After being involved in the life insurance market for 14 years it
really felt that I could help other people with their financial
situation bette and push my own career further as an independent
broker. Recently I've noticed that many other professionals were asking
me about my motivation to do so and what were the specifics that led me to the idea of
starting my own company.
While Canada’s life and health insurance industry employs more than 110,000 people, only around half of them work in the independent channel and are not directly employed by captive insurance companies. After being involved in the life insurance market for 14 years it really felt that I could help other people with their financial situation bette and push my own career further as an independent broker. Recently I've noticed that many other professionals were asking me about my motivation to do so and what were the specifics that led me start my own company. Here they are:
Being able to recommend even better products – After so many years of knowledge, I wanted to create my own portfolio and build my own structure of services. I wanted to create something that would be more attractive for my clients and ensure that both of us can get out the maximum of the win-win situation.
Having a deeper understanding of the insurance industry – Although I gained a very substantial amount of knowledge from the previous years, starting your own brokerage company is a whole different endeavour. The sheer fact of learning more than ever about my chosen career field was exciting to me right from the start
Commissions – Naturally, when you deal with the insurance companies directly, you get better comissions and have access to a larger palette of products.
Opportunity for growth – Being a captive agent limits your choices and opportunities – however as an independent broker, there are no limits.
Competitive edge – The fact that I can set new standards creates oppurtinity for being one of the top. My credo was always shooting for being the very best and with my own company we are able to approach our goal without extra hurdles.
Financial flexibility – With your own budget, you can plan for the future better. For example, I have always spent a significant amount of money on promotional items and advertising in general, but with my own company now, we can target our promotional budgets even more effectively.
Creating your own team – It is very important to surround yourself with positive people and motivate each other to be more successful. I was very lucky to find people that are not just reliable professionals, but also excellent team players. They are able to bring a lot of fresh, creative energy to our workplace and ensure that our clients get more for the money. With a strong team, you can get more done. It's more fun, too.
Opportinity for better organizing – The independent channel allows you create your own systems. With my team, we’ve introduced a workflow and process that allows us to focus more on dealing with people, yet provide the most service.
Motivation – After I started LSM Insurance Services, it felt like driving the same car with a new set of wheels and a great deal of tuning. I’ve become excited about life insurance more than ever and it affected all the areas of my life in a very positive way. If you've been this long in the business, a change like this is very vital.
Authority – Now as the head of an independent brokerage business, I get invited to speak at numerous events and get a lot more coverage in the media. Not only does this brings us more coverage and new leads, but also allows me to connect with othersuccessful professionals. We can learn from each other and get fresh new ideas that result in an immediate increase in productivity.
As the last words, there is still something that needs to be said. Along with all the fun, there is even more work and responsibility as an independent broker. Be sure you are ready before you make the move.
Lorne S. Marr has been a very accomplished financial planner since 1993 and runs his own Toronto life insurance company LSM Insurance Services Ltd. He's recognized as an industry leader thanks to the commitment to providing clients with value-added services. Find out more about him on his website www.lsminsurance.ca
