Allstate Personal Financial Rep. Position
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Jul 4, 2009 12:39 am
Hi all,
Jjust wanting any insight on this position such as structure, payout, product offerings, job satisfaction; or lack thereof, etc. Any and all relavent input is greatly appreciated as I am considering applying for a position but wanted to first do my due dilligence.This will sound strange, but I’d recommend going to www.financial-planning.com/forums/ and do a search for “Allstate” on those forums.
Here's the main deal: While you would be paired with 3-5 P&C shops who must give you referrals for their compensation, you are responsible for 100% of your expenses along with a rather low payout (around 30-45% on the grid). There are plenty of P&C agents with Allstate who are registered with their 6 & 63, but they don't use them actively. This was a program that was rolled out poorly and they are trying to "pick up the pieces". You will read something from Kevin Lynch on FPi who knows someone who has reached "Court of the Table" with MDRT while being at Allstate, but I would assume she is the exception and not the rule. Don't expect there to be a lot of products like at a wirehouse. My guess is mutual funds, variable products (proprietary) and life insurance. Go ahead and talk with the recruiter (I did), but go into it with your eyes wide open.Ominous is off on the grid, it’s much richer than that - somewhere in the 60% range and dependent on production. He is right on the other stuff.
Had a friend that took a look. The feedback he got from other people was a mixed bag. Some positive, some negative.
Awhile back you said you were places on goals … what was the outcome?
The Allstate position requires that you show three years of income in exceess of $70-75K.
If you just got fired from Jones, you obviously don't meet that requirement.