P&C Combined with Financial Planning

[FloridaFinancial]

Hello,

I am licensed for Life and Health, Series 7 and Series 66. Due to a unique opportunity I just signed up for the P&C course. I have been told that you do not make much money in P&C. I am planning to leverage the P&C business with financial planning. My spouse has a 25 year old successful mortgage business so I have about 75-100 "P&C ready" clients a month. I am wondering if anyone knows of a firm I could partner with that does P&C AND commission insurance/equity transactions?

Thank you!

 

[FL P&C Broker]

75-100 policies is a month would be a full time job for one person. How do you plan to do financial planning as well?

 

[Chkndinner14]

Why do you want to go into P & C? Just because you have potential clients is not the right reason. You will need staff and it is more labor intensive then the financial field. A lot of minor service issues to deal with on a daily basis.

Bottom line- make sure you want to do this. The successful agencies that do both are segmented with specialists. The only way I see you doing this without it hurting your financial planning is to hire someone to do the P & C.

Plus getting good contracts is more difficult than in the L & H field.


Good Luck!

 

[FloridaFinancial]

Thanks for the advice.
I think I am going to do the P&C along with Life and Health. Since I would like to sell annuties and the like and have a Series 7, should I contract with a Broker Dealer for that side of the business to be able to sell best products from different sources?

Thanks again!

 

[moeasadi]

Thanks for the advice.
I think I am going to do the P&C along with Life and Health. Since I would like to sell annuties and the like and have a Series 7, should I contract with a Broker Dealer for that side of the business to be able to sell best products from different sources?

Thanks again!

Yes, but most broker/dealers don't want side business(P&C books).You have to disclose all OBA (outide business activities) to them, and they may approve or disapprove.Waddell & Reeds gave me hard time and I finally did quit security business all together and now only doing P&C.

 

[Chad]

As part of your financial planning business do you ever recommend the outsourcing of specific business functions? (payroll, employee tax administration, human resources, etc)
There are some distinct insurance, liability, & potential tax advantages for some buisness when doing so. Worker compensation insurance and claims management can be outsourced as well and can pay very well in addition to creating a more efficent business. Just a though based on your desire to combine the financial and P & C worlds.

Chad Filley
877-416-0668

 

[tospears]

The logistics involved in 75-100 homeowner insurance policies a month would be extensive. Photographs, realtors to deal with, some carriers have varying qualifications for closing dates that could effect rates.... Take heed to the good advice offered before my post and hire a staff, Customer Service Reps,...