March 21, 2024

Throwback: What Size Agency is Best for Building a $1,000,000 or More Book of Business

31 minutes

There are one-owner shops, small agencies, medium-sized agencies, large alphabet houses, and everything else in between. The question is: Which one can you make more money at as a producer?

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht walks you through the pros and cons of each, tells you which type/size agency he would work at today if he was planning to pick one to work at, and an option for you if you're considering making a switch.

Episode Highlights:

Charles mentions that he learned more at a large agency than at any other agency he has worked for. (4:41)

Charles explains why, after learning so much at a bigger agency, he would never work for one again. (6:48)

Charles discusses that, after 20 years of business, he already knows what to do if he is approached by an agency for consultation or assistance with their operations. (7:34)

Charles mentions that all of the producers he knows that have to have some form of servicing role for whatever they do in their everyday operations have smaller books of business. (10:42)

Charles explains that if you're the owner of the agency, having a one-man shop is fine as long as you're writing some business. (12:06)

Charles believes that a tiered system that rewards constant activity, building a book of business, and bringing on more new clients throughout the year would make a lot more sense for an agency. (14:26)

Charles explains that if your agency is unwilling to give you the opportunity to own a stake in the business, it may be in your best interest to look into other options because there are other options. (17:06)

Charles believes that you don't have to make a habit or build a large book of business to be fairly wealthy as an agent in the United States of America. (20:01)

Charles believes that if you are looking for a new agency, you should go to one that puts money into training, sales, and other similar things. (23:30)

Charles mentions that if you're considering changing agencies, reach out to him and he'll try to give you some advice on what to do or look for. (28:19)

Key Quotes:

“I've been in the business now for over 20 years, I understand a lot of these different things, I would know what to do tomorrow if I went to work with an agency, if an agency brought me on, for some consulting, consulting, to help them with operations, and their producers and so forth.” - Charles Specht

“There are other options out there, there is no shortage of opportunities out there in regards to the agencies that you might be a really good fit for. So, if you don't feel like your agency is a long-term play for you, then maybe make a switch.” - Charles Specht

“If you're thinking about switching the agency where you're at, you know what, reach out to me. And I'll try to give you some advice maybe on what to do or what to look for, I might even be able to give you a referral in a few different agencies if you're willing to work remotely.” - Charles Specht

Resources Mentioned:

Reach out to Charles Specht

Permission Network Insurance Agency, Inc.

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By Charles Specht

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