Veteran Sales Producer Needs Advise!!!!

[insurancechic127]

Hi guys. Been lurking here a long time; just decided to join..thanks for having me!

Here is my dilemma: I started in insurance in 2001-voluntary benefits, 99% with Aflac. I did very well, built a huge book of business, but then the company changed its hiring philosophy; everything became focused on recruiting new agents, and it seemed we were just one big pyramid. I got out in 2015. Vested 100% in a moderate book that I still earn renewals off of.

Next step: I took a job with a small, local Nationwide Agency (as an "associate agent.") They were 9/10 personal lines and told me they wanted me to "grow their commercial book substantially."

Ok...fast forward: its' been 7 months. I hit the ground running, putting in grueling days cold calling, telemarketing, pounding the pavement, etc. It paid off: i closed 21 groups in short period of time. Am #1 in commerical production for the state (of Nationwide agents.)

PROBLEM: I've been very successful at closing groups, BUT...I'm miserable, and about to have a heart attack.

The owner of the agency is a young guy (bought the agency from him father.) He doesn't like to leave the office, and he absolutely cannot sell.

I'm the only person in the agency actively marketing, selling, doing any kind of assertive outreach. There is small staff that services the personal lines.

Average commission on a commercial account: 14% and I have to split that with the agency. So I get 7%...not a lot, but hey, okay, I knew that going in. But when I LEAVE the agency, I DON'T KEEP MY BOOK.

Is this normal and typical? I don't like busting my back to make renewals for someone else. As long as I work there, I get them, but they really belong to the agency. Hmm. Not happy.

I don't like working for someone else, and I absolutely don't like NOT keeping my own book.

I'm 10-99, receive a modest base that will diminish every year, until its down to zero. Zero benefits, no health insurance, no retirement plans, and to be honest, no room for advancement. If I'm going to work this hard (and I'm not afraid to...I'm 54, but haven't lost my zest, work ethic, or enthusiasm.) why don't I work for MYSELF?

Any advice as to what I should do next?

I LOVE to sell and am not afraid of really hard work...I can slam on the phones all day and not break a sweat...not trying to brag, just being truthful. I get results...but I"d like those results to make ME richer (relatively) rather than some Principal Agent.

Again, comments, feedback, suggestions, anything anyone (esp the veterans out there) would be appreciated.

One more thing: Nationwide's appetite--commercial wise---is narrow. I am always scoring appointments with groups that NW declines...for example, electrical contractors...if they install fire alarms, NW won't touch them. It pretty much eliminates a big swath of that industry.

40% of the cases I bring in get declined because NW's underwriters are often ridiculous. I wonder if they want the company to make any money at all.

The office I have to report to is 9-5, and not a very cheerful place to work. I feel like a total outsider, trying to scrounge up BOPs and competing with OTHER Nationwide agents. I'm a heavy hitter, but lately I just feel like something is wrong. I can't even put my finger on the total reason for my intense dissatisfaction with this job...I AM used to working for myself..that's got to be a big part of it. Mostly I want to build my OWN book...but now I'm just repeating myself


Sorry if this is rambling...hope someone answers!!!!

PS:

I've though about:

-working for NY Life: I'm good on the phones, love to sell life, and they've tried to recruit me a dozen times, I'm just unfamiliar with their contract.

-buying an existing book somewhere

-buying an independent agency

-forming an independent agency.

ME: Female, attractive, 54, married, kids on their own. BA, MBA, love to sell.

 

[goillini52]

Hi guys. Been lurking here a long time; just decided to join..thanks for having me!

Here is my dilemma: I started in insurance in 2001-voluntary benefits, 99% with Aflac. I did very well, built a huge book of business, but then the company changed its hiring philosophy; everything became focused on recruiting new agents, and it seemed we were just one big pyramid. I got out in 2015. Vested 100% in a moderate book that I still earn renewals off of.

Next step: I took a job with a small, local Nationwide Agency (as an "associate agent.") They were 9/10 personal lines and told me they wanted me to "grow their commercial book substantially."

Ok...fast forward: its' been 7 months. I hit the ground running, putting in grueling days cold calling, telemarketing, pounding the pavement, etc. It paid off: i closed 21 groups in short period of time. Am #1 in commerical production for the state (of Nationwide agents.)

PROBLEM: I've been very successful at closing groups, BUT...I'm miserable, and about to have a heart attack.

The owner of the agency is a young guy (bought the agency from him father.) He doesn't like to leave the office, and he absolutely cannot sell.

