Becoming a State Farm Agent
- Thread starter shawn17ths
- Start date
Greetings. I'm a total new person here and very new to the SF recruiting process. I haven't even taken my agent assessment yet, but I'm being recruited pretty heavily by a SF recruiter right now.
So these are the things I'm being told. Please reply fact or fiction and explain your answer to these.
1. Upon acceptance and business plan approval and interview etc... I would be hired into an office to train/get licensed at a salary plus bonus equivalent to my current salary/bonus structure at my current employer.
2. Upon completion I would/could apply for the office of a current retiring agent. I would be "given a book of approx. 1 million to 1.5 million in existing policies which would kick off $100k to $150k in revenue for my agency which I would use to pay my staff, rent expenses etc... I would also get an $18k bonuse.
These are my initial questions. I currently have a very stable job that between base salary and bonus I clear $90k per year. I'm a pretty aggressive person and I have been in successful sales/relationship management positions for over 10 years. This opportunity seems like a really good one to get into at my age and it seems like agents actually make money
Please tell me what I can expect? What am I missing?
So these are the things I'm being told. Please reply fact or fiction and explain your answer to these.
1. Upon acceptance and business plan approval and interview etc... I would be hired into an office to train/get licensed at a salary plus bonus equivalent to my current salary/bonus structure at my current employer.
2. Upon completion I would/could apply for the office of a current retiring agent. I would be "given a book of approx. 1 million to 1.5 million in existing policies which would kick off $100k to $150k in revenue for my agency which I would use to pay my staff, rent expenses etc... I would also get an $18k bonuse.
These are my initial questions. I currently have a very stable job that between base salary and bonus I clear $90k per year. I'm a pretty aggressive person and I have been in successful sales/relationship management positions for over 10 years. This opportunity seems like a really good one to get into at my age and it seems like agents actually make money
Please tell me what I can expect? What am I missing?
- 8,707
No doubt retiring agents are making money. Question is there anything different between the retiring agents and you as a new agent? Could the contracts be different?
State Farm agents definitely have an advantage with name recognition and training vs other captive companies. However, what kept me from them was the entrance process. It seemed like they would control all aspects and you could possibly become an agent. I wasn't about to give up my financial advisor success for that. I went with Farmers whos training completely depends on how good of a district manager you have. Mine was horrific and I had to make mistakes fast and learn from them. Also State Farm has tons of products plus banking products. I am not that good at focusing on a lot of products and feeling like a hustler everywhere. For instance I worked at chase bank and sold millions in annuity deposits but couldn't hit my loan goals. (Also depends on agency location demographics). If you live in a middle income area banking products might do well. That being said I didn't go with them because I knew I wouldn't want to hustle so many different products and be held to their production goals. P&c is where the money is at. Not auto loans.
I would read all of the posts on this forum and I would talk to at least three agents in my state who have been with SF three years or less. These would not be agents hand picked by SF. If you now clear 90K with benefits then your job is probably worth $125K as a 1099 employee. 20 years ago an agent appointment with SF was almost a license to mint money. Today I believe an agent appointment is like an invitation to Russian Roulette.
So I went back to 2010 posts and read a bunch, then I skipped ahead to some 2013 posts. A few more questions I have.
Which is the contract now? Is it the same contract as the people in 2007-10 were on because those people seemed angry.
I was told I'm being recruited because of my background in financial services, lending, etc...Also because of the successes I've had in every aspect of my career so far.
I'm at a very stable highly regarded company, with a good steady income. I have a wife and 2 children. I have significant sales and management experience. Is it possible that the people they recruit hard from outside industries get better offers than people without jobs or are in lower to more moderate income positions looking to improve? My recruiter specifically told me the don't recruit people who are out of work or who are unhappy in their current role. They are looking for successful people who are happy doing what they're doing. Thanks
Which is the contract now? Is it the same contract as the people in 2007-10 were on because those people seemed angry.
I was told I'm being recruited because of my background in financial services, lending, etc...Also because of the successes I've had in every aspect of my career so far.
I'm at a very stable highly regarded company, with a good steady income. I have a wife and 2 children. I have significant sales and management experience. Is it possible that the people they recruit hard from outside industries get better offers than people without jobs or are in lower to more moderate income positions looking to improve? My recruiter specifically told me the don't recruit people who are out of work or who are unhappy in their current role. They are looking for successful people who are happy doing what they're doing. Thanks
- 8,707
You should be asking your recruiter what contract is currently being offered....
upsidedown
New Member
- 1
What you're missing is the total picture.. the recruiters are just that, recruiters.. They've never been agents, they don't know half the truth.
Find 3-5 agents that have been agents for the last 5 to 9 years, they will tell you the truth... Don't see anyone that started within the last 2-3 years, they don't know.. yet..
For your family's sake, stay where you are.
Find 3-5 agents that have been agents for the last 5 to 9 years, they will tell you the truth... Don't see anyone that started within the last 2-3 years, they don't know.. yet..
For your family's sake, stay where you are.
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The new agent contract is very different than the old contract. You have to come up with a line of credit or assets providing you can come up with assets like mortgaging your home or IRA to pay your office bills if needed.
And, if you do not make production numbers State Farm kicks you out of the company and keeps the business you wrote and leaves you in debt.
State Farm is not the State Farm of the past. They want production and no longer care about service.
Don't risk what you already have.
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I think this is a post by someone of the inside looking out.
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Another voice from the inside????????????????
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Proceed at your own risk!
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