Stick with it

Many of us, including myself, started our firms out of our homes. The one thing I didn't anticipate when I started out on my own was the loneliness factor. I came from a company with hundreds of employees and thrived off of the hustle and bustle. That buzz was noticeably missing—it was a factor that hadn't even occurred to me.

After months of wracking my brain and adopting a cat (he became the VP of the company and still is today) I created structure. I started every day by attending a morning coffee group and connecting with other people for an hour. I made sure I had two meetings each day that were outside of my home office, whether it was a prospect, a client, a networking coffee or stopping by my general agent's office to drop off cases or brainstorm with other brokers. By year two, I had an office and started adding employees and the rest is history. Looking back, I don't really think I would have changed a thing. Struggling is what builds your character, though I do wish there had been someone to give me the heads up. Drive, determination, and tenacity will get you 75 percent through this career; the other 25 percent is just being at the right place at the right time and listening to peers and mentors who can give you sage advice.

Susan L. Combs, PPACA, ChHC, CEO, Combs and Company

Terrible transparency

One thing I wish I had known when I started in this industry is how much lack of transparency there is between the insurance companies and employers/employees. I chose this career because I was previously working in an industry where most employees were not able to afford any type of medical insurance. I saw how large medical bills had ruined many of them financially and how it affected their families. Once I started my company and started to dig into these types of life-changing medical bills, I quickly realized most employees receive no real explanation as to how much procedures or events are going to cost. They were getting no help from their employers and, in turn, the employers were getting no help from the insurance companies.

There was and still is an “it is what it is” attitude with regards to pricing on both the employee and employer level. The good news is, slowly but surely, our industry is starting to expose this shell game and educate employees and employers about how to be smarter consumers. I believe that the role of a broker can be one of the biggest assets for a company. As brokers, we need to continue to expose lack of transparency as much as we can.

Brandon Scarborough, senior vice president, Cobbs Allen

Respect yourself

I guess if I could wave a magic wand and go back, I would want to sit down with a consultant who had been in the business 20+ years. I would first want to get their opinion on how to set up an employment contract that is mutually beneficial for both parties. I feel like so many young producers are thinking about what's best for them right now, but not, “how should this arrangement look long term, assuming I am successful for the agency?”

The second piece of advice I would give is, have some respect for your time. If you feel confident in your abilities, then make sure you're not doing work for free. Ask the tough questions in your initial meeting with a prospect to see if there is a real opportunity. If there isn't, this will allow you more time with your current clients and prospects who will give you a chance to earn their business.

Justin White, employee benefits specialist, Brock & Spencer Benefits

Centers of influence

The one thing I wish I knew when I started my career was the power of relationships and networking. Early on, I made some mistakes that could have cost me the ability to sustain myself and family had it not been for some key people. My first week was wrought with fear because I was introduced to prospecting, which I had never done before. It was probably the most difficult week I had ever experienced. After many false starts and hopes, I literally just sat down and prayed for direction, and over the next few months, it hit me that I needed to focus on my immediate centers of influence.

The first person I called was my childhood best friend's dad, who worked as a zone commander in a large local police force. He was ecstatic to help me and let me speak to his officers. I started focusing on public sector groups where I knew key people and it changed the course of my career.

Don't be afraid to ask for help from people who know and love you. Most people like to help people when they see you trying. I have seen many people have initial success, but then leave the industry shortly after because they didn't have anyone helping them grow their business. Utilize members of your church, local chambers of commerce, and business organizations.

Felipe Barganier, CEO & president, GAB International

Invest in networks

When I made the decision to leave the carrier side and begin my career as a broker, I knew I'd have a lot to learn. What I didn't really understand was just how important building the right network would be and what that would take.

You need to identify who you are looking to rub shoulders with that can help build your business, find the activities and events they participate in and focus on those for yourself. I was fortunate (business-wise) my kids participated in relatively expensive sports, which put me in front of other business owners. I got to know them personally, so when they were ready to talk business, we did, and when they needed help or were ready to shop, I was there. I also found getting involved locally with organizations and boards helped. Finally, and this can get expensive, go to as many local charity fundraising events as possible, participate and support the cause, because it's both great for the community and provides the conduit for you to meet some great people who just might become a part of the network you are trying to build.

Susan Combs, this year's BOTY, credits her success in May's issue to her network. If it works for the best in our industry, it probably makes sense to follow her lead.

Nathaniel Garfield, vice president & director of employee benefits, American Portfolios Team APFS

Learn from rejection

Building a successful business and brand as a broker takes grit. I wish I would have known how much the “noes” were going to help me develop into the consultative broker partner I am today. When you start out in the business, you believe the world is your oyster and if you can hit certain metrics, you are guaranteed success.

Looking back, I am truly grateful for all the noes. They led to self-reflection about my approach, my commitment to exceeding expectations, my knowledge of the business, and my personal brand. I took risks I might not have taken and leaned into the discomfort, because I had to. I tried to take the high road every chance I could, and prospective clients who went down another path suddenly reappeared a few years later.

I encourage younger producers building their books to lean into the rejections. If everything goes exactly your way early on, you start believing you are doing everything right and you don't learn to pivot and flex. You miss out on unique opportunities to practice resilience during the tough times. This explains why some brokers peak early on in their career. They don't have the staying power or the grit from digging deep in the early years that will propel a brand that can grow a book of business by double digits year after year.

Sallie Giblin, executive vice president, Lockton Insurance Brokers

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