- 174
I wouldn't shackle myself like that unless going to actively need it and sell investments. You don't want a b /d just for fun.
Best Way To Build My Business As A New Agent
- Thread starter wolfe42
- Start date
I wouldn't shackle myself like that unless going to actively need it and sell investments. You don't want a b /d just for fun.
- 11,502
That is DANGEROUS advice!!!
#1 - If you don't produce, a reputable broker/dealer won't let you "park" your licenses with them without you actually doing securities business.
#2 - Let me give you an example of someone who never sold securities:
http://www.insurance-forums.net/for...alling-yourself-financial-planner-t27412.html
Take a look at the lawsuit and the itemized issues regarding this "advisor":
Missouri Securities :: Tracy Wayne Mitchell, CRD # 5521674; and Guidepost Financial Limited Liability Company : Case AP-10-45
What I DO agree with you... is to become known for the problems you solve... not necessarily the tools you sell.
- 634
I have seen some bad advice on here, but this post is swinging for the fences.
I, too, just received my life/health producer's license in Illinois-just this week. My primary interest at this point is FE. I have, however, made a lot of connections in the corporate world and might not mind adding group health somewhere down the road. I have talked with several agencies and am just a little nervous about being captive. At the same time, I need a mentor to learn the business.
A little background-I am a registered nurse and did years of nursing home and home health with the geriatric population. Loved it but labor intensive.
I do enjoy going to folks' homes because that is where they are most comfortable. I am not at all bothered by one's home conditions. Have also done social work in the past.
After the human service part of my career, I began doing pharmaceutical sales (doc's, hospitals, assisted living, pharmacists, np's, pa's). Next, copier sales B2B dealing with corporate owners, managers, etc.
I say all that to demonstrate the speaking and sales presentations I am accustomed to doing.
I left the copier/pharmaceutical settings due to constant reporting, numbers game, and absolutely NO independent decision making.
I was however a president's club winner each year that I did the copier sales position.
Want to build my own business, my own schedule, and maybe, be able to introduce my children in to the business as they explore the career options. All three kids are high school age.
I like the idea of being an independent agent, but need mentoring and education. I am a self learner but want direction in terms of securing leads. There is the mail drop in batches, or buy individual leads. Very difficult at this point of my decision making to go with an agencies where I still buy direct mail batches or buy individual leads by the week and give it a shot on my own.
I do have some cash reserve to get myself a jumpstart on leads.
Please, I would appreciate any and all advice, criticism...
I am 44 years old and I would like to spend the rest of my life in the business.
A little background-I am a registered nurse and did years of nursing home and home health with the geriatric population. Loved it but labor intensive.
I do enjoy going to folks' homes because that is where they are most comfortable. I am not at all bothered by one's home conditions. Have also done social work in the past.
After the human service part of my career, I began doing pharmaceutical sales (doc's, hospitals, assisted living, pharmacists, np's, pa's). Next, copier sales B2B dealing with corporate owners, managers, etc.
I say all that to demonstrate the speaking and sales presentations I am accustomed to doing.
I left the copier/pharmaceutical settings due to constant reporting, numbers game, and absolutely NO independent decision making.
I was however a president's club winner each year that I did the copier sales position.
Want to build my own business, my own schedule, and maybe, be able to introduce my children in to the business as they explore the career options. All three kids are high school age.
I like the idea of being an independent agent, but need mentoring and education. I am a self learner but want direction in terms of securing leads. There is the mail drop in batches, or buy individual leads. Very difficult at this point of my decision making to go with an agencies where I still buy direct mail batches or buy individual leads by the week and give it a shot on my own.
I do have some cash reserve to get myself a jumpstart on leads.
Please, I would appreciate any and all advice, criticism...
I am 44 years old and I would like to spend the rest of my life in the business.
Moonlight,
I am not here to dictate anything or anyone, however I would hope that you can see the difference between a post that a member takes his own personal time to help and mentor someone new to the business, and a worthless degrading post like yours!
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Thanks to all of you that took the time time to answer my questions. I really do appreciate it and look forward communicating with you min the future
DON'T PAY ATTENTION!! Stay focused on your task and go for it. This same crap has been regurgitated on this forum for the last 6 years that I've been an agent. If you don't sleep with them, were raised by them, or responsible for their well-being, a person's opinion is irrelevant. If you do choose to pay attention to another person diatribe, use it to propel yourself.
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GO FOR IT!!! This is a life-changing career.
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I actually run from "financial advisors".
DON'T PAY ATTENTION!! Stay focused on your task and go for it. This same crap has been regurgitated on this forum for the last 6 years that I've been an agent. If you don't sleep with them, were raised by them, or responsible for their well-being, a person's opinion is irrelevant. If you do choose to pay attention to another person diatribe, use it to propel yourself.
