While Shawn Nielsen was studying finance at Utah State University in Logan, Utah, he started working as a sales associate for Farm Bureau insurance agent Mike Nielsen (no relation). When he saw the income potential in the business, he decided to launch his future in that field. Here’s how that decision played out over the past decade.
Why Did You Choose Farm Bureau?
I always wanted to work in investments, and I knew I wanted to be up here in Logan, not in a place like Salt Lake City or Phoenix. I don’t understand the appeal of big cities. Here, I have a mountain 500 yards behind my house. I can go hunting, snowmobiling, skiing and ride Razors and dirt bikes.
Farm Bureau gave me the opportunity to start out in insurance and live where I wanted to live. I was 22 with no money, and I figured it was easier to talk to people about insurance first, not about how to invest their money. Plus, insurance is really a part of finance. Insurance protects you now, and investments help protect your future. It all works very well together.
How Have You Grown Your Business?
I came in with a business approach, not a sales approach. I knew I wanted to hire a lot of people and build a business that wasn’t going to be a one-man shop. I started hiring people right away. For the first three to five years, I hardly took any money home. I put it back into the business.
I hired two or three team members within my first year, and now I normally have six or seven people working with me. I hire people who excel in specific areas, not just generalists. I have one person who just does life insurance, and another who does big commercial and farm policies. People on my team handle the insurance side, and I focus only on wealth management. I love the team, building up other people and helping them be successful.
How Is Working for Farm Bureau Helpful in the Current Economic Climate?
Having multiple product lines is a big factor. We have other lines of business, not just property casualty insurance. One of the advantages of having a multiline business is that things can change, but typically the cycles are not the same.
Talking to the people who were in the business in 2008, the investment side was weak then and insurance was stronger. Now, things are better on the investment side.
What’s a Typical Day Like for You?
In the summer, I’m playing golf at 6:30 or 7 in the morning three days a week with accountants, lawyers or clients. I get into the office around 9 or 9:30 and go through what’s in my pipeline. I have a quick, 10-minute meeting with my sales team to see where they’re at with their numbers.
I’ll have a meeting in the morning, and I have a lunch every single day with a client or an influencer like an accountant or an attorney. I’ll normally have another appointment or two in the afternoon.
I leave the office between 4 and 6 pm. It’s not like when I started, when I was in at 7 and didn’t get home until 9.
Fridays I try to do some kind of marketing event, like playing golf or doing a Razor ride or going snowmobiling, where I put together some of my bigger clients and influencers. That’s where I get a lot of my business.
How Has Your Business Success Made a Difference for Your Family?
If you told me back in 2014, I’d be making as much money as I make now, I would have had a hard time believing it.
I have two daughters and two sons, ages 4 to 12. I can bring my kids out to some of my events, which is awesome. They’re around a lot of other business owners and entrepreneurs, and they get to see a lot of cool things.
And our older daughter has special needs. We probably spend $20,000 to $25,000 a year on her medical expenses. We’ve been very blessed not to have to struggle with that extra financial burden.
I’ve also been able to help my parents. They both have Parkinson’s, and they didn’t want to sell their farm outside the family. I was able to buy it from them and create an annuity, so they get payments for the rest of their lives. With my income, we’re able to take on that extra payment.
What Advice Would You Give to Someone Considering a Move to Farm Bureau?
You can make money right out of the gate, but you need to work hard for a few years. Then, whether it’s insurance or wealth management, you get the residual income as long as you’re doing a good job maintaining the clients.
The work ethic is the biggest thing you need to succeed. If you’re willing to put in the level of determination, success is essentially guaranteed.
My vision has been to do what I want, with who I want, when I want and make a living from it. Most people either do what they want and don’t get paid, or they get paid, but they never get to do what they want. I get to leverage the things I love to do, do them with people I like to be around and have a great income.
Take the Next Step
If, like Shawn, you’re ready to make a change, you can consider becoming a Farm Bureau agent. Reach out to learn more today.