Interview with Farmers

[txagt39]

Your response indicated a very good observation, you have to go with faith whatever route you take in life. When I got into the business with Farmers I purchased my office building 6 months into the reserve program. I did the number crunching and could not imagine how I would ever pay for it but we did it on faith. It was a 2,000 building that already had two entrances and two meters so I rented out half to an attorney for a couple of years - the rent paid my entire payment. After the 2nd year we had grown and needed all the space so we didn't renew the lease and we took over all the building, our business grew accordingly. Ten years later we grew to the point we needed to take another huge leap of faith and we purchased a new office with 4999 square feet. We made the move and our business grew again. We sold our old building making a nice profit and now we have significant equity in our new building. Had we waited until I could beyond doubt grow the business to make these expansions possible they would have never happened - you have to take leaps of faith then your production will follow, it's absolutely amazing.

 

[Billy Shears]

Nice thread. I too, would like to thank the long-term Farmers agents that have chimed in on this subject. Just a reminder that a lot more people are reading these topics than just the original poster, and good, solid feedback is more valuable than you realize. Thanks, Guys.

I was on board to start up with State Farm. Just bailed out on the process last week. I have decided to go with Farmers. The Farmers DM and his staff made all the difference. With SF I felt like a soldier awaiting his orders to get plugged into his duties. I must also say, that the "successful" TICA agents I spoke with all had not taken a paycheck for themselves after over a year. Regardless, I also am looking forward to the challenge as a Farmers agent, and like everyone else, I envision success, but the proof is in the pudding. You have to do the work, week in and week out.

 

[Jerbond]

Well I can tell you as an agent working for a brokerage firm. When you cold call someone and say you are from Farmer's- people recognize the name and will associate you with a strong insurance company. When I was calling from "named" insurance brokerage- people would say "who?", Not interested. Although I can beat 90% of Farmers pricing and services- the name recognition is going to get you in the door for the sale. But to let you know, all the agents at my brokerage were in the Farmers program first....

 

[Googly Moogly]

Cahall.....where in Alabama are you located?

 

[PRColorado]

I have worked for State Farm (as a team member) and now starting my adventure with Farmers Insurance. Farmers is alot different than State Farm. I went through the series of interviews for State Farms Agency Program, but I did not like that I might set as a Agent In Training for a while before finally finding the right place. State Farm has a great opportunity, but it may require you moving. Farmers offers a little different of an opportunity. Farmers opportunity seems more like going independent, but having a single company to represent. Again, Farmers opportunity is a captive opportunity, but will not offer the level of support of that of State Farm. Why? At the end of your adventure with State Farm another agent will take over your book of business. The Good News? You start off with a nice commission coming in. The Bad News? Your kid will not be able to take over "the family" business after you retire. Farmers offers the opportunity for the family to take over after retirement. This was one plus for me. Going independent would be amazing, but you must be financially stable to afford it. Insurance is in no way a get rich quick scheme. Farmers offers the opportunity to use their money to get started. The issue with this is that if you do not meet their goals, than they will ask for this money back. If you do continue to meet their goals you are fine. It's all about you. If you are willing to work as many hours as needed to meet these goals go to farmers. If you are looking for good money over the next 30 years, and not worried about it after you retire, State Farm is there for you.

I am also a SF team member, and considering the Farmers Agent opportunity. How long have you been at Farmers? I still have not decided if this is the opportunity that I have been waiting for, or the financial risk that I will regret taking...

 

[Guest]

Hi all - My first post here but I have been in read only mode for a while
I interviewed with farmers also and I think I like what I hear but then again I really have nothing else to compare to since I am new to insurance. I have my Series 7 and 63 though.
The district manager at Farmer's said I pretty much could not sign anything outside of Ohio and that kind of seems like a road block for me. I spend a lot of time in Chicago and Georgia and I would love to be able to work there too. Is it possible to this with other Insurance companies?

 

[moeasadi]

Run away fast and go independent in one of the areas that pays decent. Life, Health and Annuities.

I will approve Chuck comment.
All this captive companies just milk you.If you are serious and you love this business start independent .Just find an independent agency in your area that will give you ownership of your book.I was once Farmers agent and I am glad I left them.
- - - - - - - - - - - - - - - - - -

Well I can tell you as an agent working for a brokerage firm. When you cold call someone and say you are from Farmer's- people recognize the name and will associate you with a strong insurance company. When I was calling from "named" insurance brokerage- people would say "who?", Not interested. Although I can beat 90% of Farmers pricing and services- the name recognition is going to get you in the door for the sale. But to let you know, all the agents at my brokerage were in the Farmers program first....

