Damion
Expert
I own a business consulting firm which specializes in web design, online marketing, SEO/SEM services and much more, including think tank, generalized consulting, risk management...well, pretty much anything you can think of as it pertains to growing a business, reducing risk and overhead, etc.
I got my Health and Life license a year ago so I could offer offer-funded IUL's to my business consulting clients as part of an "added services" offering for retirement strategy. I had a mentor who knew the industry in and out, but unfortunately was very poor at training/direction so I have not done anything with my licenses since.
Fast forward to a few days ago when I was approached by a State Farm recruiter on LinkedIn with promises of excellent money, trips, bonuses, marketing allowances, etc etc etc, and it got me really interested in opening an insurance office again (something I considered last year as well).
There is so much information (and misinformation) about captive vs independent. I am hoping I can get some quick feedback here.
The appeal to captive from a new agent perspective is having places to write business through, training (TRAINING), and a book of business, or some sort of account package to contact to cross sell. Of course, I am not a fan of building a business that I cannot sell or pass on to my kids, etc, which is a big turn off to me on the State Farm side. I am unsure of other agencies.
The appeal to independent is the ability to write for whomever I can get appointments through, higher commission rates, and an overall more flexibility in the business, but the major disadvantages as I see it are inability to get appointments with no experience, and of course lack of training as a new agent.
Now, I am a reasonable sales person, I am capable of generating my own leads, and developing the business overall. I lack a full understanding of the insurance industry as a whole (getting appointments through carriers, etc). As stated above, I already have my Life & Health. I would go after my P&C first followed by financial (series 6, 63, and eventually 7).
Given my scenario, what advice or plan of action would you take?
I got my Health and Life license a year ago so I could offer offer-funded IUL's to my business consulting clients as part of an "added services" offering for retirement strategy. I had a mentor who knew the industry in and out, but unfortunately was very poor at training/direction so I have not done anything with my licenses since.
Fast forward to a few days ago when I was approached by a State Farm recruiter on LinkedIn with promises of excellent money, trips, bonuses, marketing allowances, etc etc etc, and it got me really interested in opening an insurance office again (something I considered last year as well).
There is so much information (and misinformation) about captive vs independent. I am hoping I can get some quick feedback here.
The appeal to captive from a new agent perspective is having places to write business through, training (TRAINING), and a book of business, or some sort of account package to contact to cross sell. Of course, I am not a fan of building a business that I cannot sell or pass on to my kids, etc, which is a big turn off to me on the State Farm side. I am unsure of other agencies.
The appeal to independent is the ability to write for whomever I can get appointments through, higher commission rates, and an overall more flexibility in the business, but the major disadvantages as I see it are inability to get appointments with no experience, and of course lack of training as a new agent.
Now, I am a reasonable sales person, I am capable of generating my own leads, and developing the business overall. I lack a full understanding of the insurance industry as a whole (getting appointments through carriers, etc). As stated above, I already have my Life & Health. I would go after my P&C first followed by financial (series 6, 63, and eventually 7).
Given my scenario, what advice or plan of action would you take?