Best Way to Go Independent?

[Tehguy]

Hello,
I am licensed for P&C and L&H in PA and want to transition to a career in Insurance. I want to keep my day job with good pay, vacation, benefits, etc. and start building a book of business until I can reach a point where I walk away from my day job.
I spoke with Smart Choice and am a little on the fence. Agent feedback on Glassdoor is not encouraging.
I don't want to go captive because I'd take a big pay cut that I can't really afford to take, and then I'd be back in the same boat when I would want to go independent.

Is there a better aggregator or route I should take? Any and all advice is appreciated.

 

[BADTROUT]

What state are you in, we may be able to help.

 

[GreenSky]

One of the best ways to go independent is to avoid anyone on the forum who is here mainly to recruit.

Rick

 

[Markthebroker]

When you own your clients in one way or another, you are going to go through a period of time being underpaid. Whether that is a captive agency owner, independent agent, or brokerage house owner, how much you get paid for your time in the beginning will be low. Once you ramp up, generally, you are well paid.

So whether you start full time or part time, you are basically "paying your dues" to get in. I would start working part time at a captive agency, maybe cold calling nights and weekends for them. Learn the business, then go indi. I started captive and went indi, and like many people, I believe that is the best way to go.

 

[BADTROUT]

I started captive and went indi

I did too, and although it was tough to start over, I really am indebted to them for teaching me the business, or at least a solid foundation I still rely on 17 years later. So I certainly don't regret it.

 

[Matthew King]

Hello,
I am licensed for P&C and L&H in PA and want to transition to a career in Insurance. I want to keep my day job with good pay, vacation, benefits, etc. and start building a book of business until I can reach a point where I walk away from my day job.

I spoke with Smart Choice and am a little on the fence. Agent feedback on Glassdoor is not encouraging.

I don't want to go captive because I'd take a big pay cut that I can't really afford to take, and then I'd be back in the same boat when I would want to go independent.

Is there a better aggregator or route I should take? Any and all advice is appreciated.

It's great that you are already licensed and currently have a "day job" that can help pay the bills as you get your feet on the ground to run. Some food for thought.

What time/days are you going to be able to work on the "side gig" and commit to growing it?

If you wish to not go captive because of the pay cut, I would recommend starting off slowly as you've got the bills paid by the first job.

First, get educated by using the forum, peers, any training you can get. That will help with the learning curve. Second, pick up only 3-5 carriers for the particular product(s) you wish to sell so you can learn them and begin to reach out to your local market.

As you practice and get your feet wet you can gain some traction and momentum by focusing on a Niche within insurance. Then worry about expanding into different products, get more carriers, etc.

You can start off Indy, it's just a little harder because you don't have someone to report to. People generally don't like to admit it that they need to be held accountable by someone other than themselves to be successful for the most part.

If you can hold yourself accountable, be consistent, establish a system to follow you'll be fine.

 

[PA P and C]

I'm in the same boat as you... What part of PA are you in?

 

[mh1562]

I spoke with Smart Choice and am a little on the fence.

Hi,
Could you share your thought process while debating about them? I also consider them and interested learning other perspective.

Thanks!
Mo

 

[RicFlairII]

One of the best ways to go independent is to avoid anyone on the forum who is here mainly to recruit.

Rick

This is exactly correct regarding aggregators.

I had two of the contracts from these type places looked at by a
relative who is an attorney- he laughed.

Then one of the reps for those type places started replying to
each of my posts about it painting a positive spin.

The problem is this- pretty much each and every one of those
type companies has a clause in the contract that says they can
void or discontinue the contract/relationship at any time.

What this means legally is, say, if you got sick and were out of
work and not producing for a couple of months, they could drop
you and it is all supported within the contract wording.

Now, I am sure one of the reps is going to jump in and say they
dont drop people- to which I say, if that is so, then put it in writing.

I have yet to see a contract that does not have that type of wording
and I have looked at a bunch.

 

[Matthew King]

It is pretty much going to be on every contract because even the insurance carrier has the right to "just terminate you". In most of their contracts, which a general agent, managing agent, IMO, FMO, NMO, or any upline can't exactly stop if the carrier is 100% on terminating you.