Contracting Questions

Jul 31, 2008

  1. jjjtrio
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    jjjtrio Super Genius

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    I have read this forum 4 Str8 days now and have a few questions for you guys.

    I first came across the MP field by way of NAA and started to research it. Needless to say I didnt I didnt jump on board.

    After all the reading I think I would enjoy to do FE during the day and MP/Term in the evenings w/ alot over the phone/internet adding in health alittle later down the road.

    My questions are about contracting.

    Lets say i signed up w/ complete solutions or brokers alliance could I sign up w/ another guy that has like forethought or any other company I want in my bag?

    I wont need someone to hold my hand, but I will need some guidance along the way and be able to get sound advice (this forum is amazing by the way). With that said, should I just contract thru muti ppl to get the best contract% and learn the ropes semi own my own?

    I'm good at sales and have never met a stranger. Just need to know the best way to hit ground running.

    Again my hats off to this forum
     
    jjjtrio, Jul 31, 2008
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  2. midwestbroker
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    midwestbroker Guru

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    Shop for some contracts. Talk to various IMO's and see what they are offering.

    I would say the high points to hit would be...

    Release - What does it take to release your contract with them
    Commission level
    Leads (If you are looking to get some from an IMO)
    Support - Anyone going to help you? This will normally get a we have an open door or some other canned answer like that...talk to other agents and get the truth...

    I have most of my contracts through one IMO- They are local, good support, and good to work with. I do have 2 other IMO's that I work with for other products (Single Premium Whole Life and dental)
     
  3. Kimber
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    Kimber Super Genius

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    Just an opinion, but I would look at a few IMO's instead of linking yourself to a single one. If for no other reason than it seems risky to put all your eggs in one basket. What if you end up hating the guy, or he gets in trouble and loses his contracts (not to be a naysayer, but it has happened.)
     
    Kimber, Aug 1, 2008
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  4. retread
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    retread Guru

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    Just remember that FMOs and IMOs are salemen, too. They will often tell you anything to get you signed on with them.

    The advice to check the release requirements of your contract is a good cautionary approach just in case it presents itself. You may get along famously for a couple of months, and then it may get sour. Make sure you know your contractural obligations. CONTRACTS RULE. Some clauses in these contracts can be onerous. I refuse to sign anything I will not live up to, and if it is in writing, you better get any exception in writing. Verbal promises are no good. And make sure it gets signed... and get a copy. This will avoid a lot of pain later should it get nasty. You may need to read this contract over several times, both now and in the future.

    That said, you may want the products a particular FMO offers. He won't be the only one holding the bag... there are a lot of other offers out there. Check the commission rate and this board for comments on timely payments. A mix of FMOs can be a safety valve. On the other hand, one good FMO makes the paperwork less, but you are putting all your eggs in one basket.

    Don't count on training support from an FMO... very few, if any, provide the barest of training. I find most carriers have more than enough online training on their products. It is mentoring you need to get into this field. Either find an agent willing to take you under wing or go captive your first year. Trying to teach yourself Medicare Insurance is like doing your own surgery or providing your own defense in court. It can be done, but it is messy.

    Anybody seen a mop lately?:nah:
     
    retread, Aug 1, 2008
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  5. Newby
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    Newby Guru

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    You should contract through several IMO's and not put all your eggs in one basket. Your IMO's will do very little for you. They can teach you how to set up a mailer. They can answer product specific questions (some won't know what they're talking about though.)

    The job of the IMO is to sign you up. Many of them are experts at signing up agents. They don't know how to teach the agent anything because they have never sold anything themselves.

    Like the previous poster said, a mentor would be your best asset. This forum is also another great one. Lots of good information here.
     
    Newby, Aug 2, 2008
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  6. Joe Moore
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    Joe Moore Guru

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    Being an IMO for several major companies, we usually try to do more than just try to contract agents.

    We of course do not want to have to deal with every small problem an agent has. But if an agent, GA or MGA is needing help and just simply cannot find an answer or does not know where to go in the company to get something done, we welcome a request for us to get involved.

    Joe Moore
    National Senior Benefits
    Asurco Insurance Marketing
    PO Box 1954
    Morristown, TN 37816
    1-800-226-1004
     
  7. GreenSky
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    GreenSky Guru

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    Well Joe. In 10 posts you have yet to fail to mention that you are an IMO for .... and your agents ....

    Perhaps in between the commercials you could answer one quick question.

    Do you offer an unconditional release upon request?

    Rick
     
  8. Joe Moore
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    Joe Moore Guru

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    No we do not.
    Nor does any other IMO that I am aware of. Yes, we have released agents for good reason, with no conditions.

    Usually an agent wants a release with the promise of FREE LEADS (most of the time this does not materialize as promised). We have created a form which throws the decision on the agent and the new IMO. It reads that we will release the agent to the new IMO upon the condition that if so requested by the agent, the agent will be released back to us. If after 2 years with the new IMO, the agent loses the option of coming back to us. They stay with the new IMO.

    A question back to you. Would you give an agent an unconditional release for usually some frivolous reason or false promise from some other marketer?

    Joe Moore
    National Senior Benefits
    Asurco Insurance Marketing
    PO Box 1954
    Morristown, TN 37816
    1-800-226-1004
     
  9. GreenSky
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    GreenSky Guru

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    Since you do not release, you must believe you own the agent. You sir, and your agency, are dishonest.

    I can name you several agencies that will release. Let's start with Health Choice One and Ritter Insurance Marketing. Senior Market Sales has a pre-nup on file that they gave me promising an unconditional release. I have the same from Rex Snyder in Arizona. (Guess you don't know other marketers).

    As far as would I release, absolutely. If an agent doesn't want to work with me, I would not force that agent. And why would I want to work with an agent that doesn't want to work with me.

    You are no better than Bob Bever at RBI, Patrick Rodriguez at AGA, and Parker & Assoc.

    Let me say this again so you can hear me:

    YOU ARE DISHONEST

    Good luck spamming this board in the future.

    Rick
     
  10. Crabcake Johnny
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    Crabcake Johnny Guru

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    NEVER should an agent EVER sign any contract that does not include an upfront release with the exception of a debit balance.

    We are independent agents as as independents we will come and go as we please from one agency to another and the reason is no concern of the agency's. If an agency wants to "own" their agents then man up and put 'em on W2.

    The simple truth is if you treat people right they don't want to leave. When you act like a douchebag then everyone wants to leave. I find the agencies that act like the largest douchebags feel like they own their agents and act accordingly.

    If I want to blow out it's my business - it might be for a higher commission or better environment.

    I can't change the world but I can change my corner of it. I know of many agencies who offer upfront releases and hopefully it will become the norm.

    If an agency doesn't like that they can always shut down and open a Taco Bell somewhere.
     
    Last edited: Aug 3, 2008
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