State Farm Recruit

[Brown23]

Hey guys,first off thank for taking the time to respond...

Here's my situation,currently work in the Telecom field,have been at a large telecom co for 18 years making between 80-95k depending on how much OT I want to work,know of a couple of very successful SF agents,but have not approached them yet as they are friend of friend,so decided to explore the field and contacted a recruiter,of course she made it sound like a rainbow with a pot of gold at the end!
She described taking over an existing branch,3million book she says....
I'm not worried about the cold calling,12-14 hour days and sacrifices that are required to establish myself,I've climbed telephone poles for 18 years so hard work isn't new to me...
However all I see on forums is negative! "I'm 100k in debt now" " I was #2 in sales and didn't get my contract renewed" .....
I'm going through their approval process as we speak,to see where it leads,am I crazy for even considering leaving a 80k a year job with 18 years???
Just trying to make an educated discussion on whether to pursue or not....thanks guys

 

[Guest]

I'm going through their approval process as we speak,to see where it leads,am I crazy for even considering leaving a 80k a year job with 18 years???

You're not crazy, but I would advise against it. State Farm is a tough company to work for. You'll likely have much more success with a different insurance company. I've known some very good agents who didn't make it with State Farm, and they had experience.

What state are you in?

 

[Josh]

To a degree it comes down on what you're motivation for switching is. To replace what you're currently making (unless your 1099 which I doubt), you'd have to throw down at least $100k-$115k to match what you're making. Plus, how much do you value vacation time? Doing the SF gig is going to mean you're basically running your own company which comes with a pile of other stresses and considerations you don't currently have. Not saying it's a bad deal, but it's not an apples to apples comparison.

 

[xrac]

Based upon everything I am reading about SF I think you are crazy.

 

[Brown23]

In michigan,vacation time no biggie in first couple years,and I'm not looking to spend a lot out of pocket,if I have to lay down 50-100k that's ludicrous,what fool would do that! Guess those are the horror stories I read on these forums....however I know it can be successful,2 people I know are definatly not hurting financially!!

 

[Guest]

In michigan,vacation time no biggie in first couple years,and I'm not looking to spend a lot out of pocket,if I have to lay down 50-100k that's ludicrous,what fool would do that! Guess those are the horror stories I read on these forums....however I know it can be successful,2 people I know are definatly not hurting financially!!

How long have the 2 people been with State Farm? That is a biggie. Things have changed there and the process is not the same now as it was a few years ago. The captive insurance world is changing drastically, just ask an Allstate agent. More and more companies are moving from an Independent Contractor model to an W2 Employee model. This is much less lucrative for the agent and turns you to an employee not an employer.

Good luck with it, I wish you success. I would give it some serious thought before I left an $85K a year job. Look into some other captive companies to see what they have to offer. I've heard good things about American Family and Nationwide. They might be worth a look.

 

[Brown23]

How long have the 2 people been with State Farm? That is a biggie. Things have changed there and the process is not the same now as it was a few years ago. The captive insurance world is changing drastically, just ask an Allstate agent. More and more companies are moving from an Independent Contractor model to an W2 Employee model. This is much less lucrative for the agent and turns you to an employee not an employer.

Good luck with it, I wish you success. I would give it some serious thought before I left an $85K a year job. Look into some other captive companies to see what they have to offer. I've heard good things about American Family and Nationwide. They might be worth a look.

Good info,and appreciated,I think I'll contact one of the two,he's an old sports buddy so I'm sure he'll be straightforward with me!

 

[The Colonel]

Talk to some agents. Newer agents will have the contract you'll get so make sure you understand that. It's a great deal for a small % of the population. Are you entreprenurial? Self-motivated? Want to run your own business? Like hiring/training/motivating a team? Got the fire in your belly?

 

[Jason_Johnson]

Brown23, I too had to make a decision similar to yours. Going from a W-2 employee to a Independent Contractor 1099, was a big step. Instead of contacting paid recruiters, I would talk to financial advisor or look at you long term goals. The ability to write off most expenses is a plus for the IC but I don't have kids, wife, etc. Your family needs insurance and protections that you will lose if you a business owner.

 

[xrac]

Talk to some agents. Newer agents will have the contract you'll get so make sure you understand that. It's a great deal for a small % of the population. Are you entreprenurial? Self-motivated? Want to run your own business? Like hiring/training/motivating a team? Got the fire in your belly?

I personally do not think it is a great deal for anyone other than SF.