comm Grid received ? now what?

Apr 16, 2019 at 11:32 AM

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  1. MoneyNirvana
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    MoneyNirvana Super Genius

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    After lots of discussion here regarding commissions, i collected commission grids from 4 different GA/MGA/FMO and picked 5 top life insurance companies & compared their commissions offering for someone getting back into the life policy business.

    Everyone i noticed is 5% plus or minus most others in 5 top companies namely AIG, Lincoln National, Prudential, American National & Mutual of Omaha ( i know there r just so many many others) but whaat i dont understand is using the contracting software sure how do you decide which GA/MGA/FMO's to pick.

    Is it always by the best offerings or by the FMO/GA? other than comps what more to expect of a FMO/MGA/GA when the difference is only nearly 5% in FYC? does bonuses/training/trips/commissions really matter that much? Is 2nd year renewals in 1-3% make a big difference.
    Do you normally do a lot of business with a FEW COMPANIES or signup all companies with one FMO/MGA/GA.
    Do you pick FMO/MGA by segments like Life FMO, Health FMO then Medicare FMO?
    There's just so many different company segments and specialties.
    I dont recruit or have uplines never have never will? just dont like recruitments.

    Then comes the issue of Non-compete & release from FMO/MgA? how & what is negotiable?
     
  2. Baseball7
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    How much have you sold in the last 12 mo?
     
    Baseball7, Apr 16, 2019 at 1:13 PM
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  3. WinoBlues
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    WinoBlues Guru

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    Since you are just starting or starting again. Release could be important as you are going to change IMOs as the years go by.

    The list you gave are all Traditional Life Insurance companies. Several may allow dual contracting. Call the companies and ask if they allow dual contracts.

    Ask yourself, if I and my up line have a falling out today and they refuse to release me can I still work tomorrow? Just starting out having one IMO is not terrible however eventually having more than one is wise in my opinion.

    This is a great business. Freedom to earn what you want, Work the hours you want, in the area you want, even in your underwear.

    However, never forget it is your business. You do not work for XYZ agency.
     
    WinoBlues, Apr 16, 2019 at 1:45 PM
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  4. MoneyNirvana
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    MoneyNirvana Super Genius

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    that was the very first question asked of me once i requested the commissions grid from imo/fmo/mga/bga.
    so what do you have to do if you have no experience/sales/production in the last 12 months?
    Right now i have many of my past customers i m already working with and do anticipate in the next 3 months to write close to 10 term/IUL policies netting me $40k with direct appointment life insurance companies.
    So what to expect once i gain that kind of production?
    Then i will be very brand new into the medicare market & looking at another FMO as one of the medicare specialty fmo/imo?
    My original post still asks?
    Do you spread out FMO's/IMO's by highest commissions or what else? have 2-3 appointments at 5 different MGA/FMO's or keep it all at one place.
     
  5. Baseball7
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    I think you’re coming off very demanding for somebody with no proven production. I would find one organization that does what you need and focus on one type of business until you’ve reached a certain level of financial success. people that are more worried about compensation levels more then training and success are the ones that fail out.

    I’m not saying you have to take a bad contract but you’re looking at the process from the wrong approach.
     
    Baseball7, Apr 17, 2019 at 8:54 AM
    #5
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