New Agent - asking for guidance and advice

[fed up]

Thank you, Fed Up, I have Googled as I am a researcher by nature. I think I was too short-sighted in my search, however. I focused on who was hiring via social media and not knocking directly on the doors of the brokerage firms (save a few - and was not impressed). I will continue my search with your guidance in mind. Very valid point. Although I have been offered jobs with larger companies, it doesn't sit well with my soul. I have that entrepreneurial spirit and being a "company man" doesn't suit. Again, thanks for the advice!

When you were buying mineral rights you were offering hundreds, if not thousands, of dollars to people, some of whom had no idea that they owed the rights. Insurance is nothing like that. If they call you they have an immediate need which you may be able to fill except when they have been diagnosed and the results aren't good. When you call them you are rarely the first person to call and you have to find the need.

Releases and no competes are about as worthless as the paper they are written on. That is one reason to sign with 1 company and learn as much as you can, good and bad. You leave and sign with the next company until the release or no-compete is over. There are lots of insurance companies out there, don't worry about it in the beginning.

 

[LostDollar]

Hi Lost Dollar. Leasing minerals means you have already done your due diligence - or you are a fool if you haven't (O&G companies contract with you to get the job done right and if you do not lease the right individual in the correct amount, you will not be hired again. By that company or any other). My responsibility was to research the county records (Patent to Present), find out who owned the minerals, and in what percentage. Then I located the owners of that mineral interest through various methods and made the call or went to their last known address. Some folks (descendants of mineral interest owners) were not even aware they had a mineral interest until I called them. I hope that gives you more insight? If not, I am happy to explain further. Just let me know.

Caveat, not an agent.

Since I am not an agent, I can't discuss this with you in depth, but your post expresses the concept I wanted you to see.

You had a process for developing "leads". Obtaining "leads" is a topic much discussed in threads on the site.

While I don't know this for a fact, I would think it likely that once you developed your business process, you would be calling someone about life insurance or a medicare product based on some type of "lead" which would give you some similarity to the process you were used to in your previous endeavour. While the situations might not be as concrete as you would like, they may also not be quite as vague as you are worried about.

Ultimately then, I would guess your communications sensitivities and skills would be a significant key to success or failure.

 

[JillB]

I would always suggest that someone who wants to proceed with this business as a profession take the time to speak with someone over a cup of coffee and a list a questions.

Beware though, salespeople seem to be too easily sold!

Speak on at least 3 different types of options:

1. Companies or direct captive
2. FMO / IMO
3. Independent Agents (I am one, might I suggest you seem like you might make one as well)

Look for folks that are old in the business but still get out and sale as opposed to just marketing.

Wish you the best in what could very quickly become the place you make your mark.

Life Hawk, thank you! I feel pressure right now from these larger outfits to make a commitment. I will likely continue my search until I find the right fit. The large corporate mentality is just not my cup of tea. I am hopeful I will make my mark!

 

[DHK]

DHK, thank you for your reply. I did like the video, especially the "disarmingly honest" comment.


I wish I did know what I wanted to do. It isn't that I am convinced Medicare is right for me, however, I am interested in learning any/all aspects of this business. The 6-week training course offered through Select Quote appealed to me. The other aspects did not.



DHK, I am open to learning anything. I was successful at leasing mineral interest back in the day which is nothing but cold calling. But, I knew they had something that I wanted (a signed lease), and I was doing them a huge favor by offering them money. Given that scenario, it was easy for me to pick up the phone and chat them up. I knew what they "needed" so to speak. If I don't have any information on what a person's needs are, how am I helping? What do I have to offer?

Frankly, I think I do not know enough about this industry to ask the right questions and that terrifies me. I'd prefer to make the right decision out of the gate. Perhaps that is naive on my part and I will have to learn many things the hard way. There is so much opportunity out there and everyone I speak to seems eager to hire me. It's all so overwhelming. I would like to work independently while having a mentor and the opportunity to train - not tied to any particular segment of the industry. Given this new information about my situation (not focused on Medicare necessarily), would you have any additional advice? BTW, thanks a million for taking the time to reply!

This industry is vast with what you can do.

I put together two videos on my YouTube channel that may be helpful for you:

(I need to re-record this):


My guide to interviewing the interviewer:

 

[JillB]

Releases and no competes are about as worthless as the paper they are written on. That is one reason to sign with 1 company and learn as much as you can, good and bad. You leave and sign with the next company until the release or no-compete is over. There are lots of insurance companies out there, don't worry about it in the beginning.

