Can I Be Registered with a Broker Dealer and Still Work with IMO?

Aug 17, 2016

  1. BrownEyes333
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    BrownEyes333 New Member

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    Hi, I'm completely new to the business and could use some guidance.

    If I register with a broker dealer, can I still put insurance business through an IMO?

    In general, regardless of being with a BD or not, how many IMO's can I sign up with?

    Also, should I ask for the commission matrix before I agree to be appointed with a carrier?

    Thanks everyone!
     
  2. Tahoe Ray
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    Tahoe Ray Guru

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    It depends on the b/d. Some allow you to be licensed with any IMO you want, some have a restricted list (of external providers), and some keep it in house.

    You can sign up with as many as you want in most cases (not taking the b/d aspect into account).

    You should probably know what you're going to get paid from your carriers so it is a good idea to have a comp schedule.
     
  3. GoPokes
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    GoPokes Guru

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    I believe the answer to all the questions is Yes. And you can get multiple IMO's. In business, it's usually a good idea to get contracts in writing, unless maybe you have a long working relationship with whoever you are contracting through.

    What kind of insurance are you interested in selling?
     
    GoPokes, Aug 17, 2016
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  4. BrownEyes333
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    BrownEyes333 New Member

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    Thanks for your replies Tahoe Rae and GoPokes.

    I intend to focus on term life, universal life, fixed annuities, fixed indexed annuities, and Medicare suppl.

    Right now, I'm considering selling American Equity products through an IMO but I haven't received their commission grid yet.

    I'm starting out brand new and completely independent. Not sure if this is the best path, but I also don't know if working for NYL, MassMutual, or any of the other insurance houses would be better.

    Any advice on this topic would be great as well.
     
    Last edited: Aug 17, 2016
  5. GoPokes
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    GoPokes Guru

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    It's always exciting to start a new career!!! I'm sure you are a bit anxious going indy right out the gate. Have you worked in direct sales much prior to this? Do you have a mentor showing you the ropes, or are you getting most of your direction from the forum?
     
    GoPokes, Aug 17, 2016
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  6. BrownEyes333
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    BrownEyes333 New Member

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    I have 10+ yrs of direct sales experience and have been successful in it. I don't have a mentor and I wish I did. I'm using this forum as a resource along with reading online and books. I get the sense from other forum posts that getting a mentor would be a good route. However, I don't know many people in the industry and most I've met are very protective of their knowledge and business. With that being said, I would love to have a mentor whom I can trust and who is willing to go out with me on sales appointments. I've already bought a lead list and developed a marketing plan. I just don't have someone to show me the ropes out in the field and to teach me the nuances of the business and of each carrier. Any suggestions?
     
    Last edited: Aug 18, 2016
  7. GoPokes
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    GoPokes Guru

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    What state are you in?
     
    GoPokes, Aug 18, 2016
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  8. pfg1
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    pfg1 Guru

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    Some BD will require you to only sell certain products, and/or run your sales past them first for compliance approval. A friend of mine has to do this, but he is free to use whatever companies/imo's he wants. The BD does have some rules he has to follow. For example, he can't sell an annuity with more than a 10yr surrender, regardless of carrier, etc.
     
    pfg1, Aug 18, 2016
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  9. BrownEyes333
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    BrownEyes333 New Member

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    Does this apply to ANY type of annuity or only variable? Just curious....
     
  10. BrownEyes333
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    BrownEyes333 New Member

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    Pfg1 --- does that apply to ANY type of annuity or only variable?
     
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