Opening an Ins. Brokerage

[element3453]

Hey I am fairly new to posting on the site. I was hoping for some advice in regards to opening an insurance brokerage? Currently working as an agent through a broker. I have a 20% contract, I know that my manager who works above me gets 5%. He in turn apparently works straight for the owner of the brokerage. My point is I feel I am giving percentages of my commission away to nothing. The brokerage really gives no assistance, most of the brochures and advertisements are from the insurance co. So, in FL what are the requirements to opening a brokerage.....I have had a life and health license for 1 1/2 years. Any advice is greatly appreciated....thanks

 

[STIBROKER]

I have a 20% contract, I know that my manager who works above me gets 5%.

so I take it your not working for NAA.........

 

[rocky top buzz]

The problem you are going to run into is that your brokerage has good contracts because they have lots of premium pooled together by you and their other recruiters, and they are keeping a small portion because it's their business and they have expenses too (liability insurance for example), and I assume like all of us they operate a business for the purpose of making a profit. If you think your current brokerage is shafting you on comp, talk to them about it and/or look for another brokerage to go work for. But if you want to go out on your own, expect to have production requirements of $100k - $250k for every company you represent.

 

[Phil C.]

Do you currently purchase leads yourself or does the company provide them? If you are already buying them yourself I would say start contacting General Agencies in your area and go off on your own.