I know this sounds a bit clichè, but gratitude is the he key to happiness, and comparison is the thief…. I'd encourage to focus less on what FMO's make, and focus more on what you/we have, and be grateful for it. You sound upset about the FMO override… everything we have is a gift, and we have a lot to be grateful for.
Just broke overrides gone Anthem. I’m owed an apology
- Thread starter DonP
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I know this sounds a bit clichè, but gratitude is the he key to happiness, and comparison is the thief…. I'd encourage to focus less on what FMO's make, and focus more on what you/we have, and be grateful for it. You sound upset about the FMO override… everything we have is a gift, and we have a lot to be grateful for.
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- #42
I'm focusing on making the most I can . No different than in fe I get 130% contracts . What I'm doing is no different than every fmo who try's to get the highest comp he can . I'm grateful for everything. If things don't matter than the fe guy who makes 80% shouldn't Strive to get more ?
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It is the American way.
130 in FE?? Why not 145 or 150?? I mean, 130 is pretty nice, I have 130, but I find myself usually writing companies paying less
A successful friend once told me… hey it's just money, you're gonna make more of it anyway! Ha, he wasn't wrong… I know he was reminding himself as well as me, but it did stick
It's not hard to get higher contracts. Just appoint a few agents…but then you become the thing you depise, an upline
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- #45
Correct you can get to 140 ish max with a few agents doing some vol . 135 ish with a few carriers the max I've seen with single agent . But I'm ok with 130 ish , I'm noticing many of the tele sales shops with systems in place are starting agents at 100-110% . Most aren't giving agents 120% . Keeping those margins wide even though the agent paying for his own leads
I suppose it's kind of like when a person becomes a parent, they then have a different appreciation for what their parents had to go through.
I think they also have to have the margins wide enough to incentivize and reward higher performance… if you sell a TON of insurance, and/or build a team of agents that brings in more production, wouldn't that warrant higher commission level.
Anyhow, I like your hunger and ambitious mindset, I'm just trying to give you a friendly nudge, to maybe help you enjoy what you have a little more.
My BIL had a very near death accident about 18 months ago, left him with a TBI, and he's made a great recovery. We are pretty close, and the experience just left me with a very strong reminder of gratitude.
It's interesting, I still think goals are great, it's just when something threatens to take away everything you currently have, suddenly, you realize you can be very happy just keeping what you have.
Special Agent
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Ok excuse my ignorance on this subject because i never got myself involved up in the FMO,IMO,LOA,GA machinations but are you saying they all will lose all renewal overrides?
Yeah, pretty much.
Essentially, a street contract, is an "agent" level. First tier above that would be GA (general agent), then MGA (master general agent), then I believe it's NMO, then a couple more tiers.... FMO/IMO typically is used in conversation to refer to the top level tier, but sometimes others use it to describe all the levels rolled into one.
I think these terms originate in the traditional insurance side, and were naturally used in the MA side as well.
One party could have all the levels, or just one level, above the agent level.
For an agent to be lower than the street level, typically, they would be an LOA (licensed only agent), and commissions on their sale are paid to a different party, then paid to the agent. In an LOA contract, the direct upline could be at the street contract "agent" level, or any of the levels above, but they set the commission amounts for each product. This is pretty common in business where you might be paying a base salary, benefits, leads, etc to the LOA agent. The LOA structure wouldn't be impacted by these changes. But that setup is generally frowned upon by the agent community.
The way it looks now, is all those levels above street will be eliminated, and the agent level will get a boost.
But, the carriers dont want to provide all the duties the FMO has been provided, some of that is just general HR type of stuff like contracting and licensing management....for 100k agents
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- #49
Yes if overrides truely taken away . Won't matter if first yr or renewals
They did. Long before MA was a thing.
When I started in 72 you had two choices. Independent or captive.
I've been independent since day one. They called me a PPGA and all of my contracts were direct.
The forerunners to FMOs and IMOs were called MGAs. Managing General Agents. And there were only a handful in the entire country.
Times have changed.
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