richreeves
Expert
- 42
If you could go back in time to talk to yourself who is just starting in the insurance field, what would you tell yourself? What pieces of advice would be the best to tell your younger self?
Insurance advice
- Thread starter richreeves
- Start date
- 2,622
Find another line of work. LOL.
(You had to know that was coming.)
Invest in Microsoft in the 1970s and never sell it.
Pick a product with good first year commissions and high lifetime renewals...One that that can be written on a wide range of people and go sell it everyday.
- 1,819
Focus on the positives and don't get in your own head.
Set goals.
Work with people you like.
Pretend like you are broke for the first few months and save.
Don't sign up on this forum.
Set goals.
Work with people you like.
Pretend like you are broke for the first few months and save.
Don't sign up on this forum.
BADTROUT
Guru
Start a forum... invite many geeks, charlatans, and old cynical people to it. Call it insurance-forums and at all costs let p&c producers ignore the senior market forums.
Aside from that, I would recruit less employee producers, and spend more time building agencies.
Aside from that, I would recruit less employee producers, and spend more time building agencies.
Caryn Montague
Expert
- 30
Simple. Stay captive.
I had wonderful PPGA contracts and did ok. However, when I shifted away from production and as insurers books got bought and sold, my commissions' stream suffered. Fighting with insurers to get my commissions despite what my contracts say became a job in itself.
In the long run, the independence was not worth the what seemed like extra comp. With expenses running higher and higher each year, even considering one can be up and running remotely, the lifetime of benefits, overhead, residual income would be greater in a captive situation vs not. Find a company and select a market or two you can live with. My 2 cents.
I had wonderful PPGA contracts and did ok. However, when I shifted away from production and as insurers books got bought and sold, my commissions' stream suffered. Fighting with insurers to get my commissions despite what my contracts say became a job in itself.
In the long run, the independence was not worth the what seemed like extra comp. With expenses running higher and higher each year, even considering one can be up and running remotely, the lifetime of benefits, overhead, residual income would be greater in a captive situation vs not. Find a company and select a market or two you can live with. My 2 cents.
- 11,273
I've already outlined my recommended do's and don'ts in this thread here - in the 'getting started' forum: https://insurance-forums.com/community/threads/guidance-for-new-life-agents.29999/
Caryn brings up an interesting point regarding being an independent agent. I would contradict that by saying that with independence comes more marketing flexibility for marketing yourself and your services. I personally LOVE my flexibility that would otherwise have to be sent to a company's compliance department for review.
Increased compensation is a by-product of being independent. If you're marketing the same as an independent as you are as a captive, then it makes no difference as your benefits and bonuses can more than make up for not being independent. (I understand that NYL used to have a great pension plan for their career agents. Today's contracts are not quite as good from what I've heard.)
You've also got to have a reason to stay at the agency. If that agency isn't helping you with your professional development - then there's no basis for loyalty at that agency. I should've quit that first agency much faster than I did, but I hung on far longer than I should've. Oh well. Live and learn.
Caryn brings up an interesting point regarding being an independent agent. I would contradict that by saying that with independence comes more marketing flexibility for marketing yourself and your services. I personally LOVE my flexibility that would otherwise have to be sent to a company's compliance department for review.
Increased compensation is a by-product of being independent. If you're marketing the same as an independent as you are as a captive, then it makes no difference as your benefits and bonuses can more than make up for not being independent. (I understand that NYL used to have a great pension plan for their career agents. Today's contracts are not quite as good from what I've heard.)
You've also got to have a reason to stay at the agency. If that agency isn't helping you with your professional development - then there's no basis for loyalty at that agency. I should've quit that first agency much faster than I did, but I hung on far longer than I should've. Oh well. Live and learn.
Caryn Montague
Expert
- 30
DHK- You are correct on two key counts: Today's contracts are not as good (or as secure) as they once were and independence may provide more flexibility.
The big difference is in the long game. The big players in today's market will not necessarily be big players in 5 years. As your book of business changes, as insurers merge or change what they sell, etc., your contracts get eroded.
Any outfit that is not investing in their career agents is looking for trouble. However, you have lots of options for your continuing ed and support.
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The big difference is in the long game. The big players in today's market will not necessarily be big players in 5 years. As your book of business changes, as insurers merge or change what they sell, etc., your contracts get eroded.
Any outfit that is not investing in their career agents is looking for trouble. However, you have lots of options for your continuing ed and support.
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- 4,017
Work hard when you're working. When you go home BE HOME. Your clients will come and go. Your company will throw you under the bus, no matter what you've done for them in the past. Your career is only there to serve you and your family. When it becomes a tyrant, take a step back and regroup. Management will seem like a good idea. It's not! Your family needs you, and someday you'll need them. If you're not there for them when you're young, they won't be there for you when you're old.
Some of my co workers that remained on the debit for 30+ years are now doing quite well with the retirement income they have from the captive company. Unlike renewal income, it does not drop or stop if you live a long time after retiring.
