What to Look For/questions to Ask Before Joining an Agency?

[Trevor0316]

As a new prospective agent what are some recommendations, questions, observations you veterans of the industry can shed insight on before joining an agency? I spoke to a board member today who gave great information on going captive, but what would those of you recommend before joining a small local independent agency? In simpler terms, Joe Shmoe contacted me and said he would like to bring me on as an agent at "Joe Shmoe & Associates" and would be happy to help train me to be a successful agent at his "successful" agency. What are some questions to ask before jumping on board.

*If there is a better way to phrase what I am asking, feel free to chime in!

 

[Guest]

As a new prospective agent what are some recommendations, questions, observations you veterans of the industry can shed insight on before joining an agency? I spoke to a board member today who gave great information on going captive, but what would those of you recommend before joining a small local independent agency? In simpler terms, Joe Shmoe contacted me and said he would like to bring me on as an agent at "Joe Shmoe & Associates" and would be happy to help train me to be a successful agent at his "successful" agency. What are some questions to ask before jumping on board.

*If there is a better way to phrase what I am asking, feel free to chime in!

What kind of insurance are you wanting to sell? Life, health, P&C, Medicare products?

 

[xrac]

As a new prospective agent what are some recommendations, questions, observations you veterans of the industry can shed insight on before joining an agency? I spoke to a board member today who gave great information on going captive, but what would those of you recommend before joining a small local independent agency? In simpler terms, Joe Shmoe contacted me and said he would like to bring me on as an agent at "Joe Shmoe & Associates" and would be happy to help train me to be a successful agent at his "successful" agency. What are some questions to ask before jumping on board.

*If there is a better way to phrase what I am asking, feel free to chime in!

Are we talking P&C here or L&H?

 

[Trevor0316]

Dubya and Xrac- preferably speaking of Life and Health.

 

[xrac]

Dubya and Xrac- preferably speaking of Life and Health.

Great minds think a like. Here are some questions that I used in an interview not all of these will apply and some were company specific but it should help you think:

AGENTS STATUS
Are agents independent or captive?
If products are not offered by xxxx can other products be used?
What is status of orphaned clients as far as replacement products are concerned?
How do I get released from our contract?

COMPENSATION
Are agents compensated other than commission?
What is commission structure?
Agents are independent contractors but are there any benefits?
What is financial support?
Deferred compensation?
Do I have to use a lap top computer?
What kind of computer is required? How is cost handled

MARKETING
What markets is XXXXX targeting primarily?
What is current focus? Where is it going?
What is XXXXX's association marketing program?
Describe prospecting account?

LICENSING AND E&O
What are XXXXX’s strongest products?
Are licensing fees for insurance and Series 6 & Series 63 the agents responsibility?
If so what is the cost?
What about E&O Insurance?
What about other state sales or licensing?

PRODUCTS
What securities products may be used namely mutual funds and variable annuities?
What types of annuities are offered? Fixed, variable, indexed?
How much of business is insurance and how much securities?
What investment products are offered?
Work site products?

 

[Guest]

Xrac gave excellent info. The only thing I would add is to ask if there is a non-compete required. If so, what are the terms after you leave his agency.