I must disagree with you. I sell many Travelers policies and never have a problem when you prove them that Travelers has been in business for 150 years, How long Farmers been around? 85-90 yrs
Is Farmers Life products competitive? No way!
Check Nationwide for Life and annuities and Allied for their P&C.
I can compete with any Farmers products, no problem.There are cases that Farmers agents have written Mercantile building under office buildings, Those are the one I can't compete and I let the client know why?
I must admit that their restaurant policies with live entertainment is also hard to beat. But even that I found a carrier for it.

 

[Lyn]

Hi all - My first post here but I have been in read only mode for a while
I interviewed with farmers also and I think I like what I hear but then again I really have nothing else to compare to since I am new to insurance. I have my Series 7 and 63 though.
The district manager at Farmer's said I pretty much could not sign anything outside of Ohio and that kind of seems like a road block for me. I spend a lot of time in Chicago and Georgia and I would love to be able to work there too. Is it possible to this with other Insurance companies?

You should be able to sell any state where you hold a license even with Farmers. Many Farmers agents in my area are dual agents for OK as well.

 

[allan597]

Fifteen years into it, I'd probably do the same thing again just as I did. I went with Farmers because you can hand the business down to family when you get ready to retire, you cannot with Allstate or State Farm. Is it hard, you better believe it is, but what isn't that is worthwhile. We have had agents go independent and closed shop after a couple of years. It is extremely difficult to get a contract with a standard market carrier unless you can promise and deliver extremely high volume and when you consider that each carrier will have their appetite to satisfy you can't put everything with one carrier, they just dont' all want it all.

I can tell you that Farmers does have it's issues but talk to any State Farm, Allstate, Nationwide or other captive agent and there are issues with them all. I know that shortly after I got into the business I was grossing a 6 figure income and while I am in the top 20 percent in my District, I'm not at the top so you can imagine what the top agents are bringing home. Where else can you expect to make that kind of money and have some control over your environment? Definitely not in corporate America that I know of.

If you know up front that you will have to work your tail off and then do it, you will make good money. Will you have stress, sure - that's part of being a good agent who can produce. If you can succeed you shouldn't have to worry about the quota, if you can't meet quota you can't earn enough to pay your bills and overhead anyway. Make sure you have family support so they will understand why you can't pick up and leave the office at 5:00 every day. They will enjoy the rewards, the money, the trips, etc. when they come, and they will come.

Just make sure you sign up with a great DM, there are a lot of lazy DM's with an attitude, they could care less if you make it or don't. Then get out on your own as soon as you can and get off his skirt tail.

Good luck!

Thanks for the advice! I have a question how do I check on the DM? how do I know I'm signing up with a good one?

 

[txagt39]

Thanks for the advice! I have a question how do I check on the DM? how do I know I'm signing up with a good one?

Call and ask some of the agents within the district, call several because many will be a DM's "yes" men and in that case they won't give you the truth. If they are sucking the feed bag of freebies they won't chance messing up the good deal they have going. In general however, my opinion has changed a bit since my original post. Once I learned that 21st Century is stealing our clients with Farmers turning their eye and pretending they don't know, I've changed my opinion of the company. They demand 100% loyalty yet they give none in return. They are watching our PIF dwindle at their hand and blessing - that's not ethical any way you slice it. How can you partner with a company that's stabbing you in the back as they smile to your face? Look long and hard, once onboard it's hard to change course.
- - - - - - - - - - - - - - - - - -

I am also a SF team member, and considering the Farmers Agent opportunity. How long have you been at Farmers? I still have not decided if this is the opportunity that I have been waiting for, or the financial risk that I will regret taking...

All you see is not what you get. Ask them about their policy allowing 21st Century to pilfer your book of business when we are forbidden to take one of their accounts? There is nothing ethical about how Farmers is being operated right now. What goes around comes around. Don't get caught laying in the road when the steamroller comes through. Ask your DM now for a legitimate answer, BEFORE you sign up. I can't get anything from mine, he knows we're getting screwed.