Agency
Acquisition Distributor Office of Rob Lee 1201 Monster Rd SW Ste. 300 Renton, WA 98057 Program Phone: 425-988-2288
Farmers Insurance Group | District 46 | Office of Rob Lee 1
Seeking ENTREPRENEURS, SELF-STARTERS & LEADERS
Farmers Insurance Group | District 46 | Office of Rob Lee 2
AGENCY DEVELOPMENT MANUALS
1. Why Farmers Insurance
2. Product Portfolio
3. Farmers - In Our Communities
4. Achievement Clubs
5. Training and Support
6. Business Development
7. Financial Snapshot
8. Process
Farmers Insurance Group | District 46 | Office of Rob Lee 3
A word from Rob
Rob Lee District Manager Our Commitment: District Manager since: 2015 Farmers Insurance and our Previous occupation: Area Sales Manager – district take pride in offering Farmers Insurance Group for award winning support to our 12 years agents. Partnering with Farmers Achievement clubs: Toppers Club – 3 time Insurance offers a valuable qualifier opportunity to be your own boss Accolades: District Manager Accelerator while being able to take Award, Qualifying agents for advantage of an ever evolving Championship, and Toppers system of first class training from both the corporate and club; top performance in district levels. client retention, personal lines new business, and Our financial support package, commercial new business. nationally renowned training Contact information: 425-988-2288 program, and widely recognized 1201 Monster Rd. SW Ste. Farmers brand advertising are 300 all available to help build an Renton, WA 98057 agency that you can be proud of. We also offer a host of
additional tools ranging from The insurance industry offers a unique opportunity for a business owner to grow their campaign trackers to business and achieve financial security through residual income. Unlike other business underwriting support. opportunities, the residual income model provides stability and security. During my We are passionate about the career I have seen and experienced market adjustments or changes that have swung the success of our agency force. For pendulum too far one way and ruined years of hard work. The insurance industry on the an agent that believes in other hand has been continually generating more premium year over year. Farmers’ vast themselves enough to invest the time and effort they won’t find a product portfolio provides opportunity even in times of recessions or financial downturn. better district to work with. If you believe that you would make I’m honored to be a part of the Farmers Insurance Group of Companies and I am a positive impact on our confident that my expertise will be of value to you. I have forged lifelong relationships as community we invite you to get to know us. a mentor with my agents; they are part of my family – the Farmers family. I am proud to have helped so many good people create success in their lives.
I do everything I can to empower my agents by helping them build their futures. My mantra is: “be in business for yourself, but not by yourself.”
Rob Lee Farmers Insurance, District 46
Farmers Insurance Group | District 46 | Office of Rob Lee 4
Why Farmers Insurance
AGENCY ACQUISITIONS PROGRAM
The Agency Acquisitions program provides lucrative financial incentives to capitalized external candidates to facilitate the purchase of service and commission rights to existing Farmers agencies with less than 1,000 Policies in Force.
The Candidate ■ Proven background in building and managing a business venture ■ The desire to build and grow an existing business ■ Decisions made with ROI and cash flow in mind Self-Motivation and Independence ■ Effective time-management skills and self-reliance to accomplish goals ■ The ability to identify and focus on priorities Communication Skills ■ The ability to inspire as well as listen and learn from others ■ Leadership and people management skills Performance ■ The motivation to work hard and take risks to achieve financial success ■ Willing and able to make investments into business opportunities for future gain ■ The willingness to accept responsibility for personal success and failures
The Process Assets ■ Minimum of $25,000 in seasoned investable assets in addition to the cost of acquisition Licensing and Training ■ Property and Casualty, Life and Health and Approved U4 required prior to agent appointment ■ Training Milestones and Assessments Background Check ■ Satisfactory results of background check Business Plan ■ Approval of 5-year business plan and cash flow projection Branded Office Location ■ Office location fully equipped and compliant with Farmers SMART Office brand standards Agency Staff ■ Minimum of 1 licensed and appointed agency staff member
The Benefits Economic Interest ■ Contract Value - Fully vested from date of appointment Office Start-Up Program ■ Up to $10,000 bonus for office startup expenses Monthly New Business Premium Bonus ■ Bonus% paid on monthly new business Agent Eligible Premium ■ Bonus% schedule a function of Bonus Eligibility Period ■ All agents start at Tier C bonus level for first quarter and then tiers are determined by prior quarter performance ■ Monthly bonuses paid on Life and Commercial premiums subject to caps
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Why Farmers Insurance
WHY BECOME A FARMERS AGENCY OWNER?
