JerseyAgent732
New Member
- 1
Hi all, I would love to gather the perspective of fellow agents as to a possible agency change for myself.
I am currently with a well established indy agency in Central/Northern NJ, focused primarily on commercial (mainly b/c of commission split, not lack of markets). I started my book here about 2 years ago, which I own some equity in. I began with a small draw, then "teaser" commission splits over the 1st 3 years gradually lowering to final splits at year 3 and thereafter.
I dont have to service my book (even though obviously I still receive the majority of the service incoming calls), and I CANNOT rate / quote my own policies. (sometimes good and sometimes bad, meaning I Have to wait on my marketing dept to run quotes, but obv frees up more of my time).
I have a potential offer from another, smaller, much newer agency (opened a hand-full of years ago), who's owner also happens to be a friend, offering a 30-55% increase in commission splits, as compared to current (with the same split across the board on all lines/personal & commercial). I would have to market my own, service my own (can hire help as/once needed), and would be starting with limited markets most likely, especially as compared to my current agency. The physical office is about an hour away, so I would be working remotely 100% here most likely.
My background: Worked in captive for about 6 years before joining the indy agency I am with now for a few years.
Pro's to moving:
-30-55% more INCOME / commission splits
-Being able to service / rate for my own prospects/clients
-True "ownership" in my book VIA being a majority equity holder (current agency I am the minority equity holder by far)
Con's:
No support staff/ having to service myself/ quote & rate myself
Limited Markets
Curious what your take is on it.
Stay with current, giving up the majority of renewal commission for servicing and marketing department? Or move, for much much larger equity in what I write basically being all on my own.. ala pretty much in business for myself, but giving up a little equity for the markets they have established already, a physical office location/ infrastructure, E&O coverage, etc...
Or should I say screw it and go completely out on my own??
I am currently with a well established indy agency in Central/Northern NJ, focused primarily on commercial (mainly b/c of commission split, not lack of markets). I started my book here about 2 years ago, which I own some equity in. I began with a small draw, then "teaser" commission splits over the 1st 3 years gradually lowering to final splits at year 3 and thereafter.
I dont have to service my book (even though obviously I still receive the majority of the service incoming calls), and I CANNOT rate / quote my own policies. (sometimes good and sometimes bad, meaning I Have to wait on my marketing dept to run quotes, but obv frees up more of my time).
I have a potential offer from another, smaller, much newer agency (opened a hand-full of years ago), who's owner also happens to be a friend, offering a 30-55% increase in commission splits, as compared to current (with the same split across the board on all lines/personal & commercial). I would have to market my own, service my own (can hire help as/once needed), and would be starting with limited markets most likely, especially as compared to my current agency. The physical office is about an hour away, so I would be working remotely 100% here most likely.
My background: Worked in captive for about 6 years before joining the indy agency I am with now for a few years.
Pro's to moving:
-30-55% more INCOME / commission splits
-Being able to service / rate for my own prospects/clients
-True "ownership" in my book VIA being a majority equity holder (current agency I am the minority equity holder by far)
Con's:
No support staff/ having to service myself/ quote & rate myself
Limited Markets
Curious what your take is on it.
Stay with current, giving up the majority of renewal commission for servicing and marketing department? Or move, for much much larger equity in what I write basically being all on my own.. ala pretty much in business for myself, but giving up a little equity for the markets they have established already, a physical office location/ infrastructure, E&O coverage, etc...
Or should I say screw it and go completely out on my own??