Agency opportunities--what's the inside scoop?

[DM77]

Most experienced (and even some inexperienced) agents are not going to turn over clients to a generalist with little or no actual experience.

You must think that market has discretionary income. Might want to recheck the stats.

Developing an investment clientele is a long road. Figure a 3 - 5 year plan minimum. You need another life to pay the bills in the interim.

You give the impression of an ADD opportunist. I don't see a good future for you.

1. I have investment sales experience. I've been a sales assistant for the past 6 1/2 years...and the last 2 I've been trying to build my own book but my bosses are overly dependent on me and have no plans of trying to find another assistant who can replace me. They seem to think I'll always be their assistant and will never get sick and will never leave.
Actually, that health insurance agent is relieved to know he can refer the HSA's to my office. However with how the rates seem to be here in Montana, HSAs seem to cost more than the traditional plans in many circumstances so the HSA is still a tough sell.

2. The 30-50 year olds may not have a ton of money to invest up front. However, I'm seeing how the Babyboomers have prepared for retirement...and it's pretty bad. They're banking on mom and dad leaving an inheritance and for the timing to be when they retire (and no later). However the Boomers have a bigger chance at having social security than Gen X. A lot of Boomers started saving too late...the Rule of 72 works pretty good when you start early (um, at least by age 30) but when you wait 10 years before you retire to start saving...sorry, doesn't work too well. Plus, aren't the 30-50 year olds the up-and-coming entrepreneurs and business owners?

3. A Certified Financial Planner has to have knowledge in several areas...not just life insurance, not just investments, not just estate planning. This is the road I'm on. I'm positioning myself so I can start the training in 2 years (when my son starts Kindergarten). However to do so I need to seperate myself from my bosses as an assistant. Call me ADD if you want, but I consider it an advantage given the constant changes in the financial planning industry. Plus, I half blame my office for my wide and varied job skill set...I've been called upon to be the know-it-all on everything (compliance, marketing, graphic design, IT, paperwork, product changes, janitor, etc). I'm tired of it because I can't focus on anything anymore. I'd like to help people save and manage money for later (retirement, whatever) and also be their risk manager by making sure they have proper insurance coverage in place so they don't lose their assets due to due to death, disability or ,long term care needs.

 

[somarco]

Good for you.

Go for it.

 

[saieddie]

I'd stick with the CFP track if thats what you like. If you don't like working at your current company, go find another opportunity.
Trying to fit a square peg into a round hole won't benefit you or your clients.

I started out w/a company who used health and p/c as a sideline to their BD and life and annuity business. I discovered I actually liked the p/c better and am letting my 6/63/65/and 7 go in favor of an independent insurance agency.

 

[newbie914]

I am looking for any advice/information I can get...

I have experience in the insurance industry, I sold P&C for Nationwide about 8-10 years ago and became licensed for life and health. I actually never used the l&h license because I moved and went into a different industry. I always enjoyed working in the insurance industry.

My question is, I have the opportunity to work for State Farm, not as an agent, but a team member or sales person. What are the pros/cons of this, what kind of salary can I expect to make/ and what is a reasonable career path.

I currently work in a different field but am looking to possibly getting back into the insurance industry. I guess my main concern is monetary. I currently make around 50K a year and have become used to a steady paycheck.

Please give me any help or advice you can! Thanks!

 

[frmrTICA]

I am looking for any advice/information I can get...

I have experience in the insurance industry, I sold P&C for Nationwide about 8-10 years ago and became licensed for life and health. I actually never used the l&h license because I moved and went into a different industry. I always enjoyed working in the insurance industry.

My question is, I have the opportunity to work for State Farm, not as an agent, but a team member or sales person. What are the pros/cons of this, what kind of salary can I expect to make/ and what is a reasonable career path.

I currently work in a different field but am looking to possibly getting back into the insurance industry. I guess my main concern is monetary. I currently make around 50K a year and have become used to a steady paycheck.

Please give me any help or advice you can! Thanks!

I'd be really, really surprised if the agent is going to match that. Either that or you live in a vastly different market than what I have experience with ($25-30K is the norm)

 

[atgnut]

Stay Away From Farmers Insurance!!!!!

 

[RenegadeAgent]

I agree with the advice of buying a book of business from an independent agent. Starting from scratch is like pounding your head against a rock. A lot of insurance agents (P&C) are in their 60's and looking to retire. Perfect time for younger agents to step in and buy that book.

 

[xcslx]

Stay Away From Farmers Insurance!!!!!

Why do you say that?

Im with Farmers and although it does have its downs, I feel like I made a great decision to be here. What issues are you having?

 

[Bertolinoins]

DM77,

I generally would not advise somebody from outside the industry to purchase an IA and most owners would not sell to you... But you seem sharp, montivated, capable and you have a realistic time frame and funding source so I think you could actually pull it off. They key is finding the right agency and making the transition as seamless as possible. I can give you some pointers and I can put you in touch with a consultant (reasonably priced and a great resource) that can keep you from making any rookie mistakes. You can send ne a PM or click on my profile for my email address if you are interested.