HBW

[Independent_FL]

What can anybody tell me about HBW? I am not an agent but I have gone thrugh the class and just need to take my state license exam. I've been approached about joining HBW. I like the fact that they represent several different carriers although AIG seems to be the main one. It seems to be a better opportunity then Primerica because the agent is not capitive and the commissions seem to be better starting at 50%. Any and all feed back is appreciated.

 

[Mr. Bill]

There are other threads on this forum about it, so search, but let's just start with reality. What are they telling you?

Make a list of 25 friends and family members. Approach them about saving for retirement, purchasing life insurance. What next? You will know absolutely nothing about what you're doing, you'll rely on someone in your upline to "help" you. Who's going to get the commission? You, or your upline?

If you were interested in a multi-level marketing company, look elsewhere. MLMs and financial services shouldn't be togethere, but where there are naive people and money to be made, someone's going to win. A sucker is born every minute, which also explains Primerica and World Financial Group.

You were smart in asking the question, though!

 

[Guest]

MLMs and financial services shouldn't be together !

Curious. I could make a convincing argument that the entire insurance industry IS very, very similar to MLM. We use the terms "override" while they use another term for how the money flows. The big difference is that YOU can't recruit and get a down line, only your manager can.

Am I wrong here? Talk to me

I am NOT defending MLM and I've never been part of any MLM organization. But I would still disagree with your analysis above.

The Jackass

 

[Mr. Bill]

Well, I would say there are different "setups" in insurance. Some companies require an intermediary (Allianz, for example), thus the FMO/IMO marketplace. Others you can contract directly with (LSW, Midland National for example). I personally believe that carriers like Allianz should be prohibited from requiring an indirect contract (and hiding behind GamePlan and who knows what other IMO/FMO companies they own).

On the other hand, HBW, WFG and Primerica are set up specifically as MLMs. There is absolutely no independence or objectivity on product (you sell what they tell you, or have available in their marketplace) and you are marketing to your peeps. Once out of peeps, you recruit. The essence of MLM.

I can see where there are similiarities, yet also differences.

I still believe that MLMs and financial services shouldn't be together. Then again, I can't believe many people in the financial services industry aren't in jail for what they have done to people!

 

[Guest]

On the other hand, HBW, WFG and Primerica are set up specifically as MLMs.

Yes. This is true. I went to a PrimeA meeting once and it was just like an Amway meeting. Really! It was more about recruiting and less about selling (if you want to make the "big" money.

There is absolutely no independence or objectivity on product (you sell what they tell you, or have available in their marketplace)

This is true, but also true with NYL and a few other old-line "career agent" services. I'm with MoO but they let me sell what is best for the client. Of course I like MoO products and company... or I would not rep them... but I can do pretty much what I want. The big rules with MoO have to do with advertising and distributing literature and the usual compliance stuff. They are very serious on that (I have to get my biz cards from them... no one else!) Fortunately they have ten tons of boiler-plate advertisements, flyers, letters, etc. in their online "store" that I can use.

I still believe that MLMs and financial services shouldn't be together. Then again, I can't believe many people in the financial services industry aren't in jail for what they have done to people!

I've not been in this biz more than a couple of years but in my area I never hear a lot of complaints about insurance people or shady deals. The only "noises" I hear are from the clients of the security licensed people who have put them into what I think are some dubious variable products... and I don't even hear a lot about that. Of course I live in a rather conservative, educated, somewhat upscale area so that may have something to do with it. I think the "crooked agent" story is more of an exaggeration than fact.... but I'm the board's resident jackass so what would I "know from nothin'" Just as Senior-Indiana to confirm that.

The Jackass

 

[TimLett]

Curious. I could make a convincing argument that the entire insurance industry IS very, very similar to MLM. We use the terms "override" while they use another term for how the money flows. The big difference is that YOU can't recruit and get a down line, only your manager can. Am I wrong here? Talk to me I am NOT defending MLM and I've never been part of any MLM organization. But I would still disagree with your analysis above. The Jackass

Al, this is getting strange. Another point on which we agree. I don't think you are wrong, at all, on this point. Certain elements of our industry are very similar to multi-level and networking. And, this is not necessarily a bad thing. It only gets dangerous when the multi-level and networking side of things takes priority over doing what is best for the client and dealing in the full counsel of our industry. This dangerous side is exactly what has been crossed over into by certain IMO's that are vehemently discussed on this forum. Everybody knows who they are. Everybody can research and read for themselves. But even in healthy situations, there is the element of multi-level. Take for instance a good manager who make even a 5 point override and, in turn, who provides respectable contracts for his agents, advice, wisdom, or any number of elements of value to a new agent...or even an agent that just needs more support along the way. This is still multi-level. Its just a healthy version of it.

 

[Cornelius]

"On the other hand, HBW, WFG and Primerica are set up specifically as MLMs. There is absolutely no independence or objectivity on product (you sell what they tell you, or have available in their marketplace) and you are marketing to your peeps. Once out of peeps, you recruit. The essence of MLM."


At HBW there is NO recruiting requirements and agents can use any carrier they wish. Also there is no requirement to offer any product line. A person can come to HBW offer the mortgage program and not have to become Life/Health or securities licensed. People have the right to build the business as they see fit and have the ability to come and go as they please. HBW is about being independent.

Is HBW for everyone? No. That's why if a person comes to HBW and decides to build a team if that agent decides HBW isn't for them they can just go and take their team with them if they so choose. Yet if they wanted to come back they could, that comes down from the CEO.

Immediate Ownership of clients and downline (If the person wishes to build one) and no noncompete in the agent agreement. It's all on the website for all to see..
HBW Insurance & Financial Services, Inc. - Helping Build Wealth

 

[Crabcake Johnny]

What exactly does HBW bring to the table that a FMO offering 100% life contracts plus support and the ability to build a down line doesn't offer?

 

[xrac]

Is this judgement day or some cataclysimic event? We have TimLett and Al3 agreeing are we in trouble?

 

[Mr. Bill]

I can't believe this is even questioned. Anyone who's truly serious about financial planning should look far far beyond an MLM. Geez.

Think about it, would YOU take financial advice from an MLM person? How about an 8% front-loaded Primerica fund? Yeah, baby!