Changing IMO’s - do I need to get recontracted with my companies?

[Will S]

I'm new to IMOs and am thinking about changing to a different one for various reasons. Nothing personal against mine, but I am beginning to think their culture and style just don't mesh with my style and way of doing things (see my other thread recently).

If I switch to a telesales IMO or even a traditional one, I'm going to need to sign new contracts with my companies, right? I know that sounds like a stupid question but I'm just making sure that's how this works.

I'm sure I can get a release and don't mind paying whatever I owe. Which that's my next question - how does that work? Do I pay them the unearned advances I've already been paid and then they pay it back to me down the road once the policies turn one year old?

Help please. I'm new to this process.

 

[Newby]

I'm new to IMOs and am thinking about changing to a different one for various reasons. Nothing personal against mine, but I am beginning to think their culture and style just don't mesh with my style and way of doing things (see my other thread recently).

If I switch to a telesales IMO or even a traditional one, I'm going to need to sign new contracts with my companies, right? I know that sounds like a stupid question but I'm just making sure that's how this works.

I'm sure I can get a release and don't mind paying whatever I owe. Which that's my next question - how does that work? Do I pay them the unearned advances I've already been paid and then they pay it back to me down the road once the policies turn one year old?

Help please. I'm new to this process.

It's not that complicated. You just fill out the contracting with the new IMO the same as you did at the first one. The new IMO will supply you with a release form. They sign it that they are accepting all debt responsibility for you going forward. You sign it as the agent. And send to your current IMO. You pay any debts from chargebacks before you can be released. But not advances on good business.

 

[vic120]

You pay any debts from chargebacks before you can be released. But not advances on good business.

This is interesting

I do Med Supp Is different?

I had looked into switching a while back and was told from a current FMO's I could get release Anytime, However, I had to pay debit balances on good buis advances before I can get the release

 

[Newby]

This is interesting

I do Med Supp Is different?

I had looked into switching a while back and was told from a current FMO's I could get release Anytime, However, I had to pay debit balances on good buis advances before I can get the release

The only company that I've even heard of that tries to do that is Transamerica. And they will back off of it as long as the new IMI/FMO signs off on the advances.

I'm not aware of other companies doing that but that doesn't mean there couldn't be one. Sounds like the FMO was just trying to discourage you.

 

[Baseball7]

It would help to know who you currently work with because most organizations will not release you and you will have to pick up new companies which is not the end of the world .

 

[goillini52]

It would help to know who you currently work with because most organizations will not release you and you will have to pick up new companies which is not the end of the world .

Really?

Do you?

 

[Baseball7]

If someone is reciprocating of course.
IFG The new kid on the playground is attracting a lot of agents but treating them like garbage when they want to leave. (For example)

 

[goillini52]

If someone is reciprocating of course.
IFG The new kid on the playground is attracting a lot of agents but treating them like garbage when they want to leave. (For example)

Who is IFG?

 

[HoosierLife]

Who is IFG?

One of One Life's big groups. Started about 5 years ago. Did around $20 million in FE premium last year.

 

[goillini52]

One of One Life's big groups. Started about 5 years ago. Did around $20 million in FE premium last year.

I hear they're, "attracting a lot of agents but treating them like garbage when they want to leave".