by Guest » Sun May 17, 2009 09:48 pm
My question is this: How do I go about setting myself up with ins companies to sell life, disability, ltc and annuities? Can I get appointed as a sole proprietor? Or do I have to have a corp or llc?
I am currently licensed as an independent agent FL 2-15. I was recruited by the GA for a local company this year. From the outset they have emphasized contacting friends/family/past business associates and ask them to meet w/o me explaining what for.
I have progress meetings where my career development specialist tells me not to talk about products and services. Just get the "cheeks in the seats". I hate to say it but, I'm being played. Maybe I am way wrong on this. Would someone tell me what training a new recruit from a non-insurance background should receive?
Their idea is this: Once I get a case or two going with people that I already know, I will begin to see how the process works and that is where the actual training takes place. Then I will get a referral (preferably three) from my friend and so on and so on. On top of that, I have to split my commission with my mentor for over a year.
I'm starting to think that I should be setting up clients for my own business instead of theirs. I haven't been doing this all that long, but I am intelligent and outgoing and I may be able to get my Series 7 license before I leave.
My problem is that I am not even close to selling enough to get an appointment. Most likely I will be called in for the "maybe this isn't for you" speech. I believe it is, but I'm trying to make a career change and I can't learn this business in 90 days. Even if I make quota, I don't like the idea of a draw. I want to make what I make, and keep it!
AAAaaaarrrrgggghh! Somebody please help? Tell me what I should do.
I am currently licensed as an independent agent FL 2-15. I was recruited by the GA for a local company this year. From the outset they have emphasized contacting friends/family/past business associates and ask them to meet w/o me explaining what for.
I have progress meetings where my career development specialist tells me not to talk about products and services. Just get the "cheeks in the seats". I hate to say it but, I'm being played. Maybe I am way wrong on this. Would someone tell me what training a new recruit from a non-insurance background should receive?
Their idea is this: Once I get a case or two going with people that I already know, I will begin to see how the process works and that is where the actual training takes place. Then I will get a referral (preferably three) from my friend and so on and so on. On top of that, I have to split my commission with my mentor for over a year.
I'm starting to think that I should be setting up clients for my own business instead of theirs. I haven't been doing this all that long, but I am intelligent and outgoing and I may be able to get my Series 7 license before I leave.
My problem is that I am not even close to selling enough to get an appointment. Most likely I will be called in for the "maybe this isn't for you" speech. I believe it is, but I'm trying to make a career change and I can't learn this business in 90 days. Even if I make quota, I don't like the idea of a draw. I want to make what I make, and keep it!
AAAaaaarrrrgggghh! Somebody please help? Tell me what I should do.
Posted: Mon May 18, 2009 04:12 am Post Subject:
There are many different methods of training, and some agencies do use the mentoring program that you described. However, I feel very strongly against this approach. It is your family members and friends, and they trust you...not some "mentor" whom you barely know...let alone trust. There are many mentors who solely rely on the business that the "newbies" bring to them, and that (IMO) is incredibly weak!
You can absolutely be appointed with companies as a sole proprietor / individual. When you complete W9 paperwork, simply use your social security number. There are many Field Marketing Organizations that provide excellent support and great back office service.
If you are wanting to focus on life, disability, LTC, and annuities...skip the Series 7. The series 7 is a hard process (trust me)...and you could spend that time learning about the products and companies that you want to work with. You do not need a series 7 for annuities (can do with Series 6 and insurance license)...and unless you're going to be working more on the finance side (which it doesn't sound like it)...then save the time!
Good luck in your career, and if you have any questions...there is a ton of great information on this board. Do a search on independent agents and you will find a lot of what you need to find!
Posted: Mon May 18, 2009 09:31 am Post Subject:
I hate to say it but, I'm being played. Maybe I am way wrong on this.
Why do you think you were played? Weren't you informed about their training process before being recruited?
Posted: Tue May 19, 2009 01:36 pm Post Subject:
Rupert,
No I wasn't. I was asked on day 2 to start calling friends and family with absolutely no idea what I was selling. The GA who recruited me is the father of my 18 yr old son's girlfriend. He knew that I had no experience but he also knew that I knew a lot of movers and shakers in my area.
On day 2 the career development specialist told me to make a list of ten people that would do something "for me". But he didn't tell me what I would be asking them to be expecting in the meeting. Instead he basically told me to say the following:
Hello this is MB, I have decided to get out of the business that I used to be in and I've found this new business that is really a good fit for you. Can we meet for 30-40 minutes so that myself and my associate could show you?
Keep in mind that my only insurance experience up to this point in my life is the insurance policies that I had purchased to date and the information required to pass the FL state exam and requisite course work.
So to answer your question, no the training process was not explained to me. I'm just now remembering the psych profile they gave me and a lot of questions were asked if I had any problem asking my family to purchase products/services and ask for referrals.
Wow, talk about epiphany. It was right there all along, I guess I missed it. Thank you Rupert for asking me.
To Chris:
Thank you for your words of encouragement. As I move forward I will keep my prospects under my care and place them with providers that I have a proprietary relationship with.
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