Start Up Agency

[mycareer2]

I have been approached by an Allstate agency manager to become an agent. Most of you all know that they require liquid start up capital of 50K. I was given information on a self directed 401k plan that would enable me to fund the agency. The amount required is nearly a third of my account. Any advise would be appreciated.

 

[blue_wynd]

I think I can speak for most of everyone here, NO! You can search Allstate on the tread and see why. There are plenty of reasons provided by people. Now there is a few who is doing well, most of them are in certain states where Allstate wants to do business in.

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I would ask for a quote from an Allstate agent where you want to open an agency. See how they stack up.

 

[insurance1822]

Absolutely stay away from Allstate, RUN & DON'T LOOK BACK.

The way they've alienated their agency force is downright despicable & upper level management should all be hanged. Search these forums & you'll see...

 

[fearsback]

I have been approached by an Allstate agency manager to become an agent. Most of you all know that they require liquid start up capital of 50K. I was given information on a self directed 401k plan that would enable me to fund the agency. The amount required is nearly a third of my account. Any advise would be appreciated.

I would recommend an independent agency over Allstate at this juncture. What state are you looking to open?

 

[BlockO]

sorry to get off-topic. but I saw where Allsnake got passed by the lizard as the #2 biggest auto insurer. Guess that Esurance investment isn't working out too good.

GEICO Passes Allstate to Become 2d Largest U.S. Auto Insurer: SNL

 

[Schwetty]

Ask what the success rate of "new start" agencies is? They won't tell you!

Ask them what the commsision structure will be for 2015 and beyond? The current Allstate agents don't even know! Sure you will get a wonderful commision structure for the first 2 years, but after that goes away can you survive?

Also check out the All Blue Blog to do your due diligence before you take the leap. many who have gone before you will be willing to offer you advice.

 

[mycareer2]

I think I can speak for most of everyone here, NO! You can search Allstate on the tread and see why. There are plenty of reasons provided by people. Now there is a few who is doing well, most of them are in certain states where Allstate wants to do business in.

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I would ask for a quote from an Allstate agent where you want to open an agency. See how they stack up.

I have been off this site awhile but I appreciate your response.

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I would recommend an independent agency over Allstate at this juncture. What state are you looking to open?

I live in Kansas, Thanks for your response.

 

[raphoenix]

I haven't sold a thing, but was approached to buy an office. When I told them that I didn't have 50k, they said "We can find someone else interested in buying so you can get to that 50k amount".

 

[xrac]

I haven't sold a thing, but was approached to buy an office. When I told them that I didn't have 50k, they said "We can find someone else interested in buying so you can get to that 50k amount".

Can you interpret that? It doesn't compute for me.

 

[raphoenix]

Can you interpret that? It doesn't compute for me.

Just that they didn't care about anything but a 50k down payment.

If I said I wanted to buy in and only had 25k, they would find someone else for me to partner with that also had 25k to invest. (25 + 25)