With the support LifePro provides independent financial professionals, we hope that you find our services to be of value enough in and of itself. However, as a true partner in this business relationship, we understand that the only way we can be successful is if you’re successful.

In this episode of Money Script Monday, Kyle explains how the LifePro incentive programs go above and beyond to invest in the success of your practice.

Click on the whiteboard image above to open a high-resolution version of it!

Video transcription

Hi, my name is Kyle Tomko, Field Support Representative here at LifePro Financial.

Today's agenda is how LifePro incentive programs work.

It's my job to explain the four programs behind me on this board from the Elite Hawaii Convention, to our referral program, and the differences between our cash bonus and our annuity cost-share system.

So, without further ado, let's get started with our referral program.

Referral Program

This is a great program because you don't have to produce with LifePro to earn money.

What I mean by that is that the agents that you refer to LifePro, you're actually able to earn a 5% override on their business retroactive to day one.

We don't pay that out to you unless they hit the $50,000 minimum. Once they do that, we'll give you the 5% override along with a trigger bonus of $5,000.

All the way up until a 100K is the max where we'll throw in an additional trigger bonus of $10,000 and a total of $20,000 max their first year of intro and their first year from the first time of submit.

So, what's going to incentivize these producers to start writing with LifePro?

Well, we took it a step further, their first five cases, we will offer them a $250 submit bonus. So, for submitting the case, we'll send them a check for $250.

If that doesn't incentivize them, I don't know what will, and so the max you can earn there is $1,250.

So, let's move on over here to the next.

Cash Bonus

The most popular program here is the Cash Bonus Program paid out monthly to you the advisor.

So, how does this work?

You'll notice here behind me it's composed of life insurance and non-qualified annuity production or what we'd like to call here in technical terms, CPC, commissionable premium credit.

Now, how this works is pretty much taking the commissional premium and multiplying that by the agent's commission rate.

That's it. That's how simple it is.

Similar to this, we don't start that bonus until that first level is hit of $50,000.

So, once you start hitting $50,000, anything north that, you'll start to earn a 5% cash bonus that we pay out to you monthly around the 15th based on the previous month's production.

On top of that, on top of that cash bonus, you'll also...notice the asterisk mark here, you'll also earn a trigger bonus of marketing dollars.

Which is $2,500 just for hitting $50,000 your first time. Anything north of that, up to $100,000, you'll start to earn an additional 5% of marketing reimbursement.

The max you can your first year is $5,000 of marketing reimbursement and $2,500 of cash bonus up to $100,000, which is in the example here below of total benefits.

As you can see, though, it doesn't stop there. The cash bonus in that percentage increases based on the production that you do throughout the year.

So, what I like to say is that the earlier you hit these levels, the longer you'll be on them for the remaining of the year.

And so, these marketing reimbursement dollars obviously can be used for anything branding, for anything marketing-related to get you in front of new prospects.

One of the things there is to call your field support representative to see what qualifies.

Let's move over here to the seminar cost share.

Seminar Cost Share

Now, this is a little bit different. You'll notice that life insurance is not a part of this program.

In fact, it's only Allianz Preferred and qualified annuity premium.

Same thing here, commissionable premium credit is how it's calculated and pretty much it's based on the amount of premium that you pay for here at LifePro on the annuity space.

For instance, that first level, that $50,000 mark, where you'll earn 5%, is you have to hit $769,000 of annuity premium to start qualifying for that 5% cost share.

Now, this program was built...and I kind of went too fast there.

This was built in response to the Department of Labor cracking down on organizations that were incentivizing advisors with qualified premium dollars and giving them cash or incentive trips.

So, we said, "Okay, let's restructure that. Let's, instead of giving them cash, give them actual credits or cost-share dollars that we can allocate or earmark to future seminar campaigns."

You're able to earn, uncapped here, up to 20%, which gets you to about $3 million of premium that you would pay for to be on that level.

And as an example, I just want to give you two here.

If you hit $5 million throughout the year and if you took it to the distance and did $10 million, what you could expect to earn with this program, and as you can see, it speaks for itself.

It's a lot of money.

And so again, we're assuming a 6.5% commission rate, because again, CPC is contingent on what that rate is. But in this case, it's 6.5%.

Elite Convention

So, let's finish up here now with the Elite Hawaii Convention.

This is our elite convention for top advisors who do $250,000 of production, both life and annuity.

We aggregate it all together regardless of these two programs behind me. And it's based on a calendar year setting, January 1st to December 31st.

We’ll take top advisors to Maui and we'll spend a week together, expense-free, to learn what's working, what's not, with the top advisors in the country.

A couple items to notice here for five cases minimum. We ask for an 80% persistency rate. So, we want customer satisfaction.

We also want to be efficient. We want to make sure you're submitting good business. We want a 75% paid ratio and for you to be good standing here at LifePro.

I threw a lot at you there. I uncovered the four different programs that LifePro incentivizes to you throughout and rewarding you and your business.

For those watching that are affiliated with LifePro, I thank you and hopefully, I answered some of your questions and I addressed where you want to be.

Set some goals for yourself on hitting these levels behind me.

And if you're not with LifePro and you're on the fence looking in and you're not quite sure if we're a good fit, reevaluate where you're at.

You know, take a look at your current program, your incurred incentives, how does it match up? How does it compare? Are you leaving money on the table?

It's a question to ask for yourself.

Contact LifePro Today

Give us a call at 888-LIFEPRO we'll do the math for you so you don't have to make these calculations, and hopefully, we can put more money in your pocket and take you on adventurous experiences with our other advisors today.

It was a pleasure. Again, my name is Kyle with LifePro Financial. Look forward to connecting shortly.