Allstate EFS

[Gaddock]

I am sooooooooooooooo happy I didnt take that gig, Tony is an ass hole.

 

[gstker]

Interesting that you had 10 to 15 agents and 100 miles between them. Part of my complaint is that I was recruited to work a Hwy corridor which attaches 2 counties. I relied on these representation and wanted the opportunity to confirm the EA relationships so If I decided to change to Allstate I would feel comfortable in my decision. Since I live in the middle there would be approx. 60 miles from one end to the other. Obviously, I would have managed each end on separate days. The problem I encountered is that there are and were no available agents to work with inside this corridor (save the single small agency). The EA's had existing relationships that seem to be working very well for quite some time. Allstate had two scratch agencies, one agency is approx. 20 additional miles away and the other an additional 35 miles away. I did pick those up after the assigned EA gave them up, but they write their own business. (life)


You decided to leave. Where did you go?

Well I moved back to my home town, and had a choice to make. The town is only 50,000 people, so I needed a angle that everyone I come in contact with could be a potential client, and I wanted to have a easy conversation to get them engaged. I decided to open up my own indy p&c agency. I am appointed with everyone product allstate gave me on the financial and more. So I basiclly have taken their model, get the P&C and attack the financials, but I removed the EA from the picture. I figure I will lead with P&C (everyone needs it) and then it sets the pace for life, managed money, DI, health LTC etc. One thing I found out with Allstate is the cross sell ratios were very low. The agencies that did the best were the ones that took an interest in the financials. Only problem, their are not that many that are interested or experienced enough to make that transition. So instead of spinning my wheels with agents that didnt care about engaging their clients, I will own both sides of the business. Wish me good luck.

Beware of Scratch agencies.... They are good for the first couple weeks as you sell them products to make their goals... then that go into shock when they figure out what it takes to make the Allstate goals. You will get lots of bad leads, and wasted time.

EFS and EA relationships change very fast... so be in good graces with management, and ask your current EA relationships if they have fellow EA's in need for a good EFS. That how I did it... Management gave me 3 EA's when I got there, and one was a scratch. I would go all over town trying to meet as many as I could. Before I knew it, I was up to 10-15(depending on management pushing them for Financial business).
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Warning! If you are considering an Allstate Financial Services EFS position. Run away - do not look back . Do not complete pre-employment information. Do not sign any documents.

mrh

I believe you are or were an EFS... whats your experience with them? From the above comment probably not good, but give us the juice details.

 

[clvndrocks]

I personally know MRH and this is unfortunate but true. The issue is the management focus's on recruiting not results. They need the bodies for thier own selfish reasons and really do not have a interest in your success. Once you are on board they feed you to the wolves.

I am an EFS and have had some success with the program. You must prospect and you must kiss a lot of EA rear end. The bar is super high. I have been a Court of the table producer for 7 years and life MDRT and I get treated like low man on the pole sometimes.

There is no infastrucutre to support the EFS. only the EA

 

[ChFC68]

I know several EFSs and their stories vary greatly. Here's what i can share based on my knowledge of the various EFSs and their partnerships. For the most part, you get what you give. I know some of them thought they'd walk into a situation where the leads would pile up and agents would worship the ground they walk on. I don't know if they were sold that by management or if they just saw it of their own valition.

Being an Allstate EFS doesn't mean you stop prospecting. If you put that 100% in the hands of another person, then you are taking a huge chance. Working with an Allstate Agent gives you access to a large book of business and somebody who has some incentive to introduce you to people who need financial services. If you don't seem interested in anything EXCEPT that book of business, that's not a very good partnership I don't think.

I have a friend who's an EA and he took the time to keep his staff late one night so they could follow up on a life mailing. The EFS was there and sat at a desk playing solitaire all night waiting for the EA and his staff to set appointments for him. He was given a list of names to follow up with and never lifted a finger. Another EFS he worked with asked him to let him know when he had some "good introductions." And people wonder why EAs don't have a good view of EFSs?

It's not perfect - if it were, everybody would be there. You have to be a real people person who isn't a "lone wolf" like a lot of us are. A lot of us got into this business because we didn't want to answer to anybody and we wanted to run our own business. You're definitely taking on a partner - sometimes several. So you have to balance that out. It's not for everybody. For the right person though, it's a very satisfying career.

 

[LMF]

Good info here fellas, I have an opportunity meeting this week to become an EFS agent. I currently do not have a securities license(Life Health & VA only) but can get it if I decide to. Not sure if this is for me, as I've been an Independent Agent and a so called "lone wolf". Never hurts to gather info on other programs.

 

[Guest]

Good info here fellas, I have an opportunity meeting this week to become an EFS agent. I currently do not have a securities license(Life Health & VA only) but can get it if I decide to. Not sure if this is for me, as I've been an Independent Agent and a so called "lone wolf". Never hurts to gather info on other programs.

Well, my first comment to you would be ignore what all you just read because I am pretty sure in the last 2.5 years, the program has probally changed! UGH!!!!!

 

[Sales71]

Well, my first comment to you would be ignore what all you just read because I am pretty sure in the last 2.5 years, the program has probally changed! UGH!!!!!

RED I did not realize this is 2 years old post. What a waste of time.

 

[LMF]

I knew that it was a dated thread but it certainly sheds some light on what to inquire about upon meeting the GM. I still plan on getting the facts directly from the current source.

 

[b61mack]

it does not sound to bad, you will have to be aggressive to get the agents to open, there book to you