Im completely ignorant. No really.

[JackRyan]

Just two weeks ago I was in Florida visiting family. While there my brother in law told me of a friend of his that sells annuities through seminars. I had never even heard the word "annuities" until that point in time. He told me that his friend was making anywhere from $50-80 thousand a seminar. I asked him if his friend was some kind of graduate or genius that was doing this. He said "no". It was an old (good) friend of his that had stumbled on to this kind of selling. The next question that I asked was "Do you think he's lying?? Are you sure he's making that much?" He said that his friend was really making that much and it's really good friend of his so he didn't believe that he was lying.

So here I'am.

I've been doing a lot of reading since then and finally found out what an "annuity" is Plus I've realized that basically it falls into the category of being an insurance agent. At the very least you need to be licensed to sell them.

Yet now that I've done more research, Im more confused. I work in sales currently and have been doing it for the last 5 years. Within those last 5 years I've tried to open two different business's. Both failed. The first one failed because I just didnt have a clue how to even start a business. The second one failed because it was contingent on my house selling, so that I could finish paying off the franchise fee to start my franchise. Unfortunately the housing market tanked

Now with very little research I've found the insurance industry and to tell you the truth it's really caught my attention. Let me add that I realize I may not be making $50,000 in commission. Heck maybe only a thousand if I dont trip over myself.

Im making this thread because I have specific questions. I looked throughout this forum and couldn't find answer for the specifics questions I have in mind, so please be patient with me.

1. How exactly do I get licensed? Do I have to take a test? What state office do I call to even get my license?

2. Im so green that I keep thinking that my best bet is to go work for StateFarm or Allstate at first. At least to get an idea of what the heck Im doing. Yet I see a lot of people against that idea, and most of them promote being independent. Is that really the case?

3. My brother-in law's friend actually started out by selling annuities by going to a Karlan Tucker seminar. This seminar taught him how to sell Equity-Indexed Annuities step by step. Is that worth it?

Those are my top questions for now. If I have more I'll add some. Guys I know I sound like an ignoramus, but let me add that I'am hungry. I can work hard and love talking and selling to people...just as long as I know that the product Im selling is a great product.

Thanks for any info!

 

[Winter_123]

If you are completely ignorant then adopt a mode of doing business and thinking that changes that. You are asking which state agency you would contact in regard to insurance licensing. Pour a cup of coffee, think it over long and hard and see what thoughts come to mind. Would it be the Department of Environmental Protection..nooooooo...would it be the State Department of Transportation.....nooooo. Work with it a little bit. What did the folks at the state say when you asked around?

Everyone has questions in this field but no one gets spoon fed. It is very much a do-it-yourself line of work. Best to understand that from the get-go.

Winter

Just two weeks ago I was in Florida visiting family. While there my brother in law told me of a friend of his that sells annuities through seminars. I had never even heard the word "annuities" until that point in time. He told me that his friend was making anywhere from $50-80 thousand a seminar. I asked him if his friend was some kind of graduate or genius that was doing this. He said "no". It was an old (good) friend of his that had stumbled on to this kind of selling. The next question that I asked was "Do you think he's lying?? Are you sure he's making that much?" He said that his friend was really making that much and it's really good friend of his so he didn't believe that he was lying.

So here I'am.

I've been doing a lot of reading since then and finally found out what an "annuity" is Plus I've realized that basically it falls into the category of being an insurance agent. At the very least you need to be licensed to sell them.

Yet now that I've done more research, Im more confused. I work in sales currently and have been doing it for the last 5 years. Within those last 5 years I've tried to open two different business's. Both failed. The first one failed because I just didnt have a clue how to even start a business. The second one failed because it was contingent on my house selling, so that I could finish paying off the franchise fee to start my franchise. Unfortunately the housing market tanked

Now with very little research I've found the insurance industry and to tell you the truth it's really caught my attention. Let me add that I realize I may not be making $50,000 in commission. Heck maybe only a thousand if I dont trip over myself.

Im making this thread because I have specific questions. I looked throughout this forum and couldn't find answer for the specifics questions I have in mind, so please be patient with me.

1. How exactly do I get licensed? Do I have to take a test? What state office do I call to even get my license?

2. Im so green that I keep thinking that my best bet is to go work for StateFarm or Allstate at first. At least to get an idea of what the heck Im doing. Yet I see a lot of people against that idea, and most of them promote being independent. Is that really the case?

3. My brother-in law's friend actually started out by selling annuities by going to a Karlan Tucker seminar. This seminar taught him how to sell Equity-Indexed Annuities step by step. Is that worth it?

Those are my top questions for now. If I have more I'll add some. Guys I know I sound like an ignoramus, but let me add that I'am hungry. I can work hard and love talking and selling to people...just as long as I know that the product Im selling is a great product.

Thanks for any info!

 

[somarco]

I can't speak to $50k+ per seminar, but I have met people who claim to make $20k+ per seminar.

Many of the seminars I have reviewed in the past usually revolve around long term care and protecting your assets via annuities. Only problem is, the annuities that will help one qualify for Medicaid are single premium, immediate annuities.

The ones peddled in the seminars are usually deferred annuities which pay a higher commission but offer no help in qualifying for Medicaid.

There are agencies who specialize in annuity seminars. Perhaps some of the other folks here can point you in that direction. I recall one that was heavily recruiting here in Atlanta a few years ago. The seminars cost around $5k to run (which you had to finance) and then recoup your out of pocket after the seminar.

Kind of like betting on the come.

Annuities are not underwritten (for the most part) and have the ability to turn quick commissions . . . sometimes in two weeks.

My impression, right or wrong, is many agents who enter the annuity market do so for the commission, not for the purpose of actually helping their client. They are largely fast buck, slick talking agents but there are exceptions.

Don't know if this helps, but it does give you one perspective.

 

[CHUMPS FROM OXFORD]

50K...that's a lot. I have been involved in many seminars, and although, generally, we have made money, the average has been far less than 50k.

Then again...we don't use Allianz.

 

[somarco]

we don't use Allianz

Or OMFN.

Or Conseco.

Just a wag.