Captive Agent and Want to Go Independent

Catspan

New Member
16
Just wanted to get through the AE period, but next week hope to get released from my FMO on good terms. I am contracted with over 20 carriers in Life Ins, LTC, Med Supp and MA's. I love some of the carriers and hope to stay contracted with them. I haven't called them yet to see how I do this? For those of you that were a captive agent and went independent, what was the process? Did you form a company or just put your name on your business cards? I know that I need to get E & O Insurance. I do not want to work anymore giving 50% of my commissions away. I didn't know anything when I got started but have found out quickly that being captive is not the way to go and I cannot say that I get really any training at all or good leads. Thank you for any help from anyone that has done this.
 
You will not be able to move any of the business. It is the FMO's. Most companies state you must not sell anything for at least 6 months or 1 year before you can be free of your FMO contract. All companies will demand a release letter and you will not likely get that. Also your renewals may not follow you either. Good Luck and find some new companies to sign up with to get you through the long waiting period.
 
I knew that I would not be able to keep any of my business which is sad because I have built so many great relationships with all of my policyholders. That is the hardest thing about this, but not enough to have me stay making the commission that I am which is 1/2 of what I would get being independent.
Are you saying that if I contract with a Company that I am not with currently with my FMO then I can do that and begin selling right away or I will still need to wait 6 months to a year?
I am still hoping that they will release me under good terms. One can always hope for the best.
 
I am still hoping that they will release me under good terms. One can always hope for the best.


:D:swoon:oH Jeez... thanks for the laugh.

Contract with other carriers and sell your arse off. In about a year or so start plinking off the clients you have with the FMO.
 
. All companies will demand a release letter and you will not likely get that. .


Not necessarily but in many instances for sure. The original poster needs to sort out what he wants to do and then just contact the carrier and see what they say when he asks them if he can get appointed elsewhere. He will run into many of the aforementioned problems but in other instances he may be thinking about getting licenses with a life insurance carrier (for instance) that allows multiple appointments, in which case just do that. Then see what the next problem is and so on down the list.

Example I was affiliated with an FMO/GA or whatever for a couple months way back that turned out to be chowderheads. I was doing some Genworth and West Coast business through them but just turned my back on the GA and just went and got an appointment with those carriers elsewhere. Never cancelled the other or told them anything. Just moved on. I guess I could still put business through them if I wanted but I don't.

Again, the poster is stuck in some instances but he needs to do enough homework to see where that is and then we will help.
 
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