IMO's.....FMO'S....????

Jul 21, 2008

  1. TonyC
    Offline

    TonyC Guru

    Posts:
    446
    Likes Received:
    0
    I have been talking to a few IMO's and trying to determine if they are the best way to go.

    What are the pros and cons of working with IMO's?

    I guess some are better than others...share some of your experiences....

    Why should one work with an IMO....and Why Not?
     
    Last edited: Jul 22, 2008
    TonyC, Jul 21, 2008
    #1
  2. TonyC
    Offline

    TonyC Guru

    Posts:
    446
    Likes Received:
    0
    bump
     
    TonyC, Jul 22, 2008
    #2
  3. ims01
    Offline

    ims01 Guru

    Posts:
    607
    Likes Received:
    3
    State:
    Florida
    Tony,

    You didn't mention if you do Life or Health. My perspective is from the Life side. With many carriers your only option is to work through an IMO. Some direct contract, but don't give you any support.

    Much of your decision will be based upon which market you participate in. Do you need training, leads, support, website, etc.? Some IMO's will provide this and more, others don't do a thing.
     
    ims01, Jul 22, 2008
    #3
  4. Brokers Alliance
    Offline

    Brokers Alliance Guru

    Posts:
    958
    Likes Received:
    2
    State:
    Arizona
    Tony, without writing a dissertation, some of the pros of working with a good IMO/FMO, is that you get great contracts, and you get more attention, as it relates to training. Although, some IMOs/FMOs do not train that much and contract with experienced agents.

    The IMO/FMO already has relationships with the carriers, so the barrier to entry is much easier. Working with an IMO/FMO in my opinion is more fun, because they take more interest in you and you can make some good friendships, as opposed to a carrier.

    Those are some of the benefits, but not nearly all.

    One of the cons would be that you have to do your homework and find the right IMO/FMO for your ambitions and interests. There are good IMOs and not so good IMOs. There are some that use you and give sorry contracts and others that help you and give top street contracts.

    Also, many of the top IMOs/FMOs do not require you to be captive.

    I hope that helps a little.
     
  5. GreenSky
    Offline

    GreenSky Guru

    Posts:
    15,339
    Likes Received:
    459
    State:
    Nevada
    Any IMO/FMO must be willing to guarantee a release if you request it. Many of us have been screwed because we could not leave our "owner."

    Rick
     
    GreenSky, Jul 22, 2008
    #5
  6. TonyC
    Offline

    TonyC Guru

    Posts:
    446
    Likes Received:
    0
    Thats the ticket...

    If you can get a release up front...that would be great.

    IMO's i guess must be concerned about loosing money from policies that drop out.

    thanks Rick


     
    TonyC, Jul 22, 2008
    #6
  7. DarrylVK
    Offline

    DarrylVK Expert

    Posts:
    72
    Likes Received:
    0
    I originally signed up with a FMO to sell Medicare Advantage SNP plans because that's what my friend was doing. After getting out working with him a few days decided that my heart wasn't in Medicare Advantage (too much churn & manipulation for me) so I'm switching to Final Expense.
    I spoke to several organizations but went with an IMO who I felt most comfortable with as my main source. He wasn't the biggest one out there by any means. Training & someone to talk with who has been there done that played into my decision.

     
    DarrylVK, Jul 31, 2008
    #7
  8. JE INSURANCE
    Offline

    JE INSURANCE Super Genius

    Posts:
    147
    Likes Received:
    0
    You know anyone in South Florida? FT Laud area
     
  9. saoj
    Offline

    saoj Expert

    Posts:
    24
    Likes Received:
    0
    What is the starting commission rate for Brokers Alliance?
     
    saoj, Oct 20, 2011
    #9
  10. Dave020
    Online

    Dave020 Super Moderator Moderator

    Posts:
    3,357
    Likes Received:
    50
    State:
    California
    It varies by carrier and your level of production. Call them, they will go over it with you.
     
    Dave020, Oct 20, 2011
    #10
Loading...