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Hello,
25 and I've been in the business for 1.5 years now. I'm currently at a captive agency that does exclusively life insurance, and investments. All that's in house through the life insurance company and it's subsidiary broker-dealer. It also allows us to have outside appointments to do a little bit of health insurance, disability insurance, and medicare supplement and all that stuff. Just to give you an idea of where I'm at now.
I've recently talked to an independent insurance company that's owned by a small regional bank. They do everything from P&C, to life, to investments. And pretty much everything else.
So my question is, is there a way I can take a multi-faceted approach to building my book of business? For instance, instead of having 300 P&C clients, I have, say, 150 clients that I have P&C (auto and home), life, and investments.
So, for instance, say I have the Smith family. They would have:
Of course, those are very generic, and conservative numbers (I think), and that's just renewals and doesn't account for an initial commission on life, or any IRA rollovers. But that's $719/yr/client. Times that by 150 and you've got $107,850/yr. Of course that's before the agencies cut and taxes, but I could live with that I think.
Any ways, if anyone has an insight on this, or has done it, please give me some advice. I'm stuck in a hard spot because although I want to continue to be in the life insurance industry, as I think it's VERY important, I just can't seem to get in front of people that want to talk about life insurance (including most friends and family) and I feel like I can help so much more by being that all-in-one guy.
25 and I've been in the business for 1.5 years now. I'm currently at a captive agency that does exclusively life insurance, and investments. All that's in house through the life insurance company and it's subsidiary broker-dealer. It also allows us to have outside appointments to do a little bit of health insurance, disability insurance, and medicare supplement and all that stuff. Just to give you an idea of where I'm at now.
I've recently talked to an independent insurance company that's owned by a small regional bank. They do everything from P&C, to life, to investments. And pretty much everything else.
So my question is, is there a way I can take a multi-faceted approach to building my book of business? For instance, instead of having 300 P&C clients, I have, say, 150 clients that I have P&C (auto and home), life, and investments.
So, for instance, say I have the Smith family. They would have:
- ((2 vehicles)*($100/mo)*(12mo))*15% = $360/yr
- ((1 house)*($1,000))*15% = $150/yr
- ((2 term policies)*($650))*5% = $65/yr
- (($300/mo dollar cost averaging)*(12))*4% = $144/yr
Of course, those are very generic, and conservative numbers (I think), and that's just renewals and doesn't account for an initial commission on life, or any IRA rollovers. But that's $719/yr/client. Times that by 150 and you've got $107,850/yr. Of course that's before the agencies cut and taxes, but I could live with that I think.
Any ways, if anyone has an insight on this, or has done it, please give me some advice. I'm stuck in a hard spot because although I want to continue to be in the life insurance industry, as I think it's VERY important, I just can't seem to get in front of people that want to talk about life insurance (including most friends and family) and I feel like I can help so much more by being that all-in-one guy.