Combining P&C with Financial Advisor Practice

Hello,

I have my Life and Health, Series 7 and Series 66. I am just starting out, however my wife is a very successful Mortgage Banker with a 25 year old business. I am thinking of leveraging that with a new P&C business. My goal is to be able to cross-sell the P&C with life insurance and planning business. Does anyone have any comments or advice? I am concerned about compliance as well. And wondering if I should try this independent or if someone had advice on who I could partner with for both P&C and securities?

Thanks!
 
I am thinking of leveraging that with a new P&C business. My goal is to be able to cross-sell the P&C with life insurance and planning business. Does anyone have any comments or advice?

Not a recommended model.

How many people do you think are asking their money manager for advice on auto insurance?

About as many as ask an Allstate agent for financial planning advice.

In addition, what happens when their car insurance goes sky high because their 16 year old had a wreck? They get pissed, and move any "financial" products they may have with you...

Too dicey. Two different specialties.
 
Thanks for your response.
My thoughts were that I really would only do homeowners insurance since I have about 75-100 closings a month and then cross-sell the planning/insurance. I would not persue any other forms of P&C.
 
Thanks for your response.
My thoughts were that I really would only do homeowners insurance since I have about 75-100 closings a month and then cross-sell the planning/insurance.

The problem with that concept is that the majority of P&C insurers give a substantial discount to have both the house and cars with them.

Because of the property insurance situation here in Florida, it might mitigate the problem somewhat.
 
Your wife's mortgage practice closes 75+ deals per month? Not sure I would be looking for work if that were my wife. At any rate, Moonlight is correct regarding the auto/home package. Your retention rate will be at least double by combining them. Makes much more financial sense to package both.
 
Even if you are just doing home owners it would be more than full time job to do all those policies. 25 policies a week would be pretty incredible for one person to get done. Nearly impossible in my opinion.
 
Thanks for your response.
My thoughts were that I really would only do homeowners insurance since I have about 75-100 closings a month and then cross-sell the planning/insurance. I would not persue any other forms of P&C.

&5-100 closing a month?!
why would you want to do anything else. I started with Farmers doing everything, then I got my 7/66. Finally decided to focus on few P&C commercial lines only.You can only be productive and expert where your focus is.Maybe That's me!!
 
Great insight from all! Thank you!
I think I am going to focus on Homeowners and Life and Health. Do you think I should contact a Broker-Dealer since I have my Series7 and would like to sell the variable products and maybe this would give me more diverse products for more sources?

Thanks again to you all
 
I used to run a captive insurance agency and worked closely with Mortgage Brokers. I wrote a ton of Homeowners insurance and auto insurance to go along with it. You can make some good money but you better be prepared to hire a staff person to handle the service work. Only focusing on Home insurance will be tough. People don't want multiple agents handling their insurance. I would recommend writing both home and auto insurance and cross sell as much life insurance as you can, especially if these people just took on a mortgage, great time to sell some life insurance.

Don't worry about the 16 year old with an accident, the rates will be sky high anywhere they go.
 
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