U.S. and World News
:
Employment, HR and Outsourcing
News
The Magic of Ownership: Why Top Long Term Care Insurance Agents Are Flocking to LTC Financial Partners
Tue, 10 Apr 2007, 14:00:00 EDT
KIRKLAND, Wash. - Apr. 10 (SEND2PRESS NEWSWIRE) -- On March 15th LTC Financial Partners, the nation's most experienced long term care insurance brokerage, paid its owners over $1,000,000 in dividends. So? Consider who the owners are: the agents who place the business!
 "Our producers not only have a say in running the operation, they get dividends," says Cameron Truesdell, CEO. The ownership plan and dividends are an industry first, he claims. And top producers have been joining in droves.
*(Photo Caption: LTC Financial CEO Cameron Truesdell.)
"The draw is simple," says Truesdell. "Quality producers figure they'll be successful wherever they go, so why not go where they can get another source of passive income on top of superior training, marketing programs and top-shelf service." As one new Partner put it, according to Truesdell, "I'm doing the same thing I did before, except I'm making more money and I own a part of the business."
The March 15th dividend payment opened a floodgate of interest. "We expected a few agents to ask about joining us," Truesdell reports, "but our phones have been ringing off the hook." Dozens of qualified long term care insurance agents are now being considered for partnership or associate levels. The partnership level qualifies them to receive dividends in proportion to their ownership shares, which they earn based on their production. The dividend income will be in addition to ordinary policy commissions and renewals.
Industry watchers have been tracking the rapid growth of the organization, which has mushroomed to 285 agents in a little over three years. "Few thought we could declare a dividend so soon," says Truesdell, "let alone one this size." LTC Financial Partners (LTCFP) has enjoyed a compound growth rate of 50% a year, remarkable for any company in any industry. "Some people considered us a bootstrap operation, but I think we've proved we're very substantial. Nobody's growing as fast as us and we're making good on our promises."
The announced dividend payments vary by the amount of placed business during the prior year. Todd Grove of Maine received a check for $11,577; Gene Cutler of New York, $14,435. "The amounts are relatively small compared to what they will be next year and beyond," says Truesdell.
"This is our very first dividend. Since we've only been around since mid-2003, we think we're doing well to pay anything at all." He says he expects booked business and dividends to grow geometrically over time. "With LTCFP, a top producer has the chance to build up an additional retirement nest egg in as little as five years, due to the dividends."
LTC Financial Partners is still accepting inquiries from long term care insurance agents who want to join the organization. Details are available in a "Partner Package" document, which may be requested at www.ltcfp.us/own.
LTCFP's agents receive 25 share grants for each $1,000 of placed business. This summer the number will go down to 20 share grants per $1,000 of placed business. The lower rate will apply to new agents only. Existing agents, and those who join between now and summer, will continue to receive the higher rate. Share grants will be awarded until the supply is exhausted.
"We have a fixed number of shares to hand out," says Truesdell. "Once they're gone, they're gone." Shares are also owned by support staff and investors.
Text provided by an agency, EraNova Institute, on behalf of the news source.
NEWS SOURCE: LTC Financial Partners
Send2Press® is the originating wire service for this story.
» Read More Employment, HR and Outsourcing News
» Other Send2Press Industry News by Category
More Information and Media Contact:
For questions about this story, contact the news source:
»
Click Here for Contact Information
THE CONTENT OF THE ABOVE NEWS STORY WAS PROVIDED BY THE NEWS SOURCE WHO IS SOLELY RESPONSIBLE FOR ITS ACCURACY. FOR QUESTIONS ABOUT THIS STORY CONTACT THE NEWS SOURCE AND NOT SEND2PRESS (THIS WEBSITE).
O T H E R R E S O U R C E S
T E R M S O F U S E
This article is Copr. © 1983-2008 Neotrope / Send2Press. Reproduction of this news article version requires written authorization. You may freely link to this article. Journalists (see the section "Journalist Resources" above) may use orig. news release as the basis for an article.
News Websites may republish the "news release" text version linked to above under "Journalist Resources" except must retain "Send2Press Newswire" as the source of this news if used verbatim. Websites which offer/sell PR or newswire services, or web promotion services, or "splogs" may NOT reprint our content in ANY form. Send2Press Newswire is a service mark of, and "Send2Press" is a registered trademark of, Neotrope. Creative Commons - Some Rights Reserved (3.0) - Attribution Required.
DISCLAIMER: the above article is believed accurate but not guaranteed, and is based on business news supplied by the source (LTC Financial Partners). The noted source is solely responsible for its accuracy. Financial/Stock news may contain forward looking statements. Neotrope/Send2Press makes no claims of accuracy or suitability for any purpose. Any opinions expressed by representatives of company(s) mentioned in news and profiles are solely those of the person indicated, and do not reflect any opinion or policy of Neotrope or Send2Press. Your use of any information contained herein is done solely at your own risk, and you are fully responsible for using any information herein, or on sites mentioned or linked to in the article. All trademarks acknowledged.
REFERENCES: The Magic of Ownership: Why Top Long Term Care Insurance Agents Are Flocking to LTC Financial Partners, long term care insurance brokerage, LTC Financial Partners, LTCi ownership plan and dividends, LTChotline, Cameron Truesdell, Todd Grove, long term care insurance agents, Gene Cutler, LTCFP, Apr 10, 2007.
VIEWED BY MEDIA (and public): 1872 times (1 today, 1 this week,
8 this month, 608 this year)
|
|
|
Subscribe in a reader
PLAIN TEXT FORMAT (UTF-8)
PDF FORMAT
