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I've searched the forums but could not find or put together an answer, so I'm posing the question. Thank you in advance to anyone willing to provide advise / input on this.
I've been in real estate sales for many years and am switching to Insurance. I've passed all my classes and exams. I have my license, but now need to get to work.
I have been approved to open a Farmers and an AmFam office and a person I know who owns a Nationwide Office is willing to hire and train me. My goal is to have my own office and be an "independent" broker in 3 to 4 years but I need product training and thought going captive would be better than an independent at this time (to take advantage of their training programs & knowledge.)
My options are as follows:
AmFam - AmFam will provide a salary (loan) for an defined amount for up to six months until I can open my own office (yes, I can live on this.) Training is for six weeks, 8 hours a day. I would be trained under an existing broker and all my policies I would write during the six months would remain with me. Then go on my own and sell for AmFam. Their plan does not pay commission on renewals, instead they provide a salary going forward (loan) and they keep the renewals. I keep all the New commissions. Minimum sales requirements - set number of P&C and 2 Life per MONTH.
Farmers - open my own office. Train for two weeks locally, then add more training as needed locally (week here and week there, etc.) If I wanted more training, go to regional training center, but at my cost. Open office as quickly as possible and sell, sell, sell. Their monthly payment is a loan and if I don't produce I have to return it. If I produce, I keep it. Minimum sales requirements - set number of P&C and 2 Life.
Nationwide - working under a broker, he would train me. Then he would pay for the beginning training at the regional center. I would sell for him and he keeps the "production bonuses" provided by Nationwide but I keep all the commission and the renewals if I stay with him long enough. When (or if) I leave, the policies stay with him. When opening my own office, I would start from scratch without policies and would need to qualify to open a Nationwide office or would go off on my own as an independent.
Question: If you were starting, and had these options, which would you choose and why? (Sorry for the long posting.) Yes, I will read all posts and will check back.
Again, thank you to anyone willing to offer advise/assistance. Changing careers is never easy and choosing the right company is sometimes even harder. Thanks again!
AmFam is going to give you the best option here. They will train you better. They will pay you better. They will allow you to move up to a management position sooner - just sell the crap out of life. They offer the easiest contract to get out of and go indy (well, they use to). They will pay you for your help, if you hit the numbers. Nothing wrong with starting there. Take their max, make all the quotas and trips and plan on going INDY in year 5 or so.
Amfam and Farmers will not pay you a dime on your existing book unless you put in many years - last I saw it was 10 +.
Just my 2c. Good Luck and Good Selling.
Dave