Independent, Captive or Stay Where I'm At

[hdlabs]

I've been an underwriter with a good company for about 5 years. Now that I know a little bit I feel like I may want to try my hand at being an agent. I work closely with agents and insureds reviewing existing business face to face and feel comfortable doing it. I've spoken with most of the captives about their plans and a couple of independents locally. I like the advertising and brand recognition with the Nationwide, State Farm type companies but feel they put a lot of pressure on life, bank, etc., without a huge ability to write commercial ( I know you can broker a lot with Nationwide though). I've really narrowed it down to an existing independent agency and a possible associate agent position at Nationwide ( I like the idea of doing home, auto, and small commercial or farm business as that's what I already know).
As far as starting salary, would 25000 a year with a 30% commission split be pretty good or on the low end?
Can anyone tell me how Nationwide works if you are able to buy your own agency? Are there a lot of life/health minimums to meet before making good money? I just really want to concentrate on P and C and will happily sell the rest when able. Sorry this is so long but wanted to be as specific as possible.

 

[Agent5913]

Re: Independent, Captive, or Stay Where I'm At..

You will be an "Associate agent" for a long time. 5 year plus. Low stress, kinda secretary type but the pay is what you said. Im captive. I have hours and I have to be there. I have a manager. I made the most money in 08 that I ever have. Was it worth it? I still dont know. The stress will take 5 years from your life.

Let me get back to you on the rest.

 

[Todd King]

Re: Independent, Captive, or Stay Where I'm At..

The title of the thread you started had the word "Independent" in it. From the rest of your post, I don't see where you're even considering being "Independent". All you're really asking is should you stay where you're at or consider going captive with a company because they offer you a salary and have a big name.

 

[hdlabs]

I have spoken with some independents. They offered 25k for first 2 years plus 70/30 commission split. One independent offered about the same and also matches 6% on 401k with some limited health insurance benefits.
I guess I'm interested in what to expect as far as sales go and how much money should be spent on marketing for independent agent. What would be reasonable sales goals for first, second, and third year premiums with P and C. Probably would concentrate on small commercial and like to sell farm packages as a niche.
What are benefits of independent vs a captive that requires so much life, health and bank business? Doesn't seem to me that one man can know all of the ins and outs of banks, insurance, health and really be doing their customers a favor. Just starting to look.
HDLABS

 

[hdlabs]

agent5913
Can you tell me more about the associate agent position?
What kind of money? How long to build up a decent income on renewals? I like the idea of owning an agency one day but don't have much capital right now and kind of want to work in PandC sales to make sure I even like before investing money and time into it. I like what I do now but like the challenge and rewards of income with being in sales. Thanks for any help and advice.