Hello. What is the difference between fmo,imo and mlm ?

[InsuranceIsLife]

So if as a new captive agent with western & southern, could I only write their 3 products? If I quit after 3 months of training could I continue to write their 3 carriers & other carriers? Would i keep what I write with them? Read my contract, but just wanting input /speculation.

W&S has a few more than 3 products. I was referring to their 3ish carriers under their "umbrella" (Lafeyette Life, Columbus, Integrity & actually acquired Gerber, so 4) that they'll allow you to write under very limited circumstances. You wouldn't want to continue writing them if you left.. way more competitive products going indy. You would STRICTLY only want to go for the training program.

They will make you go out your comfort zone, after meetings with your warm market and asking for 5 names in their phone for referrals, you will ride along with a sales manager and walk in 20 businesses a week, introduce yourself to the manager by way of a "lunch & learn" with a spiel similar to "I recently started a new career and looking to expand my network. I happened to be in this area & wanted to introduce myself. Is there a good time in the morning I can buy you and the employees coffee/donuts and just tell you a bit about what I do."

You'll get over the rejection factor very quick. They have a few other training techniques that are similar to NYL, NWM, but you get the point, typed long enough!

 

[entrep1776]

You'll get over the rejection factor very quick. They have a few other training techniques that are similar to NYL, NWM, but you get the point, typed long enough!

Thank you for taking the time to answer my question.

Just checked W&S has an office in my area. I guess I could go meet them Tuesday afternoon. What's their interview like? Do you have a cell phone with 5 contacts? Yes. Ok we want you lol.

 

[InsuranceIsLife]

Thank you for taking the time to answer my question.

Just checked W&S has an office in my area. I guess I could go meet them Tuesday afternoon. What's their interview like? Do you have a cell phone with 5 contacts? Yes. Ok we want you lol.

Hahaha. No I meant ask the client post appt to give a min of 5 names and #'s from their own cell phone. I really do like the VIPS referral method, but they took it to an extreme where it sounded extremely desperate. They teach that, so if you pursue, see below.

All reps had a small dell W&S laptop that had a signature pad you had to plug in and write all apps that way and were required to hit an insane amount of referral #'s, lunch & learns & set appointments to keep their base salary.

I was asked to help train, but wasn't my style - too outdated (No E-apps or Docusign). No paper apps were allowed, so virtually impossible for out of state or long distance sales.

VIPS
https://www.referralcoach.com/wp-co...-Method-Asking-without-Pushing-or-Begging.pdf

 

[entrep1776]

VIPS
https://www.referralcoach.com/wp-co...-Method-Asking-without-Pushing-or-Begging.pdf

Thanks for VIPS. Gave it quick read through.

I would prefer to be 100% commission as earned? Would they want me to work 40 hours? I'm traveling last two weeks of August.

How would e&o work with them? Don't want to spend $400 til i get back from vacation.

I have a hp 2 in 1. & another laptop. & more computers than I know what to do with. 2 in 1 Probably not compliant with their Dell sig pad.

My current idea is I want to end up selling senior supplements & MA.

Lots of questions. Maybe should ask them.

 

[Life Hawk]

Hello. What is the difference between fmo,imo and mlm ?

Well, they are somewhat the same... each one has an m in it.

However, only two have an o.

The only one two have 2 m' s doesn't have an &... so it doesn't taste as good.

...

 

[myinsurebiz]

Do you have your Licenses yet?

I'm a little bias, but One Life has the perfect platform for an Agent, especially a new Agent, to work leads, see people and make sales . . .

Complete with Training & Support. Especially in Ohio. We have a very strong Agency in Ohio. Which city are you near?

Give me a call if you'd like to learn more. # is in sig.

 

[Cornelius]

FMO/IMO are more about aligning with a company to offer products. MLM is more about distribution. Agents recruit and "build a sales force within a sales force" to sell products and earn a part of the commission from their sales. Im keeping it simple but those are the basics.

Get ready because here it comes. Some people are antiMLM at all points and some agree with it.

 

[myinsurebiz]

FMO/IMO are more about aligning with a company to offer products. MLM is more about distribution. Agents recruit and "build a sales force within a sales force" to sell products and earn a part of the commission from their sales. Im keeping it simple but those are the basics.

Get ready because here it comes. Some people are antiMLM at all points and some agree with it.

Not a thing wrong with the MLM model provided there is an actual product being bought and sold . . . I love MLM.

If you think about it - the Insurance Industry is just one big ole MLM - they just refer to it as a Hierarchy . . .

 

[SiebenSiente7]

This industry is very difficult. From my experience, 9 out of 10 people don't make it. And the reason most of those people don't make it is:

They can't get out of their comfort zone.
They can't find customers beyond their friends and family.

What is your sales background? Do you have any marketing background?

This industry is no joke. When you are talking to a recruiter, it sounds like it's very easy to do but it isn't. How comfortable are you when talking to strangers? Can you ask a stranger to buy something from you? Do you have money to invest in your career? Can you handle the pressure? The pressure to sell, the pressure to find clients, the pressure to meet quotas?

As others have said, you are not a good candidate for any IMO, FMO, or MLM at the moment because most IMO/FMO just hand you a contract and says "Good Luck". MLM is local but they preach all the wrong things....recruit, recruit, recruit.

Avoid contracting with anyone that is far from you. You need someone that has an office in your local area. You need to be able to use their office. Have hands-on training. And be able to access them anytime you need them. Pick the right trainer/manager, your career may depend on it.

If all this is overwhelming, maybe you should find a local agent and work under him/her for a year or two to get your feet wet as an assistant before becoming a full-blown agent.

Thank you so very much for the honest advice. There is an office locally that has an opening for a part time business development position but from what I'm learning it's really not comparing "apples to apples" vs going on my own and working from home w/ an IMO or MLM. I have chatted with a few mlm's (ie. First Family, Priamerica , NAA ) I def. don't wanna make mistake of jumping into something and be stuck with a contract and cannot get released from it.Also they seem to be in a HUGE rush, which is a red flag for me.

 

[InsuranceIsLife]

Thanks for VIPS. Gave it quick read through.

I would prefer to be 100% commission as earned? Would they want me to work 40 hours? I'm traveling last two weeks of August.

How would e&o work with them? Don't want to spend $400 til i get back from vacation.

I have a hp 2 in 1. & another laptop. & more computers than I know what to do with. 2 in 1 Probably not compliant with their Dell sig pad.

My current idea is I want to end up selling senior supplements & MA.

Lots of questions. Maybe should ask them.

That is not the company if your idea is selling med supps. Just life insurance (whole life mostly) they advance 75%, believe the 1st yr salary is 28k. The comp isn't great, but with guaranteed bi-weekly check, good for new agent. 50-60 would be commission %. E&O comes out paycheck and laptops are provided by these companies home offices for encryption purposes etc.

I think it'd be a waste of time going to an interview with them. A company that can't write e-apps/docusign, have paper apps and non competitive products compared to indy - no thanks. They're lenient, after the first few week of being in office, your out in the field with manager and then on your own. 6 months in you'd probably make your own schedule, but they have a lot of requirements you must meet and also will be forced to obtain your SIE, 6 & 66 before the 2nd year. You just need to find an indy mentor who'll show you the ropes.