FMO Selection

[bps]

I am a new annuity producer and have talked to several FMO's. I have narrowed my selection to two. One is a well known FMO that I've seen recommended numerous times on this forum. I have been very happy with what I have seen with them from a support and marketing aspect, and they are offering a street contract. The other is an FMO that another producer is wanting me to go with, and they are offering 1% above street. I'm leaning toward going with the well known FMO, but wanted to ask for opinions. Anty thoughts?

 

[pcbinsurance]

Hard to give an opinion without knowing the IMO names. If the "well known" IMO offers value equivalent to the 1% you are "giving up", then go that route. How long has your friend (the other producer) been with his IMO? Is he getting all the support he needs?

 

[bps]

FIG is the "well known" FMO. I do think it may be worth the extra 1%.

 

[briko3]

FIG is the "well known" FMO. I do think it may be worth the extra 1%.

I don't know who else you're looking at, but with FIG, you can concentrate on selling. They will walk you through anything you need and are very responsive. I personally wouldn't do life with them, but with annuities, they are about as good as it gets.

 

[DWPCL]

I don't know who else you're looking at, but with FIG, you can concentrate on selling. They will walk you through anything you need and are very responsive. I personally wouldn't do life with them, but with annuities, they are about as good as it gets.

Are there ANY fmo's that are fantastic on the life side?

 

[SanDiego619]

FIG is the "well known" FMO. I do think it may be worth the extra 1%.

Remember that an FMO like FIG will have a rewards program to earn you that higher contract. Usually when shops offer that from the get go, you will be missing out on something from the service side (unless maybe you prove to an FMO that you are a $5-7 million producer.)

Are there ANY fmo's that are fantastic on the life side?

Yes absolutely. But of course I don't recruit on here.

 

[bps]

Thanks for the input. I do think FIG will have good annuity support. I met with them yesterday and was favorably impressed. I've discussed a couple of cases I'm working on and am happy with where we are. On a side note, if I were to study for a designation, which would be better, RICP or CAS?

 

[SanDiego619]

Thanks for the input. I do think FIG will have good annuity support. I met with them yesterday and was favorably impressed. I've discussed a couple of cases I'm working on and am happy with where we are. On a side note, if I were to study for a designation, which would be better, RICP or CAS?

Are you securities licensed? Are you only going to be selling annuities? If you are doing full planning than my opinion would be RICP.

I would admit I don't know much about CAS but I know RICP is quite a rigorous program. So be ready to study

 

[pcbinsurance]

Why waste time? Get going:

Academics - Financial Planning - RICP - Retirement Income - The American College

 

[bps]

Are you securities licensed? Are you only going to be selling annuities? If you are doing full planning than my opinion would be RICP.

I would admit I don't know much about CAS but I know RICP is quite a rigorous program. So be ready to study

Not Securities licensed, and do not plan to. RICP was recommended by some I spoke with.