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re: Considering a career change...
Posted on 3/1/24 at 6:18 pm to ScottAndrew
Posted on 3/1/24 at 6:18 pm to ScottAndrew
Doesn’t seem off to me, I would only say selling life and health limits income potential. Residual income on P&C is much higher and still allows you to sell financial services.
If you’re a success agency owner, you’re talking about multiplying his current income by 5-10 times
If you’re a success agency owner, you’re talking about multiplying his current income by 5-10 times
Posted on 3/1/24 at 6:24 pm to DCtiger1
I understand where you’re coming from. If properly licensed with 66, 7, insurance, and annuity trainings, then the OP can “help” everyone with all the capabilities and ammo. Northwestern mutual platforms simply don’t have the platform to do that. Doing straight insurance doesn’t do that. The perspective seemed off
Posted on 3/1/24 at 6:25 pm to ScottAndrew
quote:
My only point was pidgeon holing as a career choice sounded off
Fair, was thinking of l/h would be a good jumping in spot to learn...I assume if I get to quit my day job things have expanded. Also, medicare residuals appear to pay well.
Posted on 3/1/24 at 6:26 pm to ScottAndrew
quote:
Northwestern mutual platform
I would likely have to quit my day job if I get my NASD licenses again (6/7/63 etc) due to conflict of interest.
This post was edited on 3/1/24 at 6:28 pm
Posted on 3/1/24 at 6:30 pm to geauxdroddz
quote:
Also, medicare residuals appear to pay well.
They do.
quote:
was thinking of l/h would be a good jumping in spot to learn.
Basic P&C (auto, home, boat, condo, etc) is mandated by the state/banks, while life and health are not. Point being, EVERYONE has to have P&C. Annual or semi annual residuals.
Posted on 3/1/24 at 6:30 pm to Ghost of Colby
quote:
Welding school should be in your future plans.
I promise you this dude's hands are as soft as cotton and barely sweat in his life
This post was edited on 3/1/24 at 6:32 pm
Posted on 3/1/24 at 6:30 pm to ScottAndrew
I’ve got my 6, 65 and 63 in addition to P&C Life & Health.
I work through Blackrock, American Funds and Jackson National on that side.
My employees are only insurance licensed and if the customer has a need, we will walk them through the securities side.
I work through Blackrock, American Funds and Jackson National on that side.
My employees are only insurance licensed and if the customer has a need, we will walk them through the securities side.
Posted on 3/1/24 at 6:32 pm to BamaCoaster
quote:
Basic P&C (auto, home, boat, condo, etc) is mandated by the state/banks, while life and health are not. Point being, EVERYONE has to have P&C. Annual or semi annual residuals.
Exactly. A 10 million dollar book is generating 1.1-1.5 mill in revenue annually
Posted on 3/1/24 at 6:33 pm to 4x4tiger
quote:
Welding school should be in your future plans.
I promise you this dude's hands are as soft as cotton and barely sweat in his life
you have half that right, i sweat like a hog
Posted on 3/1/24 at 6:33 pm to geauxdroddz
Mrs. Tantal manages insurance agents for a major carrier (auto, home, boat, RV, PUP, etc.). Her slugs pull down 6-figures. Her top producers pull down $20-$25K/month.
Posted on 3/1/24 at 6:35 pm to DCtiger1
Life, yes. Health? No. Health is renewal based just like P&C. Medicare and ACA are probably easier and quicker to make +$250k. P&C may have a higher ceiling but it’s harder and requires a lot more time and capital.
You can make $250 to $500k as a health agent working out of your home. To make that as a P&C you’re gonna need 2-3 employees and a monthly lease.
You can make $250 to $500k as a health agent working out of your home. To make that as a P&C you’re gonna need 2-3 employees and a monthly lease.
Posted on 3/1/24 at 6:36 pm to DCtiger1
quote:
A 10 million dollar book is generating 1.1-1.5 mill in revenue annually
Recently sold my $7.2mil agency.
Posted on 3/1/24 at 6:38 pm to BamaCoaster
quote:
A 10 million dollar book is generating 1.1-1.5 mill in revenue annually
Recently sold my $7.2mil agency.
How long did it take you to build?
Posted on 3/1/24 at 6:45 pm to geauxdroddz
If you really want to help people in need become a pimp.
Or join homeland security and become a defacto human trafficker on taxpayers dime.
Or join homeland security and become a defacto human trafficker on taxpayers dime.
Posted on 3/1/24 at 6:50 pm to geauxdroddz
4.5 years. That doesn’t include my life and health premium.
