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28-03-2008, 02:37 PM
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1206
Eh and MDRT doesn't mean you hit 1 million dollars in income. There are certain formulae to measure the amount of production you bring in to the company. Its based more on production figure rather than income.
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07-04-2008, 05:15 PM
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1318
hi there, just to clarify, to qualify for MDRT, one have to earn a First Year Commission of $103,000 for the year of 2008. And this figure will increase every year.
There will also be recurring commission plus production bonuses rewarded by companies. Thus you can easily expect a person to earn more than $150,000 in a year if he has qualified for MDRT.
Of course not everyone will make it to the top, but everyone is definitely not deprived of a chance of trying and earning a better income. It boils down to the individual to set his own goals and achieving them.
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18-04-2008, 04:01 PM
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1417
Is anyone in recruitment here?
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24-04-2008, 03:13 PM
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1480
I guess its up to the individual if you're looking at a glass half-full or is it half-empty.
The article did reflect the possibilities opened to all, but may not be achieved by all. How many of us here are really willing to put in the effort and sacrifice to achieve what that lad did?
cause = effect?
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30-04-2008, 08:37 PM
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1549
Does financial advicing really give you 20k per month??
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01-05-2008, 01:15 AM
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1550
like any other industry, there will be a group - maybe top 5% - who can take extraordinary income consistently.
I know personally of a friend who is just a poly grad but regualrly takes home $200k+ per annum. But for every one that makes it here, a lot more fail miserably.
In my honest opinion, the past few years have been boomtown for both property agents and Financial advisors. The latter has gained a lot from churning investment accounts as global stock markets rose. Clients made money, so it didnt really matter if they ended up paying a few % every time they were "recommended" to switch funds. In recent months and into the next 12-24 months, it has been and will be a whole different ballgame. People are stuck and will not switch so easily. Let's see whether we hear of anymore such $20k stories..i doubt
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02-05-2008, 06:29 PM
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1569
You are right that there are a couple of "advisers" who earn their rosy comm due to such unethical churning practise. If any of you guys are recommended to surrender your funds to buy new ones, please report to MAS as we strictly condemn such act. There's a better option called "fund switch" which you do not incur any charges at all.
As to earning $20,000 per month just due to churning investments, it is really a challenge as we only earn 2-3% comm per transactions. Imagine how many plans does one have to "churn"!
Most exponential income actually derived from passive + active income. In another word, our renewal comm plus new business comm. There are also production bonuses which add on to our normal stream of income. Other "mega" comm could come from Business Insurance deals or from High Networth market.
But definitely you'll not reap if you do not sow.
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04-05-2008, 11:41 PM
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1588
I am a financial adviser with manulife and I joined the trade 2006 Dec. To date, i have earned $85k and I am proud to say that 90% of my market comes from the street canvassing. Today i am an associate manager and i am still excited to continue in Financial Advisory. As a planner, it is true that your pay fluctuates every month because cases may come in late for other months or other factors. However, if your effort input is consistant, you will definitely see results. You have to be in the trade, earning this kind of income to BELIEVE that you can achieve such results. You can't expect yourself to understand if you are not in that guy's (20k per mth) shoes because you have not actually earn tt kind of $ to believe it. And my 1st mth pay is only a misey $700...it all boils down to belief and hard work Happy insuring!
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10-05-2008, 01:51 PM
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1619
it sure is possible if lots of time spent away from family and friends. Those who made it to that MDRT really worked their ass off...
i've got friend who changed to a car 5 times the old car price. it's only thru persistent that they made it.
but with new ruling in the CPF and other "loses" by big Investment companies.. i can only see our CPF being even tied down further and we'll wait to seee if there are any more such MILLION MAKERS...
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13-05-2008, 06:05 PM
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1648
Ha ha yes, it is indeed a good test with the new CPF regulations.
But winners will be winners. Many of the top MDRT producers I know actually earned their rights via honest regular premiums business. In fact it is easier coz you will have your past year comm to add on to the new year.
Happy selling!
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