State Farm Vs Edward Jones

[patch36]

Sure.

My perspective is a little different. I had a good job in Corporate America. I lost my job in the early 2000's. I would have never given up my job to become an insurance agent. I became an insurance agent because I lost my job and could not find anything that was even close. If middle age is 40, I was nearly 10 years beyond that without a lot of options. Now, 6 years later, I am again fairly secure and making a good living. It was not a easy road and certainly not one I would have willingly chose.

So my advice is a series of worn out cliches. 'Don't burn bridges, don't give up your day job, and the grass is always greener'.

 

[ABC]

Interesting

What your making right now would take maybe 3 years in the insurance business even with your connections. You would have to write at least $1,000,000 in premium.

On the investment side your contacts could pay off much higher.

I had a friend that went to EJ and made about $80,000 his first year. He then was recruited to another firm.

If you were going to choose between the two I would go with the investment side.

I have a couple of friends that are in your field and they have said the same thing to me about being capped at a certain pay level. Right now $60,000 + bonus is a solid gig.

 

[oicu812nbama]

easing into the business is solid advice. dont quit your day job until you know you can sell. I know your are a salesman now but insurance is different. alot of insurance products people don't have to have. the ones they do; auto and home; the commissions are low and alot of companies are competeing. You will probably take a pay cut at first. you will need 50k to start a pnc agency, after 5yrs if you hustle and can sell your salary will double. I bet you will work twice as hard as you do now. Find turnkey businesses that you don't have to know the biz to make money. theres alot to learn in the insurance biz. my $.02

 

[insfuture]

I am in a similiar situation.
Currently, I have job were I make about $60,000 a year.
Got my L&H license, Series 7 and 66 about 4 years ago and started with an independent part time.
I am now considering going full time with a local P&C agent plus doing my investments.
The decision to go full time is a tough one because the other job provides easy money.
But over the past 4 years, I have proven that I can make money in this business.
I do believe some folks hold out on you when they find out you are part time. They are waiting to see if you are fully committed to the business. That is the main reason I looking to go full time now.
If I decide to go full time, at least a few of the tough years I have already been through.
Anybody else been this route before??

 

[XEDJ]

Worked for EDJ

Do you have any specific questions about Edward Jones? I just left them and can answer any questions that you have. I only worked there just over a year, but know a lot about how the company works.

 

[xrac]

I have taken a good look at both opportunities and have remained an independent life and health producer. I am still in the approved candidate pool with State Farm. However, I am very content with what I am doing. There is just too much freedom and reward to give up for me.

Sounds like you should just continue what you are doing.
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Sure.

My perspective is a little different. I had a good job in Corporate America. I lost my job in the early 2000's. I would have never given up my job to become an insurance agent. I became an insurance agent because I lost my job and could not find anything that was even close. If middle age is 40, I was nearly 10 years beyond that without a lot of options. Now, 6 years later, I am again fairly secure and making a good living. It was not a easy road and certainly not one I would have willingly chose.

So my advice is a series of worn out cliches. 'Don't burn bridges, don't give up your day job, and the grass is always greener'.

Patch, been there done that and agree with you.
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How large is the area in which you live? If it has multiple brokers local I would probably talk to other brokerage firms and insurance companies. Don't rule out Metlife, Mass Mutual, NYL, Guardian, or the major and regional brokerage firms. have you talked with other companies? Don't limit your choice to SF and EJ if you haven't consider others.

 

[mccartney_1999]

Re: Worked for EDJ

Why did you leave EJ and how much did you make there?

 

[XEDJ]

Re: Worked for EDJ

Why did you leave EJ and how much did you make there?

A lot of reasons: The comm. split isn't great, limited products, cookie cutter advising, poor local support, and lots of kool-aid drinking. Like some posts said EDJ is a good firm to start with to get your licenses but thats all. Oh, read your contract very carefully.
Starting salary is about 22k a year which goes away after a several months, if you succeed you can make 100k+ after 5 years.

 

[Paradigm]

Re: Worked for EDJ

A lot of reasons: The comm. split isn't great, limited products, cookie cutter advising, poor local support, and lots of kool-aid drinking. Like some posts said EDJ is a good firm to start with to get your licenses but thats all. Oh, read your contract very carefully.
Starting salary is about 22k a year which goes away after a several months, if you succeed you can make 100k+ after 5 years.

And dont forget you must be f/t with EDJ and have no other job not even a part time deal. Total ownership of you it appears. I have abuddy who has been with them nearly a year...he loves them. Says he is exceeding his plan numbers but I'm not sure what that means.

 

[XEDJ]

Re: Worked for EDJ

Says he is exceeding his plan numbers but I'm not sure what that means.

You have weekly/monthly commission numbers you MUST hit or an employment decision will be made.
But those hurdles are low compared to other brokerages like Merrill lynch ect... You won't own your book of business for the first three years though, and they will fight tooth and nail to keep your clients if you leave afterward. I guess for the right person I can see how EDJ could be a good fit. Don't be fooled though you aren't in business by yourself like they claim, the position is very much captive.

Looking back at the first post, about EDJ paying for your office/expenses: I would ask a veteran about the profit and loss statement, because the office bills come from your P/L it's not paid by the firm. So if you have high rent then that comes out of YOUR check. I would do more research online about EDJ before you sign the contract, so you know a little more about what you're getting into.