FMO Mailing & They Want Copies of the Leads

[CALTCAgent]

I earned a "free" mailing from a FMO based on production. I usually pay no attention to this type of offer as it is usually not in writing and changes all the time.

I wanted them to just cut me the check, but they wouldn't.

I tell them ok, but I want the leads to go direct to me.

They tell me they have to get copies since they are paying for them and need to "monitor" them.

They are based close to me and I'm sure they could easily have agents work these leads.

Maybe I am particular, but I won't go work leads based on this situation.

I would rather know for sure nobody is going to

1. Be working the leads at the same time
2. Have someone attempt to replace my work at any time

I figure my time is too valuable for that.

I have had my work replaced in the past that all went through a particular FMO. I can't prove anything, but it is a tough business.


Any suggestions ?

What would you do ?

 

[ltcadviser]

I earned a "free" mailing from a FMO based on production. I usually pay no attention to this type of offer as it is usually not in writing and changes all the time.

I wanted them to just cut me the check, but they wouldn't.

I tell them ok, but I want the leads to go direct to me.

They tell me they have to get copies since they are paying for them and need to "monitor" them.

They are based close to me and I'm sure they could easily have agents work these leads.

Maybe I am particular, but I won't go work leads based on this situation.

I would rather know for sure nobody is going to

1. Be working the leads at the same time
2. Have someone attempt to replace my work at any time

I figure my time is too valuable for that.

I have had my work replaced in the past that all went through a particular FMO. I can't prove anything, but it is a tough business.


Any suggestions ?

What would you do ?

Just work the leads, Steve. No reason to look a gift horse in the mouth. Take the gift, follow up on the leads. Have faith. It will work out fine.

 

[Tahoe Ray]

I earned a "free" mailing from a FMO based on production. I usually pay no attention to this type of offer as it is usually not in writing and changes all the time.

I wanted them to just cut me the check, but they wouldn't.

I tell them ok, but I want the leads to go direct to me.

They tell me they have to get copies since they are paying for them and need to "monitor" them.

They are based close to me and I'm sure they could easily have agents work these leads.

Maybe I am particular, but I won't go work leads based on this situation.

I would rather know for sure nobody is going to

1. Be working the leads at the same time
2. Have someone attempt to replace my work at any time

I figure my time is too valuable for that.

I have had my work replaced in the past that all went through a particular FMO. I can't prove anything, but it is a tough business.

Any suggestions ?

What would you do ?

I subsidize leads for a handful of producers.

The only reason I want to see the lead is to find out what the agent is actually closing.

I would be fine with the lead house just giving me a last name and a DOB w/o any contact info...I just want to know that the agent is actually writing business with my investment.

Any FMO that wants to screw their agents can...NY though (as an example) will only allow a replacing agent to take renewal comp, not first year.

It's a dice roll...if you don't trust your FMO.

 

[CALTCAgent]

I would be fine with the lead house just giving me a last name and a DOB w/o any contact info...I just want to know that the agent is actually writing business with my investment.

I would be ok with basic information like that going to them.

The way I look at it is I earned it. They see it as their money.

It's a dice roll...if you don't trust your FMO.

Yeah, most are hard to trust. I tend to look at past experiences. It is nice when you find a good one.

 

[Josh]

Why not ask yourself a few questions?

Are you that bad of an agent that someone coming behind you could replace your business?
Is your portfolio/experience so weak that you can't compete with another agent for the same business?

You already asked them to just cut you a check and they said no, them asking for copies of the leads could be them just trying to keep people honest and make sure you're actually spending money on the leads.

When I first heard of the concept of shared internet leads I thought it was a joke, but in the situation you're describing it sounds like even if another agent worked them you'd still be in a very small pool, that's *if* anyone else is actually working them.

To the point of your time being valuable, if it was worth the time to write this post and debate about it, surely it's worth at least some level of effort to do the follow-up work on leads. I'd also go back to the first two questions. My guess is that you're good enough at what you do to be able to inspire confidence of customers to work with you and if you do the lock down they won't need to talk to someone else. Assuming your independent (which it really sounds like) you should have as good of a portfolio as any other agent out there, so I wouldn't think not having the right product would be an issue either.

