Becoming a State Farm Agent

[AggGrow]

I also own other businesses, because I don't stick all my eggs in one basket. It is more than can be said for most of my friends who are stuck in jobs they hate.

How does that work out for you? I hear people spending 70+ hours a week trying to get their business off the ground. Apparently, you don't. Can you comment?

 

[Mark]

ive heard nothing but good things about state farm

They are just like a good neighbor..

 

[AggGrow]

Edward Jones took me back...

What do you like about Edward Jones? We can take it to another forum if you like.
- - - - - - - - - - - - - - - - - -

...you better hope and pray you can travel in six months.

I'm going to Career Understanding in 2 weeks, so I don't know a lot of these terms. What is Travel, and what does it mean? I'm sure I'll learn, but I want to know while I'm reading these posts.
- - - - - - - - - - - - - - - - - -

75,000 to 100,000

Is that what you make?!?!
- - - - - - - - - - - - - - - - - -

There have also been many agents that have done well only to be told in month 11 that they will not be getting their contracts.

What happens if they don't? Do they get fired? Do they keep their license? They have all the relationships, right? So what is the downside if that happened?

I mean, it seems to me that they could choose to just go indie at that point and do great, especially if they have a pipeline. I can't imagine (at least in California) that SF could prevent them from accessing their relationships in that sort of circumstance.
- - - - - - - - - - - - - - - - - -

I don't know the answer. I think SF use to be the best deal going but I have become convinced that it is a losing proposition under the current contract. If you have adequate experience the answer may be to go INDY. I have a friend who was with Farmers and starving. He went INDY and has prospered.

This is an interesting comment. Excuse me if I focus on CA for a minute. When you look at this chart (go to the PPSPD tab), you can see that SF has the largest market share, but really AAA is larger - just split among 2 and 3. But the point is - the top 10 all seem to be captive or internet, and they only represent about 60% of the business written. That means 40% for indies!

Now, if you look at this one, Zurich (Farmers) leads overall, SF is #2, and the top 25 write 77.2465% of the business. Seems to say that 1) and indie can do well, and 2) SF is leaving money on the table!

PS: I can't put in the hyperlinks, sorry.

 

[DeeDee]

I think everyone has given very good advice when they say, "Ask an agent." Ask an agent that has been on the new contract for less than 5 years, because that is the contract you would be working under.

On another note: A retired agent told me there was some kind of announcement in Florida that in 2 years all agents will be on the same contract with 8% on auto. Is there any truth to this rumor?

 

[fastrack1]

How does that work out for you? I hear people spending 70+ hours a week trying to get their business off the ground. Apparently, you don't. Can you comment?

I probably work, if you remove all the interruptions from friends, family, church, etc, around 40 hours a week on my businesses. I didn't mean to imply that I don't spend a tremendous amount of time or haven't taken a good deal of risk in starting other ventures. I'm just saying that I have diversified what I'm involved in because I enjoy doing other things. Insurance is just another avenue to make money and I do well with it. But I don't live and breath it and pursuing other ventures is a nice break and provides other revenue streams if the insurance thing ever goes internet only, etc. The amazing thing is that business principles apply across the board and what I learn in the various businesses helps each business independently.

If I didn't answer your question, let me know.

 

[CaptiveGuy]

I am currently speaking to a SF recruiter and plan to attend a Career Understanding seminar. I am only looking because I like the idea of running my own business but I've been reading that the new contract is horrible.

Furthermore, the target income your first year is $75k and I make over $125k selling for another captive company right now. I just wanted to explore other opportunites before commiting my career to my company. Looks like now I will just have to play ball and be thankful I have a 401k and pension...

 

[xrac]

I am currently speaking to a SF recruiter and plan to attend a Career Understanding seminar. I am only looking because I like the idea of running my own business but I've been reading that the new contract is horrible.

Furthermore, the target income your first year is $75k and I make over $125k selling for another captive company right now. I just wanted to explore other opportunites before commiting my career to my company. Looks like now I will just have to play ball and be thankful I have a 401k and pension...

If you are making over $125K why do you want to change?

 

[CaptiveGuy]

I have to report to a manager, submit reports, dance the company dance. I am starting to realize the grass is not always greener though. I'd rather put a smile on and have all of my expenses paid for than be "independent" and have to pay all of the bills and payroll. I am still meeting with Nationwide tomorrow though.

 

[VolAgent]

I have to report to a manager, submit reports, dance the company dance. I am starting to realize the grass is not always greener though. I'd rather put a smile on and have all of my expenses paid for than be "independent" and have to pay all of the bills and payroll. I am still meeting with Nationwide tomorrow though.

Everything I've heard says you will be doing the same dance at SF, and for less money and more stress.

 

[Mark]

If you are making over $125K why do you want to change?

That is what I want to know!!!

Have of the agents out there would kill to make that.