1st Post , Newbie Advice Needed

[Carlos Gil]

If your looking to get started soon and with low overhead we may be able to help, if we are not the right fit for you I may have other options for you.

Carlos Gil
Fiesta Insurance Franchise Corporation
[email protected]

 

[Guest]

Thanks for the great forum, wish I would have found it before I started this journey.

Here is my situation:
past stockbroker for 7 years (owned firm), worked at a bank for a while, have been a mortgage loan officer for the last 5 years.

Decided I wanted to go back into financial services, never did insurance before, wanted to do it this time due to some eye opening experiences with my parent's circumstances. Very motivated on insurance now ( almost feels crusade like).

I have my Life and health, E&O, just passed my P&C test, did all of this as I had the time and opportunity, unfortunaly I did not do enough due diligence....

I have found that I may only be able to get a job paying 30k ( used to making 75-150+ my whole life) or less working for an existing P&C agent to learn the trade...I have an appt to interview at Nationwide next week for the agent program ( they say they have the lowest capital requirement to get started out of all of the big companies, 10k ( I'm in Georgia by the way).

my dream was to open my own agency offering many companies to my clients so I could offer unbiased best suited solutions....as a brand spanking new agent , this does not seem possible.

My opportunities seem to be:

1) Go for the Nationwide gig, make the best of it ( more research needed).
2)goto work with an existing agent ( i have a referral partner I could work with but low income will cause great pain...thinking I could work a deal ,I have scheduled an appt to pursue that option)
3) Just go ahead and do my own agency, hook up with a co like insurancenoodle or the like. continue doing mortgages and step up the health and life activity.

I have a a decent following as I help people with finances and such and have a following of customers/clients that are ready to use me, I work with great attorney who gives me leads and and have great contacts in the local mortgage market as well.

I have spent a lot of time getting my licenses and I'm ready to work now. I have been an independent self starter for a long time but am very flexible and can adjust to about any circumstance.

Based on this post, I really am looking for advice form someone who has been there, done that.

Thanks again for such a wealth of info and a great forum.

Grickie,

I have been working for a State Farm agent for almost 3 years now. I have to admit that the pay is probably not going to be what you are use to. You will probable have a salary in the 30K or 40K range and might have the option of making some commish/bonus. However, this is probably the best way you can learn the insurance basics on a day to day basis (and you probably won't be under the gun to hit a specific number of sales). Depending on how patient you are, this may be a good way to start out.

Just my 2 cents

 

[Jerbond]

In California, Nationwide/ALLIED home and auto insurance is one of the lowest premiums, highest value. That being said, thay are not that strong in commercial. You have really (2) options. Forget the captive agent side- seriously. Option A. Find a brokerage that will teach you and have all the appointments in place so you can compete. They will typically give you a 50/50 split and proably 20% on renewal. The great thing is that they already have the best programs and inhouse underwriting/administative service. Option B- do like me and get your E&O, get onboard with a GA and get every possible person to buy something from you. In a year of the grind start looking to get your own appointments. That way you can truly service your customer (real time quotes with instant binding authority) Best of luck.

 

[need2know]

where in georgia are you?

 

[Air Jer]

3 to 5 in P & C seems to be the consensus to which I would not argue. However, in these economic times and in the midst of a soft commercial market I'm beginning to think that 4 to 6 might be more realistic.