In the real estate industry, there is usually not any form of residual income (unless you have a rental inventory, but you still need to do work to earn this income). Recently, one of my colleagues saw the benefits of being licensed in other areas of financial services. In Texas, a Group 1 life and health insurance license will allow any one who holds the license to receive compensation for referring business. In my referral circle, the mortgage broker and Realtor are licensed and receive 33% of the first year annualized premium of any life, disability, or health insurance written on their clients. Also, my referral circle receives residual income of 5% to 10% for the life of the policy.

Of course there needs to be studying and tests to be taken but that is a very small task compared to what the benefits are. We all have clients that trust us to refer the right people to help them with their needs. The next time you are asked for a referral for insurance, think about the possibilities of receiving more than a thank you card.

If you would like more information about how to be properly licensed and received compensation for expanding your business, call me 210-391-9974, 888-535-5552 or email me mail@brandijonewman.com.