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 issued by: LTC Financial Partners
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Original Story ID: (2720) :: 2007-04-0410-001
Original Keywords: 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 LTC Financial Partners
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