New 2 the Industry...Please Help Me, My Life is on the Line.

[RookieProducer]

I am newly licensed in NJ. I am so excited to start working, but I am fearful for many things. I have not started working with any broker I worked for AllState for 2 seconds until I realized they are very uncompetitive and that I would not own my book...


My question is...


What do I do? I want to work for an independent broker... I want to be able to build a book... So that if one day I decide to, I can open my own Independent brokerage...?

What type of agreement should I be getting from a prospective Broker? How do I protect my book? What type of terminology should I be using to negotiate when I meet with broker/agents?

I may never open my own place... but I have a ton of business that I know I will be getting and am even holding off because I am scared... 1 deal right now is for 100 commercial buildings my cousin owns...

I just want to make sure after busting my ass after 5 years, I have a book and documentation... so if I need to leave or am forced to leave,(agency closes or is sold, etc) my business comes with me.... and I will always get payed my residual... and what is fair in the independent world? Since I will have no insurance and benefits and I will be 1099...


What do I do? I am desperate to start working... but I am stuck in limbo...?


Please please help me you veterans...I want to feel comfortable to pick a broker and start working...

 

[MrProducer]

what lines of insurance are you looking to sell? Just P&C?

 

[RookieProducer]

Mostly p&c but I have my l&h so why not
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Mostly p&c but I have my l&h so why not

 

[jhuang]

People will say L&H for immediately cash flow, and P&C for lasting residuals (unless you go for large premium accounts).

 

[RookieProducer]

I dont think any of you even read my question... I am not asking about whether to sell L&H or P&C... I am asking about how to protect myself and make sure I am working for the right broker, so I dont get screwed out of my book or lose my residual... can someone please help me...

 

[Norwayguy]

I dont think any of you even read my question... I am not asking about whether to sell L&H or P&C... I am asking about how to protect myself and make sure I am working for the right broker, so I dont get screwed out of my book or lose my residual... can someone please help me...

They read your question and the answer for L&H is night and day from P&C....For Life and Health you can contract with carriers, imos fmos and own your book now...For P&C unless you go out on your own to do that now with no prior experiecen would mean with a cluster would be more difficult to protect yourself you will want to read very carefully and even have a lawyer review any contract you have with and Agency and you will want a contract so there is no dispute as to what the divorce clauses are.

 

[Hopwood04]

If you are an independent broker, the book of business is yours no matter what any company says. Choose an IMO and license with a few companies, buy some leads and go sell.

 

[RookieProducer]

Hopwood 4, if I have you my number would you call me to discuss? I am so confused...

 

[Josh]

If Allstate was offering you a salary and training, ditching them may have been a bit premature.

Before I say anything else, judging from the title of this thread and how desperate you sound, this might not be the right industry for you or at least not the independent route. If you're going indy and want to own your book (even if it's working under someone else's shop), you're going to have to go on a straight commission and it will most likely take time to build up your commissions. If you aren't prepared to be broke for a while, you may want to consider doing something else.

If you go against the advice of moving on, you probably need to find an indy agency that will work with you on a split basis and let you own the business. Considering how much training and help it sounds like you'll need, you may not be able to find someone willing to go more than 50/50, but that can also change a lot depending on how much business you're bringing.

To answer the question of "I have my license, so why not" in reference to selling life and health, the answer is because it's infinitely more work than you seem to think it is. Finding prospects, being proficient with products, getting appointed, and working through life or health are different critters and a serious commitment. Life agents are different than health agents, even within the senior market. The guys and gals that sell FE are a different breed than those that primarily sell Med supps. The folks that sell auto and homeowners are different than the folks that sell commercial insurance. It's a much more specialized industry than I believe you're giving it credit for.

Bottom line: You should probably go work somewhere else because it sounds like you're not financially/emotionally prepared for this (Please help me, my life is on the line is more than a bit dramatic). If you decide to roll forward anyway, look for an indy shop that will put you on a decent split and provide support so that you can get all the hand holding you need and have an agreement where you own the business, a lot of independent multiline agencies already have programs like that in place.

Good luck with whatever you do!

 

[Bob Klee]

I'm with MSP.

I'm also an x-Allstate guy They never would have taken your cousins 100 commercial units. Nor would any captive company that I'm aware of. Allstate is NOT a bad deal for a newbie to get his feet wet & learn the business.

You seem to want to get a FAST start without paying the dues, bumps & bruises it takes to become successful. There are NO shortcuts that I know of to get you the experience you need. Passing the License test is just a "License to learn." You know NOTHING. Trust me.

So, if you are in "panic mode" to earn money via shortcuts, then this is the wrong field. But, that is why there is such a turnover in new agents. They get in with $$ signs in their eyes without knowing the commitment it takes to become a professional.

I wish you the Best of Luck. Hopefully you can find someone to take you in & mentor you.