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

[BrownEyes333]

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!

 

[Tahoe Ray]

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!

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.

 

[GoPokes]

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?

 

[BrownEyes333]

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.

 

[GoPokes]

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.

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?

 

[BrownEyes333]

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?

 

[GoPokes]

What state are you in?

 

[pfg1]

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.

 

[BrownEyes333]

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.

Does this apply to ANY type of annuity or only variable? Just curious....

 

[BrownEyes333]

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