Anyone Have Any Experiences with These FMO's?

[todder]

I've done a search on the forum and seen a little bit of discussion on FMO's/IMO's. I know people have different opinions on them and some will say that you don't need them, but some do have some pretty cool materials/stuff out there now. I am evaluating them and was I was wondering if anyone had any experiences with the following organizations (good or bad). Thanks for anyone's input.

Personalized Brokerage Services - pbsworksforme.com
Financial Independence Group - figmarketing.com
Adisors Excel - advisorsexcel.com
Creative Marketing - creativemarketing.net

 

[patch36]

I believe they are all reputable. I use CMIC and have no complaints.

 

[Charpress]

PBS is owned by Allianz. I personally have no problem with that and very nearly joined them at one point. Others may have a very big problem being in an FMO that is owned by a giant insurance company.

I have a friend who joined FIG, but left them after a short while. He just flat did not like them, but he tends to move FMOs frequently.

I use AE and like them. So far so good, I have been with them about 4 months.

I have heard good things about Creative Marketing, but have no personal knowledge about them.

PS: some FMOs, like AE, require proof that you have sales upward of $2-3 million before they will consider you.

 

[todder]

Thanks for the input. I heard that AE is looking for $3 mil now. It's interesting how each one brings something to the table. AE has Reese and his IRA stuff, and they have brought in Keeter teaching a class. According to his press bio he acquired $62 mil in assets last year. Charpress, have you had any exposure to those guys/that info? Creative has A. Michael Blaker who teaches an annuity arbitrage class. I guess FIG has a mentor program where they partner you up with a mega producer. All cool stuff. Obviously not necessary to be a success, but all those resources sure can't hurt. I wouldn't mind sitting in on some of those classes...

 

[patch36]

I have attended the annuity arbitrage training and some of the IRA stuff too. I take in as much training as I can. It all helps. Sometimes I have to learn stuff 3 or 4 times before I actually do it.

 

[insuranceexec]

I personally would not do business with a Marketing Company that was owned by an insurance company; because of the obvious conflict of interest. Good Question

 

[SmartMoney]

I personally would not do business with a Marketing Company that was owned by an insurance company; because of the obvious conflict of interest. Good Question

I think this is sound logic, and I would also mention that choosing an FMO depends on the products/line of business you will be using as some are more in tune with certain companys than others. Alot take the Baskin Robbins approach and represent many many carriers of which they focus on marketing products from only a select few.

 

[Charpress]

Charpress, have you had any exposure to those guys/that info?

Yes, I attended a 2-day Reese class and I have gone through quite a bit of the Keeter stuff. Keeter is kind of going after 401(k) rollover strategies in much of his presentations. Reese talks about IRA and Roth conversion strategies with additional strategies to find money to pay the conversion tax.

Reese is geared to a large extent on the RIA model and I find that plus his approach (slow and steady) to fit me very well. But, that is just me.

 

[golfnut]

I use several different FMO's. FIG is one, only have one contract with them. They are a good organization, but focus mainly on big producers. The mentor program clips you 1% on your contract. I do not see much value in their program as it mainly benefits the mentor. I have used Gradient Insurance Brokerage out of Topeka Kansas and have been very pleased. They have a lot of training classes and some good marketing ideas.

 

[Charpress]

I too am also contracted with Gradient and can vouch for them. I have not used them much since I was going to use them mostly for Aviva annuity business and that line has been pulled from Gradient and, in essence, everyone else. Aviva may accept your annuity business if you attach Euros to the app and personally deliver it in London with a deep Obama bow.

Gradient has undergone some changes and has started emphasizing getting into the tax preparation business as a means to generate insurance business and is also going big time into the broker-dealer end of marketing.