Agents Fight to Attract Best & Brightest

The battle to attract the best and the brightest from competitors, other areas of insurance, universities and other industries is not expected to get any easier for independent agencies during this economic downturn, whether for those looking to take on top-grade rainmakers as part of a perpetuation plan, or simply to attract new blood into the industry, leading agents warn.

Agents who have dealt with the challenge of perpetuation say principals can no longer rely on simply passing down their agency from one generation to the next. The demand for growth by carriers is too intense and customers’ desires for services too vast for a small group to continue to run an agency forever, these agents add.

Thus, perpetuation plans today must not only set the stage for a future transfer of ownership, but also must address how to bring new talent, expertise and capabilities into an agency to deal with the expanding role of independent agents as full-service financial and insurance centers.

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