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Reply to Becoming a State Farm Agent     
Old 05-15-2008, 03:51 PM   #11
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Becoming a State Farm Agent Re: Becoming a State Farm Agent
For a captive insurance job, it's still probably a good opportunity. You'll need to have to sell life insurance, I've been told there's quotas for that. Ask what those are. And would not doubt they are moving in same direction for securities products as well. Did you ask if you are going to need a 6 and 63?

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Old 05-15-2008, 04:54 PM   #12
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xrac on Becoming a State Farm Agent
 
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Becoming a State Farm Agent Re: Becoming a State Farm Agent
Originally Posted by WIN View Post
.....My two cents are they were a great company for the agent two decades ago and they are currently a great company for State Farm.
Has State Farm changed or has the industry changed. Is this opinion based upon personal experience, conversation with other agents, personal observation, or a combination of those? What does anyone else think? Does anyone else share this opinion? Any SF agents want to chime in?
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Old 05-15-2008, 11:55 PM   #13
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Becoming a State Farm Agent Re: Becoming a State Farm Agent
State farm is hardcore about their process but it does get results. They will be on your butt every single week so its not going to be stress free and working independently. Expect to be working long hours and being poor for a good 1-2 years. But if your serious and want to break into the business its a decent company to get started with.

Definately check around the different companies in your area so you can find out who has the good pricing right now. All companies do great in some states/metros and horrible in others. On top of that it tends to swing back and forth every 5 years or so.
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Old 05-16-2008, 07:40 AM   #14
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Becoming a State Farm Agent Re: Becoming a State Farm Agent shawn17ths is the thread starter for: Becoming a State Farm Agent

Would working for State Farm and gaining all of this experience eventually help me become an independent agent if I decided not to go through the recruitment route?
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Old 05-16-2008, 08:22 AM   #15
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xrac on Becoming a State Farm Agent
 
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Becoming a State Farm Agent Re: Becoming a State Farm Agent
Originally Posted by shawn17ths View Post
Would working for State Farm and gaining all of this experience eventually help me become an independent agent if I decided not to go through the recruitment route?
For me the answer would be yes! Knowledge and experience are always valuable.
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Old 05-16-2008, 10:32 AM   #16
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Becoming a State Farm Agent Re: Becoming a State Farm Agent
Here is what I have been led to beleive so far: In my state, State Farm already has 28% penetration with a strong aging agent base. I will probably be taking over an office of a retiring / leaving agent. All of the customers still have to be serviced and someone has to service them. I was told that the average SF agent has about 3mil in premium grossing about 10% of that. I was also told that taking over an existing office would land me a book of about 1mil, or enough to cover some office expense. After the salaried training period of about 6 months, you get 18K bonus when you sign the contract. This is supposed to be a small sliver to get you started.

I guess that State Farm Bank will also loan new agents 25K almost guaranteed on really good terms. (hence the good credit I guess). You get a 5K credit card for everyday stuff and the office is already established so the equipment is there. I can re-interview the existing staff and hire or fire them.

State Farm insures 1 in every 5 houses and cars in the US. They must be doing something right. My personal insurance is with SF and since they are a mutual company, I get a premium refund every year that they experience lower than expected loss. From a customer's point of view, I am not paying to line the pockets of shareholders because the policyholders own the company.

SF can't be out for just SF. The execs probably get fat checks, but there are no greedy shareholders to influence decision making.
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Old 05-16-2008, 12:49 PM   #17
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Becoming a State Farm Agent Re: Becoming a State Farm Agent
Originally Posted by aspiringwealth View Post
Here is what I have been led to beleive so far: In my state, State Farm already has 28% penetration with a strong aging agent base. I will probably be taking over an office of a retiring / leaving agent. All of the customers still have to be serviced and someone has to service them. I was told that the average SF agent has about 3mil in premium grossing about 10% of that. I was also told that taking over an existing office would land me a book of about 1mil, or enough to cover some office expense. After the salaried training period of about 6 months, you get 18K bonus when you sign the contract. This is supposed to be a small sliver to get you started.

I guess that State Farm Bank will also loan new agents 25K almost guaranteed on really good terms. (hence the good credit I guess). You get a 5K credit card for everyday stuff and the office is already established so the equipment is there. I can re-interview the existing staff and hire or fire them.

State Farm insures 1 in every 5 houses and cars in the US. They must be doing something right. My personal insurance is with SF and since they are a mutual company, I get a premium refund every year that they experience lower than expected loss. From a customer's point of view, I am not paying to line the pockets of shareholders because the policyholders own the company.

SF can't be out for just SF. The execs probably get fat checks, but there are no greedy shareholders to influence decision making.

Agree with information above. It is pretty accurate, however, the signing bonuses are only a minimum of 18k. It depends on the market area. Also some areas get supplimental marketing bonuses.

Some people may also not realize that SF will also pay/license/ and train two of the Agent's staff prior to the Agency opening.

To answer a few questions above. SF does require Series 6 and 63 as well. (They do pay for the licensing though).

All in all, State Farm does screen very much, but that's to keep the turnover rate low.
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Old 05-16-2008, 01:45 PM   #18
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Becoming a State Farm Agent Re: Becoming a State Farm Agent
Originally Posted by aspiringwealth View Post
SF can't be out for just SF. The execs probably get fat checks, but there are no greedy shareholders to influence decision making.
http://www.nasfa.com/news/exec_salaries07.pdf

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Old 05-16-2008, 02:09 PM   #19
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Becoming a State Farm Agent Re: Becoming a State Farm Agent shawn17ths is the thread starter for: Becoming a State Farm Agent

Does anyone know a ball park range of what a team member working for an existing agent start out around, or how the commission works?
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Old 05-19-2008, 08:54 AM   #20
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Becoming a State Farm Agent Re: Becoming a State Farm Agent
Originally Posted by moonlightandmargaritas View Post
Wow, those execs are definitely getting paid!
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