New agent starting out and a bit clueless. Looking for some advice

[Questionguy87]

Hello everyone. I am happy to be part of this new community. I recently obtained my life and health license because I was going to join a friend's agency but realized he was going to pay me shit and decided not to join that. Anyway, I now have a license and can see all the potential income I can be making. However, I know insurance isn't easy and many people quit and I feel that much of that might have to do with starting with the wrong agency or company as that might affect your experience and outlook on the industry. I have been reading through this discussion forum but still having a hard time organizing my thoughts to find what is good for me.

I sent out tons of resumes this past week and was contacted by Banker's Life, Symmetry Financial (the tarr agency is who I talked with), Mike Kruzich (AION agency), Statefarm, Allstate and a slew of other businesses willing to either help me start my own agency or work for them and I am a bit overwhelmed cuz I can't tell what will be worth doing and what would be a huge mistake.

I am interested in having my own business but I know that I need to come under the wing of an IMO or FMO (not sure what the difference is here) as they help me get contracted with carriers (is that right?) and that is not something I can really do on my own I understand. I know that symmetry financial and Aion are IMOs but am I able to work with more than 1 IMO? Is that a mistake?

Is it a mistake to work as a 1099 agent under Bankers Life or one of these other businesses if I do not have much experience or knowledge? I understand that the commission might be high but do they have my interests in mind? Someone like my dad would say to play it safe and work with a business who will pay me a base salary like statefarm or allstate but is that a mistake?

What is the best thing for a person like myself who doesn't know where/how to get started?

I know my questions are very rookie and newbie so if anyone can give insightful advice it would be greatly appreciated. Cheers! =)

 

[DHK]

I'll just add that @FinalExpenseDojo.com (Mike Kruzich) is here.

 

[DHK]

One big thing that will help you first, is to determine what you WANT to specialize in.

This is a business decision, not a job.

What did you have in mind when you first got licensed? What focus was your friend's agency - regardless of what he was going to pay you?

This video is often very helpful for people to help them decide their path and then find companies and organizations to help them towards what THEY want.

 

[goillini52]

I'll just add that @FinalExpenseDojo.com (Mike Kruzich) is here.

Just to clarify for the OP, MK's a member of the Forum.

 

[goillini52]

Hello everyone. I am happy to be part of this new community. I recently obtained my life and health license because I was going to join a friend's agency but realized he was going to pay me shit and decided not to join that. Anyway, I now have a license and can see all the potential income I can be making. However, I know insurance isn't easy and many people quit and I feel that much of that might have to do with starting with the wrong agency or company as that might affect your experience and outlook on the industry. I have been reading through this discussion forum but still having a hard time organizing my thoughts to find what is good for me.

I sent out tons of resumes this past week and was contacted by Banker's Life, Symmetry Financial (the tarr agency is who I talked with), Mike Kruzich (AION agency), Statefarm, Allstate and a slew of other businesses willing to either help me start my own agency or work for them and I am a bit overwhelmed cuz I can't tell what will be worth doing and what would be a huge mistake.

I am interested in having my own business but I know that I need to come under the wing of an IMO or FMO (not sure what the difference is here) as they help me get contracted with carriers (is that right?) and that is not something I can really do on my own I understand. I know that symmetry financial and Aion are IMOs but am I able to work with more than 1 IMO? Is that a mistake?

Is it a mistake to work as a 1099 agent under Bankers Life or one of these other businesses if I do not have much experience or knowledge? I understand that the commission might be high but do they have my interests in mind? Someone like my dad would say to play it safe and work with a business who will pay me a base salary like statefarm or allstate but is that a mistake?

What is the best thing for a person like myself who doesn't know where/how to get started?

I know my questions are very rookie and newbie so if anyone can give insightful advice it would be greatly appreciated. Cheers! =)

I wouldn't recommend Bankers Life or Symmetry. Mike's a nice guy.

Yes, if you're Independent, you can use as many FMO's as you want. Some of the FE FMO's are semi captive.

 

[Questionguy87]

One big thing that will help you first, is to determine what you WANT to specialize in.

This is a business decision, not a job.

What did you have in mind when you first got licensed? What focus was your friend's agency - regardless of what he was going to pay you?

This video is often very helpful for people to help them decide their path and then find companies and organizations to help them towards what THEY want.

Hey thank you for the tips. My friend mostly sold Medicare Supplements which I think is interesting because it might be less difficult to sell than a life policy. I will watch the video. I am ultimately still open to new information that will help me with that decision.

 

[Questionguy87]

I wouldn't recommend Bankers Life or Symmetry. Mike's a nice guy.

Yes, if you're Independent, you can use as many FMO's as you want. Some of the FE FMO's are semi captive.

