by Guest » Sat Dec 08, 2007 07:06 am
I have a question regarding agency ownership. Through a job search engine I applied to Farmers Insurance, they have this programs that you have to get 2 insurance licenses (P&C) and NASD 6,63 series & work in their office for up to 12 months, during this time they don't pay you at all & you should pay your own costs of licensing, tests, phone, notebook even marketing & all you make is through commissions if you have any sales but if you achieve a level of sales after a year you are able to open your own office and become a full time agent but For the next two years(after that 12 months), you can receive financial assistance from Farmers in the form of matching commissions, staff subsidy, and office rent subsidy... I want to ask those who are into insurance business how do they feel about this process, is it the normal way that others do? this is the estimate that they gave about the income:
1st Year: $35,000 - $50,000
2nd Year: $60,000 - $90,000
3rd Year: $100,000 +
over $250,000 annually in your fifth year of business
Are these close to reality numbers? & do you think an average person can make that money?
1st Year: $35,000 - $50,000
2nd Year: $60,000 - $90,000
3rd Year: $100,000 +
over $250,000 annually in your fifth year of business
Are these close to reality numbers? & do you think an average person can make that money?
Posted: Mon Dec 10, 2007 04:48 am Post Subject:
Hi there Adam,
I have plenty of experience in this topic.
Through a job search engine I applied to Farmers Insurance, they have this programs that you have to get 2 insurance licenses (P&C) and NASD 6,63 series & work in their office for up to 12 months, during this time they don't pay you at all
This job search ad sounds to me like a Farmers agent looking for an agency producer.
if you achieve a level of sales after a year you are able to open your own office and become a full time agent
This option is available to you even if you dont ever answer the ad for an agency producer. Sounds to me like you dont have any experience as an insurance agent. So you might want to consider the option of working under that agency for the 12 month period. This may help you to decide if you really want to do it or not.
For the next two years(after that 12 months), you can receive financial assistance from Farmers in the form of matching commissions, staff subsidy, and office rent subsidy..
Farmers will do this for you, but it is in the form of borrowed money which you will have to reach certain peaks and plateaus in order to not have to pay any of it back. If you are the type that dont like to take chances, I would not recommend this
this is the estimate that they gave about the income:
1st Year: $35,000 - $50,000
2nd Year: $60,000 - $90,000
3rd Year: $100,000 +
over $250,000 annually in your fifth year of business
Those numbers are somewhat realistic, but I guarantee that if you get to the point where you can make a quarter of a million dollars after 5 years, you are NOT the average person.
This is a good opportunity for the serious captive agent. You also must have the spirit of an entrpreneuer, (did I spell that right?) They have a business model that they give you after you complete the first phase of their program. If you follow it to the letter, you can make those numbers or at least come close.
PLease pm me if you have anymore quetions concerning this program
best of luck to you
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