Financial Services Rep at State Farm Agent

NMotion · 10-14-2009, 05:18 AM

Hello, I am in the interview process for a financial services rep at a well established SF agent. I have very little info on what is offered such as benefits and such but have been told this is a good way to getting in to owning your own SF agency. I've read here that getting to have your own agency can be tough and I'm hoping this is a good start.

Does anyone have any exprerience in this role or are able to provide any advice?

Thanks

HarryRenard · 10-14-2009, 06:04 AM

I would try a search, there is probably atleast 10-20 threads about sf.

NMotion · 10-14-2009, 06:09 AM

I haven't seen much about the financial services rep though. Guess I'll dig somemore.

xrac · 10-14-2009, 06:58 AM

I do not know that I have seen a thing about a Financial Rep at SF. Is that a new SF concept or something a local agent is doing. Allstate uses Financial Reps.

DHK · 10-14-2009, 07:16 AM

It is my impression that SF hires people to become FULLY licensed: P&C, Health, Life, Accident, FINRA licenses 6/63/65 &/or 7/66.

Perhaps a particular agent is going to focus specifically on what they're good at (P&C/Life?) and work with someone else to be the "specialist" in the financial services side.

BTW, look out for those State Farm "loaded" index funds. Complete ripoff. I wouldn't recommend them. Recommend anything else, but never an index fund with A-share or B-share expense structure.

NMotion · 10-14-2009, 08:42 PM

It is a position with an agent, so I won't work directly for SF. I have my 6, 63, 65 as well as LAH so all I should need is P&C. It is a top agent so I think it's a good place to start. Guess I'll know more after the next interview.

DNK- · 10-14-2009, 10:53 PM

Originally Posted by NMotion

Hello, I am in the interview process for a financial services rep at a well established SF agent. I have very little info on what is offered such as benefits and such but have been told this is a good way to getting in to owning your own SF agency. I've read here that getting to have your own agency can be tough and I'm hoping this is a good start.

Does anyone have any exprerience in this role or are able to provide any advice?

Thanks

NMotion,

I currently work for a State Farm agent. When you work for a State Farm agent you are an employee of the agent and not technically State Farm. I think you are aware of this.

I am not sure if this would be the best way to go if you want to start your own agency. The agent that you will be working for might recommend you or something to that effect and you will probably learn the products. However, you are an employee and you may be better off just to get in contact with a State Farm recruiter if you want to start your own agency.

So if you are just looking to get some experience in the field it might be a good idea to go with SF but it won't directly help you open your own agency.

NMotion · 10-15-2009, 05:05 AM

I spoke with someone who helps agents with their training and he said specifically that if you work with an agent and show improvement in their production that it definitely helps but that it isn't required to apply for your own agency. In speaking with this agent as well as an outside company that works with the agent for training employees and such, both say the job should lead you to being a qualified candidate in 2 years.

I'm curious what type of benefits your agent offers such as health ins. 401k, paid time off. Coming from the corporate world I am used to these. Should I count those out or what?

agentjaf · 10-15-2009, 10:02 PM

I currently work for a State Farm agent and am licensed in all lines of business. Our agency is in a very small town and I am currently the only employee besides the agent. I know each office varies as it's up to the agent as to what types of benefits are offered, but I have absolutely none. No 401k, no medical, dental, disability, etc. I am fortunate that my husband works for a big medical institution and I can pick up the major benefits through him.

I have never come across another SF agency that has a financial services rep. Very interesting- curious to learn more when you get more details.

NMotion · 10-16-2009, 02:39 AM

Well the only benefit that is offered is $200 towards health which would cover me under my wife. For those who work in a SF agency is $55,000 the first year reasonable? The last rep in that office made more than that thier first year 2 years ago.

DNK- · 10-16-2009, 06:10 AM

I guess it just depends on what the agent will offer you in regards to benefits. I get 401K and up to 6% match. I technically pay for my own health insurance since its deducted from my pre-tax income but at least its offered. State Farm has a group plan for all employees including employees of agents but it obviously has to be offered until you can get it.

$55K income for your first year seems pretty high to me but I'm really not sure what exactly you will be doing. ARe you 100% commission? 50/50 or what?

Just depends on what you do and how much business you can bring in like everything else.

NMotion · 10-16-2009, 11:00 PM

Close to 50/50. I'll be doing life, health, annuities, mutual funds, bank prods. Not much p&c.

DNK- · 10-21-2009, 08:34 PM

Originally Posted by NMotion

Close to 50/50. I'll be doing life, health, annuities, mutual funds, bank prods. Not much p&c.

I am basically 95% salary so I can't tell you from experience. However, if you can sell all these lines and do it well, $55K would definitely be possible.

I am assuming that the agent you will be working for is going to take his cut off the top of anything you write though. Afterall, he still has to pay you some salary and he has to think about ROI.

Let me know how it turns out if you do take the position.