Have you ever asked your broker how they get paid?
Yes, brokers are typically offered commissions on the products that we sell. But did you know that we’re often offered bonuses or incentives to retain our clients on the same plan?
At Frank Benefits, we ALWAYS disclose how we’re paid. In fact, we think the best way for us to get paid isn’t by receiving commissions, but by getting paid by you as the employer directly. In the end, we’re working for YOU, not the insurance company.
Here’s how WE are paid…
Our priority is making sure our clients are cared for, and often times that means that we need to offer non-traditional services to get the best options.
So, we have a base rate that we charge per employee, per month. It’s based on the number of employees you have (contact us if you’d like a quote for your company). If we end up selling a product that offers commissions or bonuses, we’ll reveal exactly how much those are, and subtract that from our base rate. Oftentimes, those commissions will cover our base rate, so we charge you $0. You still see how much we’re paid, though.
If you’re a larger company that’s looking to save, we end up getting more creative. We still have a base rate per employee, per month, but then we write in a bonus in our contract if we end up saving you money. If we save you money, we get a bonus from your company. If not, then we won’t. We think those are all good incentives – you want great care that saves you money, and we are motivated to save you money and keep your employees happy.
Does this really work?
Yes, we think so. We want all of our motivations to be in the right place.
You want us to offer you the best options possible, at the lowest price. We want to be able to make an honest living. Yes, we emphasize honest, because we think the current insurance world is incredibly dishonest.