Anyone signed up with more than one IMO? Is this common?

[Diana2024]

This is good advice.

I started 50 years ago. Long before there were IMOs. And because of that, my situation is going to be different that yours.

I have some I use when I'm doing Buy-Sell Agreements, others for disability and annuities. Still others for ... you get the point.

Other than a release, don't assign your commissions. And always check your vesting.

You haven't said where you're trying to go market wise. For general life and health I'd recommend talking to @Todd King.

Thank you ... I appreciate all of your feedback.

 

[Diana2024]

Then go with one IMO until you find a need for more. Wednesday will mark my official 20 years as an agent. I have one IMO I use. For life and medicare.

Thank you ... I appreciate your feedback

 

[Diana2024]

If a friend was coming into the business. I would recommend going one imo and learn then pick up another one.

I have two primaries, one FE and one FU, and two or three direct contacts.

Thank you ... appreciate the feedback.

 

[Diana2024]

This is good advice.

I started 50 years ago. Long before there were IMOs. And because of that, my situation is going to be different that yours.

I have some I use when I'm doing Buy-Sell Agreements, others for disability and annuities. Still others for ... you get the point.

Other than a release, don't assign your commissions. And always check your vesting.

You haven't said where you're trying to go market wise. For general life and health I'd recommend talking to @Todd King.

I had previously visited @Todd King's website and his home page states "We Assist experienced insurance agents and agencies ... ", so I wasn't sure if his agency would be an option for me since I'm new to this industry and inexperienced??

 

[Diana2024]

This is good advice.

I started 50 years ago. Long before there were IMOs. And because of that, my situation is going to be different that yours.

I have some I use when I'm doing Buy-Sell Agreements, others for disability and annuities. Still others for ... you get the point.

Other than a release, don't assign your commissions. And always check your vesting.

You haven't said where you're trying to go market wise. For general life and health I'd recommend talking to @Todd King.

Also, can you please clarify what "don't assign your commissions" means? As well as "check your vesting"?

Again, this is all new to me so I'll be asking a lot of ignorant questions until I learn this. Thank you for being helpful.

 

[jdeasy]

Also, can you please clarify what "don't assign your commissions" means? As well as "check your vesting"?

Again, this is all new to me so I'll be asking a lot of ignorant questions until I learn this. Thank you for being helpful.

Assigning commissions means you are not paid by the companies direct. They pay your IMO and then the IMO is supposed to pay you.

Don't do that.

 

[Sheryl J Moore]

Most top producers only have a single FMO because the FMO makes them sign an exclusive. The average number of FMOs for an agent to be appointed with is six. Most FMOs DO care if you are appointed with other FMOs that sell the same products that they sell. This is because they want to increase their sales, in order to qualify for production bonuses from the carriers. That said, some FMOs have top contracts with some companies, and not others. So, agents may be inclined to use more than one FMO. Good luck!

 

[Jim Wright]

Assigning commissions means you are not paid by the companies direct. They pay your IMO and then the IMO is supposed to pay you.

Don't do that.

Agree with this. Just keep in mind that in the U65 market (if you're writing it) some of the carriers wont pay agents direct and will only pay the upline. Make sure they are paying you the full street commission and not holding any.

I'll also add that when you're asking about releases, ask about the process. Lot's of FMO's say they release and then when you ask for a release, they disappear. They don't say no but they don't respond.

 

[DHK]

I had previously visited @Todd King's website and his home page states "We Assist experienced insurance agents and agencies ... ", so I wasn't sure if his agency would be an option for me since I'm new to this industry and inexperienced??

It never hurts to message him and find out. He's a good guy and I suspect he'll work with you.

I have another friend who I put my annuity business through. After a rather disturbing call answering this guy's questions about "infinite banking" and the commissions, that's when he put on his website minimum production requirements before contracting with him. It was to deter people who would otherwise truly waste his time OR put him on the hook for potential chargebacks due to their inexperience. Whenever I've recommended a new agent work with him, he always would.

Pretty sure Todd will work with you, but, that's his decision.

 

[DHK]

I have two primaries, one FE and one FU,

Well... FU too!