How to become a BGA?

[Jenni A]

We are a BD firm and we are looking to grow our own BGA, does anyone know the BEST first steps to take to move in that direction? Any suggestions or help is appreciated.

 

[Newby]

We are a BD firm and we are looking to grow our own BGA, does anyone know the BEST first steps to take to move in that direction? Any suggestions or help is appreciated.

For what kind of insurance?

 

[Jenni A]

Life

 

[Newby]

Life

I have a bit of expertise there. The most proven path is to first become an agent. Contract with an IMO and go sell huge amounts of insurance for several years. This will earn you MGA contract levels and you grow from there. The next goal is to get to IMO levels.

I have done it that way and hundreds of others. It’s a proven method.

The only faster plan is to have millions of dollars and buy out or buy into an existing established agency.

 

[Jenni A]

Thanks for your feedback. We actually already run very much like a BGA. We have several independent agents to which we provide their back office work for. After reading quite a few articles, I guess the real question is how do we get seen as a BGA to an IMO? I am assuming a large part of that is how much we do/have in sells?

 

[Newby]

Thanks for your feedback. We actually already run very much like a BGA. We have several independent agents to which we provide their back office work for. After reading quite a few articles, I guess the real question is how do we get seen as a BGA to an IMO? I am assuming a large part of that is how much we do/have in sells?

Yes. If you have a lot of production you can easily get BGA contracts. If you have a bunch of agents with little production that is the worst case because that means just a buch of paper shuffling on contracting with no production.

Production is the key. If you need Final expense contracts feel free to call me.

 

[Tahoe Ray]

As Newby points out, sales talk louder than anything else.

But, depending on the size of your B/D, you may have a leg up on a traditional agency. Some of these IMOs LOVE working with b/ds, especially if you force all of your agents/advisors to contract through you (and not write their life OBA).

 

[Jenni A]

Thanks everyone. Does anyone have an opinion on what the Best IMO is to work with?

 

[Whammer1249]

Thanks everyone. Does anyone have an opinion on what the Best IMO is to work with?

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[Tahoe Ray]

Thanks everyone. Does anyone have an opinion on what the Best IMO is to work with?

You're going to get a ton of different answers to that question. I would focus on IMOs that work with b/ds, since you have a different set of rules to play with (even if you're just writing fixed, there are different structures that you can put in place depending how open/closed you want your system to be).