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You should see the look she gives you when you she gets accepted to College and Realizes that her parents purchased her a life insurance policy as opposed to a 529 plan.
Starting own agency- any advice is appreciated!
- Thread starter Maxxh66
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The look reverses when they don't have to care for you in retirement.
However, I have never liked the idea of life insurance SOLELY for college planning. I consider college planning a secondary benefit to what I do, not the primary reason for doing business.
https://www.davidkinderfinancial.com/post/why-college-planning-is-a-by-product-of-the-planning-i-do
However, I have never liked the idea of life insurance SOLELY for college planning. I consider college planning a secondary benefit to what I do, not the primary reason for doing business.
https://www.davidkinderfinancial.com/post/why-college-planning-is-a-by-product-of-the-planning-i-do
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I won't dive into the specifics, but I will share a few observations. First, I know a lot of very successful producers who either started their own or bought an agency -- and failed. Not because they weren't smart, successful enough as a producer, or anything of the like. A successful producer, manager, or team leader doesn't always equate to being a successful agency owner. True, both are business owners per se... BUT... they are completely different businesses with very different business models. I also know many people who started a "scratch" agency, and many who failed, and many who succeeded. That said, how are going to recruit, train, manage, and navigate the relationship, with a producer who is a bigger producer than you were? Think about it.
Second, their is a motivation behind owning an agency. Not to oversimplify it, however, it's very clear, and very simple as a concept. Leverage. You make money on other people's production. If you produce $1mm a year in life premium as a producer, your motivation to own an agency -- is to make money on other producer's production -- and have X number of producer's producing $Y dollars in life premium. Risk vs. reward. Ten years into my career I was offered an opportunity to buy (with a partner) a successful (mutual) general agency. I knew what I knew, but what I knew even better... was what I didn't know! I didn't do it. I've been offered additional opportunities over the course of 35 years.
Third, your decision will be based upon many things, countless things, one of which is "body of experience" -- and after 6 or so years in the business, there is a limited body of experience there, in every capacity you've served, and in the others you haven't. You don't have a lot of experience in several areas, and no experience in others. And, your experience in areas where you do have it, is rather limited. Check your motives. What are you really trying to get to here? It's still very early in your career, with a great deal to learn.
Get educated. Be educated. Learn, do due diligence, surround yourself with others who you can learn from. Good luck and all the best with your decision making and your endeavors.
Second, their is a motivation behind owning an agency. Not to oversimplify it, however, it's very clear, and very simple as a concept. Leverage. You make money on other people's production. If you produce $1mm a year in life premium as a producer, your motivation to own an agency -- is to make money on other producer's production -- and have X number of producer's producing $Y dollars in life premium. Risk vs. reward. Ten years into my career I was offered an opportunity to buy (with a partner) a successful (mutual) general agency. I knew what I knew, but what I knew even better... was what I didn't know! I didn't do it. I've been offered additional opportunities over the course of 35 years.
Third, your decision will be based upon many things, countless things, one of which is "body of experience" -- and after 6 or so years in the business, there is a limited body of experience there, in every capacity you've served, and in the others you haven't. You don't have a lot of experience in several areas, and no experience in others. And, your experience in areas where you do have it, is rather limited. Check your motives. What are you really trying to get to here? It's still very early in your career, with a great deal to learn.
Get educated. Be educated. Learn, do due diligence, surround yourself with others who you can learn from. Good luck and all the best with your decision making and your endeavors.
gpinkerton
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If you don't mind moving to SW Arkansas, you can buy me out. Very easy terms , great opportunity.
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