I've been working for a financial planning office for 6 1/2 years as an assistant (fully licensed-life, health, Series 7 & 66). I can sell stuff, find my own clients, etc but with supporting 2 reps, I don't have much time to deal with my own business. I get paid hourly and the carrot that keeps me going is the possibility of making bonus (monthly standard--however have only met the minimums once this year). I'm at a point that I'm sick of making sure my bosses are taken care of and want to break out on my own. However, I'm not in a position to go commission only.
My husband is at a point that he needs to find a new job/career. He herniated 2 disks a little over 2 years ago (on the job) and is stuck in a job at the company that's dead end--he'll get laid off as soon as the company can. I asked how he felt about going into the insurance field--possibly buying an agency if the right opportunity came up. He said he'd actually like that idea. Because of his veteran's status he could get funding through VA for doing so.
So I'm on the web looking for opportunities. I've seen A LOT of All State Agencies for sale...what's up with that? I don't really want to be an exclusive agent. I'd love to pickup an independent agency and stay with my B/D and continue to do financial planning. It would probably have to stay separate on the P/C side because my commissions clear through the B/D. Even though my B/D would get 15%, they have awesome technology and based on what I've read on some MGA deals others get, it looks my B/D has negotiated higher payouts for their reps. 15% is peace of mind because they deal with all of the compliance/FINRA stuff.
What sort of things should we look for? What asset level should we look for...and what sort of cash flow from those assets?
Also, I'm interviewing with State Farm this week. It's more of a fact finding session for me than to possibly get a job...frankly, I don't want to be in a support role again. I know that 3 SF agents are retiring/retired out of the 4 offices in my town. My interview is with one of the new agents however I was told by the staffing agency that the State Farm recruiting office had received my resume and wanted somebody to talk to me so I don't know what the main purpose of the interview is...is it for the account rep/marketing position or to see if I'm "agent material". The idea of taking over a SF office is intriguing but again, I don't like the idea of going exclusive. SF mutual funds don't compare to what I can sell now.
So, I need some advice. The only way I can afford to go on my own is if I can buy a book.
Thanks,
My husband is at a point that he needs to find a new job/career. He herniated 2 disks a little over 2 years ago (on the job) and is stuck in a job at the company that's dead end--he'll get laid off as soon as the company can. I asked how he felt about going into the insurance field--possibly buying an agency if the right opportunity came up. He said he'd actually like that idea. Because of his veteran's status he could get funding through VA for doing so.
So I'm on the web looking for opportunities. I've seen A LOT of All State Agencies for sale...what's up with that? I don't really want to be an exclusive agent. I'd love to pickup an independent agency and stay with my B/D and continue to do financial planning. It would probably have to stay separate on the P/C side because my commissions clear through the B/D. Even though my B/D would get 15%, they have awesome technology and based on what I've read on some MGA deals others get, it looks my B/D has negotiated higher payouts for their reps. 15% is peace of mind because they deal with all of the compliance/FINRA stuff.
What sort of things should we look for? What asset level should we look for...and what sort of cash flow from those assets?
Also, I'm interviewing with State Farm this week. It's more of a fact finding session for me than to possibly get a job...frankly, I don't want to be in a support role again. I know that 3 SF agents are retiring/retired out of the 4 offices in my town. My interview is with one of the new agents however I was told by the staffing agency that the State Farm recruiting office had received my resume and wanted somebody to talk to me so I don't know what the main purpose of the interview is...is it for the account rep/marketing position or to see if I'm "agent material". The idea of taking over a SF office is intriguing but again, I don't like the idea of going exclusive. SF mutual funds don't compare to what I can sell now.
So, I need some advice. The only way I can afford to go on my own is if I can buy a book.
Thanks,