 

[scagnt83]

I say give it a try. No reason not to.

Obviously you dont want the business replaced or for it to become a shared lead... but who cares? These are people that you never would meet (most likely) during your own prospecting. Even if a few get replaced or whatever, you still made $$ off of the situation... more $$ than you would have made before... and it is very unlikely they would be replaced within the first year.

Also, it really is not in the IMOs best interest to share the leads if they tell you they are exclusive. Lead companies do not care, but an IMO will loose agents that way.
And if they are churning those clients after you separate your association with them, then report them to your states insurance dept. Either way you have made more money than you would have.

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To the point of your time being valuable, if it was worth the time to write this post and debate about it, surely it's worth at least some level of effort to do the follow-up work on leads.

I would have to agree with this statement. Its free exclusive leads... and LTCI leads at that (more expensive and more profitable than LI leads)

(technically its not free since you earned them via production... but it would be leaving money on the table by not utilizing them)

 

[ltcadviser]

I really don't understand the replacement comment? Are these annuity leads, LTC leads, or something else? I mean, LTC is virtually irreplaceable; annuities have surrender charges and also are difficult to replace? Life insurance is easy to replace, but...none of this makes sense to me.

And, if your concern is that orher agents will be calling on your leads, the bottom line is no lead is exclusive.

This is why you need to have people calling you for your advice, rather than you calling a "lead" to first introduce yourself.

When the script is flipped, and the consumer finds you and actively calls you----because they desire to work with you, the process is easy.

 

[CALTCAgent]

Why not ask yourself a few questions?

Are you that bad of an agent that someone coming behind you could replace your business?

I don't think it is always about good or bad. People make decisions when they are ready sometimes. Being in the right place at the right time can factor in.

Is your portfolio/experience so weak that you can't compete with another agent for the same business?

I don't think it is always about that.

People make decisions differently. I don't win them all.

To the point of your time being valuable, if it was worth the time to write this post and debate about it, surely it's worth at least some level of effort to do the follow-up work on leads.

Writing this post takes very little time. I am already in front of the computer doing other things.

Appointments take a lot more time, effort and energy.

Assuming your independent (which it really sounds like) you should have as good of a portfolio as any other agent out there, so I wouldn't think not having the right product would be an issue either.

I have had other agents come in and write the same product and benefits as me, attempt to cancel my application. Creates a lot of extra work.

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I really don't understand the replacement comment? Are these annuity leads, LTC leads, or something else? I mean, LTC is virtually irreplaceable; annuities have surrender charges and also are difficult to replace? Life insurance is easy to replace, but...none of this makes sense to me.

Another agent can definitely be a concern with all of these products. Replacement was the wrong term.

This is why you need to have people calling you for your advice, rather than you calling a "lead" to first introduce yourself.

I agree, that is my focus. But once again, they offer free leads. I probably won't take them.

When the script is flipped, and the consumer finds you and actively calls you----because they desire to work with you, the process is easy.

I totally agree!

 

[ltcadviser]

I have had other agents come in and write the same product and benefits as me, attempt to cancel my application. Creates a lot of extra work.

Well, that would royally piss me off for sure.
Unfortunately, insurance products are commodities.

 

[VolAgent]

Look at it from the other side.

The IMO is rewarding you for production by giving you leads at no cost to you. They aren't really free, the IMO is paying for them and they are based upon past production.

Sure, they could have another agent go work them, but why? What does it gain them? They are trying to reward you and get more of your business, why ruin that by sending another agent behind you.

If you find out you can't trust your IMO, what are you going to do? You'll stop using them and move the contract if you can. There really is no downside for you. You get leads that were no cost to you and more production or you get to find out that your IMO really is a POS. Either way you win.

Because I have news for you, if your IMO would give these leads to someone else, they are already looking for ways to screw you.