Insurance Agent Forum

[JUB]

Hi Everyone, first post here and would appreciate any insight. I know there are a lot of State Farm threads and I've read most if not all of them.

I've been extended an offer to work for one of the top local agents with the understanding he'd tech me all sides of the business, systems, etc. with the understanding I'm looking to go Agency after two to three years.

For you current agents with or without State Farm experience would this be a wise way to get into Agency or start from scratch with the company and move into Agency from day 1 through their process? Per the recruiter, they are looking to replace retirees and not put scratch agents out there. There would be books of business in the typical 1 to 1.5 mil range but I don't know what the books consist of. I realize it's very selective. I have in my mind the wiser thing to do but am curious on others insights who've recently started on what worked for them.

I'm also talking with Farm Bureau about becoming an agent for them. Any insight here would be appreciated.

I have 15 years of solid sales experience but no insurance experience.

Thank you!

[wfs]

I see no harm in working with State Farm for a year or so in order to get good agency experience. Learn what you like and what you do not like. Keep in mind though that any business that you generate through SF does not belong to you, nor does it belong to the SF agency owner, it belongs to State Farm. With that said, it's probably not a bad idea working with an experienced agent for a while.

Maybe you may decide that you want to be a SF agent. I know a SF agent and I am good friends with him, however I would not want to join SF. First off, I feel I can better serve my customers being able to represent the best company that will favor their case. When captive with SF or any other company, you lose that competitive edge. I don't want to make this seem like I'm anti-SF, but I just want to help you see the big picture.

Many agents start out captive and learn the ropes. There are certainly advantages with working with a company like SF, but they come at a price.

I suppose the big question is - What are you looking for? You may not exactly be sure yet. No harm in working for SF until you figure that out. Are you looking to run a service-based P&C agency with life insurance on the side? SF may be perfect.

If you are interested in Life (or health) only, I would not go to SF. You can achieve much higher commission and own your clients if you get hooked up with a good IMO/GA. You can get paired up with an agent who can train you. These days, training can be done with technology - internet, web meetings, etc... You won't get the salary, but you will make more money in the end.

Running a SF office is a huge undertaking, so if that is the direction that you want to go, be careful. Many agents have had financial devastation going this route. Not worth the risk in my opinion.

Upon reentering the insurance business, I considered opening a SF office, but quickly changed my mind. Instead, I chose to work independently. My monthly expenses are very low (E&O, leads, phone, internet, software, etc...) and my return on investment is high. I can work from anywhere - whether at my primary home in PA, my second home in Las Vegas, or anywhere else for that matter. I have true freedom and mobility, which is important to me. But these were my requirements. So, again, ask yourself, what do you want? Just because you are new does not mean that you need to work for a SF agency. But it could give you some good experience regardless.

Good luck!

[JUB]

Len,

Thank you for taking your time to share your thoughts - they aren't taken lightly and I do appreciate them!

I am thinking that working for a SF agent for a couple of years would give me a very good idea of what I'd be getting myself into as an Agency owner before putting my own $$ and family at risk. It would also give me time to go through their candidate process - plus their are no guarantees I'd be selected for a pool to be considered for Agency! Either way I'd get the experience and figure out what I'd like to focus on, etc. If SF doesn't work out, I could go independent or represent another company.

If anyone else has anything to add, I'd appreciate it.

Again, thank you!

Originally Posted by wfs

I see no harm in working with State Farm for a year or so in order to get good agency experience. Learn what you like and what you do not like. Keep in mind though that any business that you generate through SF does not belong to you, nor does it belong to the SF agency owner, it belongs to State Farm. With that said, it's probably not a bad idea working with an experienced agent for a while.

Maybe you may decide that you want to be a SF agent. I know a SF agent and I am good friends with him, however I would not want to join SF. First off, I feel I can better serve my customers being able to represent the best company that will favor their case. When captive with SF or any other company, you lose that competitive edge. I don't want to make this seem like I'm anti-SF, but I just want to help you see the big picture.

Many agents start out captive and learn the ropes. There are certainly advantages with working with a company like SF, but they come at a price.

I suppose the big question is - What are you looking for? You may not exactly be sure yet. No harm in working for SF until you figure that out. Are you looking to run a service-based P&C agency with life insurance on the side? SF may be perfect.

If you are interested in Life (or health) only, I would not go to SF. You can achieve much higher commission and own your clients if you get hooked up with a good IMO/GA. You can get paired up with an agent who can train you. These days, training can be done with technology - internet, web meetings, etc... You won't get the salary, but you will make more money in the end.

Running a SF office is a huge undertaking, so if that is the direction that you want to go, be careful. Many agents have had financial devastation going this route. Not worth the risk in my opinion.

Upon reentering the insurance business, I considered opening a SF office, but quickly changed my mind. Instead, I chose to work independently. My monthly expenses are very low (E&O, leads, phone, internet, software, etc...) and my return on investment is high. I can work from anywhere - whether at my primary home in PA, my second home in Las Vegas, or anywhere else for that matter. I have true freedom and mobility, which is important to me. But these were my requirements. So, again, ask yourself, what do you want? Just because you are new does not mean that you need to work for a SF agency. But it could give you some good experience regardless.

Good luck!

[fastrack1]

Originally Posted by wfs

I can work from anywhere - whether at my primary home in PA, my second home in Las Vegas, or anywhere else for that matter. I have true freedom and mobility, which is important to me. But these were my requirements.

:

Not nearly as impressive as my THIRD home in Vail. You Indies have it so good it's just not fair...............
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Originally Posted by JUB

Hi Everyone, first post here and would appreciate any insight. I know there are a lot of State Farm threads and I've read most if not all of them.

I've been extended an offer to work for one of the top local agents with the understanding he'd tech me all sides of the business, systems, etc. with the understanding I'm looking to go Agency after two to three years.

For you current agents with or without State Farm experience would this be a wise way to get into Agency or start from scratch with the company and move into Agency from day 1 through their process? Per the recruiter, they are looking to replace retirees and not put scratch agents out there. There would be books of business in the typical 1 to 1.5 mil range but I don't know what the books consist of. I realize it's very selective. I have in my mind the wiser thing to do but am curious on others insights who've recently started on what worked for them.

I'm also talking with Farm Bureau about becoming an agent for them. Any insight here would be appreciated.

I have 15 years of solid sales experience but no insurance experience.

Thank you!

Go work for an agent and see if you can sell anything. It also looks really good on your resume if you pursue the State Farm route.

[wfs]

Originally Posted by fastrack1

Not nearly as impressive as my THIRD home in Vail. You Indies have it so good it's just not fair...............
- - - - - - - - - - - - - - - - - -

Vail?? Way to cold for me. I'm thinking of buying another home in Vegas, being that prices are so low...
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Originally Posted by JUB

Len,

Thank you for taking your time to share your thoughts - they aren't taken lightly and I do appreciate them!

I am thinking that working for a SF agent for a couple of years would give me a very good idea of what I'd be getting myself into as an Agency owner before putting my own $$ and family at risk. It would also give me time to go through their candidate process - plus their are no guarantees I'd be selected for a pool to be considered for Agency! Either way I'd get the experience and figure out what I'd like to focus on, etc. If SF doesn't work out, I could go independent or represent another company.

If anyone else has anything to add, I'd appreciate it.

Again, thank you!

Best of luck to you!