Choice Between Two IMOs

[rebootinsurance]

I've been in the industry for 4 years now and have good production numbers.
I am currently in talks with two imos to make a switch.

but im torn.

A question for the experienced agents out there...
Both are offering me nearly identical contract comp but,

1 imo has 40+ carriers with some training and support but im pretty much on my own. The other has far fewer carriers but a million dollar a year producer that wants to take me under his wing and show me how he does it. A million dollar a year producer is about 4x what I'm submitting right now.

I'm also under the impression that I won't be able to contract with both. It's basically one or the other.
I'm basically stuck on this decision. What are your thoughts?

 

[DHK]

First, why is a million dollar producer willing to work with you to show you "the ropes"? What's in it for him? (I'm assuming an override on your own production?)

Second, if you chose to get this training, and you wanted to leave the IMO... would they release you from your contracts?


I would choose the training... AFTER you learn what the divorce clause is. "Begin with the end in mind."

 

[rebootinsurance]

First, why is a million dollar producer willing to work with you to show you "the ropes"? What's in it for him? (I'm assuming an override on your own production?)

Second, if you chose to get this training, and you wanted to leave the IMO... would they release you from your contracts?


I would choose the training... AFTER you learn what the divorce clause is. "Begin with the end in mind."

Thanks for the input...
That producer and I have known each other for a couple years.
Yes, he would be getting an override on my production.
I've asked about "release" and was told emphatically that I would be released if it didn't work out.

 

[DHK]

So the only way out... is to suck at production?

Well, a captive situation "made of gold" can't be all bad, could it? At least you know the guy and can read him well for his intentions, and can generally verify his production claim.

Hands-on mentoring and training will almost always 'trump' trying to do it on your own, even and including working with distance learning and coaching programs.

The hard part will be to determine if his methods are transferrable to you to implement yourself. Just because someone is earning 7-figures doesn't necessarily mean that they know how to coach and train you to do the same thing, or that you started with a similar starting place with a great network, etc.

I don't think you'd have much to lose, but you've got plenty of upside to gain. Of course, you'll be transferring your current contracts to the new IMO and get a slight haircut... but the relationship should help you more than offset that.

Keep doing your due diligence, but I'd say go for it with hands-on training.

 

[rebootinsurance]

I'm leaning toward that choice as well.

Its truly tough to pass up that kind of mentorship. Still, I'm asking the question because the other IMO has a wonderful reputation and a thorough carrier list.

i appreciate your input.

 

[CALTCAgent]

I've asked about "release" and was told emphatically that I would be released if it didn't work out.

I would get that in writing. Too many posts on here about verbal promises gone bad.

 

[pfg1]

Personally, I would go with the mentor.

 

[Newby]

I don't understand how you know a guy who is writing one million plus of AP per year and you don't think he has enough companies.

Do you think he lost any sales due to lack of companies?

 

[scagnt83]

You are not tied to one single IMO unless they have you sign a contract stating so... which I would never recommend doing. You can use one IMO for LFG and another for AG and another for NA. You could have relationships with 6 different IMOs if you really wanted to for some reason.


Which IMO you choose usually is not going to be a make or break decision for your business.


I would interview the big producer and ask exactly how he plans to train you. Training can be different things to different people. And some people are better at training than others are.


Realistically, you will never use 40 different carriers. Especially if your focus is life insurance. And if one IMO does not have the carrier you need, just go to a different one.


So in my opinion there is no downside to working with both IMOs. I currently have a working relationship with 4 different IMOs. Each has their own unique value for various areas of the business.

 

[rebootinsurance]

I don't understand how you know a guy who is writing one million plus of AP per year and you don't think he has enough companies.

Do you think he lost any sales due to lack of companies?

Point taken.

My approach in the home relies heavily on the idea that I'm impartial and shop a number of carriers. (yeah, i stole that line from select quote...haha) It's been successful for me.
Obviously in order to have something I've never had before, I'll need to change and do things I've never done before. But its a little nerve racking to change so much.

Classic "bird in the hand" scenario.

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I would interview the big producer and ask exactly how he plans to train you. Training can be different things to different people. And some people are better at training than others are.


Realistically, you will never use 40 different carriers. Especially if your focus is life insurance. And if one IMO does not have the carrier you need, just go to a different one.

That's really good advice. Thank you.