Farmers Group Inc. is threatening the financial future of all Farmers Agents with the following unconscionable actions they are taking or plan to take in the near future:
- Introducing new Smart Home Policy with a 30% reduction in commission.
- Reinstating the Employee Profit Sharing Program.
- Forcing more expenses on agents despite the reduction in commission.
- Crippling agents’ ability to grow by decreasing agency income.
- Putting agents at risk for up to a 30% reduction in their contract value.
- Continuing to take excessive management fees despite cutting commissions.
With the announcement of the commission cuts and the subsequent reinstatement of employee profit sharing plan, the time is now to make your voice heard. The Agency Force provides the revenue for the companies and taking away 30% of agent’s income stream while at the same time giving a “bonus” to the administrators is not only insensitive, but unethical.
When the management company makes $6.5 Billion in management fees over a two year period and then says the Exchanges are uncompetitive and the agents need to take the commission cut, there is something very wrong. Why would you choose to put your agents in financial distress by taking only a 5% burden yourself and charge the Agency Force a 30% commission cut?
An online petition has been created for the Agency Force to sign informing FGI that we adamantly oppose any future commission cuts including those associated with the introduction of the Smart Home Policy.
If we do not stand up and speak out to protect our livelihoods as Farmers Agents, FGI will believe that we will take
whatever scraps they leave us and will continue to take actions that jeopardize our financial futures.
Protect your business and let Farmers Group Inc. hear your voice by signing the online petition. Your financial future
with Farmers depends on it!
Tom Schrader – President – UFAA
The United Farmers Agents Association is a professional Association committed to helping our members through education, communications, support and information, and to establish a true partnership with Farmers Group.