How do brokers start/work?
I am genuinely just curious on how brokers start out and like how they function.
I am 25M with 3.5 years of experience but I’ve only ever seen how insurance works from the captive side. With all the changes going on around the industry I am just trying to make sure I make the best option for myself before I put down permanent roots.
I’ve worked for a couple agents due to moving and just personality mismatches but am consistently putting up 18-25k (have hit over 35k before I started taking more service) in raw new premiums every month at State Farm right now while doing about 40% of the books total service work.
Obviously State Farm is changing comp plans in the coming years and I am not the best at Life (mainly my own fault cause I’m not the best at asking. When I do ask I do decent). With State Farm’s variable comp a lot of it will come down to life insurance sales.
I know from reading this subreddit quite a bit, there are a lot of people that either own or work for independents. I’m just curious on what that looks like for you or how that’s different than my experience in State Farm or other captives.
If you are an owner of an independent agency, how did you get your start there? What are the pros and cons of going independent and would you recommend it?
Thanks for any insight you may provide!!