In this episode of the ShiftShapers Podcast, Host and Chief Transformation Strategist David Saltzman features Craig Gussin, President at Retire with Renewals (among many other positions), and is widely considered an insurance expert with decades of experience.
Today he talks about safeguarding your family in the sudden and unexpected event that something happens to you or your business. From highlighting the value of incorporation, to partnering up with other licensed agents, to discussing a “continuation of commission plan”, Craig provides valuable insight to the many options available to agents when planning for the future.
What You’ll Learn From this Episode:
- 02:20 The value of incorporating
- 05:28 Partnering up with other agents
- 11:55 Continuation of commission plans
- 19:11 Safeguarding clients
- 21:36 Predictions for agents in the near future
02:31 “Take away the tax advantage of it. You know, that’s the reason why I got incorporated years ago was purely because, I paid all my quarterly taxes and the CPA said you owe 13,000 in self-employment tax. I said, what would I owe if I incorporated? He said actually you get a refund.”
02:49 “But after the fact, I then realized that every insurance company is going to stop paying you the month you pass away, or pay your family a lot less, if not incorporated because you no longer are in the business. There’s no licensed agent. If you’re a medicare agent and you’re not certified, you’re not going to get paid.”
08:36″If I’m the consumer, I need help. And if you’re not there, well, I got to find somebody. And what’s that new agent going to do? He’s going to get a broker’s record. He’s going to take over your books, that client. And he or she is going to get paid commission instead of you. That’s why I like an agreement set up because we have no control over what happens today or tomorrow to us. But if you have something in place, you can do that.”
09:54 “You need to look long-term. We talk to our clients about that. Let’s look at long-term planning. Let’s look at long-term care insurance. Let’s think about medicare you’re going to need when you turn 65 in the next year or two. Let’s talk about life insurance, protect the family. We do that everyday but, as you said in the very beginning of our conversation, we don’t do it for ourselves. We do it for everybody else.”
22:32 “I think agents have to really, I hate to say, wake up, but they got to think about this and say, okay, even if you incorporate it, who’s going to take over? And if there is no licensed agent, you’re not going to get paid. So think about that. Think about what you want and spend some time. Talk to your family. Talk to other people you work with and find somebody that you’re comfortable with working with so that this transition is in place. And also that your team knows it.”