Agency Intelligence: The Insurance Podcast Network

Stuff About Money: Episode 73: Should My Agency Be My Only Retirement Plan? Insights with Carey Wallace

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In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, BFA, ChFC®, welcomes back Carey Wallace to tackle the question: Should your insurance agency be your only retirement plan? Carey shares her expertise on diversifying retirement strategies, the risks of relying solely on your agency, and the importance of planning for a secure financial future.


Erik and Carey discuss practical steps to evaluate your current retirement approach, explore alternative investment options, and ensure a balanced financial strategy. Learn how to prepare for a successful retirement and maximize the value of your agency with insights from Erik and Carey's experience in financial planning and agency management.


Episode Highlights:

  • Carey discusses the importance of understanding your agency's true value early. (3:24)
  • Carey talks about the factors that determine an agency’s valuation, including profitability, transferability, and growth. (6:00)
  • Carey shares her experience working with clients to prepare their businesses for a profitable sale five to eight years in advance. (11:24)
  • Carey highlights that independent insurance agencies can create significant wealth but also require prudent financial management. (17:10)
  • Carey emphasizes the limitations of an agency if the owner hasn’t prepared for a change in circumstances. (27:00)
  • Carey explains the necessity of balancing investments in technology, infrastructure, and talent to scale an agency. (34:52)
  • Carey mentions that having industry-specific professionals can greatly impact an agency owner's financial planning and strategy. (42:15)


    • Key Quotes:

    • “I fully believe that independent insurance agents can live a very nice lifestyle and you can also, if you're living beyond your means, you can find yourself having to continue to work.” - Carey Wallace
    • “If you have somebody who understands your business, they're going to be so much more impactful than someone who doesn't and be able to piece all this together.” - Carey Wallace


      • Resources Mentioned:

      • Carey Wallace
      • AgencyFocus
      • Erik Garcia, CFP®, BFA
      • Xavier Angel, CFP®, ChFC, CLTC
      • Plan Wisely Wealth Advisors
        • ...more
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