What would you do differently if you had to start over?

Yes and no.

The 'yes' comes from the insurance company itself, not the FMO/upline. Some companies won't let you split the commissions from the application if both agents aren't with the same upline. However, other companies will. It just 'depends'.

However, the 'no' comes in where you can always split commissions, but they may just send you a 1099 and write you a check if it cannot be done on the application... or YOU will send THEM a 1099 and write them a check for the agreed upon commission split.

Thank you for the insight - so it seems you can get creative (within reason.)
 
When I started on my own there was an individual who wanted to fund my business but I declined. He wanted half my business in exchange and that was something I did not want to explore.

Another promised free leads in exchange for lower commissions but the free leads petered out after a few months and the quality diminished. When I decided to call it quits with him he threatened to sue me for breaking the contract until I pointed out to him that he broke it when he failed to deliver as promised.

Any time you want someone else to fund your business it comes with a price . . . there are no free lunches. It just depends on how long you want to be indentured and for how much as to whether it is workable for you or not.

No free lunches... I hear that. I find myself always repeating/ reminding others of that when something is too good to be true. I would love to start off as independent but I don't think that is an option considering I'd like to have resources to lean on as far as training on the insurance side of everything.

Many people I have spoken and worked with started as captive agents, but I can say with some certainty that won't be an option for me. I am half tempted to go with a big FMO like AGA but I am not sure of the pitfalls of working with a big company vs a regional FMO.
 
Hi Everyone,

Currently I'm looking at entering the insurance industry as a producer. Till now I've been busy making a career in a field adjacent to insurance and working with agents (specifically for insurance products targeting seniors.)

But lately, I have wondered if the grass is a bit greener on the other side regarding building an agency. I'm not looking to leave my current role but want to start building an agency/ book of business on the side and see where it goes.

I'm navigating prelicensing at this stage, but I plan to have it done by the beginning of 2024. I am still a bit unclear on how it goes after that (it seems like I pick an FMO to go with and start down the road), but that will become clearer once I am closer to being licensed. I'm fairly confident I'd be able to get in front of people and help them out once I am ready to start marketing.

So my question is, what are some pitfalls you wish you had known about when you started?

In my ideal scenario, I would be out in the field building it myself until I reach a point (maybe 10-12 months in) where I can hire someone to sell and then move to a role where I am doing less selling and more making sure my team/agency can be successful. I am not sure if that is a pipedream for someone new to the industry however.

I appreciate any input!

I developed a pretty structured system of asking for referrals as well as a healthy network which has kept me very busy. If I could go back in time, I would have developed that sooner. Frankly, this whole insurance thing has gone pretty well for me, so I really wouldn't change a whole lot.

To be honest though, it was a murderous grind in the beginning.
 
Early on I would have focused more on building my book. Added more young Grey collar and middle income families and build a stronger relationship to farm and harvest. Worked the SIWL more towards impaired risk not poor people. I would have added more inventory (10 -20yr term) and touched them more often. Added child riders to everyone, inventory.

Hired an assistant and paid them salary and incentive.
 
Early on I would have focused more on building my book. Added more young Grey collar and middle income families and build a stronger relationship to farm and harvest. Worked the SIWL more towards impaired risk not poor people. I would have added more inventory (10 -20yr term) and touched them more often. Added child riders to everyone, inventory.

Hired an assistant and paid them salary and incentive.

What would you define a grey collar worker as, and why would you have added more of them?
 
Thank you for the insight - so it seems you can get creative (within reason.)

Only get 'creative' within the insurance law and with like-licensing.

For example: you both have to have a life license for the state of residence of the client to write and split a life or annuity app commission. If you don't, you can't split it until you both do.
 
I hope you try to be PC when choosing your capes Mark. :twitchy:

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Don't hate me for being gorgeous.

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Early on I would have focused more on building my book. Added more young Grey collar and middle income families and build a stronger relationship to farm and harvest. Worked the SIWL more towards impaired risk not poor people. I would have added more inventory (10 -20yr term) and touched them more often. Added child riders to everyone, inventory.

And if you were starting your life insurance career at the age of 60 hoping to work 10 more years, what might that plan look like? I just got started I'm working final expense but middle market might be of interest once I'm stable.
 
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