Leadership & Stability
Farmers Insurance:
■ Is one of the country's largest and most respected insurance brands ■ Has a national presence ■ Has over 85 years of history
The insurers comprising the Farmers Insurance Group of Companies®
■ Insure vehicles, homes, small businesses ■ Generate over $15 billion in annual written premiums ■ Offer a leading portfolio of multi-line products and services ■ Have a highly recognized brand wit h national brand awareness ■ Provide nationally recognized training through the University of Farmers®
Support
As a Farmers agency owner, you will enjoy:
■ Support from a District Manager and/or business consultant invested in your success ■ Comprehensive training and business development support ■ Financial bonus opportunities ■ Lead generation & agency start-up cost support* ■ Loan options through Farmers Insurance Group Federal Credit Union ■ An option to participate in a deferred compensation plan ■ Benefits for you, your family and your staff ■ The ability to open multiple office locations ■ Help with branding and agency location placement ■ Build equity in a business you own that provides multiple exit strategies
*Applicable to certain programs only
Farmers Insurance Group | District 46 | Office of Rob Lee 6
Product Portfolio
PRODUCT PORTFOLIO
Outstanding product suite that allows you to compete and succeed Property & Life Financial Kraft Lake Casualty Insurance Products1 Insurance
▪ Auto ▪ Term Life ▪ 529 Plans ▪ High Value ▪ Home/Renters ▪ Universal ▪ 401 (k)s Homeowners ▪ Commercial Life ▪ Variable ▪ Professional ▪ Cyber liability ▪ Whole Life Annuities Liability (E&O) ▪ Habitation ▪ Critical ▪ IRAs ▪ E&S Vacant ▪ Boat Illness ▪ SEPs Building/Land ▪ Motorcycle Riders ▪ Variable ▪ Contractor’s ▪ Motor Home ▪ AD&D Universal Life General ▪ Mobile Home ▪ Disability ▪ Mutual Funds Liability ▪ Umbrella Income with ▪ Farm & Ranch ▪ Worker’s Comp Riders nationally ▪ … and more ▪ Group Life recognized ▪ Fixed fund families Annuities
1) Agent registered with and securities offered through Farmers Financial Solutions, LLC – Member of FINRA & SIPC Note: All products and features may not be available in all states and may vary by state
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Product Portfolio
OUTPLACEMENT OPTION Ability to refer business not eligible/acceptable within Farmers to Kraft Lake Insurance Agency Inc.
Accessible through web portals, email, and toll-free numbers
Farmers Insurance Group | District 46 | Office of Rob Lee 8
Product Portfolio
WHY FFS Become a full-service financial professional with Farmers Financial Solutions® (FFS). Why get registered to sell financial solutions?
