How do I fire my FMO?

[insurancerookie]

Hello. I am new to the business. Was with an financial company writing annuities for a few months and decided to leave the company. At the time, they had me contracted through all the major insurance carriers by way of their FMO. I have since left the financial company, and would like to fire the FMO or tell them adios so that I can join another one down the road. I was told by the FMO a couple of weeks ago when I called that my old employer would have to "release me" first. Why would that be and why would my old employer have the ability to make this determination as to whether I leave the FMO or not, and who I choose to write business through moving forward? Thanks for your help!

 

[patch36]

Because they can. You signed contracts.

Your post is too vague. Name names. Who is the financial company you used to work for? Who is the FMO?

 

[GreenSky]

Hello. I am new to the business. Was with an financial company writing annuities for a few months and decided to leave the company. At the time, they had me contracted through all the major insurance carriers by way of their FMO. I have since left the financial company, and would like to fire the FMO or tell them adios so that I can join another one down the road. I was told by the FMO a couple of weeks ago when I called that my old employer would have to "release me" first. Why would that be and why would my old employer have the ability to make this determination as to whether I leave the FMO or not, and who I choose to write business through moving forward? Thanks for your help!

Because the reality is that your employer is contracted under the FMO and you are contracted under them. There is an unwritten rule that agents are held to that in the absence of 6 months (usually) without writing business, they need a release from everyone in their upline.

It's the most disgusting, dishonest, deceptive rule because YOU DIDN'T AGREE TO IT.

You need to ask everyone in your heirarchy for a release. I've been preaching that everyone insist on a pre-nup before signing any contract and have been doing this for years.

It's a shame that agents, because of their ignorance and due to the fact that it's a system that preys on this ignorance, continue to do business with lying, cheating bastards (and anyone who know me understands that I'm holding back now).

In your case, just ask your employer for a release in writing and get it to the FMO and ask the same from him.

Good luck.

Rick

 

[Mr. Bill]

It is a sorry state of affairs, yet true. I'll never forget the time when my FMO "upline" didn't even know their "ultimate upline" was Davis Life. There were too many uplines to count. In this respect, insurance can be a really bad MLM.

 

[xrac]

Because the reality is that your employer is contracted under the FMO and you are contracted under them. There is an unwritten rule that agents are held to that in the absence of 6 months (usually) without writing business, they need a release from everyone in their upline.

It's the most disgusting, dishonest, deceptive rule because YOU DIDN'T AGREE TO IT.

You need to ask everyone in your heirarchy for a release. I've been preaching that everyone insist on a pre-nup before signing any contract and have been doing this for years.

It's a shame that agents, because of their ignorance and due to the fact that it's a system that preys on this ignorance, continue to do business with lying, cheating bastards (and anyone who know me understands that I'm holding back now).

In your case, just ask your employer for a release in writing and get it to the FMO and ask the same from him.

Good luck.

Rick

Insurancerookie,

Join the club! Most of us have found out about releases the same way you are. Plan on not being able to get a release and not producing with the companies you have been producing with for six months. Just find companies you are not appointed with that offer similar products and plow on ahead until 6 months are up. Of course you may be lucky and get a release but I wouldn't count on it.

 

[agent4sail]

Is there a standard form, letter, legal release, that's available for duplication? If not, what should a pre nup have included. Should it be emaied, hard copied, registered mail?
I'd like to have something to provide a GA or MGA for their signature, before I contract with anyone. Thanks.

 

[GreenSky]

Is there a standard form, letter, legal release, that's available for duplication? If not, what should a pre nup have included. Should it be emaied, hard copied, registered mail?
I'd like to have something to provide a GA or MGA for their signature, before I contract with anyone. Thanks.

I'm not a lawyer (although I stayed at a Holiday Inn Express last night) but all I've ever asked for is a letter or email saying that I would be released upon request, subject to any outstanding advances or chargebacks.

Rick