Agent Route - Large broker or Indy agency?

[DJ91]

Hey all, looking for some advice for those of you more experienced in the industry. Currently at a smaller independent agency as a producer/account manager. I would say I have fallen more into acct manager role as I service my own book and that is taking up a large chunk of my time which is holding me back from growing it. I am looking to get into the $200,300,400k/yr income range in this industry as I know it is possible but no longer feel confident that is attainable where I am at.

I do focus mostly on commercial as I know that is the only likely way to get to that income level. Where are people having success? Bigger brokers like USI, HUB, Marsh, Etc. or would it be better to stay at independent agency, but a larger one with more CSR's acct reps, etc.

I have also had people mention go corporate as territory manager, but those seem to top out around $150ish-a year from what I can find unless you can get very high up into regional type role.

As another option, I am also very heavily looking into life insurance industry or getting my securities licenses for financial advisor, wealth management type roles.

Thank you in advance!

 

[fed up]

Sell life insurance.

 

[AZDave]

Hey all, looking for some advice for those of you more experienced in the industry. Currently at a smaller independent agency as a producer/account manager. I would say I have fallen more into acct manager role as I service my own book and that is taking up a large chunk of my time which is holding me back from growing it. I am looking to get into the $200,300,400k/yr income range in this industry as I know it is possible but no longer feel confident that is attainable where I am at.

I do focus mostly on commercial as I know that is the only likely way to get to that income level. Where are people having success? Bigger brokers like USI, HUB, Marsh, Etc. or would it be better to stay at independent agency, but a larger one with more CSR's acct reps, etc.

I have also had people mention go corporate as territory manager, but those seem to top out around $150ish-a year from what I can find unless you can get very high up into regional type role.

As another option, I am also very heavily looking into life insurance industry or getting my securities licenses for financial advisor, wealth management type roles.

Thank you in advance!

Speaking from the P&C side, I would suggest to focus on premium volume in relation to your current commission and renewal structure. Plug in these income goals and see, how much premium does it take to get there.

Commercial is where your at, and that is where you need to be. Then it is all about market access and what market you wish to focus on. Target it, hit it hard and grow with it. You must realize for $200k income +, it will take a handful of large accounts, a couple handfuls of middle market accounts and a slew of little accounts to get there. As a producer you are only as good as the market access your Indy has. If you have the markets, and you have the right producer agreement, focus on getting your book to the premium level needed.

Getting stuck doing the service work? OK if your getting paid to do it. Maybe a producer split such as 70/70, where you get 70% new bus/70% renewal but you do all the service work of your book. A $3M book would generate around $200K in income. At a 50/50 split, abviously $4M book is what it takes, all assuming an average of 10% commissions. But can one service this size of book too? Probably not, it would take an account manager to assist.

If you can't get there from where you are currently at, time to find another Indy, or go it alone. Depending on what State you reside, experiene level, savings account, and cahones, going alone may or may not be a good decision today.

 

[Al3x Lee]

Bigger brokers like USI, HUB, Marsh, Etc. or would it be better to stay at independent agency, but a larger one with more CSR's acct reps, etc.

I work for a large broker currently and prior a small independent agency. Feel free to PM me

 

[Markthebroker]

Hey all, looking for some advice for those of you more experienced in the industry. Currently at a smaller independent agency as a producer/account manager. I would say I have fallen more into acct manager role as I service my own book and that is taking up a large chunk of my time which is holding me back from growing it. I am looking to get into the $200,300,400k/yr income range in this industry as I know it is possible but no longer feel confident that is attainable where I am at.

I do focus mostly on commercial as I know that is the only likely way to get to that income level. Where are people having success? Bigger brokers like USI, HUB, Marsh, Etc. or would it be better to stay at independent agency, but a larger one with more CSR's acct reps, etc.

I have also had people mention go corporate as territory manager, but those seem to top out around $150ish-a year from what I can find unless you can get very high up into regional type role.

As another option, I am also very heavily looking into life insurance industry or getting my securities licenses for financial advisor, wealth management type roles.

Thank you in advance!

I am commercial p&c here. I think probably the two key items for your goals are access to plenty of carriers, and lots of servicing support, whether the agency is large or mid sized.

For both those items, you are going to want to look at a mid or large agency.

Talk to @Al3x Lee and take advantage of his experience. Plus, he'll be insurance commissioner soon, so he'll be a good friend to have.

 

[DJ91]

Sell life insurance.

I am heaving looking into that as well. What products do you focus on? I do not want to be on the hampster wheel of constantly starting each month a zero. I have spoken with someone who does a lot of work with high net worth individuals doing IUL,VUL, whole life type products and that sounds like a much better area then selling final expense, or small term.

 

[Harley Burner]

It’s all Marketing. You can make so much revolving income. And with oversea virtual compliant labor you take away THE death of ALL independents that are successful, service.

You don’t need a “brand name” with no direct value funnel. You make your name, and create a direct value funnel. Ive done this over and over as a market builder for companies small, and in the Global Fortune 100, better than anyone they ever had, with documentation to prove it.

All the company, Indy or large, is a credibility builder for you, but times have changed. I built an amazing funnel that I now know I don’t need. The math breaks down like this and these are probably 15-30% on conservative side:
~2 Million pop
~400 Clients with Direct, painful need that is top of mind
- generic service model can’t compete
- large business such as transportation, with over 60 vehicles(set a meeting first knock)

I don’t remember premium and comp but if you work what I can show you, I have no doubt you can close at least 15% first year of let’s say 400 if you have pop density.

I’ve bought leads and at the end of the day, you’re just kicking the can. Why you? And high volume P&C is THE WORST.

Mine is built for Northern California and ready to go, only really beta tested, but this can be done anywhere, with little to know software cost if you’re on a budget, or done for you with labor we find together and outsource. All you’ll need is an easy designation, and do what I tell you, use your expertise, you’ll have a money machine.

Dream big regardless. If you don’t know how to sell, go to large. If you do, go small, then take a drive, do an Aaron Rodgers, focus and figure it out. Or just make millions and work with me, don’t risk a bad trip. Send info if interested

 

[NY independent]

Large brokers have lots of direct markets but lots of layers. It takes weeks to get a BOP quote. Small brokers don't have as many directs but you don't have the layers so you can get a BOP quote in a couple of days. Maybe leven earn how to do it yourself. You can't do that at a large firm (not allowed). If you can find a smaller independently owned agency with a good amount of good direct markets, that's where you should go.

 

[Al3x Lee]

Large brokers have lots of direct markets but lots of layers. It takes weeks to get a BOP quote. Small brokers don't have as many directs but you don't have the layers so you can get a BOP quote in a couple of days. Maybe leven earn how to do it yourself. You can't do that at a large firm (not allowed). If you can find a smaller independently owned agency with a good amount of good direct markets, that's where you should go.

Lol, that is 100% not accurate and is entirely dependent on the agency, large or small.