Financial services allow you to expand your potential customers, help improve your agency revenue and will help to retain current customers. Top reasons for getting registered: ■ New revenue opportunities ■ Improved customer retention ■ Registered agents are more productive in all lines of insurance ■ It's not rate sensitive or service intensive ■ It's a positive customer experience - customers are investing in their future ■ FFS commissions are paid weekly ■ FFS products grow revenue ■ FFS agents are perceived as financial professionals
Farmers Insurance Group | District 46 | Office of Rob Lee 9
Product Portfolio
FFS PRODUCTS
Farmers Financial Solutions suite of products include: ■ Retirement- Traditional IRAs, Roth, Rollover, SEPs and SIMPLEs ■ College Savings - 529 Plans, UGMA/UTMA, Coverdell ■ Small Business - 401(k), 403 (b), 457 ■ Life Insurance and Estate Planning -VUL, VA, Survivor Life, Stretch IRA, Executive Bonus Plans, Pension Maximization
FFS SUPPORT
We support you with the following programs: ■ FFS Internal Sales Team ■ Life and Financial Services Specialists ■ Provider Sales Desks ■ Morningstar ■ DST Systems ■ FFS Selling Systems ■ SIMS
FFS PROVIDERS
Farmers works with some of the most well-known providers in the industry including: ■ Farmers New World Life Insurance Company ■ AXA Equitable Life ■ American Funds ■ BlackRock ■ Calvert Investments ■ DWS Investments ■ Franklin Templeton ■ ING Funds ■ Invesco Aim ■ MFS ■ Oppenheimer Funds ■ PIMCO Funds ■ Pioneer Investments ■ Principal Funds ■ Putnam Investments
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Farmers – In the Community
VETERANS NETWORK
At Farmers, we are strongly committed to providing the local agency ownership opportunity to transitioning, retired and wounded veterans, as well as military spouses. We are extremely proud to have earned the 2015 Military Friendly Employers Designation. Farmers Insurance is 1 of 50 companies to be awarded both Military Friendly Employer and Military Spouse Friendly Employer. Farmers has created a network and support program called Serving America at Farmers. This is a community of veterans and current members of the National Guard and Reserve. It's our way of showing support for the contributions military families make in service to America.
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Achievement Clubs
ACH IEVEMENTS
As a Farmers agent, you play a crucial role in the success of the company. Everything Farmers does depends upon you succeeding at profitable growth and giving your customers a quality experience. Our Achievement Awards reward you for raising the bar and focusing on profitable growth, productivity, customer experience, sales quality and performance, and customer retention-all of which lead to long-term success for you and your agency.
TOPPER CLUB
Topper Club offers you an opportunity to join fellow high-achieving agents from across the country at an exclusive destination to celebrate and focus on continued business success. Unlike other Farmers conventions, Topper Club provides you with four different ways to qualify, rewarding you for your strength in Personal Lines, Business Insurance, Life or Farmers Financial Solutions® (FFS). Once there, you'll meet with the Farmers leadership team and other high achievers, network, and focus on continuing your growth. Topper Club Achievement is awarded with:
■ An invitation to the Topper Club convention for you and a guest (room and board paid for) ■ $800 in transportation funds (combined total for you and a guest) ■ First-year winners receive a trophy and a lapel pin; subsequent-year winners will receive a medallion to add to the trophy and additional lapel pins
CHAMPIONSHIP Championship rewards you for successfully challenging yourself to reach higher, go farther, and achieve quality profitable multi-line success in your agency. When you earn this elite honor, we'll celebrate your success and continued commitment to excellence in style.
Championship Achievement is awarded with:
■ An all-expense-paid trip to the Championship convention for you and a guest ■ First-year winners receive a trophy and a watch; subsequent-year winners will receive a medallion to add to their trophy and a diamond to add to their watch
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Training & Support
ACQUISITIONS SCHEDULE POST INITIAL
New location or take over current location Technology Decisions WK-1 Office set up Set up phones/ printers/ computers Email and Shared Folder Calendar (Google and Farmers}
Letters to client list - transfer of ownership from previous agent WK-2 Operations Whiteboard SMART Office Branding Month SIMS Basics Review 1 Lead Management WK-3 Systems Setting up tasks, SMPs workflows and management of activity Retention - My Alerts, Thank You calls systems Review Review Business Plan Goals for NB and Retention Business Plan Determine how current marketing strategies align WK-4 & Marketing What new marketing systems you will put in place to better align with business plan Changes or adjustments to plan Strategy Does your agency need additional staff? Billing/Service WK-1 Review Training from District Office and University of Farmers for eCMS and Billing questions Familiarity with Chat functions, Service Center in Office Establish how agency will handle claims internally WK-2 Claims Process Promises to clients - phone availability, call back, what to expect from your agency Month Establish FFR process in eCMS or SiMS 2 WK-3 FFR Process Hardcopy materials for clients Practice with district staff member Determined on agency experience Business Review all bookkeeping practices WK-4 Management Payroll set up Internal policies
