I got a note from the District Manager for Farmer's saying they'd like to talk to me about having an Insurance & Financial Services Agency. I know Farmer's was recently brought up in another post, but it got very little attention. They mentioned that they provide a subsidy of about $60k over the first two years in addition to commissions. Is the financial services side of the business new for Farmer's? Does anyone know if their products are sufficient to satisfy the needs of most clients? Any and all feedback is appreciated. _popupControl();_popupControl();
It looks like they offer a wide array of investment options for clients, though I’m wondering why you would even consider being chained to one company. Do you want Farmers giving you a quota of some high fee vehicle to push on your clients? The commision structure is problably highway robbery compared to many BD’s around. Don’t be seduced!!
My best friend is a farmers agent. 95% of his business is property/casualty and life insurance. He would often ask for my help when it came to mutual funds/variable annuities. Being an insurance agent can be a rewarding and lucrative career but it is not in the same area code as ML, SB or even EDJ.
Now a days farmers are investing their money in mutual funds and insurance.They are investing their money in right ways.The person will have good career if he is working in insurance.
I knew someone who was a farmer until his tractor rolled over on him. I laughed because he turned down the life policy I recommended 2 months earlier.
surprisingly that happened to my neighbor years ago. He was driving the tractor and did some pulling with it and it barrel rolled on top of him
OK just to clarify Farmer’s Insurance is a large P&C Insuance company (like Allstate, Nationwide, ect…) that seems to have branched out to begin offer financial services (mutual funds, annuities, ect…). They may have gotten their beginning (a long time ago) serving farmers, but they now offer and market their products to just about everyone. Since I live in a fairly large city, if I were to pursue this opportunity I wouldn’t be dealing with many farmers. I know that most people here are RR’s/FA’s, but does anyone have feedback on trying to break into the business in this way? I know I won’t be able to do everything I could do at Jones or the wirehouses, but I would also have P&C products to help generate income. Thoughts…
i agree completely with ice. i have a good friend who sells for farm bureau. he is their resident “investment expert” and likes to be known as an investment guy. he can sell American and 3 other companies, and sling a proprietary annuity product. Not exactly competition for a full service rep, whether he/she is at a wire or independent. Don’t kid yourself to think you can go this route.
You are a General Insurance Agent with P&C companies. You at best will have a limited product assortment of Funds and Life Products. If Farmers is typical of ie. State Farm and Allstate you will earn Incentives ie. Trips and Bonuses by building more Life Sales.