Difference Between IMO, FMO, Etc.
- Thread starter JMillz
- Start date
- 11,995
They're a term that is used and abused.
A true IMO is a shop that is fantastically large and usually commits to literally millions of dollars of production on an annual basis with life insurance companies.
Most people on here for whatever reason have gotten into that habit of calling their uplines an IMO/FMO, regardless of what they really are.
Typically an IMO/FMO is a top tier contract direct with the carrier and they have a few steps between them and a street agent.
There are advantages to working with uplines, including training, leads support, help getting cases issued, etc. Some folks just want contracts and have production histories to justify high commission levels, others need a lot of hand holding and should be working at or below street and/or join an organization like ILIAA.org which can provide a lot of training and support.
A true IMO is a shop that is fantastically large and usually commits to literally millions of dollars of production on an annual basis with life insurance companies.
Most people on here for whatever reason have gotten into that habit of calling their uplines an IMO/FMO, regardless of what they really are.
Typically an IMO/FMO is a top tier contract direct with the carrier and they have a few steps between them and a street agent.
There are advantages to working with uplines, including training, leads support, help getting cases issued, etc. Some folks just want contracts and have production histories to justify high commission levels, others need a lot of hand holding and should be working at or below street and/or join an organization like ILIAA.org which can provide a lot of training and support.
- Thread starter
- #3
ahhh i see.. being that i just started in the indy side selling preneed... would u advise i stick just with pre need or tap into others as well? and if i do go with another one do i find a new upline for new company? or ask to go thru my current. He is now providing leads for me so im thinking he might not want to issue me leads if he knows i might be using for another company?
- 7,066
If he is providing you with leads then you have probably assigned your commissions to him. If so then he most likely reduced your commissions, sometimes commissions are reduced substantially.
He will continue to provide you with leads no matter what you do. What you need to look at is the quality of leads you are getting. Are they worth the reduction in commission or would you be better getting a higher commission and getting your own leads?
- 16,880
JMillz said:
I've never heard of an entry level Preneed agent who is not captive.
Are your leads provided by the upline or the funeral home?
I would focus 100% on the Preneed to see what you can make of it. If you are in a good location, you will be making great money within a month or two. The worst thing you can do is sidetrack yourself before you really get started.
- Thread starter
- #6
- 16,880
JMillz said:
There is no average. There is a wide spread of commissions. Your upline should definitely be teaching you how to prospect.
Most effective is to work the funeral home files. The non-funded files (do price updates), the relatives of people who have Preplanned or had funerals there, aftercare appointments (help people file insurance claims after a funeral and deliver death certificates), as well as direct mail leads.
You are NEVER without people to talk to with funeral home marketing.
Definitely keep a detailed database because Preneed has a longer sales cycle. Don't let them fall between the cracks after you sort out who is interested and their timeframe for buying.
- 1,070
My understanding is the FMO is the top contract and nationwide whereas an IMO is usually a local group that is probably under an FMO.
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