WK-1 Staffing Set up compensation programs Determine level of staff needed and determine how to source, interview, and set up expectations
Marketing NB focus on setting goals for each line of business on weekly/monthly basis. WK-2 Set up way internally to track goals All Lines Segment markets Apply Call Lists/ Email Lists Month Number of calls, tasks, emails, mailers 3 WK-3 Marketing Event planning Referral Network Strategies Networking groups Social Media Policy Conversions Lists Cross-Sell Lists and start SMPs. WK-4 Life Life prospecting Cross-Selling and Asking the Right Questions Blue Vase Goal Intro to WK-1 Pick 3 businesses, do research online and introduce yourself to and find out more about what they do and who the business is currently insured with. Talk with Rick Fletcher in the district office. Commercial Follow up with the businesses. Month WK-2 Commercial Discuss target markets, what went right, where agency wants to focus 4 How to better qualify commercial prospects Review Business Plan with regards to Specialty goals for NB WK-3 Specialty Learn and create marketing system for Specialty WK-4 FFS Study for FFS Series 6/63 Licensing
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Training & Support
BUSINESS DEVELOPMENT SUPPORT - SALES TOOLS SIMS - Sales Insight Management System
Lead Management enables you to: ■ Manage your leads and cross-selling opportunities ■ Launch automated sequential marketing programs (SMP) ■ Write new business with access to a lead database
Sales Management provides you with: ■ Real-time analytics for managing lead source effectiveness and setting and tracking goals ■ Visibility into your sales pipeline
Financial Management gives you: ■ The ability to analyze staff and compensation strategies ■ Evaluations of investment opportunities with what-if scenarios
Visit www.BeAFarmersAgent.com
OMNI CHANNEL STRATEGY
Our Omni channel strategy provides customers with a wide range of options to do business with Farmers, whether it be online (Farmers.com), through a call center (1-800-Farmers), or with an agent. Regardless of how consumers chose to come to us, every Farmers customer will be assigned to a local agent, providing cross- sell and growth opportunities.
Many customers are outside the reach of our agents' marketing efforts and don't consider purchasing through an agent; however, research shows that most consumers value the assistance of an agent. Our Omni channel strategy expands our reach across multiple channels and allows our prospective customers to shop in the fashion that best suits them.
Leveraging a multi-channel approach to help drive additional leads, policies, and cross-sell opportunities to Farmers agents.
■ Multiple acquisition points to attract and service new Farmers customers ■ All new Farmers customers and unbound quotes will be assigned to an agent or be made available for agent lead selection ■ Agents will receive a commission for new policies sold through the web site or call center that are assigned to them for servicing ■ When an agent cross sells another personal lines policy to a customer sold through the web site or call center, the J or Y series policy will be upgraded to a full commission series
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Training & Support
OTHER SUPPORT & OPTIONS
After-hour Call Center ■ Ability for existing customers to make policy changes and make payments over the phone after normal agency hours Cross Border Licensing ■ Dual agent appointment to enable writing business in other states, subject to approval Satellite Offices ■ Ability to set up additional office locations to increase market penetration, subject to approval Agency Acquisition Option ■ Ability to purchase service and commission rights from another Farmers agent, subject to approval
BUSINESS DEVELOPMENT SUPPORT- START-UP
Access to agency start-up support services Licensing Support ■ Access to discounted licensing courses: P&C, Life, Series 6/63 Office Support ■ Access to discounted office furniture, technology, branding, and art Payroll Support ■ Access to discounted payroll set up and processing services Loan Support ■ Loan support from Farmers Insurance Group Federal Credit Union
FINANCIAL SUPPORT- BENEFITS
Access to Group Life and Comprehensive Medical plans for you, your family and your staff ■ Medical ■ Long Term Disability ■ Voluntary Hospital Plan ■ Enhanced Long Term ■ Dental Disability ■ Vision Service Plan ■ Business Overhead Expense ■ Life/AD&D, Supplemental ■ Errors and Omissions AD&D ■ Fidelity Bond ■ Critical Illness Insurance Plan ■ Deferred Compensation Plan
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BUSINESS MODEL Training & Support
Achieve your goals through our successful agency model
Performance marketing tactics that will feature your agency and run all year
▪ Affordable, turnkey marketing program designed to drive leads to your agency. ▪ Dollar-for-dollar cost matching for leads, marketing pieces, office attire, office signage, etc. ▪ Monthly lead generating marketing tactics. ▪ Direct Mail run monthly for YOUR Agency. ▪ Affinity Marketing Dollars and co-op funds through the Local Marketing Activities Hub to further support your local marketing efforts.
