What industry and why?
- Thread starter Advisor06
- Start date
- 11,275
That depends on your skills and how you measure "better" when comparing and contrasting between them all.
For me, Life/Annuities... and investments as a possible secondary focus.
For me, Life/Annuities... and investments as a possible secondary focus.
- 5,778
Life... the only insurance that everyone... everyone is going to use... if they have it.
The long run is... life.
Also, the maintenance of life contracts is much lower than that of PC lines or investments beyond simple annuities.
But it is all based on your skill set.
I'm going to change this up slightly. Life and Health products. I don't concentrate on the Annuities much, although when one drops into my lap I'll take it. These things are concrete and much more "real world".
Let's be honest, most people don't understand compound interest. They do understand that they will die and that they will get sick. Keep it simple.
Let's be honest, most people don't understand compound interest. They do understand that they will die and that they will get sick. Keep it simple.
In my opinion fee based investment management is the easiest path to really kill it and make over $200k at a young age , but also the easiest path to being out of business in a year. Not many advisors flounder along for 10 years, you either make it or you don't.
The commercial P&C guys that work large accounts make a lot of money too.
Life Insurance (only) is the most challenging path to stardom in my opinion. The guys that really kill it here would probably do well in anything that they do. It takes a lot of hard work prospecting , networking , etc...then you have to field underwrite , design , propose , and sell a solution.
P&C is more like running a traditional business. Marketing , staff , service , etc ... is that you?
P&C Personal is getting very techy so actual agencies (unless you are tech savvy) have a lot of competition from large, well funded agencies and direct to carrier.
P&C commercial just seems like harder work getting in the door as you have fewer potential clients than personal lines.
Health seems like the easiest overall from a sales standpoint. While everyone knows they are going to die at some point, it doesn't have the urgency of getting sick. People know they will get sick in the relatively near future. Life is good too as everyone needs it but you have to sell that need and really sell it to make sure it stays on the books.
Annuities are good as well, just a lot of numbers to work through and usually competing against someone who doesn't know how the actual product works and makes a GLWB roll up look like an interest rate that the client believes they are getting 15% interest when they are really around 3%.
P&C commercial just seems like harder work getting in the door as you have fewer potential clients than personal lines.
Health seems like the easiest overall from a sales standpoint. While everyone knows they are going to die at some point, it doesn't have the urgency of getting sick. People know they will get sick in the relatively near future. Life is good too as everyone needs it but you have to sell that need and really sell it to make sure it stays on the books.
Annuities are good as well, just a lot of numbers to work through and usually competing against someone who doesn't know how the actual product works and makes a GLWB roll up look like an interest rate that the client believes they are getting 15% interest when they are really around 3%.
- 5,290
P&C Commercial- definitely
P&C Personal Lines - definitely not.
P&C Personal Lines - definitely not.
Tim Resnick
Super Genius
- 129
Mark...why vote negative for PC Personal Lines?
- 5,290
Well, I started 100% personal lines, then started selling commercial, bit by bit, now I am 100% commercial. Commercial is better in almost every way. Competition is tough in personal, and its going to get worse. There are going to be more Geico's and Progressive's running tv commercials, and there are going to be more and more call centers getting set up with people selling personal insurance. It's a simple enough product, that almost anyone can sell most personal insurance, and as technology continues to progress, there are going to be more and more websites selling personal insurance with 0 human interaction. But not commercial. It's too complex. As a matter of fact, I actually insure a new company that sells personal insurance online with no human interaction.
Below are some bullet points about commercial insurance vs personal.
-Premiums are bigger.
-It's easier to get referrals.
-Less servicing.
-Higher loyalty.
-Easier to ask for and get referrals.
-Less competition
-There are tv ads non stop for personal insurance. Very few for commercial.
-Commercial has higher retention
-You don't have to worry about someone leaving because they found it $50 cheaper somewhere else. Its very rare
-You are dealing with professionals making logical, bottom line, educated decisions. Not someone calling from his mothers couch that wants to save 15% in 15 minutes because he saw a cartoon character on tv.
The downsides are that there is much more to know - much more education. It can be more challenging. Also, talking to a business owner about a their package which range anywhere from $5,000 to $500,000 is a different conversation. Generally these people are easier to deal with, but not everyone is able to have those types of conversations.
- 591
I would say life and health. Everyone needs health insurance, especially when they get a little older. Easy to sell, easy to maintain and phenomenal commissions.
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