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When it comes to financial planning, Insurance Agents, Brokers and Financial Advisors can be a great source of information and advice. But what are the differences between them and which one offers the best commissions?

Insurance agents are licensed professionals who sell insurance policies to individuals and businesses. They typically receive commissions from the insurance companies they represent, which can range from a few percentage points to as high as 20%. The amount of commission varies depending on the type of policy, the insurance company and the agent.

Brokers, on the other hand, are independent professionals who act as intermediaries between insurance companies and potential customers. They typically receive a fee for their services, which is usually a percentage of the policy’s premium. Brokers’ fees can range from 1% to as high as 10%.

Financial Advisors are professionals who provide advice and guidance on financial matters. They typically receive a fee for their services, which is usually a percentage of the assets they manage. Financial Advisors’ fees can range from 1% to as high as 2%.

When it comes to commissions, the lowest rate is typically offered by Life Insurance Retirement Plans (LIRPs). LIRPs are designed to help people save for retirement by combining life insurance with an investment component. They usually offer commission rates of 1% to 2%.

Multi-Purpose Insurance (MPI) policies are another type of insurance policy that typically offers lower commissions than other types of policies. MPI policies are designed to provide coverage for multiple types of risks, such as life, disability, health, and property. They usually offer commission rates of 1% to 3%.

Finally, when it comes to retirement savings, 401(k) and IRA plans offer the highest commission rates. 401(k) plans are employer-sponsored retirement plans that allow employees to contribute a portion of their salary to a tax-deferred account. IRA plans are individual retirement accounts that allow individuals to save for retirement on their own. Both 401(k) and IRA plans typically offer commission rates of 3% to 5%.

In conclusion, Insurance Agents, Brokers and Financial Advisors all offer different commission rates depending on the type of policy they are selling. LIRPs and MPI policies typically offer the lowest commission rates, while 401(k) and IRA plans offer the highest. For those looking for tax-free financial planning advice, Brokers and Financial Advisors are the best option.