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Training & Support
SUPPORT TEAM A team that plays together wins together
Rob Lee CEO / District Manager
Administrative Training & Support - Corporate
Jeri Lee Dave Hill Operations Area Sales Manager
Adam Lee Training & Performance Commercial Wholesaler
Coni Crudup Alex Park Sales & Systems Trainer Distribution Consultant
Agency Support Mike Hummel Sales Productivity Specialist Diane Norling Client Services & Agent Support John Vrkljan Life & Financial Services Rep.
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Training & Support
SALES DEVELOPMENT Generate sales, analyze performance, and create future opportunities
Available Lead management SIMS Examples ▪ Sort and manage lead database to identify service and cross selling opportunities ▪ Design and execute automated sequential marketing programs (SMPs) ▪ Access additional leads to write new business
Coming Sales management soon ▪ Compile real-time analytics to track sourcing effectiveness and ROI ▪ Complete visibility into your agency’s productivity
Coming Financial management soon ▪ Analyze staff compensation and productivity ▪ Simulate investment scenarios to determine profitable future agency expenditures
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Business Development
AGENCY STAFFING
Delivering an outstanding customer experience is the commitment we make to our customers. By maintaining certain staffing levels, your agency can differentiate yourself among the competition by becoming a business of choice for prospects in your community.
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Business Development
AGENCY STAFFING: MARKETER
In the Marketer role, primary expectations are to increase an agency's policies in force by contacting potential prospects primarily via the telephone. Using scripts, Marketers contact and inform prospects of the company's products or services for the purpose of securing sales appointments for agents or Agency Producers. Marketers are responsible for tracking marketing methods used as well as their outcomes. This role gives the Marketer a foundation on which to build a network through various channels and learn to capitalize on prospecting opportunities by utilizing multiple marketing strategies. The long-term career path for a Marketer is to become an Agency Producer.
AGENCY STAFFING: CSSR
CSSRs work to maximize positive customer experiences by responding to customer inquiries or complaints regarding the company's products or services. They will communicate with internal and external customers about basic underwriting guidelines, policies, and marketing initiatives to service customer accounts. Additionally, Customer Service and Sales Representatives will analyze, clarify, and resolve policy and account-related questions. The position of the Customer Service and Sales Representative offers not only the opportunity for retention but agency growth through the expansion of a household by means of cross-selling multiple lines. This action will generate greater retention within the agency as well as new business growth.
AGENCY STAFFING: AGENCY PRODUCER
Directly contributes to and supports sales goals of the agency or specialist department as communicated from the agent to meet short-term and long-term goals for agency growth. This includes new business, cross-sell opportunities, customer service, retention, and profit goals.
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Business Development
MARKET RESEARCH
Since inception, Farmers' competitive advantage has been the value our agents provide our customers. Our strategy to target "value-driven" consumers, with a focus on Confident Planners, is not a departure from what has worked in the past. In fact, Farmers agents have been successfully marketing and selling to this customer segment for decades.
Today, 72% of our total book of business is made up of "value-driven" consumers, which means that targeting this segment has broad appeal in the marketplace and is consistent with the customers we have successfully attracted and retained in the past. Sharpening our focus to better meet the needs of Confident Planners will improve on what has already been successful for us, and continue to have broad appeal to many consumers, not just Confident Planners.
We know far more today, than at any point in our history, about how "value-driven" consumers shop, think and what they expect from us. We also know that Farmers agents are the ones who can deliver for these consumers. These are some of the driving factors behind our most recent SMART marketing campaign that highlights our "Customer-Centered, Agent• Powered" strategy.
