Starting an Insurance Brokerage: How We Helped Boomers Insurance Services Thrive

Boomers Insurance Services specializes in Medicare insurance, life insurance, and other insurance products. 

The Challenge

An experienced insurance broker employed by a large national Fortune 100 insurance and financial services company aspired to start her own venture and work independently. However, she faced a few challenges. After working for a large corporation for the majority of her professional career, this client had very little experience or resources required for starting an insurance brokerage independently.  She needed guidance in navigating the complexities of Medicare insurance, life insurance, and other insurance products. In addition, the client required assistance in repairing her credit to ensure financial stability and facilitate the incorporation process.

The Solution

We developed a comprehensive solution to address the client’s challenges. Omni Resources advised the client to incorporate Boomers Insurance Services as an S Corporation. This step was essential in reducing her self-employment tax and optimizing her income structure. We then helped the client with strategic income allocation to minimize her tax liabilities. By properly structuring her income, the client could significantly reduce the amount she had to pay to the IRS. Omni provided expert guidance in navigating the Medicare insurance and life insurance sectors. This support was crucial for the client to confidently manage her independent venture and offer comprehensive insurance services to her clients. We connected her with a licensed, state-approved credit repair agency partner. This partnership helped the client improve her credit score, ensuring better financial health and stability.

The Results

After a bit of planning and hard work, this client had a very strong business foundation.

She successfully incorporated Boomers Insurance Services as an S Corporation, reducing her self-employment tax burden, and optimizing her income structure. She also achieved significant tax savings, which helped her maintain her improved credit. The client now operates Boomers Insurance Services, specializing in Medicare insurance, life insurance, and other insurance products. With the help of Omni, the client was able to achieve her goals of independence and financial security. 

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