I'm wondering what your opinions are for good large scale IMOs offering non assigned commissions, upfront releases, etc, for selling variable life/annuities and medigap policies. I would need sponsorship for my series 6 too. I'm taking the life and health exam in a couple weeks, and am just trying to get a general roadmap of where to go. I'd rather just skip out on the smaller IMOs if possible, I don't mind not having any training from them. I can find training from other sources. Just looking to get best commissions I can get, keep what business I do, can offer the best big name products, etc.
Large IMO for variable life/annuities + medigap?
- Thread starter DHurd
- Start date
You need to work with a b/d, not an IMO to start.
Your b/d will likely instruct you as to who you can work with for insurance products.
- Thread starter
- #3
Where would I look to find this b/d? Sorry for the ignorance
most of the big b/d's you need at least 100k in GDC, so they wont even look at you being new.
also to affiliate with a B/D you'll have to pay E&o and technology fees $250-300 per month.
Med Sup you'll need a separate IMO/FMO because B/D's don't deal with Medicare products, that's an outside business affiliation.
- Thread starter
- #5
From your experienced point of view, what would you recommend for a pathway for someone new? Or could anyone else chime in?
A b/d is a broker dealer.
That's where you would get your series licenses.
There are quite a few paths to go down if you want to affiliate with one. Banks, wirehouses, insurance carriers, independents, etc.
There are really too many options to go into detail without knowing more about your skillset, demographic focus, prospecting strategy, etc.
- Thread starter
- #7
Something like digitalBGA, would they take a new agent on?
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Our company ended our small BD last year. Most reps decided to give up their securities licenses because most BDs were 4-7k per year in fixed costs to get rolling, then 60/40 or so split. For most, it just wasn't their thing as they were mostly PC & life.
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You are in a whole different world when looking at broker dealers. You are focusing on investments and you have to produce investment money to be any value to them. If you go in there talking about “upfront releases” you will be tossed out the door. That is not in their world. That’s a final expense agent term.
And show me one BIG IMO that gives top commissions on any product for newer agents. You are thinking the opposite direction. I’m a small IMO focusing on one niche within the industry. But unlike any big IMO I post our commission grids that EVERY agent starts at right on our website. No big IMO does that anymore. Do you know why? They will always be at least 10 to 20 or more (often 60) points lower on the commission levels. The big IMOs get big by adding layers and layers of very active middle men recruiters. Small IMOs are more direct. Unless they decide they want to become a big IMO and they follow that same model.
But in your position right now, if investments is your goal. I would talk to some of the big annuity brokerages that work with the type of agents that do variable products. Get names. Then research those names and try to talk to agents that have been with them 5-years or more.
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