Home : FAQ
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| FAQ |
| Q: Do we need to carry SSC E&O? |
| A: Yes, Sammons Securities Company reps are required to carry the Sammons-sponsored
E&O program. Annual Premium is pro-rated in year one: $1657 for $1M coverage or $1908 for $2M. |
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| Q: What is the minimum production requirement? |
| A: $25,000 total registered product gross commissions per year. |
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| Q: As a member of Sammons Financial Group that includes
Midland National Life and Sammons Annuity Group, a division of Midland National, does Sammons Securities Company
also have selling agreements with other insurance companies? |
| A: We are not captive. Although there are additional benefits to Sammons
Securities reps who write Midland National life and annuity business, SSC has numerous insurance carriers
with whom our reps may contract. |
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| Q: Do you run Fixed Index Annuity (FIA) products
through the grid? |
| A: FIA commissions are paid directly to the rep and do not run through the
payout grid. However, we do require you to use an approved Field Marketing Organization (FMO). We maintain
a list of approved FIA products and require a suitability review prior to submitting the paperwork to the
carrier. Please note that the approved FMO list only applies to FIA sales. |
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| Q: Does fixed life count towards the payout grid? |
| A: No. The payout grid is based on total "registered product" gross commissions
paid each calendar year and does not included fixed life, annuity or fixed indexed annuity commission amounts. Fixed
products pay outside the grid, directly to our reps, unless a separate agreement has been established between SSC
and the carrier. |
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| Q: How many reps does SSC have? |
| A: Approximately 600 reps. |
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| Q: What is the average GDC of SSC Reps? |
| A: We have a broad spectrum of producers, as we service life-focused and
securities-focused reps. Production ranges from our minimum production requirement to $1 Million or more
in annual GDC sales. Average production per rep has increased consistently since our establishment in 2002,
and is currently at approximately $70,000. |
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| Q: Do you have an agency grid for two or more reps? |
| A: Yes – we have an agency grid. Certain qualifications apply. |
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| Q: How is supervision set up with SSC? |
| A: Each rep or rep office address is set up as a branch. The back office
serves as the OSJ. |
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| Q: Will I need to attend meetings to complete my
Firm Element requirements? |
| A: We have conferences and meetings scheduled periodically throughout the
year where you may obtain some of your firm element requirements. However, all firm element requirements
can be satisfied from your office via online web-based training – live or pre-recorded. |
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| Q: What is the cost to be registered with SSC? |
| A: Fixed annual costs include E&O and a monthly affiliation fee of $85
which covers full-service back office support; compliance oversight, consultation, and annual office
visit; technology; and case planning assistance. |
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| Q: What is the initial cost for registration? |
| A: Presently, the initial cost for registration is $350 plus the registration
cost of your state(s). Each year, thereafter, FINRA/state renewals are billed in October and due in November. |
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| Q: How long will it take to complete the paperwork
process and become fully registered with SSC? |
| A: On average, full registration can be completed within 3 to 5 weeks. |