While opening an independent brokerage may seem like an accomplishment reserved for well-established insurance professionals with decades of experience, one 31 year-old in New Brunswick hopes that his accomplishments prove this is not always the case.
Jordan Manzer established Manzer Insurance Services Inc. about three months ago, and while he admits that the process was “very stressful,” he can assert that it is, in fact, doable.
He acknowledges that brokers should have enough years on the job that they feel comfortable performing their job duties with the acumen required by a business owner and leader. Once they feel capable of that, preparation is key.
“The first step is getting a business plan together, and basically that entails outlining your experience, drafting projected financial statements for the next few years, creating a marketing plan, determining what areas of business you will specialize in and figuring out what you plan to do once you open your brokerage,” he said.
Since this is such a crucial launching point for the success of any brokerage, Manzer partnered with an organization dedicated to helping brokers establish their own independent firms. He credits the platform by Prolink Broker Network (PBN) with helping him to develop that business plan, as well as providing training, acting as a sponsor, offering accounting and IT support and providing resources – including peer brokerages - for ongoing growth and improvement.
After Manzer drafted his business plan and obtained those contracts, with the help of the broker network, he had to cross several regulatory and compliance hurdles: getting a license from the government, opening trust accounts at the bank and signing a personal guarantee to secure funding.
He admits that this part of the process is the most nerve-wracking, and understands why other brokers may be reluctant to take on such a risk.
“As great as it is, it is a lot of work and it is stressful when you hope that the payoff will be worth it in a few years, but you can never know for certain,” he said. “In addition, you’ve gotten used to a certain comfort level around your income – (you’re) leaving that behind to start a business from scratch that doesn’t make any money at first.”
Still, since Manzer Insurance Services opened in May, he’s already signed over 100 clients and finds that the fulfillment that accompanies owning a local brokerage is rewarding in and of itself.
“There is a huge sense of pride that comes with building a business in the community where you live, especially considering the fact that there are very few independent brokers left,” he said. “It’s nice knowing that there’s still a personal option for clients to go that’s owned and operated locally, and has their best interests at heart.”
