To stay independent or do I...

msinsagent · 08-22-2008, 03:04 PM

Good afternoon all this will be my first post, however I have been reading on this forum for the past several months, first off let me tell you guys a little about myself

I am a 32 year old male, I specialize in life insurance, annuties, LTC, Med supps and Medicare Advantage. I have been an independent agent for since 2003, I am from the Memphis,TN area.

I have recently been approached by an old friend if I would be interested in being a branch manager for Senior Solutions. My position would involve no selling, just the typical managerial and recruiting aspects. I have already interviewed with district and regional officers, and told them If I accept I will not cancel my current companies and lose my book of business and residual income. They have given me in writing they will accept that request.

So, give me your thoughts.

somarco · 08-22-2008, 03:16 PM

You have been independent for 5 years. That is enough time to get "over the hump" and prove you can make it.

What is drawing you into the world of working for someone else?

moonlightandmargaritas · 08-22-2008, 03:26 PM

Originally Posted by somarco

What is drawing you into the world of working for someone else?

Along with the massive headaches, loss of control of your own destiny and ____________________ (fill in the blank).

patch36 · 08-22-2008, 04:29 PM

I had a similar deal offered to me, but...

I was allowed to keep my appts and book of business but I had to write any new business with the the UA companies. Though I didn't have to sell, I had to find people to sell for me so I could have an income. They offer startup money and incentives but it is all against future commissions, ect. I didnt take any of their money because of the strings attached.

I did have an agreement to be released if I decided it wasnt for me, it wasn't and I was immediately released. I then was able to immediately be appt to one of their MA companies through an FMO with no problems.

Unless you are going to work in an established office that is fairly busy and successfull, I assume you are being sold on starting your own office. Their system is MLM and the commissions are not as high as you are used to.

msinsagent · 08-22-2008, 05:59 PM

Well the office that would be mine, already has nine agents working out if it. Something else I must consider, any advantages to being a w-2 over a 1099? Since If I accepted I would become a w-2. I have not made a decision yet just weighing the pros and cons of both sides.

msinsagent · 08-22-2008, 06:02 PM

Patch, send me a pm regarding who you took a branch manager job with.

Alpedhuez55 · 08-22-2008, 07:15 PM

I interviewed with Senior Solutions in Greenville. I do not know if it was the same outfit, but I think they operate in other cities.

I was not impressed with the organization. They did preset appointments and you paid $15 for an appointment and $30 if you sold anything to the telemarketer. The commissions were pretty low too. From an agent standpoint, it was not a good situation. As a recruiter, it might not be as bad.

Frank Stastny · 08-22-2008, 07:22 PM

I gave up a very good job making a whole lot more than I made my first two years selling insurance just to put me back in control of my own destiny.

I don't enjoy playing with others and putting up with their silly, stupid games. Let me rephrase that, I don't play well with others, period.

Now, no one "owns" me, well if you don't count Jacqueline, my much better half.

I could NEVER go back to being a "team" player. I have my own "team" now consists of ME, ME and ME. I come and go as I please and, the truth be known, I probably work a lot harder and longer than I would if I was somebody's "butt boy". Yea, in a structured environment you will be somebody's butt boy.

I don't care what level you are at, you are still going to have to answer to someone and have some incompetent SOB looking over your shoulder telling you a bunch of crap. He most likely will not have a clue what he is talking about but that doesn't matter because he is "in charge".

Do you really want to go back to being "owned"?

patch36 · 08-22-2008, 07:42 PM

Originally Posted by Frank Stastny

I gave up a very good job making a whole lot more than I made my first two years selling insurance just to put me back in control of my own destiny.

I don't enjoy playing with others and putting up with their silly, stupid games. Let me rephrase that, I don't play well with others, period.

Now, no one "owns" me, well if you don't count Jacqueline, my much better half.

I could NEVER go back to being a "team" player. I have my own "team" now consists of ME, ME and ME. I come and go as I please and, the truth be known, I probably work a lot harder and longer than I would if I was somebody's "butt boy". Yea, in a structured environment you will be somebody's butt boy.

I don't care what level you are at, you are still going to have to answer to someone and have some incompetent SOB looking over your shoulder telling you a bunch of crap. He most likely will not have a clue what he is talking about but that doesn't matter because he is "in charge".

Do you really want to go back to being "owned"?

Exactly.

It is real easy to have self doubt during a slow period. I burned up monster.com for a while when I first got into the insurance business. It takes time to become 'independent' rather than 'co-dependent', but once that happens you are no good to anyone but yourself

msinsagent · 08-22-2008, 08:20 PM

I got started in this business unforunately with United American, so I have worked in the "corporate branch side". I built a team of 20-25 agents under me, and I was the top unit manager in region, I was making 3-4K everyweek in just overrides. Then I discovered I was doing more harm than good to my clients and I saw the error of my ways and went Independent.

