Part Time, Not Necessarily for $$

[IMHERE]

A little history first.

I was a Primerica agent in the '90's for a couple years. Loved the Financial Needs Analysis I did for folks, enjoyed selling term vs. whole life, etc. Did not enjoy the recruiting aspect of it, but kept that to myself since that's what's expected. Ended up quitting since the only way to get promoted and earn better commission % was to build a team - again, something I wasn't interested in. Got along great with my trainer/RVP - great guy.

I really have an interest (passion?) for helping people with their finances. Couple years ago I was the facilitator at my church when we offered the Dave Ramsey Financial Peace program. Loved doing that and it made a difference in quite a few people's financial lives.

I am getting the itch to get licensed again and do this part time. I have a pretty good paying job and can't really start over income-wise. I wouldn't be doing it for the money (though having a little extra income would be nice).

I talked to my old trainer/RVP from Primerica the other day and told him straight out that if I could do what he does for clients, and could get promoted up in commissions without building a team, that would be great. He said that he could do that for me. We would work out an agreement where I would get promoted based on my personal production.

Here's the thing - I don't want to "just" sell life insurance. I really like how the FNA looks at the clients entire financial picture and helps them prioritize things (life coverage, retirement and education savings, getting out of debt, etc.).

Now, I know Primerica is not real popular around here (and I saw plenty of stuff first hand when I was with them before), but I have a good relationship with my trainer and he knows where I stand regarding recruiting and he's cool with it.

My question: Are there other companies that would fit what I'm looking for? Namely, part time, low entry cost*, and the ability to address a client's entire financial picture? I like my friend that's with Primerica, but if another similar opportunity is out there that's better, I would take it.

Any and all help is appreciated. Thanks.

* Entry cost would be $99 (includes 20 hr life class) + cost of license test fee.

 

[b61mack]

Try New york life, or any of the other big companies.

 

[IMHERE]

Try New york life, or any of the other big companies.

So, NYL and other big companies do a complete financial analysis and would allow me to start part time?

 

[blue_wynd]

So, NYL and other big companies do a complete financial analysis and would allow me to start part time?

I know Mass Mutual does. They also do the whole financial needs thing. You can start off on a part time contract and move upwards, if you want. They called it "contract b". I don't know how long you can stay on "b" though. Talk to a couple GAs and see.

 

[IMHERE]

I know Mass Mutual does. They also do the whole financial needs thing. You can start off on a part time contract and move upwards, if you want. They called it "contract b". I don't know how long you can stay on "b" though. Talk to a couple GAs and see.

I'll check that out. Thanks blue_wynd.

 

[Cornelius]

What do you mean by "entire financial picture"?

 

[IMHERE]

What do you mean by "entire financial picture"?

Life insurance, retirement, education savings, getting out of debt, emergency savings, auto and homeowners insurance. Also, just educating consumers on things like the power of compound interest, how credit card debt harms them - stuff like that. Kind of being a financial coach.

Could also include general stuff about wills and/or estate planning.

 

[Cornelius]

Life insurance, retirement, education savings, getting out of debt, emergency savings, auto and homeowners insurance. Also, just educating consumers on things like the power of compound interest, how credit card debt harms them - stuff like that. Kind of being a financial coach.

Could also include general stuff about wills and/or estate planning.

Shoot me an email at [email protected] and I will inform you of another option.

 

[HVelocity]

I would look for small agencies that are RIA's. Here's a profile:

• Small RIA
• Possibly 1-10 Financial Advisers (Investment Adviser Reps and resident producers)
• Series 65 and Insurance license (You'll need those too)
• Company is licensed
• Been in business at least 3 years (Though based on my plan, I hope to start hiring agents in year 2)
• Full product line to cover a comprehensive planning program.
• Well branded with ready networks and alliances bringing in business
• Solid business plan in writing; and a marketing plan. They may not share their fill plan with you.

Looking forward I would definitely consider a part time "rain maker". I'm a finance and business guy not a salesman. So, when I have the volume of business to support more advisers, my first hire will be an experiences sales expert to help refine the marketing and sales aspect.

I suspect there are thousands of small RIA's like mine with entrepreneurs who detest sales, who would accept a cold call appointment for a job interview from a rain maker. Try it.

A note: Sales is difficult fore me. In my experience, in order to get my business where I want it to be, I need to accept sales as a major part of the business. Sales is what supports the top line. Without sales, I don't have a business. You want to find an owner who understands that, and who also understands they can't stop selling when the rain maker comes aboard. I fully expect to support my future rainmaker buy helping to identify and develop markets, marketing, networking, and driving business his/her way.

 

[Ann H]

It's nice to hear that you have a passion for helping people with their finances. The best jobs are the ones you really enjoy.

However, when you look for a company, there are priorities that are more important than whether they require you to recruit, whether they pay a base salary, etc. The first question is do they have the best products for the clients?

You said you are not primarily doing this for the money, and you will do it part-time while you keep your well-paying job. So, why not go indy? One company is not the best fit for every client. If the client's best interest is at heart, you'll use company A for a diabetic, and company B for preferred non-smoker, company C for someone with a family history of cancer before age 60, company D for another niche...

And as for what's best for you, when you build your client base as an independent agent, you won't lose your clients if you cancel your indy contract with a carrier, because you are not captive. That's so much better in the long run. You can build that book of business while working part-time, especially since making money is not your primary focus.

You also won't be asked to recruit. I like the fact that you dislike the MLM idea. Usually MLM's are created to sell a product that wouldn't sell on the open market otherwise. And the recruits are often used for their warm market rather than for longevity.

You can still sell term instead of whole life. You can still spend time explaining that concept, and doing a needs analysis. However, after you are done with that conceptual presentation, and you find that it's time to sell the client an actual product, you can sell them the BEST product, not just the product that your company requires you to sell. Sometimes MLM's spend so much energy promoting their concept that they hide the fact that their actual product is not the best in terms of quality, cost, or fit for the client. They often claim that they are the best and the only one to have true integrity and the client's best interest at heart. But that claimed integrity fails when a higher-priced product is then sold. They preach their own concept and their own worth so convincingly that the client often forgets to find out how their actual product compares to other products sold in the market. In this way, overpriced term is sometimes sold when another term product would have been much better for the client.

So, you are in a wonderful spot. You have a passion for it, you love helping people with their finances, you aren't in it for the money, you have a great paying job now, you can do it part-time, you don't want to recruit, you should primarily focus on what product(s) are best for the client(s). Seems to me that would be indy.