Millionaire Agents???

[SportsNut]

A moderately successful agent could amass a million in 10 or 20 years by being disciplined about investing.

I don't think that it takes a superstar agent. Just a good one with superstar discipline (and a like-minded spouse).

Apparently you didn't get the memo Alston... The OP really didn't mean millionaire, as he doesn't really understand what that is, what he was referring to is someone who makes 1 mil per yr selling ins... without regard to how much of that one would KEEP...

You and I know that there are lots of millionaire agents who have made good money and invested wisely, without the glitz of super high earnings... but have substantial assets as a result. Comparatively, there are some truely high earners who are dead broke, because they spend every dime they make... but that seems to be what is of more interest by the apparent younger OP.

Here was his clarification on the question:

Insurance Agent Forum - Page Not Found

 

[Ron Van D]

I have met in my career a couple of agents who were at the level of annual income:

Dan Burnett (Indiana formerly NML)

Dave Sprinkle (NML/Todd Org)

I think Lipscomb may have done it and perhaps Stinnett as well (Stinnett has other issues now).

Burnett once did a seminar in Milwaukee for the annual meeting where he brought it $1M cash under security to show agents what it looked like. He was not a guy you'd want to have a beer with but a very successful agent.

Not in my book (though I'll agree with the part about not wanting to have a beer with him). I coached his son in soccer years ago and his son told me that Burnett always left the house by 5AM and returned well after the kids were in bed, but, they always had dinner together on Friday. I rarely saw him at a game. I've always felt that there would be plenty of time to make more money, but only a relatively short amount of time to ba a Dad.

 

[Dave020]

Not in my book (though I'll agree with the part about not wanting to have a beer with him). I coached his son in soccer years ago and his son told me that Burnett always left the house by 5AM and returned well after the kids were in bed, but, they always had dinner together on Friday. I rarely saw him at a game.

The last annual meeting I went to (probably 1999 or 2000), he was number one with NML that year and went on a major tirade about them having stopped publishing the "blue book" which is/was a monthly report on agent production company-wide. He then went on a second tirade about how much more important it was to cover a needy family with term than a bunch of corporate executives (this was directed at Dave Sprinkle of the Todd Org, who was sharing the stage at that moment).

He then went on to say that his daughter had apparently qualified to try out for or be in the Olympics, but he was not going to let her try out or compete since she would have to miss school.

I did not mean life successful, I simple meant that he made major dollars as an agent. You make a valid point, to achieve at that level means that there is probably going to have to be a trade-off.

 

[Alston]

Apparently you didn't get the memo Alston... The OP really didn't mean millionaire, as he doesn't really understand what that is, what he was referring to is someone who makes 1 mil per yr selling ins... without regard to how much of that one would KEEP...

You and I know that there are lots of millionaire agents who have made good money and invested wisely, without the glitz of super high earnings... but have substantial assets as a result. Comparatively, there are some truely high earners who are dead broke, because they spend every dime they make... but that seems to be what is of more interest by the apparent younger OP.

If you are just talking about personal production, $250,000 to $500,000 is probably the limit for an individual health agent. The service work and the percentage of folks who keep their policies past the second year keeps you from making more without other agents or a staff.

I'm sure some exceptional group health agents and life agents who focus on estate planning might be able to reach seven figures without help. But those people have to have both God-given talent and exceptional drive.

 

[SportsNut]

If you are just talking about personal production, $250,000 to $500,000 is probably the limit for an individual health agent. The service work and the percentage of folks who keep their policies past the second year keeps you from making more without other agents or a staff.

I'm sure some exceptional group health agents and life agents who focus on estate planning might be able to reach seven figures without help. But those people have to have both God-given talent and exceptional drive.

I agree... and really who wants to make the personal sacrifices involved in time away from family and lifestyle to make 1 mil in this biz...? I would much rather make a comfortable living, be sensical about expenses and invest well, all the while balancing with quality time for family and other aspects to ones life...

The pinnacle of this biz, or other top 1% of sales production is a lonely place. I have been around some of these folks, (mostly outside of ins in other fields), and they have NO life... and really aren't happy unless they are closing a sale... how empty is that...?

 

[bluemarlin08]

In my early years I worked in an environment with many BIG hitters. Being in that environment, and surviving, pushed one to achieve, but at a cost, long hours, total devotion to work etc etc. I discovered I wasn't made for that, I was always sneaking off to go fish or hunt and the powers that were in charge would go crazy because i wouldn't conform. Oh well, I'm still married to the same women for 37 years, went to ALL my kids sports and school functions, had dinner with the family every night and didn't have a any heart attacks, but didn't accumulate as much stuff as they did.

 

[somarco]

I'm still married to the same women for 37 years,

Practicing polygamy?

 

[wildcat]

Some of you California agents may know or have heard of Donald O'donnell. 10 years ago he was writing consistently over 100 health apps per month. Small logo size adds in all of the yellow page books in Ca. A phone call would come in and he would mail out a packet. (pre-internet sales) Overhead costs I'm sure were big. All phonebook and mail. He was in the high 6 figs and low 7's. Just he and his wife. That was when retention was much higher, before internet sales took off. I don't know what he is doing now. Probably retired.

 

[maxis29]

I have a program that will be making some millionare agents right from home

 

[somarco]

Program? Like a software program that automatically finds buyers, generates proposals, takes the app and puts the money in my bank account?