Is Working with an FMO an Absolute MUST?

[arnguy]

No, but it usually helps.

 

[padthaiforlunch]

Just contract with Midland. They have good product -- same owner as North American -- and better commission.

I have yet to find an fmo that does anything for me other than call an harangue me about the flavor of the month (whatever product gives then a bonus).

If you want to know more, pm me.

 

[pcwest]

Try not to get caught up on the NMO's giving you leads. Trust me, as an NMO, most lead companies are junk. We never gave out leads or sold them.

Make sure to get a letter of release before you sign on. My company always releases agents but most NMO's keep your contracts hostage and it just kills me when they do business like that.

 

[TxsRang3r]

Be sure to get the releases pre-signed before joining. Most places will say they have an open release, but when it comes time to move they are traveling, out of town, etc. and hard to find.

 

[insurehound]

Just contract with Midland. They have good product -- same owner as North American -- and better commission.

I have yet to find an fmo that does anything for me other than call an harangue me about the flavor of the month (whatever product gives then a bonus).

If you want to know more, pm me.

Once again, I agree with you. Many talk a big game but never deliver on the back end.

 

[padthaiforlunch]

You guys going to pick up the cost of FedEx? I'm tired of payiing to overnight apps.

I have been and agent, worked for home office of companies and now work for an FMO. Have always worked through FMOs as an agent, and when working for the home office we did a lot to maintain relationships with the FMOs. For most you will be able to get the top street contract from any FMO. If you go direct to a carrier, very few do it, they will probably give you the lowest agent contract. FMOs have the infrastructure to have someone on hand who can answer your questions (ours answers the phones live eleven hours per day). Our Marketing Directors are on the phone all day long with agents answering their questions and they live and breath annuities all day long. They manage top producers on a daily basis and at the heart beat of knowing what kind of marketing works and how to do it. They also have value added marketing help with vendors that offer huge discounts passed on to you - for example lead programs. Many FMOs also reward you with incentive trips and marketing dollars to spend on marketing programs or simply reimburse your expenses when you write business with them. The decision to join an FMO is a personal one and suggest you looking around to see what is the best fit. What's most important is being able to develop a relationship with one of the marketing directors - someone you like working with. In the past when I was an agent, I found one that I could talk to even if I was in a meeting with a client, and be there if I had a probably with an application they were quick to be my advocate with the home office. Our FMO has an onsite Suitability Officer and you have a problem with a case in Suitability, you call him and he has direct and daily contact with the Suitability reps for the various carriers and can work through even the toughest cases. You should make sure they the FMO is well staffed with many years of experience in the industry.

 

[GreenSky]

Our FMO has an onsite Suitability Officer and you have a problem with a case in Suitability, you call him and he has direct and daily contact with the Suitability reps for the various carriers and can work through even the toughest cases. You should make sure they the FMO is well staffed with many years of experience in the industry.

You should also make certain that the FMO you choose will grant you a release if requested.

Rick

 

[insurehound]

Was out networking yesterday, ran across a pushy FMO that started right off the bat with how much commission I would make off one of his new products...I know I am in trouble at that point. We then got into it as the worm kept pushing to set an appt. with me to discuss "all the great opportunities" he has. And of course, he wanted to "learn about my business"...honestly, can people think of anything else to say?

I basically told him to go f-himself...in a nice way of course.

Are all FMOs this way? No. But I find most are and have large mouths that rarely follow through on service work.

 

[Freddie]

InsureHound - Did they offer you "free" leads?

 

[insurehound]

Freddie...we didn't get that far so who knows! He did have a notebook with him that had his presentation in it ready to go.