Freedom Equity Group Review: Should You Join?
So if you’re reading this Freedom Equity Group review, chances are you’re thinking about becoming a member and doing some research online. If that’s the case, look no further. In this third-party article, I’ll give you all the essential details you need before joining. Now very quick… I want to disclose that I am NOT a member of Freedom Equity Group nor am I affiliated with them in any way. In fact, I don’t really care one way or the other if you decide to join or not. This is important to you because you know that you will at least get an unbiased perspective on the company. With that said, let’s get started…
First things first, let’s talk about the company itself. In my opinion, having great products and a lucrative compensation plan is second only to having a strong company with a stable infrastructure that can handle future growth. The company was started in 2002, so it is not a new company, which is good if you are looking for a company that is a bit more stable. The management team is very experienced and their field leaders seem to be very professional. The company is based in California and is associated with some highly reputable companies such as Fidelity & Guaranty and National Western Life. My suggestion is that if you really want to join and build a long-term business with them, take the time to visit their corporate office in Arroyo Grande. Sure you may be paying out-of-pocket for travel expenses, but if you’re doing the actual due diligence, it makes sense to meet with people at head office. Of course, if your goal is to earn a couple of bucks here and there, then you probably don’t need to take the time to visit the head office. But if you’re looking to build a long-term business where you can earn 6 figures (or multiple figures of 6 figures) a year, then it’s worth it. Speaking from experience, I wish I had done this before joining a few companies. It would have saved me a lot of time and frustration.
Freedom Equity Group’s primary product is Index Universal Life Insurance, or IUL. It is a form of permanent coverage, as opposed to term insurance, which is coverage for only a set period of time. In addition to life insurance, IUL also offers a savings vehicle through which you can accumulate and grow your money tax-free. And if that wasn’t enough, the policies they sell also provide living benefits, allowing you to use your coverage without dying. Everyone should be informed about these essential financial services, so you’ll have a large market to promote your product to if you decide to join.
As far as the compensation plan is concerned, it’s pretty straightforward. Depending on the earned position you have, you will earn up to 93% of the annual premium from all your personal clients. For example, if you have a client who pays $250/month, you will earn a percentage of the annual premium which is $3,000 in this example. Let’s say you are a District Manager (which is the third position in the compensation plan), you will earn 50% of the annual bonus, which would be $1,500. Not bad for a client. Keep in mind that you will most likely get 75% of your commission up front and 25% afterwards. And you’ll get paid after the client is approved, which can take anywhere from 30-90 days depending on the underwriting process. That being said, you are still earning a very healthy commission while providing essential financial services to people who need help.
If you choose to build and grow a team, you could also earn up to 63% override on sales made by your team reps. Sounds good? That’s because it’s… you can earn hundreds (and even thousands) of dollars when someone on your team completes a sale. The “con” (for lack of a better term, as it may not be a problem at all depending on how you look at it) is that you need to recruit about 10 people to get 3 or 4 licensed, and about 1 of those will be active and producing Of course, if you find a way to recruit licensed reps who are already joining with a license, then you could probably beat those numbers.
In addition to personal and override commissions, you’ll also earn renewal income, generational overrides if you create other leads, and you may also qualify to earn money company-wide through bonus pools you may participate in. In general, you can certainly make a lot of money if you build your business a certain way and agree with the way life insurance companies pay commissions.
So Freedom Equity Group is a good company. The short answer is yes. The company has been around and the management team is solid. Should you join? Only you could answer that. If you are looking for a more professional service to market to and like the idea of sitting down with people and helping them solve their financial problems, then FEG might be the company for you.
Here are my three suggestions before you join. One, take the time to study the company’s system to build the business so that it is aligned with the company’s culture. For example, if your entire company culture revolves around home dating and you want to incorporate online webinars and conference calls, then there could be a conflict. Two, find a sponsor and a team that has a system you can leverage to build your business. For example, ask to see the unlicensed license document or training they have. Do they even have a system? Or do they just let the new rep get the license on their own? And last but not least, I recommend using inbound marketing to generate a steady stream of quality leads. Sure you could tap into your warm market, but imagine how big your team can get if you had 20+ targeted leads coming into your inbox every day. If you could apply these three things, there is no telling how prosperous your FEG business can be.