Do you have experience selling insurance or financial services?

You’d have to give more specifics about the job opportunity in order for anyone to give you the kind of advice you’re looking for. From what I gather so far, be sure you’re careful if this is a pyramid type business, because 1. they don’t always work out the way they are “supposed” to and 2. people are cautious of them anyway. Just because the earnings potential is close to double what you’ve made in the past doesn’t mean you’re going to actually even make what you made in the past. If you have a steady job now with guaranteed salary income, I wouldn’t trade it in for this “possible income” if it is 100% commission based unless you have a 8+ month emergency savings.

Oh, I didn’t even answer your first question! Sorry! YES, I do have experience in both insurance and various finance sales including auto, mortgage, and revolving credit

I don’t have experience on the sales side, but I sure do on the customer side! My advice? Always treat your clients as you want to be treated when you are sold something. Always go for the ethical and full disclosure approach over the whatever-it-takes-to-make-a-sale approach. Build a reputation for honesty and meeting customer needs, and you’ll do fine. Maybe slow at first, but think about this for the long run.

@BBSDT, yeah, I agree with your sentiment. This is a 70 yo company that is just moving into Albuquerque, although they’ve been in NM for some time. My neighbor has been with a number of other national insurance companies and explained why he thinks this is a better deal overall. It is commission-based after two months of paid training/client development. Also, it’s more value-oriented than price. For example providing 50/100/50 on auto instead of the state minimum (25/50/25) but at a better rate than the cheaper insurers. They seem to run along lines of a USAA in terms of quality.

@daloon, thanks for your feedback.

How are you to be paid? How will you get leads? Will it be phone sales, from an office, or will you hit the streets? What products can you sell? How long does it take and how much will it cost for you to obtain your State License, without which there are many instruments you are prohibited from selling? What rank does this guy hold, and how can he back up his promises to you? If it sounds too good to be true, it is too good to be true.

@kevbo That’s good that you’re doing you’re research into the company first! @pdworkin Those are some very good questions

My experience, as someone who has been offered this sort of job more than once and did some research, is that insurance and financial services companies really overstate the earnings potential. They’re not lying, because someone with the right temperament and an aptitude for the job can actually earn that much, but they’re telling you about the far end of the bell curve and not the general case.

If you think you’ll enjoy the actual work of sales, go for it. But unless you’re a born salesman you won’t see the income he’s claiming. And there’s an extremely high turnover in commission-based sales, so there’s incentive for the company to overpromise and underdeliver. After all, they can always claim that it’s due to your poor sales performance that you’re not seeing income, and if you don’t perform, you’re likely to find something else to do anyway.

I was never in a position where taking one of these jobs seemed like a good idea, especially as I don’t have the temperament or aptitude for sales at all.

@cwilbur, GA (as are many above). My neighbor cited a 60% retention rate, which is higher than most, so I’m told.

@kevbo: Do you have anything to lose by taking the job, getting the training, and then seeing if it works for you? If not, then it might be worth doing even if you eventually find out it’s not for you.

(I’d also ask about the period of time over which that retention rate was measured – if 60% of new hires are still on the job 3 months after hiring, that’s very different from having 60% of new hires still on the job 2 years after hiring.)

I work at an insurance company. Being an insurance agent takes the same people skills as any other commissioned sales job. However, there will be state licensing requirements and exams that you’ll have to do a lot of studying for. This isn’t a job you can just try on; there is a lot of work involved, and there are no guarantees that you’ll make a dime. All of the successful agents I know are pretty passionate about their work. And they work very hard.

I have been in the financial service industry for over 20 years. As a Certified Financial Planner I have done retirement planning, investment planning, insurance planning, tax planning, estate planning and other subsets of the above.

To be successful in this business, designation and knowledge are the two big keys to success. There are a large number of insurance agents in the marketplace today that have no clue how to present the product and its benefits. Becoming a CFP, CHFC, or CLU is a great way to establish credibility as a knowledgeable financial advisor. Understanding how cash flow management, taxes, investments, insurance, estate planning, and retirement planning all fit together to create a functional plan for clients. This also includes disability insurance, the correct deductibles on auto and home, and to bring it all together holistically to create a functional living financial plan.

Insurance is not sold anymore. It is presented as an option to solve problems. It is up to the client to decide if it fits into their financial plan. But, as mentioned above, it does take communication and people skills to be successful.

Cold calling is also a thing of the past, although it is still done to some extent, but caller ID has all but eliminated the ability to make calls and get responses. It is too easy today to screens incoming calls because of caller ID.

I would assume by the date of your question, that you have either moved forward or found another career.