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The company is highly regarded by global financial magazines and institutions, thanks to its massive growth. Most of the reviews at Glassdoor by the former employees are very positive about Symmetry Financial Group. However, some disturbing reviews raise the suspicion of the company being a pyramid scheme. This company has a solid and vibrant social media presence, with thousands of people following them on different social media platforms.
Along with selling insurance for other companies, it also uses recruiting as its marketing strategy. The fact is that most people regard MLMs as pyramid schemes. You have to fill out a form, which requires usual information, and a team member will contact you about how you can start working with this company. To start with this company you have to choose one of the following three paths : Producer Path : It is the path of a career agent.
If you want to work for this company as an insurance agent, you have to choose this path. Wholesaler Path: It is designed for experienced professionals who have all the tools and training at their hands to jumpstart the career. Owner Path: It serves as the flagship for this company. Costs for all the meetings and presentations are on agents. They also encourage you to recruit other agents under you. Pertinent to say that they don't offer a salary.
If you do not make a sale, you won't earn anything. Keeping that in mind, your first few months with them would be very tough. Also, the general impression about the MLMs is that they are pyramid schemes. They make most of their income by selling insurance and not by recruiting. They use recruiting to grow and increase sales and revenue. As I already said, this company is ranked among top companies by Inc.
Magazine for the last five years, and there are also other accolades to their name, which is not possible to achieve for a pyramid scheme. The founders of the company are well-known entrepreneurs. It is regarded as one of the most successful growing companies, having partnerships with major insurance companies. They didn't show the cost it takes to join them, but they likely don't charge any money for starting as an insurance agent with them.
I think, for most people, it's hard to make money as an insurance agent. The fact that you're working on commission and not on salary goes in both ways; either you make a lot of money or don't make even a dollar. Moreover, you have to bear the costs of meetings, presentations, and other things.
People usually don't buy insurance easily; you have to convince them. That requires a lot of skill, talent, experience. You have to determine yourself, can you do it or not? It would be anything but easy. The current situation because of Coronavirus also made it hard to survive as an insurance agent and sell insurance packages. Do I Recommend It? This company doesn't provide dedicated, rigorous training for agents, making it hard for beginners to sell insurance policies.
Usually, beginners don't have that much money at their hands to survive at their own money in the start without earning commissions or salary. But that's most likely in the case of Symmetry Financial Group. This is merely our review of the their insurance sales and recruitment system along with our opinions.
If you here hoping to get a hold of them, contact them directly at or at sfglife. My job today is to answer your questions in this Symmetry Financial Group review in a fair and balanced analysis. PS : Check out my insurance sales jobs reviews of other agencies for more information. NOTE : Are you an aspiring or new insurance agent looking for more insight on how the insurance sales industry works?
Symmetry Financial Group is an insurance marketing organization based out of Swannanoa, North Carolina. They work with a variety of insurance carriers like Mutual of Omaha , Foresters , Transamerica , and other name brand companies you may have heard of. And Entrepreneur magazine voted Symmetry Financial Group is having a top company culture in and Chief among them is the mortgage protection insurance market. They are interested in eliminating financial ruin coming from an earlier-than-expected death of a breadwinner.
They stick around! The surviving family is left with the burden. And many families must foreclose on their properties without the ability to weather the financial storm. At Symmetry Financial Group, they teach agents to sell mortgage protection face to face with prospects who request information by mail. You do not sell over the phone, but rely on old-fashioned belly-to-belly appointments to get to know your prospects to determine how you can best help them.
The best Symmetry Financial Group training has managers teach their agents to focus on educating their clients about their life insurance options. Selling life insurance is one of those businesses where people still value a face-to-face meeting in a large percentage. And they look at the decision to buy life insurance with more concern than your typical consumer product. Beyond mortgage protection, SFG also offers agents the opportunity of selling final expense insurance.