I must decide is being a "branch manager" worth giving up my freedom. Thanks again guys!

OHInsAGNT · 08-22-2008, 09:24 PM

Going from sales to management usually means a pay cut as well. Based on that and other's comments, why take a pay cut and give up control of your life? If you are happy and successful, I'd say the odds of you being more happy and successful in the new role are low. If you are not, maybe it's time for a change.

mswebb06 · 08-22-2008, 09:30 PM

Well, we don't know how big of a producer this indvidiual is. It sounds like they are a fairly big producer, and they know how to win in this business.

On the flip side, lots of captive branch managers make well into 175K-200K. However lots of men and women fail at running captive branches.

snap · 08-27-2008, 03:19 AM

If I may butt in...I too have been thinking about becoming an independant agent; I've worked as an agent producer for an agent & their well known company & it SUCKED being owned by them (the agent owner). I've been knowing that I want to do this ON MY OWN. Tried the Farmers Agent Training program & that sucked because of my district office not showing us the ropes. I am a wife, a mother of 3 growing & very active kids, and I want to come & go as I wish & work hard on my own time. PLUS, I can grow an agency that I can potentially hand down to my kids. All of this sounds good BUT I am not very good at getting started!! It's like I need a book on "How to". I have my P&C. I need to get re-licensed for my Life & Hlth. I do have bad credit. I had a bankruptcy 5 1/2 years ago & I just lost my house almost 1 year ago. We're trying to start over again but I need to get back on the horse. Having trouble finding who will allow me to broker their products. Looking into home, auto, etc, some life & health. If you're interested in advising, please note that I need details, THANKS!

OHInsAGNT · 08-27-2008, 05:43 AM

Originally Posted by snap

If I may butt in...I too have been thinking about becoming an independant agent; I've worked as an agent producer for an agent & their well known company & it SUCKED being owned by them (the agent owner). I've been knowing that I want to do this ON MY OWN. Tried the Farmers Agent Training program & that sucked because of my district office not showing us the ropes. I am a wife, a mother of 3 growing & very active kids, and I want to come & go as I wish & work hard on my own time. PLUS, I can grow an agency that I can potentially hand down to my kids. All of this sounds good BUT I am not very good at getting started!! It's like I need a book on "How to". I have my P&C. I need to get re-licensed for my Life & Hlth. I do have bad credit. I had a bankruptcy 5 1/2 years ago & I just lost my house almost 1 year ago. We're trying to start over again but I need to get back on the horse. Having trouble finding who will allow me to broker their products. Looking into home, auto, etc, some life & health. If you're interested in advising, please note that I need details, THANKS!

It's going to be very tough to start out on your own with bad credit in the P&C business. You may be able to do life and health, but you're not going to get appointed with the best carriers or even a captive carrier with your credit history. That's just my opinion. Feel free to prove me wrong.

You can probably go L&H. In that case, you wouldn't "own an agency" so much as be an independent salesperson working out of your home, etc.

Chkndinner14 · 08-27-2008, 08:15 AM

Back to the original question. It seems you have been successful as an indy and as a recruiter. If you want, or like being a recruiter, do it for yourself.

License people under you as a GA. You keep your book, you get your overrides, you get to recruit. What am I missing?

mswebb06 · 08-27-2008, 08:51 AM

If I may butt in here also and read between the lines. Most LAH agents start out with a large captive company, then go Independent and never look back (that is what I did and I love it!). Every now and then you will run into someone who started out captive, went Indy, but was not exactly cut out to be Indy or did not like being Indy for whatever reason.

Its sounds like that is what happened to this individual, nothing wrong with being captive or Indy. Some agents are better captive agents, and some are better Indy agents. It sounds like this individual knows how to produce, understands how to recruit and maintain agents.

So my advise if you wanna go for the branch manager position, and you are cut out of for that position, and if the money is right go for it. Apparently, you are experienced in this game, and you know how to sell and recruit! So worst case, it doesn't workout and you start selling again.

My advice, go for it! Best of luck!

moonlightandmargaritas · 08-27-2008, 11:38 AM

Originally Posted by snap

If I may butt in...I too have been thinking about becoming an independant agent; I am a wife, a mother of 3 growing & very active kids, and I want to come & go as I wish & work hard on my own time.

Over the years I've seen too many people come into this business because of "independence" and "flexibility".

They usually end up failing.

As a start-up agent (especially independent), it's going to be a long time before you are built up to the point that you can "come and go as you please", and have flexibility and independence!

It is such a difficult undertaking, it will take 150% of your attention and focus for three to five years - if you're willing to be successful.

Don't make the mistake of underestimating it.