Annuities

[Zmurre]

Has anyone heard of NFG Brokerage out of Utah?? I am lookin into cross selling annuities. Can not find any reviews or past history of this company.

 

[jasperjohns]

Never heard of them but there are so many IMO's that shouldn't be a issue. Pros and cons of going with a smaller IMO vs a larger FMO.

 

[Zmurre]

Do you know of some others I could look into? I am a final expense independent agent looking to cross sell. I have never heard of them either and literally cant find anything about them, I called Athene, they have never heard of them but the guy sent me an Athene contract. He claims they go as Nelson Financial Group, however the only one I see is in Arizona he says they are in Utah.

 

[jasperjohns]

Sure. As far as I know these FMO's all have direct contracts with Athene. Gradient Financial Group (I work with these guys so I am biased that said they are awesome.) FIG-Financial Independence Group-another large and really honest FMO. Advisors Excel, M&O, Creative Marketing... these are the first to come to mind. The only possible downside of working with groups this large is that you may not get the attention you would from a smaller IMO. BUT if you contract with a newer marketer at the FMO that is trying to build his/her book you should be able to get the best of all worlds. Hope this helps

 

[Zmurre]

Got it. And I do believe this one is trying to huikd it books. So it wouldnt be a bad idea starting with them, even if they dont have a huge track record or not well known like some of the other ones. I will need more attention since this is my 1st time stepping into the annuities side I have been in life insurance for over 8 years. So i know I wiuld need some hand holding right now. So a smaller one would be able to offer that to me, and we can grow together you think??? Also they are wanting me to start with Athene they start me at 6% after my 1st half million in sales they bump me to 6.25% then after 1million 7%. Does this sound right?

 

[jasperjohns]

It depends on what product they are referring to. I have never heard of anything less than street from a FMO on the annuity side. So for example on the 10 year Athene Performance Elite product ages 0-70 the comp is 6.5% at street. Even starting out your level should be street regardless of the amount of help they will offer. The fact that they would bump you to a half point over street at only 1 million seems good but I would not suggest starting at anything below street. I have been in the annuity biz since 2004 and never seen or heard of a annuity contract below street when working with FMO/IMO.

 

[jasperjohns]

One more thing....I would not go to the IMO for product questions. Go directly to the carrier. Athene has a great sales and marketing department. Once you start to write with them you will also have access to a internal "marketer" wholesaler who can help you with cases. My experience has been it is ALWAYS best to go straight to the company. The only area you may need help is with applications but even that you can call in and ask the carrier. The value a IMO on the annuity side should bring is marketing BUT they all fall so short in this area. That is a WHOLE other convo.

 

[scagnt83]

I can second that FIG and Gradient are both good options to help with annuities. Both will start you at street comp per the norm.

I also recommend getting product info straight from carriers. However, IMOs can be very useful for finding a product that fits a specific case. Rates and benefits change monthly in the annuity industry, one month carrier A might be the best fit, next month carrier B might beat carrier A suddenly because of rate changes. Or maybe carrier B introduced a new product or feature that is a good fit for a specific case. A good IMO can help with shopping the market for the best product.

 

[jasperjohns]

Good point scagnt83 regarding additional value from a FMO/IMO...I overlooked that.

 

[Zmurre]

So street level is bare minimum 6%???