Like all final expense companies , Symmetry targets older, fixed income individuals who have need for life insurance to cover funeral and cremation costs. And what I discovered working right in the middle of the Great Recession is that final expense provides more consistent, stable sales opportunities. Our clients receive a fixed Social Security check every month, and no market forces will alter that.
That translates into more lead-generating opportunity which is the cornerstone to most insurance sales professionals. First, Symmetry Financial Group has a well-designed platform for both agent development and agency development. There are sales training and recruiting opportunities designed to bring in interested people and train them for your agency. Symmetry also extols its incentive-based programs, which are based around additional bonuses for high personal production and agency production.
In fact, Symmetry Financial Group is perfectly legitimate, run by experienced insurance professionals. Symmetry operates in your usual multi-level marketing hierarchy that other large organizations like Herbalife , Mary Kay , etc do. With insurance sales organizational design, at the top of the food chain is the insurance company, beneath them is Symmetry Financial Group, and beneath them is a large downline with agencies and agents.
In fact, hierarchical multi-level marketing structures are the norm in the insurance business. At the top are insurance companies, beneath them are large agencies who recruit agencies like mine, with other smaller agencies and agents beneath me. The insurance agency creates commission strategies that incentivize recruiting as the quickest and easiest way to elevate earning power through increased commission levels.
I believe that takes at minimum 6 to 12 months of successful experience selling insurance. I started recruiting at 2. Most MLM insurance companies have no readiness standards based on field sales experience.
Instead, most organizations promote recruiting as equally important as selling, right from the beginning!. Certain organizations within Symmetry Financial Group are geared towards this concept, while others are more geared towards agent development.
Symmetry Financial Group offers both final expense leads and mortgage protection leads at different price points for new agents. Because fresh insurance leads usually have more interest than older leads.
A Leads are the freshest type of life insurance leads SFG agents can purchase. According to their Agent Handbook , A Leads are 21 days old or less, and have not been previously purchased by another agent. If no sale is made, other insurance agents at Symmetry Financial Group may purchase those A Leads at discounted cost.
Also, Symmetry requires three pieces of submitted business before granting access to the program. These were once A Leads that another agent purchased and has ended the 5 week exclusivity period. In addition to purchasing leads, joining Symmetry Financial Group will require you to pay for several start up costs, including:. You can get more information about licensing and appointment fees from the National Insurance Producer Registry.
It helps cover the cost of a lawsuit if a client claims your work was inaccurate, late, or not delivered. Some of these expenses are optional, others are not, depending on the type of product you are selling. If you feel unease about this compensation structure, consider selling something other than insurance.
Like many large insurance marketing organizations, Symmetry Financial Group has a predefined compensation plan describing steps to increase commission levels. Download direct from SFG its commission grids here for more information. My opinions come from the perspective of an experienced insurance agent and agency owner NOT affiliated with SFG in any way.
You want to avoid having a biased individual with his own motives at heart to try to influence your decision making. My name is David duford. In my agency, we specialize in several markets, including final expense , Medicare Advantage , annuities , and mortgage protection.
By , I opened my agency and began recruiting agents nationally that valued honest, integrity, and working with an agency who fully supported them. While excited about the proposition of selling insurance, I wanted assurances that my selected agency was legitimate and would serve my best interests in selling insurance successfully. Like many agents who deal with inadequate marketing organizations, I jumped from agency to agency in the early years, thanks to never-kept promises.
Eventually I found a solid organization and have partnered with them to build my agency for many years now. And from years of executing on this principle, I have built a reputation as a fair and balanced individual that cares for all agents. My perception of Symmetry Financial Group is that some organizations focus more on recruiting than on training new agents become master insurance salespeople.
While this is not always the case with every affiliated SFG agency, you need to understand this possibility prior to joining, and decide how much of an impact it will make. I believe a focus on learning how to sell insurance successfully gives new agents the best chance of long-term success in this wonderful business. And sometimes leadership purposely uses over-the-top case size averages to make commission look better than it really is.