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GO FOR IT!!! This is a life-changing career.
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I actually run from "financial advisors".
Man, that chip on your shoulder must be bone crushing. You are constantly telling everyone to not listen to anyone who posts on this board, except for you.
Why should the OP listen to you but you're telling him not to listen to anyone else?
If and when you decide to make insurance a full time career instead of moonlighting with it as you are now, your posts may have some credibility.
HVelocity
Expert
Find an agency and sign up...
- 142
Wow. I'm wondering why? I'm wanting to get my series 7 and 66 even though they are considered professional handcuffs by some...
I actually run from "financial advisors".
Why?
- 634
I started my career as a F.A. and will most likely end it there. I view F.A.'s and RIA's etc... as the top of the insurance profession. I know others will see it very differently this is just MHO.
Good things about being a F.A.
1. Selling insurance becomes a lot easier bc you are usually trying to take x amount of dollars from their income. Where I started our initial recommendation was 20%: 5% - savings 5% - insurance 10% - investments. It usually did not work out this clean in presentation/closing, but you might get 12%, more than enough to pay for insurance, even with rate ups.
2. Finding people money and helping them get out of debt is truly rewarding work.
3. Referrals are usually easier to get than if you just sell insurance. A lot of people have no clue how much money they are wasting. You sit them down with a budget, make a plan, and so them how to achieve their dreams. Some people are so happy with the work you do, you have to literally tell them to slow down with the referrals, as you are getting ready unqualified folks.
4. Your insurance sells will usually be bigger bc your clients have more money.
There are many more but you get the idea.
A few bad things.
1. It is very tough on young people. Successful, business man Joe, who has been grinding for 20 years doesn't want some fresh out of college kid to handle his money. There are exceptions but I believe the general rule of thumb was most of your business will be ten years younger/older than you. So the younger you are the smaller cases you have to deal with.
2. Closing cycles are a lot longer. On top that where I worked people had to make a minimum of 45k a year or we couldn't help them. Making 40k, want to buy a nice WL policy, screw you take a walk. Also you were encouraged not to have too many clients around 45k.
3. A lot to learn. First you have to study for those pretty licenses that really do nothing to help you out in the real world. They are expensive as well, if you have to pay the monthly fees starting out. Once you get finished with that you have to learn what you can about the products and it is a lot.
4. Compliance the mother of all evils in the service industry. The bigger the firm the more compliance will be on your butt. Remember they care nothing about you or your business. They don't want get sued, and they are going through everything like a bloodhound. Facebook, email, presentation notes, any type of speech you can think about. If you mess up, they will through you under the bus in a second. Not to mention all the stupid compliance meetings because someone else messed up. You want to meet people who abuse their power, it is usually these folks.
A lot more just wanted to give you some things.
Why is insurance better at the moment.
Paid quicker, usually paid better in the beginning, selling cycle is a lot shorter, not as much to learn, compliance is usually on there if you really mess up, age still factor but not as much. Insurance license is cheap you, E&O is cheap etc..
If you walk into a business and tell them you are an insurance agent they will not what you do. Tell them you are a F.A. And they will probably look at you like you are retarded. Tip of an iceberg but should give you a general idea.
- 11,502
I agree with much of that post.
However, if you are serious, are articulate in your speech, and treat people with respect, and slow down... you shouldn't have much of a problem attracting larger accounts with people 2x your age.
That's what I was doing at age 28-30. I was working with people who had multiple 6-figure balances and were in their 60's - 70's. But I was also working in a credit union... and people do have a great affinity for their credit union. In fact, when I decided to leave, people chose to stay with their credit union - regardless of what I personally did for them.
As for securities licensing... if you ever want to be an independent IAR/RIA... I'd HIGHLY recommend having had Series 6/7/63/66 first and understand the world of securities compliance.
But if all you wanted to do was sell insurance and insurance-based products/strategies... then having such compliance oversight becomes hindering to your time, efforts, and energy.
However, if you are serious, are articulate in your speech, and treat people with respect, and slow down... you shouldn't have much of a problem attracting larger accounts with people 2x your age.
That's what I was doing at age 28-30. I was working with people who had multiple 6-figure balances and were in their 60's - 70's. But I was also working in a credit union... and people do have a great affinity for their credit union. In fact, when I decided to leave, people chose to stay with their credit union - regardless of what I personally did for them.
As for securities licensing... if you ever want to be an independent IAR/RIA... I'd HIGHLY recommend having had Series 6/7/63/66 first and understand the world of securities compliance.
But if all you wanted to do was sell insurance and insurance-based products/strategies... then having such compliance oversight becomes hindering to your time, efforts, and energy.
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