Looking For Some Advice

[dj5106]

I've only been a member of this forum for about a month now and I'm really glad I found this forum. I have been in the insurance business for about for about four years now, most of my experience has been working for a State Farm agent which I enjoyed and found very rewarding. My current situation precludes me from making such a big commitment as going through the career process of becoming a captive agent, but I would like to forward my career independently.

I would like to contract with an IMO for life insurance products. After searching the internet and this forum for over a month I think I have sifted through most of the MLM schemes and rubbish. I need the ability to offer high quality life products but also have access to some simplified issue products as needed. I am considering contracting with Brokers Alliance and Rosenthal Financial Services as a start. Both IMOs seem to have their niche.

I would really appreciate some honest feedback or experiences you may have had with either of these companies.

Am I on the right track here with these companies?

Is something better out there?

Am I missing something?

Your advice will be appreciated.

Thanks In Advance,

Dan

 

[Guest]

Both BA and RA are fine General Agencies. However, I think you might have it a bit backward.

The first thing you need to do is find clients. Neither of the GAs above (or, in my opinion any GAs on the planet) will be much help in that. Some have lead programs but they will vary in quality.

One thing you should do is look in your own backyard for a good GA. They might have more incentive to help you if they are small and rely on local talent. Call some local agents and ask whom they put their life/annuity biz through.

But again, you need a client. Once you have one, contact several GAs and find out who will give you the best contract for the carrier that you have in mind.

I've found that comp varies all over the place. BA can give you a good contract for West Coast Life, but a crap one with John Hancock (at least to me... maybe not to you!). I've had just the opposite from other GAs... where WCL is a low comp but JH is high.

Yeah, I find it a PITA to have to shop GAs, but that's pretty much how the BGA distribution model works. Just remember, the less they have to give you, the more they keep for themselves. Each GA has carriers where they do a lot of biz and get good contracts that they can pass along to you... and not-so-good contracts with other carriers.

Of course sometimes the highest comp GA is not the best "deal" for you if they have crappy service. However, this venue can help you sort that out once you've settled on one.

One thing you might (just might) be wary of are the GAs/FMOs who are owned by a particular carrier. For example, PBS is owned by Allianz. Will they give you unbiased opinions when shopping a case? I don't know because I'm not contracted with them. But you need to be aware of that possibility.

Honestly, find the client first. There is a GA under ever rock who will be happy to take your cases and shop them. Most won't help you UNTIL you have some business to talk about.

When dealing with GAs, try to remember this riddle:

Q: Do you know what GAs call an insurance agent with no clients?

A: Just another guy out of work looking for a job.

Al
InsuranceSolutions123 Agency: Honesty and Integrity

"There are worse things in life than death. Have you ever spent an evening with an insurance salesman?" -Woody Allen

 

[dj5106]

Thanks Al for the response. I do have a fairly decent client list currently. I intend to purchase some leads and institute other marketing startegies to help generate new business. It's like you said there are several IMOs out there, I'm just hoping I've found a couple of good ones to get started with. We'll see, I'll keep the forum apprised as to what I find.