Am I Crazy for Considering a Move from Independent to Captive?

[mh5918a]

So here's the situation, and I thank you ahead of time for any advice you may give after reading my long-winded dilemma.

I've been doing Insurance for almost two years now. Started at that fine Insurance Institution known as Bankers Life.

Now, from reading these forums, and having lived it myself, there isn't much we need to say about Bankers. Suffice to say, it was an okay place to learn a bit about the industry, but once I really learned about how Bankers products and practices compared to everyone else, I knew I had to go.

So just over one year after staring at Bankers, I decided to go Independent.

As things currently stand, my product portfolio could really not be any better. But to say sales are flat would be an understatement. (As sad as it is, I sold more at Bankers.)

I realize now that I probably jumped the gun too soon. (Please offer any opinion on that, if you disagree.) I have read all sorts of posts here about going Independent after you have enough experience, and to be blunt, I do not believe I had enough.

However, in terms of making phone calls and overall prospecting, I know I haven't put nearly as much effort into it while an Indy, as I did when captive. No excuses for that at all, all I can honestly say is that a supervisor and office environment helped me focus as a captive, I spent less time focusing on product knowledge as a captive, because the product offering was more limited. Also had some leads as a captive, which weren't always great, but they were something.

Question is this, as someone still new in this career, would you recommend sucking it up and just getting better as an Independent, (Knowing that I will not have a more competitive product offering than the one I have now.) or does it sometimes make sense for a newer agent to return back to captive?

In terms of my possible options, have a second interview with New York Life and the hiring manager of Mutual of Omaha has told me even before our second interview, that he pretty much wants me to join.

Off the bat, think I'd be stronger at selling Mutual's product, but know NYL as a company and in terms of training is said to be very solid, and many employees have become lifers.

Let me know what you think, and thank you so much for any and all advice.

 

[medsuptage]

It doesn't sound like you need advice at all. You've answered all of your own questions.

You know Independent has a much higher Risk-Reward ratio. You give up a lot of that being captive but you gain some structure.

 

[xrac]

If you need the structure and training then go captive.

 

[liorselamb]

So here's the situation, and I thank you ahead of time for any advice you may give after reading my long-winded dilemma. I've been doing Insurance for almost two years now. Started at that fine Insurance Institution known as Bankers Life. Now, from reading these forums, and having lived it myself, there isn't much we need to say about Bankers. Suffice to say, it was an okay place to learn a bit about the industry, but once I really learned about how Bankers products and practices compared to everyone else, I knew I had to go. So just over one year after staring at Bankers, I decided to go Independent. As things currently stand, my product portfolio could really not be any better. But to say sales are flat would be an understatement. (As sad as it is, I sold more at Bankers.) I realize now that I probably jumped the gun too soon. (Please offer any opinion on that, if you disagree.) I have read all sorts of posts here about going Independent after you have enough experience, and to be blunt, I do not believe I had enough. However, in terms of making phone calls and overall prospecting, I know I haven't put nearly as much effort into it while an Indy, as I did when captive. No excuses for that at all, all I can honestly say is that a supervisor and office environment helped me focus as a captive, I spent less time focusing on product knowledge as a captive, because the product offering was more limited. Also had some leads as a captive, which weren't always great, but they were something. Question is this, as someone still new in this career, would you recommend sucking it up and just getting better as an Independent, (Knowing that I will not have a more competitive product offering than the one I have now.) or does it sometimes make sense for a newer agent to return back to captive? In terms of my possible options, have a second interview with New York Life and the hiring manager of Mutual of Omaha has told me even before our second interview, that he pretty much wants me to join. Off the bat, think I'd be stronger at selling Mutual's product, but know NYL as a company and in terms of training is said to be very solid, and many employees have become lifers. Let me know what you think, and thank you so much for any and all advice.

Create your own environment. Find another local independent agent. Maybe you can contract under him / her in return for some valuable guide. I've been captive in the past and now I'm independent. I really value my freedom and ability to place products I wouldn't be able to if captive.

Don't fail to plan (or plan to fail). Create a weekly schedule, carve time for prospecting and marketing.

As captive you'll give too much commission to your upline and most likely you're not going to be vested from day 1

That's my 2 cents..

By the way, what state are you in?

 

[agencynew1]

You clearly answered your question. You are not motivated enough to succeed. You lack the drive to be successful. apparently you need the office space and supervisors to help you produce so you need your hand held. Why even go independent then. Stay at home and have mommy hold your hand

 

[Norwayguy]

Are you married by chance? If so I bet if you shared this post with your spouse you would find yourself with a new "supervisor".

