Latest news with #PinnacleFinancialServices
Forbes
4 days ago
- Business
- Forbes
Why Chasing Bonuses Is A Risky Gamble For Health Insurance Agents
Angela Palo is COO of Pinnacle Financial Services, a leading National Medicare Brokerage, and member of the NABIP Medicare FMO Council. A bonus can catch your attention, but it doesn't guarantee a better future. In this business, the temptation of higher commissions, upfront incentives and marketing perks feels impossible to resist. I've seen too many licensed health insurance agents and agencies leap at these agent compensation traps only to discover the true cost down the line. Sustainable success doesn't come from chasing the next big deal. It comes from thoughtful partnerships built on trust and long-term value. The best agents focus on meaningful career growth and building and protecting their book of business. When agents move contracts for financial incentives alone, they risk more than they realize. The glow of a bonus fades quickly, leaving many stuck with restrictive contracts, reduced autonomy and uneven support. The Hook Larger organizations—including some FMOs and private equity-backed groups—know how to grab attention. They dangle enticing bonuses, better commission splits, marketing perks and back-office support—financial incentives that seem too good to pass up. For agents and agencies facing rising competition and shrinking margins, these deals can seem like the answer. The Risks Behind The Rewards Once the initial excitement wears off and the bonus fades, so do the benefits. Some contracts restrict agents' flexibility, cut their overrides or tether them to systems that don't support their style of working. We've even seen contracts where the agent/agency recontracts as a licensed-only agent and no longer owns their business. That's scary. We try to guide agents to build their renewals to ensure their long-term stability. Think of that as a pension or 401(k). Once you don't own the business, that means you don't own the renewals. When an agent or agency tells us, "Well, I'll try it for a year," they often have no idea how problematic exiting these contracts can be—if it's even possible. And the transition often comes with financial and reputational costs. Regulatory Scrutiny Regulatory scrutiny is also increasing. CMS and other regulators are paying close attention to compensation structures and marketing practices. What starts as support can, under closer inspection, appear to be an inducement. The potential for compliance risk is real and should not be underestimated. Expecting the enticer to warn you of the dangers isn't realistic. Time To Take A Smarter Approach To Growth Real, lasting success stems from thoughtful partnerships. The agents and agencies that thrive aren't the ones who chase bonuses; they're the ones who align with organizations that prioritize their growth, client service and autonomy. My conversations with agents have always revealed a simple truth: The most successful agents value support systems that help them grow sustainably. They recognize that long-term gains outweigh short-term rewards. They're asking different questions, focusing on relationships over revenue spikes and looking for partners who understand the bigger picture. At Pinnacle Financial Services, for example, we focus on providing the kind of support that helps agents build strong books of business and trusted client relationships. This includes training, mentorship, marketing assistance and compliance support tailored to how agents actually work. These resources aren't designed to flash and then fade. They're meant to fuel careers over the long haul. The best FMOs for agents follow the same game plan. Lessons From The Field Here's what I counsel agents to do before making a decision: • Ask the hard questions. Before moving contracts, look closely at the fine print. What kind of long-term support will you receive? What happens after the bonus period ends? How flexible is the relationship? • Look beyond the bonus. An upfront payout might sound appealing, but what happens next matters more. Consider how the partnership will impact client service, operational efficiency and compliance. • Value independence. Control over your book of business, carrier relationships and marketing strategy is key. Protect your autonomy. • Trust your instincts. If a deal feels too good to be true, it probably is. Take the time to evaluate the offer from every angle. • Talk to your current upline. They may be able to explain why they can't offer you that deal and may be able to put something else in place that is sustainable and better for your future growth. Building A Culture That Lasts I come from a company culture where we believe that strong partnerships are built on integrity, service and a commitment to long-term success. Our approach is simple: Invest in people, focus on shared values and provide meaningful support with current technology and resources. That approach has helped us—and those we partner with—build businesses that last. And we adhere to that principle with our staff. We're committed to the philosophy "The best tech, powered by the best people!" When agents and agencies prioritize quick payouts, they risk sacrificing autonomy, flexibility and stability. The question becomes: Is a short-term gain worth long-term uncertainty? So, choose wisely. When you decide to work with organizations that don't invest in your long-term growth and support your independence, you make a decision that shapes the future of your business and the confidence you bring to your clients. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Forbes
24-06-2025
- Business
- Forbes
How Women Executives Can Build Culture That Lasts
