Able to Be with Multiple FMO's?

[jeff88]

Are there any drawbacks be being with multiple FMO's?

If you are not captive with them, I'm assuming that means I can be with more than one?

If both FMO's would be contracting me with the same carrier, would that be ok? Will carriers allow me to be contracted with them through multiple FMO's?

 

[TriciaS]

If you are not captive, the simple answer is yes. As far as more than one code per company, that is a company by company issue. Generally, life companies yes, annuity & LTC no. There may be benefits to putting most of your business with one FMO, such as trips, commisisons,etc, but being an indepedent agent gives you choice.

 

[nathan.lee]

Are there any drawbacks be being with multiple FMO's?

If you are not captive with them, I'm assuming that means I can be with more than one?

If both FMO's would be contracting me with the same carrier, would that be ok? Will carriers allow me to be contracted with them through multiple FMO's?

Jeff,

Tricia is spot on. Just like you would not tell your clients to put all of their eggs in one basket, I tell agents and advisors the same thing when it comes to placing their business. Leverage your production and contracts to secure as much value (trips, higher comp, training, etc) from your FMO's.

There are a few annuity carriers that allow dual contracting. Genworth, North American, and Lincoln are a few of those.

 

[rbozzo10]

does this also count for medicare advantage carriers? and also how does it work if you wanna be released? are these contracts with the other fmo usually a yearly thing?

 

[Todd King]

does this also count for medicare advantage carriers? and also how does it work if you wanna be released? are these contracts with the other fmo usually a yearly thing?

If you are independent and get a contract or two with and independent IMO/FMO, you'll be able to get other contracts with other IMO/FMOs if you like. It is up to your upline as to whether they will release you or not. That's a good thing to get in writing up front.

Contracts with the companies don't have to be re-done each year...or ever. Some companies will terminate you after a period of time for not writing business. Most companies like that will term you after a year. A few other companies will term you after 6 months of not writing business.

 

[rbozzo10]

thank you for the thorough response sir.

 

[myinsurebiz]

Are there any drawbacks be being with multiple FMO's?

If you are not captive with them, I'm assuming that means I can be with more than one?

If both FMO's would be contracting me with the same carrier, would that be ok? Will carriers allow me to be contracted with them through multiple FMO's?

Same Carrier - yes. Bad idea.

Multiple IMO's for unique products / carriers - can work.