Reality is some people do better with a captive environment and supervision. But just realize it comes with a cost if you could recreate the structure and make those calls and have those appointments you should be able to produce as much or more annual premium and since you normally have a higher commission as an independent you should have a higher income.

 

[TwiLight]

I began my career as an independent. Very common in the 80's to start with independent GA's, they were plentiful back then. Great Training on the Sales side, but very little knowledge on Marketing.

So, after a year I took an opportunity at MetLife and quickly became one of the top agent's in the company. I had the salesmanship down, what I lacked back then was Branding and Marketing. I joined them just as they signed the Snoopy deal and bought Century 21. So I think I was a bit lucky to land there at the time. But luck is always grasped by those willing to take a chance at success and I was young and willing to do so.

Eventually the Captive thing got in the way and I left after 4.5 Years and have not looked back.... MetLife taught me Branding and Marketing that has guided me the past 23 years with much success and would not have traded it for any Kool Aide out there.

Just remember, take a great deal from the situation you are in now and what you learn tomorrow and use it to your advantage to grow in this business.

 

[xrac]

You clearly answered your question. You are not motivated enough to succeed. You lack the drive to be successful. apparently you need the office space and supervisors to help you produce so you need your hand held. Why even go independent then. Stay at home and have mommy hold your hand

Do you think that is really helpful?

 

[mh5918a]

Thanks everyone for the advice. I even got a chuckle out of the 'Mommy hold your hand' comment from agencynew1. You might be a dick, but you have a point.

Because as all of you have said, if you put in an equal amount of effort into prospecting and your work as a Independent as you did as a captive, you should always make more money going the Indy route. (Especially well said liorselamb, TwiLight & NorwayGuy)

Going to use your advice as a springboard to get back at it. Still need to consider both captive possibilities because NYL is solid, garners instant credibility, said to have good training, etc..etc & Mutual gives you options to sell outside of company, and in my case said they'd love to sponsor me to try to get a securities license.

In perfect scenario, think I'd like to go about 1.5 - 2 months just going full tilt in terms of prospecting. If it still isn't working, yeah then it would be time to go captive. But know it's unlikely the same opportunities would be present.

Liorselamb, I live in DC, have a moderate amount of clients in city, but spend most of my time in MD & VA. Good area, and people can certainly afford Insurance, but in a very affluent market, a lot of people already have Insurance through work. Working on trying to tap in to the Federal marketplace, since Federal workers have insurance that both increases in premium and drops in coverage as they age.

 

[rousemark]

You clearly answered your question. You are not motivated enough to succeed. You lack the drive to be successful. apparently you need the office space and supervisors to help you produce so you need your hand held. Why even go independent then. Stay at home and have mommy hold your hand

Gee.. Can I come to work for you? I like the way you give helpful advice to someone who is sincerely seeking it and has the courage to admit their weak areas, which based upon your response, you have none.

----------

Thanks everyone for the advice. I even got a chuckle out of the 'Mommy hold your hand' comment from agencynew1. You might be a dick, but you have a point.

Because as all of you have said, if you put in an equal amount of effort into prospecting and your work as a Independent as you did as a captive, you should always make more money going the Indy route. (Especially well said liorselamb, TwiLight & NorwayGuy)

Going to use your advice as a springboard to get back at it. Still need to consider both captive possibilities because NYL is solid, garners instant credibility, said to have good training, etc..etc & Mutual gives you options to sell outside of company, and in my case said they'd love to sponsor me to try to get a securities license.

In perfect scenario, think I'd like to go about 1.5 - 2 months just going full tilt in terms of prospecting. If it still isn't working, yeah then it would be time to go captive. But know it's unlikely the same opportunities would be present.

Liorselamb, I live in DC, have a moderate amount of clients in city, but spend most of my time in MD & VA. Good area, and people can certainly afford Insurance, but in a very affluent market, a lot of people already have Insurance through work. Working on trying to tap in to the Federal marketplace, since Federal workers have insurance that both increases in premium and drops in coverage as they age.

There are many people who are not self motivated enough to be successful as an independent that succeed in a managed situation.

As for NYL and MO, you need to decide which company will best fit the market you prefer to work. You also need to talk with other agetns working in each office and try to learn the management style of the managers and then factor into your decision which best suits your temperament. By talking with the other agents you can also get a better idea of the turnover each office experiences..