I'm the only person in the agency actively marketing, selling, doing any kind of assertive outreach. There is small staff that services the personal lines.

Average commission on a commercial account: 14% and I have to split that with the agency. So I get 7%...not a lot, but hey, okay, I knew that going in. But when I LEAVE the agency, I DON'T KEEP MY BOOK.

Is this normal and typical? I don't like busting my back to make renewals for someone else. As long as I work there, I get them, but they really belong to the agency. Hmm. Not happy.

I don't like working for someone else, and I absolutely don't like NOT keeping my own book.

I'm 10-99, receive a modest base that will diminish every year, until its down to zero. Zero benefits, no health insurance, no retirement plans, and to be honest, no room for advancement. If I'm going to work this hard (and I'm not afraid to...I'm 54, but haven't lost my zest, work ethic, or enthusiasm.) why don't I work for MYSELF?

Any advice as to what I should do next?

I LOVE to sell and am not afraid of really hard work...I can slam on the phones all day and not break a sweat...not trying to brag, just being truthful. I get results...but I"d like those results to make ME richer (relatively) rather than some Principal Agent.

Again, comments, feedback, suggestions, anything anyone (esp the veterans out there) would be appreciated.

One more thing: Nationwide's appetite--commercial wise---is narrow. I am always scoring appointments with groups that NW declines...for example, electrical contractors...if they install fire alarms, NW won't touch them. It pretty much eliminates a big swath of that industry.

40% of the cases I bring in get declined because NW's underwriters are often ridiculous. I wonder if they want the company to make any money at all.

The office I have to report to is 9-5, and not a very cheerful place to work. I feel like a total outsider, trying to scrounge up BOPs and competing with OTHER Nationwide agents. I'm a heavy hitter, but lately I just feel like something is wrong. I can't even put my finger on the total reason for my intense dissatisfaction with this job...I AM used to working for myself..that's got to be a big part of it. Mostly I want to build my OWN book...but now I'm just repeating myself


Sorry if this is rambling...hope someone answers!!!!

PS:

I've though about:

-working for NY Life: I'm good on the phones, love to sell life, and they've tried to recruit me a dozen times, I'm just unfamiliar with their contract.

-buying an existing book somewhere

-buying an independent agency

-forming an independent agency.

ME: Female, attractive, 54, married, kids on their own. BA, MBA, love to sell.

And we're supposed to take your word for it?

Welcome to the Forum.

 

[insurancechic127]

Sorry, maybe I shouldn't have said that. I'm really, truly looking for advice here. Anyone...thanks!

 

[DHK]

Going back to your previous AFLAC experience, I'd take a look at other VPD (voluntary payroll deduction) platforms that you can offer.

Assurity life has "Assurity-at-work" division where you can set up their plans for VPD. In addition, they have a decent product line for individual sales. There are people here who can get you a decent contract for their individual sales, and then you can contact Assurity for their at work program.

Assurity at Work, Voluntary Benefit Solutions for the Workplace

Assurity Life

Second, ANICO also has a Simplified Issue program for employers as long as you submit a minimum of 10 applications. This can work very well also if you want to work with 401(k) and pension plans, etc.

Independent Marketing Group of American National

There are other platforms out there, but thought I'd at least mention these two since you already have a skill set for them. You'd be independent - which means a higher payout, but no other benefits, unless you pay for them yourself.


I know almost nothing about the P&C business. If you wanted to continue selling commercial lines as an independent, I believe that you'd have to demonstrate production requirements for a couple of years before you could be granted binding authority? I could be completely wrong, but I do know that becoming an independent P&C agent is far more difficult than being an independent L&H agent.

You mentioned New York Life. They also have a payroll deduction option.

Voluntary payroll deduction: A convenient way to get insurance coverage.


Those are just some ideas based only on your post.

 

[Gulfman]

Going back to your previous AFLAC experience, I'd take a look at other VPD (voluntary payroll deduction) platforms that you can offer.

Assurity life has "Assurity-at-work" division where you can set up their plans for VPD. In addition, they have a decent product line for individual sales. There are people here who can get you a decent contract for their individual sales, and then you can contact Assurity for their at work program.

Assurity at Work, Voluntary Benefit Solutions for the Workplace

Assurity Life

Second, ANICO also has a Simplified Issue program for employers as long as you submit a minimum of 10 applications. This can work very well also if you want to work with 401(k) and pension plans, etc.