Angela Palo is COO of Pinnacle Financial Services, a leading National Medicare Brokerage, and member of the NABIP Medicare FMO Council. The more time I spend in executive leadership, the more convinced I am that culture isn't something you declare. It's something you build every day. It's not handed down in a mission statement or enforced through policy. It shows up in your hiring decisions, your mentorship style, your response to challenges and the way you bring others along. I've had the privilege to help shape a fast-growing, agent-centered organization from the inside out. And I've learned that women in executive roles are uniquely positioned to cultivate a culture that sticks—not because we lead differently by default but because we've often had to lead more intentionally to get here. Here's how leaders can build a strong, inclusive and lasting culture—one that reflects not just your values but also your actions. Mentorship With Meaning I wouldn't be where I am without the mentors who challenged and encouraged me. That's why I'm committed to mentoring others to help open doors, build confidence and support growth wherever it's needed. In industries where diverse voices are still finding their place, mentorship is one of the most effective ways we can uplift and empower future leaders. I've seen firsthand how powerful it is when an emerging leader is invited to the table early, when their ideas are heard and when they're given real stretch opportunities. Mentorship doesn't need to be formal. Often, it's the day-to-day guidance, the quick check-in or the candid feedback that makes all the difference. I've worked with team members who started in entry-level roles and are now running departments. Those stories aren't accidents. They're the result of consistent, intentional mentorship paired with clear pathways for growth. Hiring For Alignment And Potential Every hiring decision is a culture decision. The people you bring in shape the experience of every colleague and client they interact with. That's why I recommend focusing on more than just skill sets. In my company, for instance, we hire people who are collaborative, open to feedback and genuinely excited about helping others succeed. Those qualities help us grow faster and more sustainably because they foster trust, innovation and accountability. As a woman executive, I'm especially attuned to the need for equity in hiring and promotion. We know from countless studies that women are underrepresented in leadership roles. That's not due to a lack of talent but a lack of opportunity. I try to change that by asking different questions in interviews, challenging assumptions and creating space for voices that might otherwise be overlooked. Leading With Empathy And Clarity There's a myth that empathetic leadership is somehow "soft." In reality, it's one of the hardest and most important skills we can cultivate. Empathy doesn't mean avoiding accountability. It means recognizing the whole person behind the job title. With my teams, for example, this shows up in how we approach flexibility, feedback and performance. We build policies that support balance, we coach through change and we talk openly about what's working and what's not. People perform better when they feel seen, supported and trusted—and that's not just anecdotal. It's backed by research. Great Place to Work, for example, found in its report "How High-Trust Culture Drives Business Success" that employee trust drives better business outcomes. Moreover, Gallup has found that companies with high employee engagement can see improvements in profits, productivity, turnover and more. For me, leading with empathy means being present. It means knowing when someone needs space, when they need structure and when they just need to be heard. Staying Connected To The Industry And One Another Culture isn't built in isolation. As a member of several advisory boards and national leadership councils, I've had the chance to learn from other executives who are navigating similar challenges. These relationships help me bring fresh thinking back to our organization. They also reinforce something I believe deeply: Culture is not a trend. It's a reflection of what you reward, what you tolerate and what you prioritize when no one's looking. If you stay connected to peers, you can benchmark your progress, challenge your own blind spots and advocate for better standards industry-wide. Taking Culture Seriously—Even When No One's Watching I believe in doing the quiet work: the check-ins that don't get scheduled, the hard conversations that clear the air, the follow-through that builds trust. Culture doesn't always announce itself. Often, it shows up in the small things, like how someone is welcomed on their first day, how you handle mistakes and how you celebrate wins. These moments add up. And over time, they create an environment where people don't just work together; they grow together. At this stage in my career, I'm less interested in performative leadership and more committed than ever to creating cultures where people feel like they belong and can thrive. That means building systems that support development, accountability and well-being—not just during onboarding but across the entire employee lifecycle. The takeaway: Culture is everyone's job, but leadership sets the tone. No single person can build culture alone, but leaders set the example. When we lead with intention, mentor with generosity and make decisions through the lens of our values, we give our teams permission to do the same. As women executives, many of us know what it's like to be underestimated or overlooked entirely. That perspective gives us a unique opportunity to lead with both strength and empathy, spot talent where others might miss it and create cultures that last because they're built on purpose, not pretense. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
