Trying to Start of on the Right Path-Please Help!

[KiminCincy]

I am trying to set myself up to begin a career in the Insurance Industry. I have pretty much decided on Med Supp/Final Expense. And after that, I'm confused! Having read ALOT on this site, I beleive I am suffering from information overload. I need your expert advice and help.
I am not sure whether it is better to sign up with a company like Equita under someone like HoosierDaddy or Newby, or directly with companies like RNA, Presidential, Americo, etc. I should say I have some money for leads, but not 2k a week. I definitely need some training, but at some time down the road, I'd like to strike out on my own. So, I don't want to be tied down forever.
A little background: I am a real estate refugee. I know how to market (that industry), and I'm not afraid to door-knock. I am willing to work 60 hours a week or more. I just want to work smart with my time and money.
What do I do? Contract with several companies and buy leads from some of the lead companies recommended here and never be obligated? Or seek the cover and tutelage of The Masters of the Industry, but not be my own provebial 'Man'?

 

[Josh]

First, welcome to the forum!

Most new agents fizzle out for two reasons, 1, they don't get the right training, and 2, they don't get in front of enough people.

You're probably better off working under the arm of an agent or agency that will provide you training and support. One problem agents have in considering whether or not to go direct and be their "own man" is they are under the impression that there is something wrong with an upline being paid for teaching the agent how to work the business. If an agent wants a high contract and the ability to run out whenever they want they can't reasonably expect an upline to be particularly invested in them. If you want to get solid training and support, you're going to need to get over the fact that you're going to need to give up a chunk of your commissions in exchange for that and you should commit to staying with that upline as long as you've reasonably discussed with them. Honestly, in just the cases you'll get help placing and the training you could easily make up for a 15%-20% cut in your commissions if you're working with the right type of people. I've recently (within the last year or so) made the switch back to life insurance and have about half a dozen agents contracted under me. Many recruiters are what I not-so-lovingly refer to as "contract whores", they simply want to contract as many agents as possible and do so mainly by selling on the notion that they'll give out the highest contract levels available. As you may have noticed from my tone, that's not the way I do business. My model is a bit different, I actually contract agents at *below* street levels and provide more support and training than any IMO/FMO/GA/BGA/etc in their right mind would. I do this because I know that if I work with people that view the relationship as a partnership and are willing to "pay" me for my services by giving me the override, I more than earn it with the way that I provide the support that I do. I won't contract an agent that wants a guaranteed upfront, no questions asked release. I won't contract an agent that want's training and then plans on striking out on their own within the next few years. Not everyone views the world the way I do and that is a beautiful thing.

Honestly, I think you would be much better off working with an upline that will give you at or close to street level contracts, point you in the right direction for leads (which you would be paying for, and provide you with support on cases, but you shouldn't expect an upline to invest that in your success if you're not willing to stick around for a while. Recruiters don't make their money off the first few cases an agent makes, they make their money over time. In the long run you would probably make more money that way as well. If you know yourself well enough to know that as soon as you got up and running you'd want to bail on the folks that trained you, then you should probably join iliaa.org, get higher contracts, and start off where you plan on being anyway.

Clearly I have an opinion about which option you should choose, but not knowing you as well as you know yourself I could be completely wrong. Does that all make sense? Was it helpful?

 

[KiminCincy]

Thank you, MedicarePlanSolutions, for your honest and helpful answer. I kinda figured that was the best way to go, but sometimes one just needs insight from someone who's been there.
I suppose I'm a little jaded though. Getting out of some agencies in the real estate field can be like trying to get out of a cult or jumped out of a gang. Well, maybe not THAT bad, but I have heard some horror stories. So I wanted to be sure I wasn't getting into some thing I could NEVER get out of. I really want this new endeavor to be something I can do for the rest of my working life, so I want to get this first step right. I don't mind staying with an agency forever if I'm making money and being treated fairly.
I'm in the Cincinnati area. Any suggestions on where I could get good training in exchange for long term loyalty and hard work?

 

[Frank Stastny]

I think the direction you take will be somewhat determined by where you want your focus to be. Do you want to "sell" FE and cross sell Med Supps or do you intend to "sell" Med Supps and cross sell FE?

