MyGenericName123
Expert
- 41
I'll be starting part time with the intention to quit my full time job within 6-12 months of starting, dependent upon how quickly I grow.
I see alot of agents talking about starting from scratch after their first agency. I have come into contact with a few agencies that said they would allow for me to take my book of business with me at the conclusion of our arrangement.
What pre-cautionary measures can be taken to be sure that this ends up happening? Its not that I don't trust the individuals who are saying I could take it with me, its just that I hear so much discussion about start from scratch it makes me wonder why more agents didn't set up similar arrangements with their first agencies.
I know that broker of record letters allow for the agent to move business from one agency to another, that is assuming that the new agency has a relationship with the same carrier. Is this correct?
I also know that do not compete clauses often times prohibit the agent from soliciting commercial/personal lines that they personally signed up for a period of time.
If an agency (mom and pop) is telling me that they believe I should be able to take my book with me if our arrangement doesn't work out, does it stand to reason that within the contract there be no do not compete clause (I thought this was pretty much industry standard so this is where the confusion comes up) and also indicate that they are okay with me actively soliciting my clients if and when I move on.
My goal is to establish a long term relationship with the very first agency I sign on with because I believe in loyalty and building win win situations, not milking someone for training and moving on the first chance I get. From a business standpoint I believe this is poor practice, and it also does not align with my ethical code.
Even still, I'd like to educate myself further on what it means to carry a book with you, how realistic it actually is, and what potential "trade offs" are worked into an arrangement with an agency that is willing to let you do this, as opposed to one that is not.
Obviously an agency who gets to keep the book when you leave is in a much better position than one who lets the business go with them. But in my experience in life there's almost always a trade off.
The thought of working my warm circle, and busting my ass for a few years, only to start from scratch all over again is a daunting thought as I am currently 37 years old. For this reason, I am very much so more drawn to agencies that are open to figuring out a way for me to bring it with me if I need to leave.
FWIW I currently do not have aspirations of opening my own agency, though I am sure that could change.
If you made it this far, thank you for reading this post. This community is great.
I see alot of agents talking about starting from scratch after their first agency. I have come into contact with a few agencies that said they would allow for me to take my book of business with me at the conclusion of our arrangement.
What pre-cautionary measures can be taken to be sure that this ends up happening? Its not that I don't trust the individuals who are saying I could take it with me, its just that I hear so much discussion about start from scratch it makes me wonder why more agents didn't set up similar arrangements with their first agencies.
I know that broker of record letters allow for the agent to move business from one agency to another, that is assuming that the new agency has a relationship with the same carrier. Is this correct?
I also know that do not compete clauses often times prohibit the agent from soliciting commercial/personal lines that they personally signed up for a period of time.
If an agency (mom and pop) is telling me that they believe I should be able to take my book with me if our arrangement doesn't work out, does it stand to reason that within the contract there be no do not compete clause (I thought this was pretty much industry standard so this is where the confusion comes up) and also indicate that they are okay with me actively soliciting my clients if and when I move on.
My goal is to establish a long term relationship with the very first agency I sign on with because I believe in loyalty and building win win situations, not milking someone for training and moving on the first chance I get. From a business standpoint I believe this is poor practice, and it also does not align with my ethical code.
Even still, I'd like to educate myself further on what it means to carry a book with you, how realistic it actually is, and what potential "trade offs" are worked into an arrangement with an agency that is willing to let you do this, as opposed to one that is not.
Obviously an agency who gets to keep the book when you leave is in a much better position than one who lets the business go with them. But in my experience in life there's almost always a trade off.
The thought of working my warm circle, and busting my ass for a few years, only to start from scratch all over again is a daunting thought as I am currently 37 years old. For this reason, I am very much so more drawn to agencies that are open to figuring out a way for me to bring it with me if I need to leave.
FWIW I currently do not have aspirations of opening my own agency, though I am sure that could change.
If you made it this far, thank you for reading this post. This community is great.