So I graduated about 2 years ago from a good college but I now work at a large national bank as a personal banker; handling mostly new accounts, personal, business, application for HELOCs, unsecured loans/lines, credit, refer mortgage, etc. It's mostly a sales position and I've been looking to expand my horizons.
I posted a resume online and a few insurance companies like New York Life and Mass Mutual and some smaller companies contacted me about becoming an agent. I had done some research on these positions before and they are basically all commissioned based, no benefits, and a lot of independent work.
I'm not ready to make that kind of commitment full time as I feel that I don't really have an established network of people I know since moving away for college and needing some stability of a job that has a base salary plus commissions. My pay at work is modest, base about mid 30s and including bonuses and commissions it's about 50K.
I've been approached by representatives of a company called TransAmerica that are owned by a larger parent company AEGON. They explained that I could work part time as a referring agent. Essentially, I would send them referrals from my clients that I can't help. People who are interested in investments with less than 100K, mortgages that we can't refinance, debt consolidation that we can't handle, insurance or some securities needs. I would essentially refer to someone who will share opportunities with them and get split commissions if anything results.
The only costs I'm aware of are $150 to the company for training materials and online course and $150 for a life insurance license so I can technically be on the books for payroll. I'm just trying to get my feet wet in this and I'm not looking for a huge payout yet but maybe some supplemental income, I'd be happy if I could make 5-10K a year...continued below...