Megastar Advisors Agent Career Review

Disclaimer: We are NOT affiliated with Megastar Advisors. This is merely a review of their insurance sales and recruitment system along with our opinions. If you’re here hoping to get a hold of them, contact them directly at 866-917-1040.

Are you on the fence about selling insurance with the Erie Insurance Sales Career?

If so, check out my review below. 

In this unbiased and fair review, I will explain how a career selling insurance with Erie Insurance works as well as offer some advice that I think new and aspiring agents should consider.

Without further ado, let’s begin.  

PS: If you would like to learn more about insurance sales opportunities other than Erie Insurance, we’ve posted tons of insurance career reviews on this page. 

NOTE: Are you an aspiring or new insurance agent looking for more insight into how the insurance sales industry works? Check out my Free Insurance Agent Resource Guide.

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About Megastar Advisors

Megastar Advisors was founded in 2014 by Ryan McCarty after he purchased a firm that was under Brokers International called USA Tax & Insurance Services.

It is one of the leading Field Marketing Organizations (FMO) that provides marketing, training, and support to advisors. The company is headquartered in Tarpon Springs, Florida.

Products Sold And Market Focus

Megastar Advisors offers a range of annuities, life insurance products, as well as Social Security benefits. It partners with some of the nation’s top-rated carriers, including AIG, Allianz, Athene Annuity, EquiTrust, Voya, GreatAmerican, Lincoln Financial Group, Sagicor, and others.

The company is based on direct consumer marketing and primarily targets federal employees who are eligible for retirement. Megastar’s State Retirement Program focuses on the teachers, firefighters, and law enforcement markets. 

How Leads Work

Megastar Advisors provides agents with programs that generate highly-targeted, qualified regional leads in the federal employee market.

Megastar Advisors agents are offered several different ways to access the federal market. For example, the company partners with a leading direct mail company to offer direct mail campaigns. 

In addition, seminar invitations featuring the agent’s name are sent to the home address of state employees who are retiring and those who are bound to retire in the near future.

These seminars are conducted by the Megastar Advisors team of highly-experienced specialists in Federal Employee Benefits who are there to answer any specific retirement questions.

The Megastar Advisors digital marketing campaign is launched through their Educational Company. Megastar Advisors has also signed an exclusive agreement with the communication company Media Minefield, which allows the agents to appear on local news segments and deliver their message directly to viewers.

How Getting Paid Works

Like most insurance companies, Megastar Advisors doesn’t publish its commissions for agents. However, as an independent insurance agent working with Megastar Advisors, you can expect to be paid on commission.

The company offers several educational resources and toolkits to its agents, including Multi-Tiered Marketing Programs, Advisor Training Program, and comprehensive advisor support and mentoring.

Agents are given the opportunity to collaborate with a group of elite marketing masters who rank among the top producers in the insurance industry.

Additional Megastar Advisors agent benefits include:

  • Comprehensive State Retirement Presentation training that is provided by the company’s experts in the state employee market.
  • Seminar marketing through Megastar Advisors educational consumer brand, that captures state employees searching online for information about their benefits.
  • State retirement mailers, targeted mailing lists, and survey cards that can be used to market off-site presentations to state employees.
  • Exclusive territories for top producers.
  • One-to-one agent coaching.

Is It A Scam, MLM, Pyramid Scheme?

Megastar Advisors is not a scam. It is a reputable company with positive employee reviews and strong financial ratings. It has a superior A+ rating from BBB.

This is not a multi-level marketing (MLM) business opportunity or pyramid scheme. The company doesn’t have multiple layers of agents, mentors, and trainers and is not suitable for agents who are primarily looking to recruit.

My Thoughts

Now you know a little more about how a career selling insurance with Megastar Advisors works, I’d like to provide my experience and knowledge as an insurance agent since 2011 and as an insurance agency owner since 2014.

What follows below isn’t necessarily advice or critique specific to Megastar Advisors. Instead, it’s general advice that I think all new and aspiring agents should consider before deciding to join a particular insurance agency.

Specialization VS. Generalization

In the insurance sales business, there are traditionally two different paths you can follow that affect how you sell insurance.

The first path is being a “generalist.” This means you sell a whole suite of different product lines like life insurance, health insurance, property, and casualty insurance all at the same time.

The second path is being a “specialist.” This is where you choose to focus on ONE type of insurance. 

Personally, after training more than 2,000 insurance agents since 2014, I’m a big advocate of becoming a specialist, especially if you’re a new or aspiring insurance agent. In my experience, I recommend putting off offering multiple products until you master your first product.

Why? Because by being a specialist, agents can focus on learning the intricacies of their insurance product and market. If you generalize, the learning curve will be much steeper. Moreover, since insurance sales is already a challenging business to succeed in, you’re only increasing your odds of failure.

Instead, I advise my agents to focus on one market specifically. Then over time, after they’ve mastered that product, they can begin to add other product lines to their portfolio.

Here’s an example of how specialization works in my agency (and in others).

My agents typically start selling final expense insurance. It’s a good gateway product since it’s easy to understand, simple to find prospects to pitch to, and agents can make a good income as long as they stay active.

However, I believe selling final expense is an incomplete strategy. The income you earn is only first-year-based, with very little to no renewal income. Insurance sales can generate almost passive-based income if you pick the right type of product to sell.

That’s why with my more experienced agents (somewhere between 6-12 months into their career), I introduce them to selling Medicare Advantage Programs. These products offer constant renewal income as long as the insurance product is on the books.

This allows my agents to diversify their income streams and start maximizing every sales opportunity they run into. For example, if they don’t sell a final expense plan, they still have the opportunity to sell a Medicare plan, as somewhere around 80% of our leads are Medicare Advantage eligible. This increases the conversion rate while also building both our first-year and passive renewal-based income.

Here’s the point. If we did all of this from the outset with a brand new, inexperienced agent, I would ultimately be increasing their chances of failure. Why? Since Medicare is a more technical product that has a lot more moving parts than final expense does.

Therefore I always prefer to introduce new agents to one particular insurance market before moving onto other products.

Of course, once an agent has more to offer, we expect to see an increase in prospect conversation rates. But, I believe familiarizing yourself with one market first before tackling other products is the best strategy for success. 

Conclusion

Thanks so much for reading my article! I hope my advice has taught you more about how a career with Megastar Advisors works and helped you decide how you would like to move forward in your career. 

If you’re a new or aspiring insurance agent, I highly recommend that you check out my Free Insurance Agent Resource. You’ll find more tips and advice about how the insurance sales business works and answers to questions that you may not have even known you had. 

If you’d like to find out more about how my agency—Duford Insurance Group—helps new and experienced agents become top producers in both final expense and Medicare, there’s more information on my FAQ page

As always, thanks for reading!

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