Is My Progression On or Off Track?

Nov 15, 2008

  1. insurehound
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    insurehound Guru

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    Hi there-

    I have been in the insurance biz now for 5 years. My income has been up and down over the years. Even on the "up" side, my income is not even close to what I made working in another career being paid salary and commission. I am sure the learning curve has affected me with my income potential.

    There has been a lot to learn as I am a broker that represents several different lines of insurance. I have been more fortunate than others as I do work with my family's firm that has been around for some time.

    I like what I do and feel that I can make it if I can just stick with it and keep charging. My networking and referral system is just now starting provide business. But when do you know that you need to cut your losses and move on?

    It's a tough question I know and would appreciate any advice.
     
    Last edited: Nov 15, 2008
  2. patch36
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    patch36 Guru

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    What lines are your primary source of income?
     
    patch36, Nov 15, 2008
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  3. Mark
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    At 211 degrees, water is hot.
    At 212 degrees, it boils.
    The difference is 1 degree.

    Don't give up at 211 degrees. You might not relize that you are just 1 degree away from boiling.

    Have you ever thought about the failures of A

    braham Lincoln?
    YEARFAILURES or SETBACKSSUCCESSES
    1832 Lost job Defeated for state legislatureElected company captain of Illinois militia in Black Hawk War
    1833Failed in business Appointed postmaster of New Salem, Illinois
    Appointed deputy surveyor of Sangamon County
    1834 Elected to Illinois state legislature
    1835 Sweetheart died
    1836Had nervous breakdownRe-elected to Illinois state legislature (running first in his district)
    Received license to practice law in Illinois state courts
    1837 Led Whig delegation in moving Illinois state capital from Vandalia to Springfield
    Became law partner of John T. Stuart
    1838Defeated for SpeakerNominated for Illinois House Speaker by Whig caucus
    Re-elected to Illinois House (running first in his district)
    Served as Whig floor leader
    1839 Chosen presidential elector by first Whig convention
    Admitted to practice law in U.S. Circuit Court
    1840 Argues first case before Illinois Supreme Court
    Re-elected to Illinois state legislature
    1841 Established new law practice with Stephen T. Logan
    1842 Admitted to practice law in U.S. District Court
    1843Defeated for nomination for Congress
    1844 Established own law practice with William H. Herndon as junior partner
    1846 Elected to Congress
    1848Lost renomination (Chose not to run for Congress, abiding by rule of rotation among Whigs.)
    1849Rejected for land officer Admitted to practice law in U.S. Supreme Court
    Declined appointment as secretary and then as governor of Oregon Territory
    1854Defeated for U.S. Senate Elected to Illinois state legislature (but declined seat to run for U.S. Senate)
    1856Defeated for nomination for Vice President
    1858Again defeated for U.S. Senate
    1860 Elected President

    My point is don't give up. You may just need to come up with a new game plan.

    There are tons of successful agents out there. Just find them and learn from them and copy what they are doing.

    Read this book
    Amazon.com: How I Raised Myself from Failure to Success in Selling: Frank Bettger: Books?

    We all have bad years, and times when we want to give up. I'm telling you to get back in the game and don't give up. You may just need to change how you are selling insurance and come up with a new gameplan.

    I would like to talk with you and let's see if I can help you. There was tons of times that I thought about giving up, but I'm glad that I didn't. I love what I do and I would not do anything else in the world. I get paid to help people.

    Mark Rosenthal
    [email protected]
    www.realfastservice.com
     
    Last edited: Nov 15, 2008
    Mark, Nov 15, 2008
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  4. insurehound
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    insurehound Guru

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    Life, Health, LTC and Annuities are my primary sources of income.
     
  5. Insuranceman
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    From time to time I run into ex ins. agents I started in the business with back in 2001. All of these guys have floated from job to job that they hate working barely making ends meet. I glad I stuck it out I'm now making more money in renewals each month than these guys slaving 40 to 60 hrs. a week with no job security.
     
  6. insurehound
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    I guess what I'm looking for is how long it has taken many of you to "hit your stride". Some say the 5 year mark, 3 year mark, 8 year mark, etc. I know we're all different and progress differently but it's nice to hear what the number is from your experience.

    One of the nice things about a forum is that we have some anonymity so that hopefully the "BS" factor is kept to a minimum.

    When I have asked this to the few agents I know, I always seem to get unrealistic time lines that I know to be false.

    i.e. don't tell me you're making good money in one year when you drive a beat up 1992 Chevy Malibu and are living with your folks on a permanent basis.
     
  7. Peelerinsurance2
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    Peelerinsurance2 New Member

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    Last edited: Nov 16, 2008
  8. patch36
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    I starting making decent money the year after I gave up on P&C and concentrated on Life & Fixed Index Annuities. I never made much with my securities licenses either, and once I started concentrating on the Senior Market I haven't used my securities licenses much.

    Sooo. Years 3, 4, & 5 have been ok to good. This last year which is year 6, I gave up my office, moved it to my home, have concentrated on referral business and servicing existing clients, and have had my best year ever in terms of net income. I made about every marketing blunder you can make, but learned something valuable from each one. I have thought of going captive and/or leaving insurance many times, but a better opportunity never came up that suited me. Now I can't imagine doing anything else.

    I work hard this time of year, but many months I barely work and still make a decent living. Perhaps the family agency itself is a drain to you financially? Perhaps going totally independent is an option? Are you splitting commissions with the agency? When I went totally independent, gave up the overhead of the brick & mortar, and concentrated on less expensive marketing and referrals my business blossomed.

    Perhaps you are ready for a change, but don't throw away your experience and knowledge. Look for new ways to use them.
     
    patch36, Nov 16, 2008
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  9. bill3173
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    bill3173, Nov 16, 2008
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  10. somarco
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    somarco GA Medicare Expert

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    If you haven't made what you need to make in 5 years one of two things need to happen.

    First, you need to find something you are good at and focus on that. Spreading yourself thin will dig a hole that you will never be able to crawl out of.

    95% of my income is health. The other 5% comes from selling life, dental, drugs . . .

    I focus on health because that is what I know, that is what I have a passion for, and that is where I do my best work. Few can match my abilities in the health business so I really don't have competition.

    Not bragging, just fact.

    When I get distracted and think I need to write more life or disability or LTCi my income drops.

    Wrong.

    You don't have a primary source.

    Each is a different kind of sale. Each is a different market.

    Trying to be effective in all 4 of those markets means you are effective in none of them.

    So what is the second thing?

    Get out.

    If you can't find your passion you need to move on.
     
    somarco, Nov 16, 2008
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