Want to Start My Own Agency

nevets24 · 03-16-2009, 08:47 PM

I am looking for advice on starting my own agency. Right now I am only licensed for health and life, I will eventually get my P&C. I want to specialize in senior care. How can I start up my own agency? How does a agent become a GA? And if I become a agency how commission schedules different? Like I have a contract with americo 110% with 9 months advance when I get a agency would my commision schedule be different? I have personally did a presentation for 6 people and every single person went to school and got there license and I want to maximize these agents and start my own agency. Can I go straight to the carriers and A btter contract then go through a GA or MGA?

nka245 · 03-16-2009, 09:41 PM

I wouldn't go straight to the carriers. There is no way you have enough production to negotiate a good contract. There are several companies here who could help you. Look around in the forums.

AtlantaLife&Health · 03-17-2009, 02:54 AM

Give your agents a fair commission or else they'll find this forum and end up leaving you for another company. Don't get greedy. I wish you the best of luck starting your own agency. Sounds exciting.

TRK3031962 · 03-17-2009, 06:34 AM

Starting your own agency is not quite as hard as it sounds, it's harder! With that being said, It can be very rewarding. For the typical agency owner, it's not a 9-5 job.
You'll need to decide whether you are going to be a captive agency (yuk) or an independent agency. Are you going to supply leads to your agents? If not, you still need good lead sources for your agents to go to. Are you going to have an office for your agents to work out of ? Are you going to have the agents turn business in to you or straight to the company? These are just a few things to think about.
You're going to have to be the "go to man" on many things, wear many hats that is. You'll need to be the rock when it comes to positive attitudes. Your going to have to be the most knowledgeable person there. You're going to have to know your products and be able to teach them. Don't forget your Monday morning "rah rah" meetings, they actually work.
Your going to have to be on the look out for new products all the time. In the senior market, the med supps change constantly as far as price goes. Companies tend to have huge price increases sooner or later, so you'll have to be ready. Never put all your eggs in one basket. You'll need several companies for FE, LTC, Annuities, SPWL, etc.
These are a few things to think about. You can call me at any when you have questions or just ask them on here, you'll get plenty of answers.
Remember too, Rome wasn't built in a day and those beautiful columns had a solid foundation under them.