Eighty percent of this job is prospecting. One can't successfully focus their time prospecting for both at the same time. If you have read some of his posts, I think JDeasy is a perfect example. His focus is strictly FE but he also sells Med Supps when the opportunity arises. I, on the other hand, "sell" Med Supps and cross sell FE. I don't think either one of us would be as successful trying to both at the same time.

I think most will agree that the successful agents pick a product, become an expert on it and prospect the hell out of it. I view cross selling as a service the agent can provide to their clients, not the agent's main source of income.

Once you decide what you want to "sell" then the path you take may become more clear.

Every time I see the word "path" one of my favorite sayings comes to mind: "Do not follow where the path may lead, go instead where there is no path and leave a trail." It probably doesn't apply in this situation, I just like saying it.

 

[KiminCincy]

Thank you so much for adding another expert point of view. Narrowing my focus makes sense. I never would have even thought it necessary. Getting advice from you all can clearly save me time, money, and headaches.

At this point, I think it's going to be "sell" FE, and cross-sell MedSupp.

 

[DHK]

One problem agents have in considering whether or not to go direct and be their "own man" is they are under the impression that there is something wrong with an upline being paid for teaching the agent how to work the business.

I disagree, but agreeably.

The problem is that those who think they know how to teach, DON'T KNOW THE BUSINESS. I've seen too many managers who don't know sh*t from shinola.

That kind of manager or upline doesn't deserve a DIME in commission overrides because they don't know jack.

If you can find someone who can really teach you the business, jump on it!

Otherwise, you can enroll in the school of hard knocks and graduate or flunk out like the rest of us. But, if you're going through the hard knocks route, you had BETTER receive maximum compensation for doing so.

 

[Frank Stastny]

Thank you so much for adding another expert point of view. Narrowing my focus makes sense. I never would have even thought it necessary. Getting advice from you all can clearly save me time, money, and headaches.

At this point, I think it's going to be "sell" FE, and cross-sell MedSupp.

I assume you are a woman, however we all know what happens when one "assumes".

I suggest you take a hard look at the demographics when making the decision to sell FE and attempt to cross sell Med Supps, the people and the areas in your area that you will be working. In my limited experience marketing FE I have found that the vast majority of people an agent prospects FE to are not the best people to sell Med Supps to.

I know you said you are not afraid to knock on doors but look where the doors are that you will be knocking on.

Personally I find Med Supps much easier to prospect for, the opportunity to cross sell FE presents itself to most of the new Med Supp clients. You don't have to ask them if they have a checking account and Med Supps pay first year commission for the first six years. Renewals with FE, beginning the thirteenth month are extremely small by comparison.

I'm sure the "real" FE agents on here may disagree.

 

[Josh]

I disagree, but agreeably.

The problem is that those who think they know how to teach, DON'T KNOW THE BUSINESS. I've seen too many managers who don't know sh*t from shinola.

That kind of manager or upline doesn't deserve a DIME in commission overrides because they don't know jack.

If you can find someone who can really teach you the business, jump on it!

We agree. I don't think it's worth contracting under someone who doesn't know the business, you really need to contract under someone that can really teach how to sell insurance *and* what carriers/products make sense. Not a lot of them out there, but that's the ticket.
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I'm in the Cincinnati area. Any suggestions on where I could get good training in exchange for long term loyalty and hard work?

I know a few agencies that are awesome and looking for agents, but each of them are looking for something a bit different. If you want to e-mail me your number I can give you a call and find out more about your situation/personality and maybe recommend you to the ones that might make the most sense.

 

[KiminCincy]

I have given some consideration to where I will probably have to door-knock. I am an African-American woman. I'm far enough removed from 'the hood' to be respected, but not so aloof that I'm unaware of my surroundings.

I know the game, I think. Drive a ho-hum car, wear no real jewely except a cheap wedding band (even though I'm single, so I don't appear available), and if someone asks for 5 bucks to "watch your car", give it to him.

 

[CHUMPS FROM OXFORD]

Just curious Kim...What part of Cinncy will you be going door-to-door?