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I currently own a small Registered Investment Advisory practice in a rural town. In addition I will begin offering tax & accounting services Jan 2010. I have an arrangement with two CPA's in which I will offer these services, sub the work to them, then deliver it to our clients.

In addition, I am also considering starting a p&c component as well. I understand all the start-up problems in today's market but I have a unique set-up. There is another agency in a neighboring town that wants to work with me as a satellite. Basically, I would for the first year generate what I could and "pass through" all the quoting, back office, and CSR work to them. I would also have access to their AMS360 system. If it begins to gain traction, I would then try to bring an agent on to head this up and begin to incorporate the business within my own firm while still using this established agencies system and some help.

What I need to to get licensed. I have all my securities license as well as life & health. I need only my actual p&c license and was wondering what type of study/classes would be recommended to fast-track this. I would like to jump on this opportunity as it appears to be a win-win and less risky way to look at this business.

My goals are client generation. I like to prospect of having potential clients that may come through the CPA or insurance side. In addition, covering the complete line of services makes sense and when bouncing this idea off existing clients they seem receptive to it.

Thanks!

to answer the licensing question we will need to know what state you are located in and what states you would operate in.

I am in the state of Indiana. To start off that will be the only state I will be operating in for the first year.

Thanks.

Your state Dept of Insurance website will have a list of licensing requirements and providers who provide the courses and administer tests (http://www.in.gov/idoi/2475.htm).

As for your idea of "farming out" everything to a local agency, make sure you execute some kind of an agreement that clarifies what your compensation will be for generating/handing over the lead and, more importantly, who owns the business written from that lead. In theory it sounds like a good idea to "incorporate the business within your own firm" after it begins to gain traction...but in reality, the agency who has been doing all the work on those clients for a year won't be too eager to let that business walk out their door and over to your firm. It's better to agree on such things now, that way if your plan is a great success, there will be no argument when you're ready to hire an agent and bring it in house.

Good luck!

Yes there will be a contract written before I start. One reason the agency is interested is because they are in a small community and see an area of growth in this manner plus it will help with volume for their carries and contingencies. THey have been very honest about that.

The first year will obviously be one of low commissions for me. It is a start and then the commission structure will change once volume dictates we move it more in house and bring on an agent that can head it up.

Do you have any suggestions for study material/classes for the license?

Thanks!

You don't need any study materials or classes to get your license. You just need to do exactly what the State of Indiana tells you to do! They will tell you exactly what courses to take, how many hours of courses you will need, where you can sign up to take them, what materials will be provided by the vendor running the courses, etc. Just follow the path they have already laid out for new licensees and it will be very easy.