IMO/FMO and what One to Use?

DaveTheInsGuy

Expert
26
I am in the process of going indy, and am currently talking to different agents and agencies to find out where I would be comfortable with.

What is the difference between an IMO and FMO? I see these acronyms used a lot on these forums,and I'm not sure what the difference is.

I have talked to people today at Great American Insurance and Finance today. They seem to be a decent agency to work with.

I am finding it surprisingly hard to find broker/agencies to contract with. I am looking to continue selling Med supps, life/FE, annuities and Medicare advantage policies. Can anyone suggest a good agency to contract with, that also will allow me to be an independent agent, and sell for many different companies in florida?
 
I am in the process of going indy, and am currently talking to different agents and agencies to find out where I would be comfortable with.

What is the difference between an IMO and FMO? I see these acronyms used a lot on these forums,and I'm not sure what the difference is.

I have talked to people today at Great American Insurance and Finance today. They seem to be a decent agency to work with.

I am finding it surprisingly hard to find broker/agencies to contract with. I am looking to continue selling Med supps, life/FE, annuities and Medicare advantage policies. Can anyone suggest a good agency to contract with, that also will allow me to be an independent agent, and sell for many different companies in florida?

There are a few of us IMO's on the board. Feel free to call me.

There's also Newby (Scott Burke).
 
Well I wasn't going to say anything about that, but since you mentioned it, I don't have to.

Did you also know that Alfred had a brother?
 
I am in the process of going indy, and am currently talking to different agents and agencies to find out where I would be comfortable with.

What is the difference between an IMO and FMO? I see these acronyms used a lot on these forums,and I'm not sure what the difference is.

I have talked to people today at Great American Insurance and Finance today. They seem to be a decent agency to work with.

I am finding it surprisingly hard to find broker/agencies to contract with. I am looking to continue selling Med supps, life/FE, annuities and Medicare advantage policies. Can anyone suggest a good agency to contract with, that also will allow me to be an independent agent, and sell for many different companies in florida?

IMO stands for Insurance Marketing Organization. Sometimes its also referred to as Independent Marketing Organization. FMO stands for Field Marketing Organization. The terms IMO and FMO (You may also hear the word Broker Dealer). are basically used interchangeably. They are entities that are contracted directly with the insurance carriers.

Most carriers will not contract you directly as they require you to connect with them through an IMO/FMO/Broker Dealer. All IMO's are not created equally. Choosing the one that is right for you can be very challenging, and somewhat over whelming.

It's extremely important to do your due diligence. It helps if you know what you are looking for ie training, leads, one on one mentoring etc. The challenge is most new agents don't know what they are looking for therefore, they don't know what questions to ask.

I recommend that you take the time to connect with someone that is not just trying to recruit you, but they are interested in you as a person and your goals. As mentioned above do your due diligence. It may take a little more time to get started but in the long run it will be worth it.
 
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IMO stands for Insurance Marketing Organization. Sometimes its also referred to as Independent Marketing Organization. FMO stands for Field Marketing Organization. The terms IMO and FMO (You may also hear the word Broker Dealer). are basically used interchangeably. They are entities that are contracted directly with the insurance carriers.

Most carriers will not contract you directly as they require you to connect with them through an IMO/FMO/Broker Dealer. All IMO's are not created equally. Choosing the one that is right for you can be very challenging, and somewhat over whelming.

It's extremely important to do your due diligence. It helps if you know what you are looking for ie training, leads, one on one mentoring etc. The challenge is most new agents don't know what they are looking for therefore, they don't know what questions to ask.

I recommend that you take the time to connect with someone that is not just trying to recruit you, but they are interested in you as a person and your goals. As mentioned above do your due diligence. It may take a little more time to get started but in the long run it will be worth it.

A broker/dealer is not the same as an IMO/FMO. Broker/Dealers provide back office services for financial advisors such as compliance, securities trading, etc. They are regulated by FINRA and the SEC and are VERY different from your typical IMO/FMO.
 