Based on my research, Symmetry Financial Group is on the lower end of starting commission levels. The reason why is because I do not have multiple downline agencies and agents between myself and you. This means more commissions to my producing agents, meaning a better opportunity to maximize income. This is a worthwhile objection many marketing organizations bring up when an agent expresses concern about commission levels.
They say looking at commission in a vacuum is not valid, and agents should consider the whole package, meaning training, recruiting opportunities, lead programs, etc. Do an inventory on what matters most to you to determine your best-fit insurance sales opportunity. First, start by doing your due diligence and find another insurance agency to work for. We recommend you review our Free Agent Resource Guide here for tips on finding a quality insurance agency to join.
Once you find a new agency or carrier to join, you can go ahead and switch your affiliations. You should keep in mind that as an insurance agent, you are licensed by the state and not by the company. No insurance agency can prevent you from stopping your affiliation with it and doing business with another organization.
You may need to cancel the affiliation with Symmetry. The termination usually needs to be filed within a 30 day window, however canceling affiliation is not always mandatory. To become properly appointed with the new insurance carrier or agency, you simply complete contracting with the new insurance carrier. Typically, the window for companies to process affiliations is very short, with most companies approving insurance agent carrier appointments within 1 to 2 weeks on average. Bottom line, quitting Symmetry is no big deal.
Bankers Life was established in in Chicago, Illinois. Bankers Life offers life insurance, long-term care, annuities, Medicare Supplements, Advantage Plans, Part D prescription drug coverage , critical illness insurance, as well as vision and dental plans. It targets the senior market, typically people age 60 and older who are near retirement.
People Helping People was established in in Northridge, California. The company serves the middle markets for insurance-based financial planning. It focuses on term insurance, index universal life insurance, and fixed indexed annuities. American Income Life , a wholly owned subsidiary of Globe Life Insurance, is a major provider of supplemental life insurance. The company was founded in and is headquartered in Waco, Texas. Its insurance products include life insurance and supplemental health.
New York Life , established in , is the largest mutual life insurance company in the country. It offers premium life insurance, long-term care insurance, retirement income insurance, and investment plans, including annuities, mutual funds, and ETF saving plans.
It specializes in marketing innovative and affordable health coverage plans. The company is focused on providing healthcare solutions to individuals and families, as well as self-employed and small business owners. Equis is a marketing organization for independent insurance agents and agency builders. Its main product is mortgage protection life insurance, designed to reduce or eliminate the threat of foreclosure or eviction if the insured passes unexpectedly. The company also offers final expense, living benefits, and indexed universal life insurance products.
Freedom Equity Group , based in Arroyo Grande, California, is an independent marketing organization IMO that contracts with insurance companies to promote and distribute a range of life insurance products.
Freedom Equity Group focuses on selling life insurance and annuities. Its main product is indexed universal life insurance, a form of permanent coverage that provides a cash value in addition to life insurance.
I hope this article provides a fair and balanced perspective on Symmetry Financial Group, and whether or not SFG makes sense for your career goals. Or you can reach out to me here. I'd like to speak with you. I am an experienced agent in Life and Annuities, and would like to explore whether the Final Expense market is something I should get involved in. Additionally, I want to learn more about lead programs you have available to your agents. I'm available 9 am to 6 pm PST later if I know you're calling.
First — Symmetry isn't an insurance company. The agents are the insurance companies who partner with Symmetry to provide marketing. Many agents miss this point because they are use to being employees, and not business owners. As a business owner, you know that acquisition is job 1 — and the overall cost of SFG's leads are less than basically any other source. Unless of course you just want to sell insurance forever and never passively generate income.
The key though is that while you did your self-employed production, you could plug people into an existing structure and build an agency with minimal effort comparatively. So what is a passive income agency worth? Unless you wanted to clarify for the newbies which is fine , I don't see where I indicated otherwise. One, cost alone should not be the only measurement you use to judge the quality of a business.
While important, other factors including revenue earning ability commission , projected ability to cash flow what money is bankable as income after expenses and company culture should be considered.
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