Looking for advice since I will be new to the industry. I have an opportunity to be a producer with an independent broker. I will get 75% split on all new and renewal business. I would be straight commmission from day 1. I understand that it will take around 3 years to build a good book of business. I would be going from a salary job to commission based but I'm looking at the potential down the road. Any insight/advice about the split, challenges, concerns, perks, good, bad and ugly would be appreciated. It would be mostly auto and P&C insurance.
New Producer to Independent Broker
- Thread starter TN1981
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Do you have savings? How will you generate leads?
70% is not bad. Are they handling the service for you?
I was offered 50% but I'm free to keep all my independent contracts on the life and health side and cross-sell, so I figure that's how I survive while building my P&C book over the next 3 yrs.
70% is not bad. Are they handling the service for you?
I was offered 50% but I'm free to keep all my independent contracts on the life and health side and cross-sell, so I figure that's how I survive while building my P&C book over the next 3 yrs.
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- #3
I do have some savings and fortunately just a house payment, but 3 small children under the age of 7. I'm looking into for the purpose of growing my own business and flexibility.
The broker will mentor me and introduce me to some COI as well as current connections I have and prospecting.
I will maintenance my accounts such as adding to policies removing info etc.
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- #4
I do have some savings and source to additional funds. My wife is employed and fortunately we only have a house payment. We do have three small children.
The broker said he would like to mentor me for 6-12 months before turning me loose. He would introduce me to some of his connections. I would maintenance my own accounts.
The broker said he would like to mentor me for 6-12 months before turning me loose. He would introduce me to some of his connections. I would maintenance my own accounts.
6-12 months before you make any money?
It's also very hard to focus solely on selling and growing your book, without service support.
TN, You stated: "It would be mostly auto and P&C insurance." Auto is included in "P&C" so I am not sure if you mean that you will be selling both personal lines and commercial lines. Also, in what State will you be selling?
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- #8
This is a career changing move, so I'm still getting used to the products terminolgy etc. It would mostly be personal with the option to write some commercial deals.
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