Posted on 3/1/24 at 6:52 pm to geauxdroddz
quote:
Fair, was thinking of l/h would be a good jumping in spot to learn...I assume if I get to quit my day job things have expanded. Also, medicare residuals appear to pay well.
I’ve done both. Medicare is much easier than P&C and requires much less upfront capital. I know plenty of +10 year P&C agents making under $150k. Don’t know any +10 year Medicare agents pulling less than $200k.
Posted on 3/1/24 at 6:53 pm to geauxdroddz
I have two friends which own a couple of agencies for a major firm in major cities in Texas. They're buying their 30 year old agents $70k cars as incentives, etc., so they're successful. I started going down that road, but I soon realized the dark underbelly of insurance (at least for captive brokers.)
You're not being recruited as an agent to take over (or start) a territory to be successful. You're there so that when your business fails, one of the senior agents gets to take over your book of business. Look at all the tiny strip mall agency offices you see.
If you can't hire properly, you won't be successful. And coming from your industry, you have to dumb down your expectations. Does someone cancel their policy because their birthday card showed up two days late? It happens. Does it make sense, no.
You can't start an insurance agency with you and an admin; big company with a red logo won't let you. You'll likely get a great, inspiring spiel from the regional director, and then during your initial interview with the intake, you'll get quizzed on what your agendas will be for your weekly office meetings (not kidding.)
If you haven't worked in retail insurance, it's going to be rough. Based on what I've seen, as easy as it seems, don't do business with neighbors or anyone that knows where you live.
I hate to break it to you, but the vast majority of the home/auto market doesn't give two shites about your credibility. They're going for price, which is why some agencies engage in the inane process of calling people on their birthdays, etc. Every agency in the Houston area, at least, AllState, State Farm, Progressive, etc., have bitching points, which as an agent, you can't control. Agents are not claims departments. The agent is sort of powerless in a claim (or so it appears,) but customers remember your face and name. Upside? Not great. Downside? Huge, for things outside of your control.
I would advise registering with a business sales site, so you can get sent listings of carwashes, rural internet providers, etc., will get listed. You'll get an idea of the EBITDA, sometimes before you get sent an NDA.
You're not being recruited as an agent to take over (or start) a territory to be successful. You're there so that when your business fails, one of the senior agents gets to take over your book of business. Look at all the tiny strip mall agency offices you see.
If you can't hire properly, you won't be successful. And coming from your industry, you have to dumb down your expectations. Does someone cancel their policy because their birthday card showed up two days late? It happens. Does it make sense, no.
You can't start an insurance agency with you and an admin; big company with a red logo won't let you. You'll likely get a great, inspiring spiel from the regional director, and then during your initial interview with the intake, you'll get quizzed on what your agendas will be for your weekly office meetings (not kidding.)
If you haven't worked in retail insurance, it's going to be rough. Based on what I've seen, as easy as it seems, don't do business with neighbors or anyone that knows where you live.
I hate to break it to you, but the vast majority of the home/auto market doesn't give two shites about your credibility. They're going for price, which is why some agencies engage in the inane process of calling people on their birthdays, etc. Every agency in the Houston area, at least, AllState, State Farm, Progressive, etc., have bitching points, which as an agent, you can't control. Agents are not claims departments. The agent is sort of powerless in a claim (or so it appears,) but customers remember your face and name. Upside? Not great. Downside? Huge, for things outside of your control.
I would advise registering with a business sales site, so you can get sent listings of carwashes, rural internet providers, etc., will get listed. You'll get an idea of the EBITDA, sometimes before you get sent an NDA.
Posted on 3/1/24 at 6:57 pm to gdzgft28
quote:
I know plenty of +10 year P&C agents making under $150k.
Well they aren’t doing it right. I started with 30k of my own capital. My company gave me a 36k signing bonus to start and 25k during internship. Now I own my commercial building and it’s fully paid off.
Hell my annual bonus is 221k not factoring in residuals or new commission. Heading to Hawaii for 10 days all expense paid for life/health sales.
You couldn’t pay me enough to solely sell Medicare and I have zero desire to sit at home and sell.
Posted on 3/1/24 at 6:58 pm to geauxdroddz
quote:
Anyone with experience have any advice
Being a plant operator is in your future baw
Posted on 3/1/24 at 7:06 pm to DCtiger1
quote:
Exactly. A 10 million dollar book is generating 1.1-1.5 mill in revenue annually
But you’re netting 25-45%. So that’s like $675k on the high end, $275k on the low. And that’s at least half a dozen employees, 6 figure marketing budget, and a 5k lease. You can do that as a solo Medicare agent working out of your home.
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