Starting a New IA.....need help

[INDYTIME]

Hey guys just wanted to get some insight on the fastest way to get an IA up and running. I've been a captive for some time now and have a decent book. Its about that time to jump ship....any recommendations for me starting a new IA? Should i join an aggregator while i try to get direct appointments or just stick with an aggregator and wholesalers?

any feedback is much appreciated. I finally see the light

 

[rgleyzer]

You should definitely look into the captive contract and determine how easily you can get out, if you can take the book of business, if you have any limitations on which carriers you work with, etc.

I started an independent agency recently and using a combo of direct carrier appointments, wholesale broker placements, and did join one cluster (where I have rights to my own book and can leave any time).

You will find that just about any carrier can be accessed through some sort of intermediary channel (wholesalers and MGAs). You just have to be willing to give up some commission until you get big enough on your own.

...everything above is for commercial lines. not sure how personal operates.

Good Luck

 

[INDYTIME]

Im in California and im reading everywhere that there is a non compete ban for california law....does this mean the contract i signed isnt even valid?

Any help is appreciated

Thanks!

 

[AZDave]

Non compete is not your worry. You can't be restricted from making a living. It's the no solicit/no contact clause in your contract that you need to look at. Most Farmers contracts I know of restrict you for two years from you doing business with past customers, even if they seek you out.

Check your contract.

Good luck!

Dave

 

[INDYTIME]

basically it says

for a period of one year following the effective date of termination of this agreement, to neither directly nor indirectly solicit, accept, or service the insurance business of any policyholder of record in the agency as of the effective date of the termination or at anytime otherwise, use confidential information and/or trade secrets

In California there seems to be rules about non compete and no solicitation agreements are unenforceable? Does anyone know about this?

As long as i dont share trade secrets to solicit customers it seems as if I'm in the clear

Is it better just to farm my book a year later?

 

[AZDave]

I would wait the year if I were you. It will go quick, lots of other business out there. Just not worth it.

Plenty of discussions here regarding groups, aggregators, clusters or wholesalers.

Good Luck!

 

[PhilL]

I would wait the year if I were you. It will go quick, lots of other business out there. Just not worth it.

Plenty of discussions here regarding groups, aggregators, clusters or wholesalers.

Good Luck!

Excellent advice...

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Hey guys just wanted to get some insight on the fastest way to get an IA up and running. I've been a captive for some time now and have a decent book. Its about that time to jump ship....any recommendations for me starting a new IA? Should i join an aggregator while i try to get direct appointments or just stick with an aggregator and wholesalers?

any feedback is much appreciated. I finally see the light

Not sure I can effectively address your contract issue but I am glad to give you some thoughts about your agency plans. If you want to contact me, I can be reached through my website.