Agent Pipeline

[VolAgent]

I do not have all of the facts (nor do I think anyone here does) but I do know a few agents, like I said, who were held hostage by Ritter, who refused to release them unless the new FMO signed a reciprocal agreement. That's what I know.

Unless Craig is using something different, I've seen the reciprocal agreement. He wasn't the one holding the agent hostage, it was the new FMO trying to hold the current agents hostage.

 

[Lighthouse Ins]

Unless Craig is using something different, I've seen the reciprocal agreement. He wasn't the one holding the agent hostage, it was the new FMO trying to hold the current agents hostage.

Following is a description of Ritter's requirements before releasing an agent (one of the agents just sent this to me in an email):

[They are asking the new FMO to accept any debit balances the Agent may have (even though they keep the overrides while the Agent was still there). And they are requiring the new FMO to give them an UNCONDITIONAL Release if the Agent wants to move back]

Even worse than I thought.

 

[VolAgent]

Following is a description of Ritter's requirements before releasing an agent (one of the agents just sent this to me in an email):

[They are asking the new FMO to accept any debit balances the Agent may have (even though they keep the overrides while the Agent was still there). And they are requiring the new FMO to give them an UNCONDITIONAL Release if the Agent wants to move back]

Even worse than I thought.

You should look at a standard release agreement. Other than the unconditional, not sure where that came from, this is standard.

If you want an agent, you agree to be responsible for any chargebacks that occur if the agent does not pay them. Regardless of when the policy was written. Otherwise the agent could just roll the book and the releasing IMO would have no recourse.

 

[kgmom219]

Following is a description of Ritter's requirements before releasing an agent (one of the agents just sent this to me in an email):

[They are asking the new FMO to accept any debit balances the Agent may have (even though they keep the overrides while the Agent was still there). And they are requiring the new FMO to give them an UNCONDITIONAL Release if the Agent wants to move back]

Even worse than I thought.

Why would you think that you could move FMO's with a debit balance?

Negative, ghostrider. The pattern is full.

 

[VolAgent]

Why would you think that you could move FMO's with a debit balance?

Negative, ghostrider. The pattern is full.

That is a definite no-no.

What he is complaining about is that Ritter wants the new IMO to agree to accept responsibility for any future debit balance, regardless of when the business was written. Which is standard, because otherwise the new IMO/FMO would simply get the agent to roll the book and leave the old IMO on the hook. Even if the agent paid his or her balance, the overrides would still be gone.

No one is going to set themselves up for that heartburn.

 

[Chazm]

My new FMO (at the time) wouldn’t sign that unconditional release either. He said he’s never seen it and wouldn’t sign it. I had to wait until my 6 months was up to move my contract over.