This will all pertain to Washington state.
I've been a State Farm agent for the past several years, but I'm considering jumping ship and becoming an independent broker in Washington. I'm a little frustrated that my book isn't a marketable asset (can't sell it), but because I assumed going in that I was going to be an SF agent forever, that was never an issue before. It's a little frustrating for me now. Coupled with this decision to jump ship is that my SF agency is two states away from where I've moved my family. This has the downside of preventing me from bringing any of my business over.
However... I'm still interested in being an independent broker and am not afraid of starting over. I have saved up a bit, and I'm very comfortable marketing myself and I was a very involved agent - I handled personal lines, commercial lines, and the financial services products SF has to offer. I'm also comfortable running a team - I've always had at least 3 employees in the office and I understand the need to have somebody on hand to service, but also to be able to cross-sell as calls come in. I won't have the benefit of State Farm's "premium-builder" (subsidy for meeting premium goals), so I'll truly be starting from scratch.
So, for folks that have made the transition from agency to brokerage, what are some of the hurdles? I can read through the sticky threads that hopefully explain how to connect with individual companies and get that figured out, but I'm more interested in the running-the-business aspect of it. What was gained out of the experience? What's the downside of not having company support?
thanks!
I've been a State Farm agent for the past several years, but I'm considering jumping ship and becoming an independent broker in Washington. I'm a little frustrated that my book isn't a marketable asset (can't sell it), but because I assumed going in that I was going to be an SF agent forever, that was never an issue before. It's a little frustrating for me now. Coupled with this decision to jump ship is that my SF agency is two states away from where I've moved my family. This has the downside of preventing me from bringing any of my business over.
However... I'm still interested in being an independent broker and am not afraid of starting over. I have saved up a bit, and I'm very comfortable marketing myself and I was a very involved agent - I handled personal lines, commercial lines, and the financial services products SF has to offer. I'm also comfortable running a team - I've always had at least 3 employees in the office and I understand the need to have somebody on hand to service, but also to be able to cross-sell as calls come in. I won't have the benefit of State Farm's "premium-builder" (subsidy for meeting premium goals), so I'll truly be starting from scratch.
So, for folks that have made the transition from agency to brokerage, what are some of the hurdles? I can read through the sticky threads that hopefully explain how to connect with individual companies and get that figured out, but I'm more interested in the running-the-business aspect of it. What was gained out of the experience? What's the downside of not having company support?
thanks!