Why is market segmentation important? Defining a market segment helps us:
■ Identify the consumer group that best fits Farmers value proposition ■ Target consumers who represent the best value (in terms of profitability and loyalty), both for Farmers and our agents ■ Build a superior customer experience tailored to that group's needs and wants ■ Differentiate us from the competition
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Business Development
AGENCY BUILD-OUT
As you consider your new agency space options, it's best to visualize potential layout options for your operation, including space for staff. Often the landlord will have a professional who can create a potential layout for you. Many furniture vendors also provide this service. We have identified potential office layouts for agents to consider from 750 to 4,000 PIF, as follows:
MODEL #1 - 700 SQUARE FEET, PROFESSIONAL BUILDING, 750 TO 1,750+ PIF
■ Will accommodate the agent, one to two licensed CSSRs, and two part-time Marketers
MODEL #2-1,110 Square Feet, Professional Building or Office Condo/Storefront, 2,000 to 3,500+ PIF
■ Will accommodate the agent, one or two Agency Producers, two or three Licensed CSSRs, and three part-time Marketers
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Business Development
BRAND COMPLIANCE
SIGNAGE
Protecting the Farmers brand is a primary business objective of Farmers. Maintaining proper signage is an important element of agency brand compliance (see below):
■ Maintain an outdoor Farmers sign that contains the Farmers logo consistent with the "Trademark and Logo Guidelines" https://community.farmersinsuranee.com/groups/farmers-brand ■ To the extent an outdoor Farmers sign is precluded by lease or ordinance, maintain an interior window Farmers sign that contains the Farmers logo consistent with the "Trademark and Logo Guidelines"
OUTDOOR SIGNS
Nothing grabs the attention of a potential client more than great, professional outdoor signage. Here are some examples of Farmers outdoor signs that meet our ''Trademark and Logo Guidelines." One thing to keep in mind - for the sign to be cost share eligible, the agent or agency name must not be larger than the word "Farmers" contained in the logo.
For ordering outdoor signs that meet our logo and trademark standards, go to: http://farmers.fastsigns.com or http:/// www.farmersmodeloffice.com
INTERIOR SIGNS
In the event that the agent is precluded by lease conditions to have an outdoor sign, the agent should maintain an interior Farmers sign that meets our Trademark and Logo Guidelines.
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Financial Snapshot
PERSONAL LINES GROWTH BONUS
PERSONAL LINES PROFITABLE GROWTH BONUS PAYOUT SCHEDULE – 2018 Being above the line can earn you bigger rewards Payout based on monthly combined new business & renewal commissions for
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Financial Snapshot
FINANCIAL SUPPORT• PERFORMANCE BONUSES Acquisition Program
Financial support that rewards your performance - Acquisition with Bonus
■ Tiered bonus system based on cumulative, applicable policies in force or applicable new gross folio premium generated ■ Duration of financial support determined upon amount of policies purchased ■ Performance in the prior quarter determines the next quarter's bonus tier (from Q2 onward; in Q1, all agents start as a tier C) ■ Performance based bonuses are paid out monthly ■ Monthly bonuses for commercial insurance are subject to capping
Year 1 Year 2 Year 3
Life Insurance $1,000 $750 $500
Commercial Insurance $2,500 $2,000 $1,500
FINANCIAL SUPPORT- START-UP BONUSES Incentive-based bonuses to help support your new business
Up to $10,000 office start-up bonus
Agency owners have the opportunity to receive up to $10,000 in their first year for expenses related to setting up and outfitting a new professional, Farmers-branded office*
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Financial Snapshot
FINANCIAL SUPPORT- LIFE BONUSES
There are great benefits to becoming a Farmers agency owner including our Life Growth model. Our strategy has three key components: Fix the Basics, Engage Agents, and Capture the Middle Market. We are transforming Farmers Life® to make Life easier and more relevant to you. Modernized compensation is an important step in that process. Our new Life Growth Bonus rewards sales and retention, and gives more agents added incentive to sell Life. There's just one Bonus metric - Life premium that stays on the books. That's the same premium that drives your Life income, the same premium used to measure the growth of your agency and the growth of our Company, the same premium that shows the value of Life coverage you've placed with your customers. In short, Life Growth Bonus is a simple incentive that aligns customer value, agent income, and company growth.
