Attention: Experienced Independent Agents

One2Envy · 10-22-2008, 02:42 PM

Hello All,

I have a dilema........ I have the opportunity to work for an independent agent as well as Farmers Group. My biggest concern is I want to start my own independent agency in the near future. So for those of you who have been there and done that, hopefully you can give me some great advice.

Which road should I take to gain the best possible knowledge 1. Would I be better off working with the independent agent being that I want to go down that road myself ?

2. Should I go with Farmers and gain some experience that the independent agent might or might not have ?

What were your experiences ? And what was the outcome ? All responses would be greatly appreciated.

Thanks in advance,
One2Envy

lifesettlementadvisor · 10-22-2008, 03:25 PM

What experience will a farmers agency have (that you will need) that an indy won't.

Seems to make the most sense to start your career in the field you want, instead of working captive and then trying to start an indy without experience in that field.

One2Envy · 10-22-2008, 03:41 PM

"Seems to make the most sense to start your career in the field you want"

This is straight forward and probably the right choice but, I don't exactly agree because:

"What experience will a farmers agency have (that you will need) that an indy won't."

Thorough Training

Knowledge of their book of business.
Obviously Farmers is successful at what they are doing. Little things like this that will help me in the future while Im running my own agency.

lifesettlementadvisor · 10-22-2008, 03:46 PM

If you find a good agency to work for they will give you the same training and experience working in an indy office, but sounds like you already made up your mind.

patch36 · 10-22-2008, 03:57 PM

Farmers won't teach you much, and nothing that you can't pick up from an indie. You will mostly learn how to use the Farmers application and internet system. P&C is what they are good at.

Are you going to work for a Farmers Agent or become a Farmers Agent? Working for one won't give you anything you can keep when you move on and you will be working for a piece of the pie instead of the whole pie. If you want to be a P&C agent, it is a LONG term commitment. Starvation for years to get a book of business built up that pays the way. Years, not months.

Thatguy · 10-22-2008, 04:48 PM

I suggest you go work for another independent agency first since that is where you wish to be. You should not start your own independent until you have experience of your own, but you should also not go work for a captive and be stuck there. Find yourself a decent FMO that will release at a predetermined time, so that you can go off on your own when you are ready to do so. Working for Farmer's is not a good idea, find yourself an non captive GA or an FMO

Reuben · 10-25-2008, 07:36 PM

If you're going to work directly for Farmers' then BEWARE of the debt trap, subtly weaved into your interview.

Working as a producing agent for an existing Farmers' office might be something to consider.

If you're after training, then you might consider MassMutual, MetLife, New York Life, etc.

DenverINS · 10-25-2008, 08:43 PM

At Farmers you might get about 20 hours of class for product training and thats about it. What manager you choose is far more important. The managers are "selling" you on becoming an agent. Find out in detail what they will do to make you successful. Will they buy leads for you, send out mailers, etc? Having lots of friends and family in your state will make things much easier. They'll be your 1st source of business.

Find out how competitive their rates are in your state. Know that you will be an auto/home agent. If you have what it takes to get off the ground then Farmers 2 years of subsidy will really help you financially.

Flip side, if you find a good indy agency then you can offer whatever is currently most competitive. If you gain someone's trust then you basically have a sale. If the indy is gonna bring in the leads for part of your commish that can be a great way to get started because you won't be risking your own capital. If their money is on the line they have more incentive for you to succeed.

One2Envy · 10-26-2008, 11:32 AM

Thanks everyone =)

I am really considering the indy route because the independent agent I would work for I have known for a few years. The unfortunate thing is I don't know what to expect as far as pay. He did say I would be straight commission and he would pay 50%.

Is this good ?
What else should I expect ?

One2Envy · 10-27-2008, 01:42 PM

Thanks everyone =)

I am really considering the indy route because the independent agent I would work for I have known for a few years. The unfortunate thing is I don't know what to expect as far as pay. He did say I would be straight commission and he would pay 50%.

Is this good ?
What else should I expect ?