Continued from page 8. I was a coastal agent who was recently terminated after more than 20 years <strong>of</strong> loyal service. Yes, my book had shrunk and my AFS sales were lacking, but much <strong>of</strong> that can be attributed to the company’s property non-renewal initiative in my state and an uncompetitive auto rate, which was consistently 20 to 30 percent higher than the competition. I was on pace to make the company over $500,000 pr<strong>of</strong>it in my final year, but they still terminated me. I dare Tom Wilson to meet me face to face and tell me how I was harming the company. All I wanted was to continue working until I could retire, which was just a few short years away. All I can say now is, “Thank you, Tom Wilson, for rewarding my loyalty by kicking me to the curb. I may have been one <strong>of</strong> the ‘human modems’ you talk about, but I’m also a human being.” A couple years ago, I sold my Allstate agency. I owner-financed most <strong>of</strong> the sale, but the buyer stopped paying me two years ago. I live in a non-garnishment state where the legal system is as slow as molasses in January so it is hard to say when they’ll get around to my case. I do have the assignment <strong>of</strong> TPP, but the new agent is running the agency into the ground and the TPP keeps going down. Allstate local leaders are aware <strong>of</strong> this. I also have an attorney, but Allstate says there is nothing they can do at this point until the legal system takes action. All <strong>of</strong> this has put me in a bad spot financially. Please caution your readers that seller-financed sales aren’t all they’re cracked up to be. I sold my agency to an outside buyer on October 1, 2012. My manager was very motivated to bring me a qualified buyer since she said her job depended on it. Two other existing agents wanted to purchase my book, but the company wouldn’t let them. This doesn’t seem right, seeing that we are supposed to be independent contractors. Hoping all is well with you guys. I understand the company is losing agents like crazy. I’m not sure you if are aware that another agent has committed suicide. She was an agent from Tampa and took her life around Thanksgiving. She had taken TPP and opened an independent agency. Apparently, when the company found out, they withdrew her TPP payments, causing her great financial stress. As you know, the company plays hardball. Ultimately, the financial stress was too much for her. This is so sad. It certainly wasn’t the first time and unfortunately, will not be the last. NAPAA has been the only thing that has kept me from losing my mind at times during my 30 years as an Allstate agent. Thank you for your commitment to keep us informed about what is really going on with the company. You and the organization are in my thoughts and prayers. I am very fortunate to have a friend who owns a pretty large independent agency with two locations. He wants me to be a producer for him, but also wants me to manage one <strong>of</strong> his agencies. In return, he says he’ll give me a cut <strong>of</strong> the production written by the producers in the <strong>of</strong>fice. I have really gotten to like the fellow that bought my Allstate agency. He called me shortly after the sale and wants me to go to work for him. He knows very little about running an Allstate agency. I really feel sorry for him, but I already committed to working for my independent agent friend. I really hope my buyer can make a go <strong>of</strong> it. It would be sad to see him fail. Dave Morgan, one <strong>of</strong> the best-liked, longest-standing agency managers in Pennsylvania, has left Allstate and gone to Farmers. He is now working under former Allstate executive Joe Richardson, who suddenly left the company a couple <strong>of</strong> years ago. We all knew Farmers was looking to hire Allstate agents in PA, and now with Dave Morgan, they have a real key to that plan. He’s already communicated with the agency force by providing us information on his position and his phone number. Towards the end <strong>of</strong> his Allstate career, Dave was trying to hire agents, but I don’t think his heart was into it; I think it was just too hard for him to sell something that should not be sold. After reading your story, I am pissed at Allstate. Seriously, corporate America has had a lot <strong>of</strong> issues for many years and it never really seems to get any better. Thank God for people like you who stand up for their rights and the rights <strong>of</strong> others and just do the right thing. I wish you both continued success. And, by all means, keep up the good work. I have some questions that deserve scrutiny. One concerns the proprietary product requirement. According to one financial publication, a relationship with a client should exist on trust. One <strong>of</strong> the key elements <strong>of</strong> trust is to always be objective when presenting investment choices to clients, especially when competing products pay higher commissions than others. Another premise <strong>of</strong> trust is to always keep the client’s bests interests ahead <strong>of</strong> your own. So exactly what is Allstate doing by establishing a proprietary product quota in order for agents to get back to 10% commissions Think about it. If an agent is up against their proprietary product requirement and needs a sale, what do you think the client is going to get, American Funds or an Allstate annuity An Allstate annuity or a Prudential annuity My guess it would be the Allstate annuity. Is this the agent’s doing or another strong-arm Continued on page 52. 10 — <strong>Exclusivefocus</strong> <strong>Spring</strong> <strong>2013</strong>
<strong>Spring</strong> <strong>2013</strong> <strong>Exclusivefocus</strong> — 11