The owner of the firm I work for has called a meeting next week regarding some "big changes to the industry" in the next few weeks regarding commissions and who knows what else. He was very vague, but I know there are some people in here who probably know as much or more then he does. This information is coming to us via Allianz. Any info would be appreciated. I really hate going into meetings blind.
Major Change Happening in Industry???
- Thread starter wicked22
- Start date
- 15,041
Just my opinion, but I bet this means...
Bend over and grab your ankles, bring your own lube. This is code for, "I'm about to screw you over and blame it on someone else." I guess he's having trouble paying the bills.
The big change that Allianz just announced is their new Preferred FMO "Club." New products only being released to these FMOs, supposedly amazing new features, and protected margins for the FMOs (which means commission cuts for some reps I guess). Not sure if that is it, but that's the most major announcement Allianz has out right now.
- 924
The trend here is exclusive deals with some FMOs -but beyond that products designed with, and exclusive to, a certain FMO.
So, the FMO says to the insurance co. "Give us a product that has x, y and z (that our agents have always said they wanted) and let us sell it on an exclusive basis."
My own FMO has done exactly that. So, we have a hot new product to sell and the FMO has yet another reason to keep agents from jumping ship.
So, the FMO says to the insurance co. "Give us a product that has x, y and z (that our agents have always said they wanted) and let us sell it on an exclusive basis."
My own FMO has done exactly that. So, we have a hot new product to sell and the FMO has yet another reason to keep agents from jumping ship.
- 10,708
It could be the new NAIC model regs that certain states are implementing.
If you are in:
South Carolina, Iowa, Wisconsin, Colorado, Oregon, RI, DC, Ohio, NY, Maryland, ND, or WV;
starting this year you will be subject to the new NAIC model annuity training regulations.
Basically this means that you have to pass a 4 hour state certified annuity proficiency test; and then you have to pass training modules on each specific product for each specific company.
If you are in:
South Carolina, Iowa, Wisconsin, Colorado, Oregon, RI, DC, Ohio, NY, Maryland, ND, or WV;
starting this year you will be subject to the new NAIC model annuity training regulations.
Basically this means that you have to pass a 4 hour state certified annuity proficiency test; and then you have to pass training modules on each specific product for each specific company.
- Thread starter
- #7
Well, some of you hit it right on the head - preferred fmo program. He's planning on starting his own FMO, and cutting all of our commissions in the process. He's throwing in some "perks, but right now has us so ticked off its ridiculous. We are in the process of tearing the business plan apart and fighting parts of it. It wouldnt be so bad if he had actually delivered on what we had agreed on when we all started.
Ok, so here is another question. Those that are working with a "preferred fmo program", how are your commission structures set-up?
Ok, so here is another question. Those that are working with a "preferred fmo program", how are your commission structures set-up?
- 924
We have no change to commissions. We have new products that we can choose to sell (or not) that are not available anywhere else.
Sounds like your situation is entirely different.
Sounds like your situation is entirely different.
- Thread starter
- #10
Currently we are getting street level commissions then he gets a ut of that and the overrides. He wants a bigger cut, saying in return we get bonuses, plus other services. I am extremely disturbed, along with the bulk of the people I work with.
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According to what he said yesterday, Allianz is trying to get rid of their "smaller" producers, which will make "smaller" producers go to preferred FMO's to write business. His goal is to get a ton of new advisers to write business for him.
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