New agent need some advise please

[terry]

Hi, I got my life/health and P&C license last year. Did nothing. Got to work with a Farmers agent for a few hours a week on and off. I want to be on my own.... I came across TWFG - The woodlands financial group in houston, TX. Has any one heard of them? Any opinion as to which way to start of - ie., independent or go with Farmers/allstate/state farm type.

Can anyone point out the pluses and minuses...
cheers,
terry

[sanddog1]

Farmers..... smart guy stay away. Major looser company..There is now a new class action law suit again, against farmers. I never have read or heard about agent problems with Hartford, Safeco, Allied, Travelers, Chubb, and many more.. If I were you, I would check out a good agency cluster. Maybe a broker who's willing to train and will allow you to buy your book and move on. Believe me when I say, us brokers make plenty $$$ off the new guys and gal's if they buy us out or not, don't be fooled. Also check out www.insurancefromhome.com. Also see if this program can get appointed with OMI (Oregon Mutual Insurance) or CIG (California Insurance Group)

[Big Dog]

Terry

I live in the Humble area and work for a large multi-nat'l risk management firm.

In looking at TWFG's website, this is a financial planning/insurance firm. If you have an interest in financial planning, this looks like a nice firm. I came from SoCal and interned at one of the better independent financial planning firms.

Essentially, beyone your P&C/Life licenses, you'll also have to get your NASD Series 7 (and probably 63) licenses.

Stay away from Farmers/State Farm/Allstate. About the only one I'd recommend would be Nationwide.

[terry]

how do you go independent..... how do i go find brokers for writing P&C? i live in the dallas/fort worth metroplex.....

[sanddog1]

Walk in my front door and ask me, or any broker with a ton of markets. Check the yellow pages. Be prepare to bust your ass. If lucky you may find a book buy back deal. Then you'll need a cluster or agency with the same markets to transfer this business too. Good Luck
Do not hook up with any broker unless they have a quiver of carriers

[terry]

ok sanddog.... then mind giving me some tips on where to start looking to get appointments with companies... are MGA's good - do u know of any for personal lines? Please....... give me some names to start off with ... i am tired of googling..

[Porter]

Dude you are way to green to get appointments. Working for the Farmers Agent was a step backward. Now you have to unlearn every think he or she taught you. Do what Sanddog1 said. Go look for a good Independent to take you under their wing.

[d's insurance store]

I've posted this kind of a question here before, but it needs repeating. What makes people think they can come to an on line forum like this and receive comprehensive career counseling with a simple question or two, when in fact, the question shows they have very little, if any, experience in the field or have done even a tiny bit of research about the overview of the industry??!

We all presumably make our livings in the field, and we all know there are many different aspects of making a living in the insurance world, but to sort of abstractly ask and throw out a serious broad unfocused career question on an open internet forum and expect pearls of wisdom to light the way seems foolish, as least to me.

I must be getting real old and cranky because it's not the way I would do things or the way I did things.

[broberts]

Then why don't you tell us some of how you did things?

[miinsguy]

Terry,

While you have all of the ambition in the world. It will never get you a company appointment!

Like any industry you have to pay your dues.

You have to go work for someone else build a book of business and then when you have the company contacts and are sure someone will appoint you BUY your book!

I have been in the industry for 21 years 17 in P & C. Two years ago I broke off on my own. It is damn hard to get things started.

If you really think you have what a carrier needs to appoint you, the Michigan Association of Insurance Agents has a how to start your own agency information area. http://www.michagent.org/StartAnAgency/

Good Luck

[sanddog1]

TERRY, look Terry these other brokers and agents are exactly right. You need to learn and you need a substantial book of business to be appointed with any large and well-known carrier. This is the only reason companies like statefarm, allstate and yes poor old farmers even existent. Hungry for new blood and knowing the chances are very high that a new agent will not succeed. And they get to keep the new business. Open the phone book go to the nearest broker with a large quiver of carriers and work a deal. Yes there are company like JE Brown, Pacific Specialty, Blue Cross and many life companies that may appoint you with no production requirements. You will have to demonstrate how your going to write business with them and understand the Acord forms and coverage's.