Where to Start?

[formularon]

First off this is an incredible board!!
I feel like this has informed me and possibly prevented me from making a huge mistake...SF agent application pending, but definitely considering dropping it.

So my question is where to begin?

A little background: I am retired military and have a spouse with a very good job. We have bills but are surviving on our current income levels. I am currently unemployed and do not look forward to heading back into the production management roles I have filled. I just completed my MBA and I am very interested in helping people by informing them on insurance, securities, etc. I feel like this is a good fit for my personality and skills.

I know I would like to own an insurance business at some point but I recognize that other than buying insurance I am woefully under-informed.

1. What is the best course, should I train and get my licenses on my own and then look for a position to learn the details of the business?

2. I have looked through multiple job boards and company websites but a "training" position seems near impossible to find. Most companies are willing to let me invest thousands to be trained and probably fail as an agent but provide no positions to work under existing agents. Do I need to just cold call local agents and ask them if they need sales help? I am fine with this but again would it be better to already have licenses?

I am in the Los Angeles area and appreciate any help provided. I want to enter this field but want to avoid some of the typical pitfalls.

Ron

 

[MikeM.]

You can get your life, health, Property and Casualty Lic. on your own and does not required a company to sponsor you. I believe Securities Licenses requires sponsors from Broker Dealer.

Now, what to do with those licenses once you have it? Go work for someone as a producer? Go find a captive/exclusive company to work with? Go Independent? What is it that you want to sell? Everything?

 

[formularon]

Thanks for the response MikeM. I have already looked into completing my L&H, P&C licenses and should be done by the end of the year. I recognize the fact I need to learn the business so I need to work for/with someone. I intend to seek an independent/captive agent to work with once I complete my licensing. I hope this will expose me to the various product lines and help me to determine which area I would like to focus.

 

[rccola]

As stated before - it all depends on what you want to focus on. As for myself, I was referred to a captive agency by a friend who does very well for himself there. However, I also called a few other agencies and spoke with them regarding what they had to offer. Every company wants to hire your for your warm market - so ask all the questions that you want and take what the recruiter says with a grain of salt.

Off the top of my head, these were some of the main things that I looked for:
Salary(Not an advance of commission - make sure of this) + Commission
Training program - Some are really as short as a week (Country Financial comes to mind)
Marketing Support - "Co-op" is the term where they cover 50% marketing costs
Company reputation
How competitive the company is
Do they pay for your license (My company did not)
I also really wanted to know the attrition rate of the company. Industry average is for every 100 that start today, only 11 will remain 4 years down the road. My company's average was 42 would remain.

Another things that I did was contact a few of the captive agents in my area that were with companies that I was looking at. They were more than happy to talk about their opportunity and if you ask them to give it to you straight, more often then not they did. I liked the insiders perspective.

Hope some of this helps!

 

[oldinsuranceguy]

I agree that the best way to learn the business is to learn from another agent. Therefore you should get your licenses and then look at opportunities with agencies in your area.

If no one is willing to hire you as an employee, I would ask them if you can work as a contractor and they don't have to pay you salary, just share commissions.

Once you feel comfortable with the business, you can go out on your own.