A new report from Reagan Consulting pointed out a "troubling" trend in the broker industry: lack of recruiting enough agents and brokers to grow their business.

Their research found that independent agents/brokers posted a 56 percent success rate in producer hiring in the past five years. Especially troubling, the firm noted, 55 percent to 60 percent of firms are "under-hiring," meaning they are not hiring enough new brokers to achieve their growth objectives or allow them to successfully perpetuate their business. Worsening things more, the firm said, is the fact that "free agents," who move from agency to agency, "were by far the largest category of producer hires," accounting for 55 percent of new hires over the past five years.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.