FMO or No FMO when Starting???

[jss37028]

Would you recommend using an FMO or similar type of company? Or flying completely solo? Please explain.

I'm going to concentrate on Senior business, mainly supps and MAPD. But would also like to be able to write life and annuity business when the opportunity presents itself.

What are some strong FMOs that are available? How much of a cut will they get of my business? How should I negotiate, etc? Is their knowledge and "pull" worth the cost? All advice is greatly appreciated.

 

[Chazm]

Would you recommend using an FMO or similar type of company? Or flying completely solo? Please explain. I'm going to concentrate on Senior business, mainly supps and MAPD. But would also like to be able to write life and annuity business when the opportunity presents itself. What are some strong FMOs that are available? How much of a cut will they get of my business? How should I negotiate, etc? Is their knowledge and "pull" worth the cost? All advice is greatly appreciated.

If you're truly looking for an FMO they shouldn't get any cut of your business and since you're new you're not negotiating with an FMO and probably never will be able to. You'll probably get zero training tho.

Now if you're looking to join an existing insurance agency then you would get training but you'll give them commission. This is how I started and within less than a year I got the hell out.

 

[jlallgier]

Agree with the above poster. If you are new you need some kind of guidance besides this forum either with a captive agency or broker/fmo. There are several in the senior market that I have worked with that have given me a lot of help and training. Depending on what you are looking for and how much training you need you might also look at the captive side.

 

[donamese]

An upline that offers reduced commissions from the "street level" should be providing leads, training, support or something else for their overwrite. You need to talk to several so you know what the reasonable charges are and also make sure they give releases (get this in writing not verbal) so if you want to change later you can. There is a huge mix of uplines out there, some will take a 50% split and charge you for leads, others may give leads and only take 25%. For medicare supplement you may want to start with Todd King on the forums.

 

[ace3]

Definitely agree with the other posters, it depends a lot on what you need. Talk to several of them and find out what they can offer, and what works best for you. I use Art Jetter, so I would say start there, but you need to make sure you ask a lot of questions and find out what each FMO can offer you.

Good luck.

 

[Newby]

Would you recommend using an FMO or similar type of company? Or flying completely solo? Please explain. I'm going to concentrate on Senior business, mainly supps and MAPD. But would also like to be able to write life and annuity business when the opportunity presents itself. What are some strong FMOs that are available? How much of a cut will they get of my business? How should I negotiate, etc? Is their knowledge and "pull" worth the cost? All advice is greatly appreciated.

One way to start is to see what your commission level will be if you go direct to the company.

Then talk to FMOs. Your upline shouldn't cost you anything.