State Farm Agent

[RickyN]

I've recently become a member of the State Farm family, working for an agent in the Central MS Jackson area. So far I love the company and the people, they're very helpful and informative. I'm on a bridge of should i looking to into staying w/ SF until im able to get an agency, or should i choose to go independent after a few years. I've searched the board a few times as well as googling and searching the web. Im currently on a set salary + commission. How does an actual SF AGENT get paid. I know they cover all expenses as far as their office is concerned(salaries, bills, etc). Can anyone tell me
1. How are agents paid on new written business
2. How are agents paid off of pre-existing customers that are just paying premium
3. As far as MS/LA/AL/S-TN and other southern states about how much can be expected starting out as an agent or how much can be expected once an agency is up and running good on an average basis(Would really like to hear some actual SF agents input as well if possible)
4. Life Ins co. pay retirements from the residuals on a policy renewal, how is SF retirement structured?

any information given is greatly appreciated. Like i said im training under the agent to possibly get an agency in the next few years if i choose to but i believe in planning far ahead so that i can ALWAYS have plan be prepared just in case.

-Ricky

 

[Norwayguy]

I've recently become a member of the State Farm family, working for an agent in the Central MS Jackson area. So far I love the company and the people, they're very helpful and informative. I'm on a bridge of should i looking to into staying w/ SF until im able to get an agency, or should i choose to go independent after a few years. I've searched the board a few times as well as googling and searching the web. Im currently on a set salary + commission. How does an actual SF AGENT get paid. I know they cover all expenses as far as their office is concerned(salaries, bills, etc). Can anyone tell me
1. How are agents paid on new written business
2. How are agents paid off of pre-existing customers that are just paying premium
3. As far as MS/LA/AL/S-TN and other southern states about how much can be expected starting out as an agent or how much can be expected once an agency is up and running good on an average basis(Would really like to hear some actual SF agents input as well if possible)
4. Life Ins co. pay retirements from the residuals on a policy renewal, how is SF retirement structured?

any information given is greatly appreciated. Like i said im training under the agent to possibly get an agency in the next few years if i choose to but i believe in planning far ahead so that i can ALWAYS have plan be prepared just in case.

-Ricky

There is a huge thread on here about the State Farm opportunity....They are paid a commission on each policy sold...The big sticking point these days is that after 2 years (I think) it is a variable comp structure and unless you hit the right scorecard your comp can go down to as low as 8 percent which from what I hear is not enough to pay the bills...Not to mention State Farm really encourages you to staff up which costs you a lot of money dragging you deep into debt during the early years and if your lucky once you land your permanent contract you can cut back the staff before you go broke.

The biggest issue at least for me looking in from the outside is you are spending your money to build State Farms business as you don't own the book of business.

 

[RickyN]

The biggest issue at least for me looking in from the outside is you are spending your money to build State Farms business as you don't own the book of business.

that was one of the things that raised an eyebrow with me. I'd really like to keep the business i work hard for and have the authority to give it to whomever i choose. on another note all of the SF agents in my area seem to be a pretty close knit group of people. they all look out for one another etc.

can anyone else chime in on their experience/views w/ SF

 

[b61mack]

it is a good place to learn, stay 2 yrs, watch how your agency is doing. keep your eye and ears open.

 

[Sales71]

Good to get experience from that company.

 

[caddison]

The turn over rate for SF has been creeping up as they have changed their contracts for new agents. They seem to have increased their production requirements and reduced their commissions. I know of a new SF agent that didn't make it a year but it may have been more pressure than he could handle too. It would be a great place to learn the business.

 

[infoe]

read the state farm thread..it will help you..stay and get experience there..save money then go IA. You won't know what it's like to have been a state farm agent even working for one..but take it from one who is and about to be an ex agent...you will never look back if you can take what you learn and build a successful Indy agency.

 

[Norwayguy]

read the state farm thread..it will help you..stay and get experience there..save money then go IA. You won't know what it's like to have been a state farm agent even working for one..but take it from one who is and about to be an ex agent...you will never look back if you can take what you learn and build a successful Indy agency.

X2 but I'd also say this for all insurance experiences.

 

[wornout]

I would stay with State Farm as a staff member and learn as much as you can. But read the thread everyone is referring to...and don't become an agent. Understand how an insurance agency works overall, because a capitive agency is nothing like being independent. I was with State Farm and left and now have an independent agency. It is night and day!

 

[new_agent]

I would stay with State Farm as a staff member and learn as much as you can. But read the thread everyone is referring to...and don't become an agent. Understand how an insurance agency works overall, because a capitive agency is nothing like being independent. I was with State Farm and left and now have an independent agency. It is night and day!

I am assuming that you are happy with your decision to leave SF and go Independent?

Also, Ricky should check out the NASFA webiste, there are some interesting posts on there.