How do these people get to be Agency owners?

May 19, 2007

  1. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    I work for a career company in the senior market. I looked into my RSM's insurance license and seen he has only been an agent 2 yrs longer than me. I have been in the biz for 4.5 yrs. Why am I working for him? Why haven't I had the opportunity to run an office like this? He is 25yrs older than me.

    The sad thing is that I know more than he does and I can find answers faster than he can. How do I get that position? Should I be looking to start an agency or should I just be a one man operation? What are the pros and cons? I am sure I would make much more money having agents under me but how do I do that? How do I get a company to come to me and ask me to run an office?:GEEK:
     
    Last edited: May 19, 2007
  2. salpro22
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    salpro22 Guru

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    Have you thought about going out on your own and developing your own agency. It sounds like you have the confidence to do it on your own...
     
    salpro22, May 19, 2007
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  3. BizyGuy
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    BizyGuy New Member

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    Hello SAI,

    The only reason you should be with that type of agency is you dont want or are unable to get your own leads. You can have a much higher contract with multiple companies as a independant agent. There are alot of ways to generate your own activity and make more $$$
    Hope this helps
    Regards,
    Steve B
     
    BizyGuy, May 20, 2007
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  4. STIBROKER
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    STIBROKER Like My post and enter the DRAWING,,,, Moderator

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    all it takes is money....
     
  5. Frank Stastny
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    Frank Stastny Guru

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    Last edited: May 20, 2007
  6. retread
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    retread Guru

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    Frank, I can see your point well. The corollary is true, also.

    I just left an "agency" to go out on my own. The "agency" took a BIG slice of my enrollment, constantly told all of us how much his leads cost him, and was tired of hearing complaints of how lousy they were. He complained constantly of not wanting to provide training (even though he did not object to my desire for training when I signed up) and did not follow through with paperwork administration expected of his position. To top it all off, he ran a sales pitch contrary to regulations and was disgusted at my reluctance to follow suit.

    I was relieved when we split, but anxious to have to do everything myself. I find that after only a few weeks that I have all my paperwork in order with commissions larger than under my former "boss". No matter how much you stress that you (and your GA) want to remain an independant agent, if you sign up under one of these guys, you are an underling, and he will treat you like an employee.

    One of my biggest concerns was where to find leads. Even though I did not get many pointers from forum response, all I needed was one that put me onto where to begin a search. This worked out for me and I have more lead sources that I know what to do with.

    In short, I could not have done this without this board. I found the information needed to get started in the insurance business, and now the information needed to head up my own agency just by reading the information available here. What I supply is the effort, and the accountablility is mine alone. To make the money, you have to do the work. If you need hand-holding, you will always be an employee.
     
    retread, May 20, 2007
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  7. Frank Stastny
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    Frank Stastny Guru

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    That is not my definition of an "agency". That is a, "I'm gonna rip you off because you don't know any better", not a real agency. An "agency" regardless if you have a "Name", office, staff or not is someone to work under to help you who receives a small percent of your commission that is paid by the company, not some "agency" who is in business to screw you, get paid by the company and then writes you a check for a couple of cents while he takes the lion's share of the commission.

    If I recall our conversations, that is exactly who you were "working for". This guy didn't give two damns about you, he simply was out to screw you and make as much money as he could before you found out.

    Guys like that should be helped to join a castrati choir so they can sing there little hearts out.
     
  8. retread
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    retread Guru

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    I often paint with a broad brush, Frank. Sorry. If anyone who runs a viable agency is offended with my comments, my apologies. I guess I am still smarting from the recent experience.

    I am a slow learner, but I eventually catch on. To wit: two of the people that log on this board are or were part of this "agency" and one of them put me onto them in the beginning. That one left within a week, and I stayed on for 3 more months. The other just uses them on a part-time basis, which works for him. Am I gullible because I trust? Yeah. My chosen position is that I trust until I am betrayed. Others may deride me, but I find I can live with myself better, and I don't pass on a suspicious nature to my clients. They trust me, and I work to maintain that trust.

    That "other" agency has lost a good agent IMO. I am sure he will replace me with a dozen more. In the meantime, I am free to be independant.... totally independant.
     
    retread, May 20, 2007
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  9. midwestbroker
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    midwestbroker Guru

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    Retread -

    The key to that type of agency is to feel them out. Don't jump in with both feet.

    About the agency you are talking about:
    I had an understanding with one of the 2 owners, but the 2nd one did not see eye to eye with me, so they get a little bit of biz here and there.

    My point is that I felt them out, knew what I wanted and expected. When they could not provide that 100%, we came to a workable solution. But I was not dependent on them. That I think is the key. I had the ability to basically walk away from them and it was no skin off my back.

    That, IMHO, is the only way to approach any agency. Granted they got my name on a contract, but I knew that I would not be selling a whole lot of it and I was okay with that.
     
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