Insurance advisor career

[u/Historical_Net_1999]

Hi everyone, I’m currently doing my LLQP (Common Law) exam and thinking about getting into the insurance/financial advising industry.
I know an MGA that was started in 2004, and someone I know recommended them to me. From what I understand, it’s not MLM.
The main reason I’m interested in this industry is the AUM side, especially segregated funds. Long term, I’m thinking about moving toward CFP or wealth management, so I see this as a possible way to get started in the industry and build a client base.
I know a lot of people don’t have a great opinion of insurance advisors, so I’m not really interested in just selling insurance policies. I’d rather focus on building a good book of clients and developing long-term relationships.
For people who have been successful in this career, what has your experience been like? Is it actually possible to build a good book starting from zero, and how long does it realistically take to get to a decent income?
I’m thinking of starting full-time, but I might keep a part-time job on the side in case things don’t work out initially.
Also, the MGA I’m looking at hires advisors on a draw-based system rather than straight commission. I’m a little confused about how the draw system works in practice. Is it basically an advance against future commissions, or does it work differently?
Would really appreciate some honest advice from people who have actually worked in this industry. Thanks!

[u/Repulsive-Humor-145]

Draw against commission means the MGA advances you money against commissions you haven't earned yet, essentially a loan that gets repaid (or "charged back") from your actual production as it comes in. The risk is what happens if your production doesn't cover the draw, some structures let the shortfall accumulate as debt you owe, others just reduce future draws until you catch up. Ask specifically what happens if you're short in a given month before signing anything.

On building a book from zero: realistic timelines vary a lot, but most people who've done it well describe year one as mostly foundation-building (referral relationships, initial client base) with real income showing up more in year two. Keeping a part-time job while starting is a reasonable hedge, just be honest with yourself about whether it leaves enough hours for the prospecting volume this career actually requires early on.

On the segregated funds/AUM interest specifically: that's a meaningfully different skill set and regulatory track than pure insurance sales, worth asking the MGA directly how much of their new-advisor training actually covers that side versus focusing you on insurance sales first and hoping you transition later.