E&O Insurance Course

Platform Fees and E&O Insurance

NOTE: It is critical that you have enrolled in E&O Insurance and set up payment for Platform Fees.

Platform Fee and E&O Insurance Information: Click Here

Platform fees start at $15 per month

As commissions/points are earned, those who are signed up for recurring payments can receive a $70 performance bonus to offset these charges.

To help offset the costs of the Platform Fee, we offer a production bonus program for agents at lower advancement levels that can effectively bring the cost of the platform fees to $0 a month for qualifying agents. You can read more about these fees and the production bonus program on our Platform Fee information page on MyWFG.

The Platform Fee starts at $15 per month for life/health licensed agents at the Training Agent, Agent, Senior Agent, and Marketing Director advancement levels. The Platform fee starts at $110 for Securities Licensed agents.

However, by meeting minimum production requirements, agents up to the Senior Marketing Director (SMD) level can receive a production bonus of $25, offsetting the monthly cost for the entire platform fee for life licensed SMD’s and below. 

60-Day Grace Period

Although every newly licensed agent is responsible for the WFG Platform Fee, the monthly payments do not start until the third month after an agent becomes licensed. These first two months with no charge allow you the opportunity to qualify for the Production Bonus, detailed below. If you continue to qualify each month, you receive a $25 monthly bonus until you reach EMD.

Those reinstating agents who were, at any time, licensed WFG agents, are not eligible for this grace period.

Production Bonus Program

As you advance from Training Agent through the Senior Marketing Director level, you can significantly reduce how much you pay each month by earning a $25 bonus based on minimum personal production. To earn the bonus, you must:

  • Sign up for WFG Platform Fee recurring payments  
  • Have a rolling three (3) month net point ratio (NPR) of 70% or higher
  • Earn 2,000 or more personal points in a month; earn 4,000 or more personal points over two months, or earn 6,000 or more personal points over three months

Agents who meet the above criteria will receive a $25 production bonus.

Points toward the bonus can be used for up to three months as long as the average of 2,000 points per month is maintained. For example, if you earn 6,000 points in January, you can earn the $25 production bonus for the next three months: February, March, and April.

You must re-qualify for the production bonus each month and remain in good standing with WFG to receive it. The bonus is based on the previous month’s production and is credited as part of the agent’s commission cycle.

To sign up for WFG Platform Fee:

Next, you’ll need to enroll in the automatic E&O payment plan. As we talked about in our initial interview with you, this protects you from any potential accidental malpractice. By having your plan set to automatic You will be sure not to have your coverage lapse. As a matter of policy, there will be no promotions granted until you are enrolled. This is a critical element of operating in this industry. Do not treat it lightly.

As of August 1, 2020, Marsh, World Financial Group Insurance Agency (WFGIA), and Transamerica Financial Advisors (TFA) are pleased to offer you a new and unique experience to purchase required E&O insurance coverage. 

Who is Marsh?

Marsh is a global leader in insurance brokering and risk management that has offices in more than 130 countries. Our experts help clients to anticipate, quantify and more fully understand the range of risks they face. In today’s increasingly uncertain global risk environment, Marsh helps clients to thrive and survive.

How much does E&O through Marsh cost?

The cost of E&O is dependent upon license type and can be paid on a quarterly or annual basis. See the table below for full pricing info.

E&O insurance coverage is required by WFGIA as well as our providers, and you must have it in place when you become appointed with a provider.* Marsh is WFGIA’s broker for this coverage, and you can sign up for coverage via the Marsh Agent E&O Insurance Portal. Premiums begin at $130 quarterly/$520 annually but will vary based on your license type. Should you have questions about the registration process, you can contact the Marsh Account Management Team at 1.800.380.0451 or via email at EandOServices@marsh.com.

With Marsh, you can expect:

  • An account management team, standing by to assist you.
  • New online experiences, including risk management solutions and thought leadership.
  • An insurance program that adapts and grows with your ever-changing needs.

To sign up for Marsh E&O: (cannot use a different company)

You may complete the online enrollment process simply by accessing your account on the Agent Portal.

Easy, five-step enrollment process:

  • Access the Online Agent Portal: Log in to the agent portal using your agent ID and email address we are used to signing up with WFG.
  • Verify Your Application Information: Ensure your pre-populated contact information is complete and correct. If you need to make corrections to your contact details, you can do so after enrolling by accessing the Agent Information Change Form found under the Forms Center at MyWFG.com.
  • Review Your Quote Summary: Check your coverage details, such as limits and effective policy periods.
  • Select a Payment Option: Purchase your program coverage and pay your premiums online with any major credit card. You can decide whether you want to pay all at once or in installments.
  • Access Cove