Is Symmetry Financial Group A Scam? [Real Life Agent Review]

Summary

In this video, the speaker reviews Ben Abula’s experience with Symmetry Financial Group (SFG), focusing on commission structures, competition among agents, recruiting pressures, and the importance of understanding the release process when moving between agencies. The speaker clarifies that commission rates can vary depending on the carrier and policy type, while also discussing the challenge of competing for the same leads. The video emphasizes the need for agents to understand their goals—whether it's sales-focused or recruiting—and choose an agency that aligns with their career aspirations. Ultimately, thorough research and due diligence are crucial before committing to any agency.

Takeaways

• 😀 Symmetry Financial Group (SFG) operates on a commission-based structure, but the commission percentage can vary depending on the carrier and the type of policy sold.
• 😀 Ben, an agent who reviewed SFG, started at a 70% commission rate, but discovered that the actual rate varies depending on factors like the client’s health or the policy type.
• 😀 The 70% commission rate typically refers to the annual premium amount but may not always apply across all carriers, as some may offer lower rates for high-risk clients or specific types of coverage.
• 😀 Ben faced competition from other agents due to overlapping marketing efforts targeting the same clients, often leading to policy replacements by other agents, even within the same organization.
• 😀 It’s important to understand that competition in the insurance space isn’t only internal (within SFG) but also external, with other agents and companies targeting the same prospects.
• 😀 Selling competitively priced products can reduce the likelihood of policy replacements, as customers will be less likely to switch to a competitor offering better deals for the same coverage.
• 😀 Agents at SFG are incentivized to recruit new agents for higher commissions, which may be a mismatch for those who prefer to focus on selling rather than recruiting.
• 😀 The key challenge at SFG is that progression to higher commission levels often requires recruitment, which could create tension for agents who want to focus on selling without building a team.
• 😀 Ben's experience highlighted the importance of understanding the agency's compensation model upfront, particularly whether recruitment is necessary for higher commissions or if personal production is enough.
• 😀 Ben also discussed the concept of a 'release,' where agents should ensure that they can transfer their carrier contracts to another agency if needed, as not all agencies allow for this flexibility.

Q & A

What is the main topic of the video?

The video discusses whether Symmetry Financial Group (SFG) is a scam and shares a review of Ben Abula's experience with SFG, focusing on commission structures, recruitment practices, and business strategies within the insurance industry.

What commission percentage does Symmetry Financial Group (SFG) offer?

Symmetry Financial Group (SFG) initially offers a 70% commission, but this percentage can vary depending on the carrier, type of coverage, and other factors such as the client's health condition.

Why might the 70% commission not always be 70% in practice?

The 70% commission is based on the annual premium of the policy, but it can fluctuate depending on factors like the client's health status (e.g., higher premiums for clients with health issues result in lower commissions) and the specific carriers being used.

What does the video suggest about the competition in the insurance sales market?

The video highlights that insurance agents working with SFG may face competition from other marketing companies targeting the same leads, making it possible for other agents to replace policies, especially if the original policy is overpriced compared to competitors.

What is the recommended approach to avoid policy replacements by competitors?

The video recommends selling competitively priced products to minimize the chances of competitors replacing the policies, as high-priced products are more likely to be replaced by agents offering better coverage at lower costs.

What is the role of recruitment in the compensation structure at SFG?

The video points out that SFG's compensation structure encourages recruitment. Agents are incentivized to build teams and recruit others, with higher commission levels becoming achievable through recruitment rather than just personal sales.

Should agents focus on recruiting or sales when starting with Symmetry Financial Group?

The video advises that new agents should focus on sales first to build a solid foundation in the insurance business. Recruitment can come later when they have more experience and credibility.

What is the significance of a 'release' in the insurance industry, according to the video?

A 'release' is a process that allows agents to transfer their carrier contracts to a different agency if they decide to leave their current organization. It is important to understand the release policies upfront when joining an agency like SFG.

What does the video say about agencies that don't offer a release?

The video suggests that if an agency does not offer a release, it may indicate a restrictive or controlling business practice. It is essential to clarify the release process before joining an agency to avoid being locked into contracts with specific carriers.

What is the main difference between Symmetry Financial Group's compensation model and other agencies like the Dig Agency?

Symmetry Financial Group places heavy emphasis on recruitment to achieve higher commission levels, while other agencies like the Dig Agency allow agents to increase their commissions based solely on personal sales performance without requiring recruitment.