than what I could grow in a 401k maxed out.

likefunny

1099 at the end of the year

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With Eagle Strategies - we’ve had back and forth before on another chat. Attention to detail, research and a good memory. 👍

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All qualities of a good advisor that deserves all of those benefits. Where are you based out of BTW, FA3?

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We should all have access to different benefits - but who’s company PAYS for them.

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But you are right! Every firm promises that!

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All of it. Full match on 401k. 100k life with opt up to 10x income. DI commensurate to income with cap at 18k monthly. Health, Dental, Vision - mostly subsidized buy high deductible. Cash Balance Pension. Expense allowance also commensurate to production - begins at 15% capped at 60%. And they pay for most industry related education you might consider.

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@Veludi - how can you afford to match $18500 on the 401k (not normal at MassMutual), 100% DI up to $18k mo income (not normal - even for NY or MMutual), mostly subsidized by Veludi/MM, Pension is via MM on core production as is the expense allowance. Since each MMutual shop is individually owned, you can implement some of these - but to afford all, would cost a fortune and isn’t customary for MM reps. How do you do it all? Curious...

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Lol. Thank you. I feel like you know me personally some how.

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If your firm doesn’t pay for benefits then what’s even the point of being with them?!

smart

Really OP? Higher payout without benefits can be very advantageous. Depends on your firm and production level ultimately.

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FA3, the DI for example goes up to that. You might not be getting that if your income isn't there. I pay like $350 a month for my ancillary benefits including the health, Dental, Vision, DI and Life. And on the life and DI I have the max I can get because my production is there. 401k only gets matched if you make at least 70k of production - but fully matched assuming you contribute enough to get yourself there. So obviously Mass isn't going to spend a fortune and give a guy making 30k income an 18k 401k contribution. But for a guy making 300k+ you get it all cause that one is worth keeping and will make the company millions year over year.

Ahhh - got it. Thought simply offering all of these was too good to be true. Tied to production standards and many of these are offered, but are out of pocket costs. Congratulations on excellent production - you’ve done a nice job establishing a team post NYL.

Maryland

6% 401k match, 5% profit share above $600k production, Health is $172/pay for family (high deductible), dental/vision $35/mo, $1,000 HSA match Normal Life and disability benefits, 10 days of free local child care, mileage reimbursement, expense reimbursement. I'm at bank, could I make more being 1099? Probably. But things are good...for now...

No benefits, just 80% payout on production and 1099

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