A broker/dealer is not the same as an IMO/FMO. Broker/Dealers provide back office services for financial advisors such as compliance, securities trading, etc. They are regulated by FINRA and the SEC and are VERY different from your typical IMO/FMO.


I understand the definition of an Insurance Broker Dealer. Some broker dealer's also sell non variable products in that regard some agents refer to their broker dealer in the same way that we refer to an IMO/FMO.

This is the definition of an Insurance Broker Dealer

Common types of insurance, such as auto, life and homeowners' policies, usually involves working with either an agent or brokerImage:
. Through your relationship with these individuals, you can provide for your family's financial protection with a variety of insurance products. You may wonder how an insurance broker dealer is different than an agent or broker and which products you may need from this other type of professional that you cannot get elsewhere.
As the name implies, a broker dealer is a company that meets both of these requirements.

A broker dealer provides the securities and also arranges and executes transactions for others to buy and sell those securities for their own accounts. Insurance broker dealers work with securities that are designed for insurance products. Variable annuities and variable universal life insurance both invest a portion of the customers' premiums into securities that look and act like, though legally are not, mutual fundsImage:
. Insurance broker dealers originate and manage these securities on behalf of their clients.

Read more: What Is an Insurance Broker Dealer? | eHow.com http://www.ehow.com/info_7795760_insurance-broker-dealer.html#ixzz2HfUODihx
Read more: What Is an Insurance Broker Dealer? | eHow.com http://www.ehow.com/info_7795760_insurance-broker-dealer.html#ixzz2HfUAORZY
 
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I was speaking of an Insurance Broker Dealer

This is the definition of an Insurance Broker Dealer

Common types of insurance, such as auto, life and homeowners' policies, usually involves working with either an agent or broker. Through your relationship with these individuals, you can provide for your family's financial protection with a variety of insurance products. You may wonder how an insurance broker dealer is different than an agent or broker and which products you may need from this other type of professional that you cannot get elsewhere.
As the name implies, a broker dealer is a company that meets both of these requirements.

A broker dealer provides the securities and also arranges and executes transactions for others to buy and sell those securities for their own accounts. Insurance broker dealers work with securities that are designed for insurance products. Variable annuities and variable universal life insurance both invest a portion of the customers' premiums into securities that look and act like, though legally are not, mutual funds. Insurance broker dealers originate and manage these securities on behalf of their clients.

Read more: What Is an Insurance Broker Dealer? | eHow.com http://www.ehow.com/info_7795760_insurance-broker-dealer.html#ixzz2HfUODihx
Read more: What Is an Insurance Broker Dealer? | eHow.com http://www.ehow.com/info_7795760_insurance-broker-dealer.html#ixzz2HfUAORZY

I won't get into semantics but an insurance b/d is a b/d nonetheless and not interchangeable with the terms IMO/FMO. VAs and VULs are still securities and you must have a B/d affiliation and be properly licensed to write them.

I have three different IMOs that I work with....And I can write direct with some carriers if I so choose. I am not required to have an IMO affiliation to write anything....it just can help.

How many different insurance B/D's can you work with at once?

That's the difference.
 
I won't get into semantics but an insurance b/d is a b/d nonetheless and not interchangeable with the terms IMO/FMO. VAs and VULs are still securities and you must have a B/d affiliation and be properly licensed to write them.

I have three different IMOs that I work with....And I can write direct with some carriers if I so choose. I am not required to have an IMO affiliation to write anything....it just can help.

How many different insurance B/D's can you work with at once?

That's the difference.

Thank you for the clarification. All I was trying to say is some agents use the terms interchangeably. I did not say that you have to have an IMO/FMO. I Said most carriers require you to go through an IMO/FMO to sign up with them. I am with 20 different carriers and neither of them will allow an agent to sign directly with them. That is certainly not to say that all carriers function that way.
 
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