millennialins
New Member
Thanks in advanced! My dilemma needs some background. Basics about me; I'm located in San Diego CA both P&C/L&H licensed active in good standing. I have a very strong mid-level management and sales background in the fitness industry (7+years) with less than 2 years of Insurance experience as a Captive producer.
I have the goal and dream of being an agent owning my own book soon. I started with Allstate working for a great agent 30+yr book for about a year plus with great success selling servicing etc. I averaged 10k new business premium a month but I was still a slave to the ship and wasn't finding the vesting opportunities with Allstate. So I jumped to Farmers 2 months ago as a producer still. I know the crazy stories and such about Farmers but the Agent (again 30+ year book) is great and the agreement offered me a 50/30 split on new/renewals. Sounds GREAT for a new-ish producer no loans no tricky recruiters singing me a song and a dance. So I took it and I was waiting for the ceiling to cave in. I'm networking like crazy and getting leads/quotes BUT the products aren't competitive at all so 30% of nothing is still... I want to go independent but as a millennial with little to know capital it's a death sentence (no appointments, $$ etc.) and I know this. I have contact with an IA who is willing to give me a 50/50 split 1099 contract but no base (or VERY LITTLE). This is the main reason why I haven't done it from day one. I do A LOT of research and I'm great at what I do for my clients. I just don't know if this is the standard for IA producer positions. With my young age (27) I know I still need council before I truly "dive head first" as a agent but I know that Farmers is not for me. If I was worried about product knowledge I would stay captive cause they pay a strong base salary (currently 35k). I don't know if anyone has been in this dilemma? I have no problem putting in the time I know this is a slow game but I still need to eat... Thoughts? Also the agents I worked for have no plans on retiring anytime soon (tried to offer a successor buyout opportunity).
I have the goal and dream of being an agent owning my own book soon. I started with Allstate working for a great agent 30+yr book for about a year plus with great success selling servicing etc. I averaged 10k new business premium a month but I was still a slave to the ship and wasn't finding the vesting opportunities with Allstate. So I jumped to Farmers 2 months ago as a producer still. I know the crazy stories and such about Farmers but the Agent (again 30+ year book) is great and the agreement offered me a 50/30 split on new/renewals. Sounds GREAT for a new-ish producer no loans no tricky recruiters singing me a song and a dance. So I took it and I was waiting for the ceiling to cave in. I'm networking like crazy and getting leads/quotes BUT the products aren't competitive at all so 30% of nothing is still... I want to go independent but as a millennial with little to know capital it's a death sentence (no appointments, $$ etc.) and I know this. I have contact with an IA who is willing to give me a 50/50 split 1099 contract but no base (or VERY LITTLE). This is the main reason why I haven't done it from day one. I do A LOT of research and I'm great at what I do for my clients. I just don't know if this is the standard for IA producer positions. With my young age (27) I know I still need council before I truly "dive head first" as a agent but I know that Farmers is not for me. If I was worried about product knowledge I would stay captive cause they pay a strong base salary (currently 35k). I don't know if anyone has been in this dilemma? I have no problem putting in the time I know this is a slow game but I still need to eat... Thoughts? Also the agents I worked for have no plans on retiring anytime soon (tried to offer a successor buyout opportunity).
