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Feb 24, 2005 9:10 pm

I was contacted by a branch manager of an insurance company that is looking to expand and offer to clients brokerage services.  it is an interesting opportunity, so i think i may sit down with the manager, but does anyone have experience with a similar situation?

Mar 1, 2005 8:51 pm

Be a little more specific about the details and you might get an answer.

Mar 1, 2005 10:49 pm

I was offered the same by my insurance company, but he said to give him 1 year, because they are just beginning to get more into retirement planning and he still has to pass his tests.  I don't think you will get the same thing out of an insurance company vs. a brokerage house.  What the insurance companies are trying to do, imho, is play towards there strength and name recognition with there existing clients.  And one of the footholds of any industry is to have your customers "invested", so to speak, in multiple products with your company.  These customers will then be less likely to leave. 

As a final note:

If I am serious about car insurance and home insurance, I go my insurance agent.

If I am serious about my retirement money or about making my money work for me, I go to a RR.

Mar 3, 2005 9:11 pm

Kargon...thanks for your reply

Zacko...I am meeting with him next week.  More details to follow.

Mar 13, 2005 3:01 pm


All the major insurance companies are attempting to biggyback on their books of business by offering "investment & retirement" planning and products.  The four majors; State Farm, Allstate, Farmers and Nationwide have all "forced" their P&C agents into the RR arena, requiring them to get NASD Series 6 licensed.

None of them...I repeat...NONE OF THEM have figured out a way to make it work.  P&C Agents...and professional Life Agents too, for that matter, did not "sign up" to be stockbrokers.  In their minds, that is what Variable products purveyors are.

There are RARE success stories and that is what makes them so extraordinary...they are RARE.

However...lest I leave you with the opinion that is all because of the agents not embracing change...not the case.  Much of the problem rests with the carriers.  As is their MO, they are forcing change with NO AGENT TRAINING and poor, if any, supervisory talent. 

In addition, the compensation programs are terrible.  This is mainly due to the fact that when you are "hired on" as a "financial specialist" you have a very limited portfolio, usually you are in a captive situation, and worst of all, the agency owner...who is your employer...NOT the carrier, hasn't a clue how to adequately compensate what is essentially a securities employee.

Have I painted a negative and dower enough picture for you?  Well Frum...I can't emphasize strongly is really worst than I have stated.

Since this forum seems to be devoted to the single handed destruction of Edward Jones...I will use them as am example.  Imagine being a Jones rookie...and not having the Jones training before you are unleashed on the public.  The insurance agents who are offerrng these opportunities will lure you with , "no prospecting...selling to an established book, etc..."  That my friend is a LIE! As Kargon pointed out..P&C Clients and life clients DO NOT SEE YOU AS A FINANCIAL ADVISOR...regardless of the certifications you may hold.  You are their "car guy" or their "homeowners guy" or their life agent.  Whichever they consider you to are NOT thier "trusted financial advisor."

You have been "warned."

One who has been there from both sides...

Mar 13, 2005 6:38 pm

FinclPlngPro has a goofball abbreviation for his name, but his advice is dead-on correct.

The average P&C guy has all the interpersonal skills and charm of an accountant. In other words, a 2x4 would attract more people.

P&C guys by and large are worthless at networking. Even to this day I attempt to bring them into a partnership situation, into a loose reciprocal alliance, or even into a leads group. None of them ever bite as it's outside their comfort zone of sitting in their office and waiting for business to come to them. The few that ARE worth a damn interpersonally are either restricted from going outside by their companies or attempt to do it all themselves.

P&C is a COMMODITY business. Financial services are MUCH LESS commodity. Everyone HAS to get P&C for their houses and cars. Nobody HAS to see a financial person, let alone buy product from them.

Mar 15, 2005 2:21 pm

before I read the above posts I declined to meet with the anon. company.  after reading the posts, i am happy i did.

i will agree with you assessments of PC brokers.  i referred business to a local agency in town twice, but not one time did hte agent EVER call and thank me for the free gift. 

Mar 20, 2005 11:27 pm


May 29, 2005 4:34 am

has anyone ever work with mortgage folks for leads

May 29, 2005 5:25 am

(sorry grammar check) worked with mortgage folks for leads?

May 29, 2005 6:14 am

I’ve been contacted by three insurance companies in the past month. Being an unemployed wholesaler with a resume posted on Monster will definitely get you some follow up phone calls.