Independent Marketing Group of American National

There are other platforms out there, but thought I'd at least mention these two since you already have a skill set for them. You'd be independent - which means a higher payout, but no other benefits, unless you pay for them yourself.


I know almost nothing about the P&C business. If you wanted to continue selling commercial lines as an independent, I believe that you'd have to demonstrate production requirements for a couple of years before you could be granted binding authority? I could be completely wrong, but I do know that becoming an independent P&C agent is far more difficult than being an independent L&H agent.

You mentioned New York Life. They also have a payroll deduction option.

Voluntary payroll deduction: A convenient way to get insurance coverage.


Those are just some ideas based only on your post.

^^There's some good ideas right there.

QUESTION DK: Don't you need addition licensing since you are advising ppl on their 401k plans?


.

 

[DHK]

^^There's some good ideas right there.

QUESTION DK: Don't you need addition licensing since you are advising ppl on their 401k plans?


.

Yes and no.

First, if you're going to advise people (meaning participants) about the securities selection in their 401(k), then yes. You're supposed to have securities registrations and licensing before giving portfolio allocation advice. Having a conversation about plan participation, company matching, taxation... all those things are just a conversation and is considered "education" in nature, not advice.

However, if you're working with sophisticated investors (business owners are sophisticated investors) then you do not need securities licensing... depending on your state. In fact, these firms have in-house or contracted RIA firms to provide asset allocation advice to participants for you, so you don't have to.

Independent Marketing Group of American National

It's called a non-registered group variable annuity... and it's the fact that it can only be sold to sophisticated investors (business owners) is why it does not require registration (ie. securities licensing). The reason is because only one party of the transaction either needs to be either securities registered (the seller) OR a sophisticated investor (the business owner) as defined by the SEC.

Independent Marketing Group of American National

ANICO has them as well as Mutual of Omaha. I'm sure there are other companies out there as well.

 

[Gulfman]

Yes and no.

However, if you're working with sophisticated investors (business owners are sophisticated investors) then you do not need securities licensing... depending on your state. In fact, these firms have in-house or contracted RIA firms to provide asset allocation advice to participants for you, so you don't have to.

Independent Marketing Group of American National

It's called a non-registered group variable annuity... and it's the fact that it can only be sold to sophisticated investors (business owners) is why it does not require registration (ie. securities licensing). The reason is because only one party of the transaction either needs to be either securities registered (the seller) OR a sophisticated investor (the business owner) as defined by the SEC.

Independent Marketing Group of American National

ANICO has them as well as Mutual of Omaha. I'm sure there are other companies out there as well.

Thanks DK !

So, you are saying that some one who owns a business, is sophisticated. Gotcha.

 

[DHK]

Oops. I may have used the wrong term. It's actually an Accredited Investor according to the SEC.

https://www.investor.gov/news-alerts/investor-bulletins/investor-bulletin-accredited-investors

In addition, entities such as banks, partnerships, corporations, nonprofits and trusts may be accredited investors. Of the entities that would be considered accredited investors and depending on your circumstances, the following may be relevant to you:
any trust, with total assets in excess of $5 million, not formed to specifically purchase the subject securities, whose purchase is directed by a sophisticated person, or
any entity in which all of the equity owners are accredited investors.

In this context, a sophisticated person means the person must have, or the company or private fund offering the securities reasonably believes that this person has, sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of the prospective investment.

So, *I'm* not saying it. The SEC and the company offering the program is saying it.

 

[kgmom219]

Sorry, maybe I shouldn't have said that. I'm really, truly looking for advice here. Anyone...thanks!

You're fine. As a woman, you have to be attractive to sell. I totally get it. And they are just teasing you, anyway.

You need to get out and you obviously already figure that out.

Next step is what do you want do?

NYL? Great company, its financial planning with life insurance as the base. (Just like Northwestern Mutual, Guardian, Mass Mutual, etc.) If you go that route, pick an office that provides the best training.

P&C: Who is in your area? Liberty Mutual? State Farm? Farmers? Talk with them and see what they offer new agents.

Health: Stay away from Indy Health, that Obamacare thingy is a disaster. You can start a group agency.

Over 65: Med Supp, MA and FE are all viable options.

Figure out what you want to sell. How much money you can put upfront. How long can you starve before its viable. Do you want an office? Do you have the cash to get one? Do you want to work from home?

You've figure out that you need to get out. Now you have to decide what you want to do next. Best of luck to you!

 

[GreenSky]

You should also learn the difference between asking for ADVISE and asking for ADVICE.

Just saying...

Rick