Hey Fed Up, thanks. So I am clear - if I sign up with a company that acts as a broker offering many carriers (20 or more of the best carriers out there) but I am an employee (W2), how do I leave that company without releases and make a living? Am I not barred from obtaining appointments with those 20+ carriers for a minimum of 6 months? I understand it would not affect me if I went to a company that offered its own policies (State Farm, Allstate, Horace Mann, etc.), as I would have many carriers to choose from when I left, but a brokerage company seems like a whole different issue.

This is likely one of those situations where I do not know enough to ask the right question. I have read as much as possible on this subject - obtaining releases - and it appears to be a very important item to consider when looking for the right outfit to work with/for. Did I misunderstand or where you referring to working for a company that sells just their policies?

Thanks for taking the time out of your day to address my questions. I do appreciate it!

 

[fed up]

if I sign up with a company that acts as a broker offering many carriers (20 or more of the best carriers out there) but I am an employee (W2), how do I leave that company without releases and make a living?

First, you have to be appointed by the individual company in order to represent them and I would suggest that if you are looking at the health and life line of business you work for a small broker or one of the larger MLM companies and LEARN the business. Don't go somewhere with 20 carriers until you know which line you like and who the better carriers are. I put up with Bankers Life for over a year and when I left I couldn't sell Bankers or Colonial Penn. Big Whoop! There are plenty of LTC carriers, med supp carriers, MA carriers, and life carriers. Let's face it ALL insurance companies are LARGE corporate environments. Would you rather cut your teeth knowing that someone is there to offer advice and hold you hand, or flounder because you know nothing and there is no one to turn to. Go captive for 90 days, go through one company's educational plan, and keep your eyes open for the next opportunity

 

[JillB]

This industry is vast with what you can do.

I put together two videos on my YouTube channel that may be helpful for you:

(I need to re-record this):


My guide to interviewing the interviewer:

David, you have a great voice. I will finish listening to these videos later this afternoon. I still have two more interviews today. From the 4 interviews (including assessments, etc.) and 3 offers I've received so far, one thing has been obvious to the recruiters and hiring managers - they have to allot more time for someone like me. I ask questions and a lot of them. I completely agree with you, I am the one at risk. I am really looking forward to reviewing your videos when I can devote my undivided attention to them this evening. Thank you so much for taking the time to share your knowledge and experience!

 

[JillB]

First, you have to be appointed by the individual company in order to represent them and I would suggest that if you are looking at the health and life line of business you work for a small broker or one of the larger MLM companies and LEARN the business. Don't go somewhere with 20 carriers until you know which line you like and who the better carriers are. I put up with Bankers Life for over a year and when I left I couldn't sell Bankers or Colonial Penn. Big Whoop! There are plenty of LTC carriers, med supp carriers, MA carriers, and life carriers. Let's face it ALL insurance companies are LARGE corporate environments. Would you rather cut your teeth knowing that someone is there to offer advice and hold you hand, or flounder because you know nothing and there is no one to turn to. Go captive for 90 days, go through one company's educational plan, and keep your eyes open for the next opportunity

Fed Up, that is exactly what I want to avoid - "Would you rather cut your teeth knowing that someone is there to offer advice and hold you hand, or flounder because you know nothing and there is no one to turn to". I certainly do not wish to flounder and inadvertently harm the person I signed up due to my ignorance. I will continue to do my part in researching the smaller brokers and find the right fit. Thank you for your input. It does mean a lot to me.

 

[fed up]

Fed Up, that is exactly what I want to avoid - "Would you rather cut your teeth knowing that someone is there to offer advice and hold you hand, or flounder because you know nothing and there is no one to turn to". I certainly do not wish to flounder and inadvertently harm the person I signed up due to my ignorance. I will continue to do my part in researching the smaller brokers and find the right fit. Thank you for your input. It does mean a lot to me.

All insurance coverage can be changed, there is nothing you will sell that can't be rewritten by another agent at another time unless the health is a factor. What you have at the time of the appointment is the best available until you find something better. A med supp is the best protection for medicare until you figure that Medicare Advantage is better, or vice versa. My point is, don't go independent at the start worrying about which carriers offer the best coverage and get appointed with them only to find out you hate the people and now you are blocked from selling the plan. Learn from the inside and have a great time. Good Luck to you whatever direction you take

 

[JillB]

This industry is vast with what you can do.

I put together two videos on my YouTube channel that may be helpful for you:

(I need to re-record this):


My guide to interviewing the interviewer:

David, the videos were fantastic. I found your your use of the Monopoly board priceless for someone new to the business. Thanks again for sharing your experience and wisdom.

Note to all those new to the industry, I would highly recommend watching both of these videos for the purpose of interviewing and figuring out what market you want to target.