Hey thank you so much for the response. At first when i discovered that you need to start your own agency under and FMO or IMO and they get a cut of what you do I thought it seemed a little like a pyramid scheme however i guess that is just the nature of the business huh? You cant really sign with a carrier directly? it needs to be that way? Also, can you tell me what is the difference between an IMO and an FMO? I googled it but didnt really get a laymen version

 

[goillini52]

Hey thank you so much for the response. At first when i discovered that you need to start your own agency under and FMO or IMO and they get a cut of what you do I thought it seemed a little like a pyramid scheme however i guess that is just the nature of the business huh? You cant really sign with a carrier directly? it needs to be that way? Also, can you tell me what is the difference between an IMO and an FMO? I googled it but didnt really get a laymen version

A Field Marketing Organization and a Independent Marketing Organization are the same thing, but I guess FMO's are thought to be larger than IMO's.

They don't get a cut of your commissions. They get a certain a certain % from each company, then they give you, usually "street" commissions, which is the aaverage that you get without proof of production. The value you get from a FMO/IMO can vary greatly from one to another.

If you want to lead with Medicare Supplements, you should contact @Todd King. He's a straight shooter and has a full service FMO.

 

[Lawsonhj1]

Hello everyone. I am happy to be part of this new community. I recently obtained my life and health license because I was going to join a friend's agency but realized he was going to pay me shit and decided not to join that.)

I'm in Arizona just curious if you are that self described clueless how you knew your friend was paying you S***? I am not sure why I key in on certain things what was the real red flag? Is your friend or has / she been successful and is there a verifiable track record of bringing on agents? If your friend is successful and you have an escape clause in your contract that is favorable you might want to hang around a bit a sponge before you make that decision.

 

[titeye]

I recently obtained my life and health license.... because I was going to join a friend's agency but realized he was going to pay me shit and decided not to join that. Anyway, I .... can see all the potential income I can be making. However, I know insurance isn't easy and many people quit and I feel that much of that might have to do with starting with the wrong agency or company as that might affect your experience and outlook on the industry. I have been reading through this discussion forum but still having a hard time organizing my thoughts to find what is good for me.

I sent out tons of resumes this past week and was contacted by Banker's Life, Symmetry Financial (the tarr agency is who I talked with), Mike Kruzich (AION agency), Statefarm, Allstate and a slew of other businesses willing to either help me start my own agency or work for them and I am a bit overwhelmed cuz I can't tell what will be worth doing and what would be a huge mistake.

I am interested in having my own business but I know that I need to come under the wing of an IMO or FMO (not sure what the difference is here) as they help me get contracted with carriers (is that right?) and that is not something I can really do on my own I understand. I know that symmetry financial and Aion are IMOs but am I able to work with more than 1 IMO? Is that a mistake?

Is it a mistake to work as a 1099 agent under Bankers Life or one of these other businesses if I do not have much experience or knowledge? I understand that the commission might be high but do they have my interests in mind? Someone like my dad would say to play it safe and work with a business who will pay me a base salary like statefarm or allstate but is that a mistake?

What is the best thing for a person like myself who doesn't know where/how to get started?

I know my questions are very rookie and newbie so if anyone can give insightful advice it would be greatly appreciated. Cheers! =)

It sounds like you are in a state of analysis paralysis, my friend. I think you should take some advice previously given and first decide the type of people you want to help and/or what you really want to do with your credentials. Do you want to work with business owners, young accumulators, affluent seniors, impoverished seniors? Perhaps you prefer wealth management, estate planning, retirement planning, financial planning? Your life and health credentials does afford you an opportunity to live an abundant life. You may later decide you want to add the Series 6, or 7, or even 65.
The reason you have so many options to choose from where to work is because you have something every one of those organizations want, which is a license to sell; and therefore, make them money. The captive companies want you to believe it's their ball and you must play by their rules. The reality is, the pimp is only in the game as long as the prostitute remains insecure and thinks she needs him. If you need a structured training program and not sure what to specialize in, this is a good place to start. Just understand, it is your ball. They cannot play without you. With that colorful analogy said, regardless of what organization you eventually work, you will find both winners and losers. The winners are those who take responsibility for both their successes and failures. Everyone knows who they are. The most successful are few and far between. They hold themselves accountable and responsible for success or failure. The losers are the ones who blame others or circumstances for their failures. It should not surprise you that this is the majority of the population, regardless of what organization you choose.
Wherever you finally decide to land, take responsibility for your own success and failure and hold yourself accountable. In my opinion and 30 years experience, the difference maker will be your willingness to PROSPECT FOR NEW BUSINESS every day regardless of whether you feel like it, or not. Prospecting means only one thing: Putting yourself in position to be told "No!", by either asking for the appointment or asking for the order. Anything less is just marketing. This is a piece of cake, when you are motivated. Extremely difficult, however, when you lack motivation; which is only a matter of "when", not a matter of "if". The only solution to this "success killer" is DISCIPLINE. Discipline must kick in, when motivation wears thin. Although it may make you feel better, it doesn't matter if you negotiate contracts in excess of 150%, if you lack the discipline to continuously subject yourself to rejection. At the same time, there are 1099 agents getting paid only half as much commission at places like New York Life, Ameriprise, State Farm, Bankers, and the list goes on, who are kicking a lot of us independent agents with our high contracts in the ass!

Someone once put this business to me this way, "This game ain't for sissies!" It never occurred to me that the game he was referring to was prospecting.