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Financial Snapshot
FINANCIAL STATEMENT
What Do I Need to Produce to Earn New Business Bonus in Addition to The Standard Commission? (Auto 9% + 24% Tier A/Q1 = 33%)
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Financial Snapshot
FINANCIAL STATEMENT – Estimated Potential Income Calculator If My Agency produced 40 policies per month on average, what would my revenue look like?...
If My Agency produced 70 policies per month on average, what would my revenue look like?...
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Financial Snapshot
CONTRACT PROVISIONS A Farmers Agency has significant value
When an agent contract ends, Contract Value payments may be made to the agent. Contract Value is calculated based on the two following factors:
■ The amount of service commissions paid to the agent on specified policies during the 12 months prior to the termination of the appointment ■ The number of specified policies assigned to the agent
Exit Strategies
Acquisition Family Transfer Contract Value 1X Annual Service Sell your book to a qualified Transfer your book of Commissions internal/external buyer. 1-2X business to an immediate annual service commissions family member
When you are ready to exit the industry, Farmers gives you the right to determine what to do with your book of business. Farmers agents have the ability to:
■ Sell their book of business to an internal or external approved buyer ■ Take contract value which is paid directly to the agent at 1x your annual service commissions ■ Transfer your book of business to an immediate family member to create generational wealth
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Financial Snapshot
FINANCIAL SUPPORT
Access to comprehensive services to support your family, office staff, business development, and yourself
Agent / Family Business Benefits Development
▪ Medical ▪ Retail Agent Earnings & o Aetna managed choice point- Acquisition Support of-service plan o Retail Agent Bonus Program – ▪ Dental Increased commissions for o Aetna PPO/Indemnity OR first 3 years1 Aetna DMO o Acquisitions of less than 1,000 ▪ Vision Policies - $10,000 office bonus o Provided by Vision Service and NB commission bonuses Plan ▪ Multicultural marketing ▪ Life and accidental death & o Bonus incentives available for bilingual agents and agency dismemberment staff2 o Term life with optional AD&D coverage ▪ Office support o Access to discounted office ▪ Long-term disability furniture, technology, o Various options branding, and art ▪ Group errors and o Access to discounted payroll omissions setup and processing services o Provides coverage in the o Access to discounted licensing event of an error or omission courses: P&C, L&H, series 6 & to a customer’s policy 63 ▪ Group fidelity bond ▪ Loan support o Protection for all peoples o Access to loan support from associated with Farmers who Farmers Insurance Group handle cash FCU and NW Preferred FCU
1) Agent must remain in good standing & growth goals to receive continued support 2) Pending successful exam. Applies to languages listed in form 31-7668 6-12
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Process
TO BECOME A FARMERS AGENCY OWNER
Recruiting
■ Interviews ■ Background check ■ Available assets verification ■ Approved business plan & cash flow projection ■ Final candidate review
Licensing
■ Property & Casualty insurance license ■ Life & Health insurance license
Base Training
■ Comprehensive online & instructor-led training courses ■ Pass assessment tests ■ FFS approval of Form U4 ■ Approved business plan ■ Office set up with applicable licensed staff requirements
Agency Development
■ Access to incentive-based financial bonuses: ■ Lead generation (Retail only) ■ Office start-up bonuses in year one ■ Monthly bonus up to three years (Retail and Acquisition) ■ Annual financial bonuses for three years after appointment (Retail only) ■ Additional bonuses available throughout your agency ownership ■ Securities licensed and FFS approved to sell to be obtained within twelve months after appointment ■ Ability to sell your service & commission rights ■ Opportunity to acquire additional service & commission rights
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Process
THE PROCESS TIMELINE
A proven roadmap to agency ownership and growth
OBTAIN YOUR LICENSE
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