Major Change Happening in Industry???

[TxsRang3r]

AnnuitySeller - that's sort of the mentality we had when they told us who we could no longer have contracts with.

VolAgent - not 100% sure, but that's another reason I'm personally weary of this Preferred FMO stuff. Are they going to audit the FMO to see where business is going? I'm sure a lot of people out there are not reading the fine print in the new Preferred FMO contract.

 

[VolAgent]

I can just see some FMO lying to Allianz and saying they are number 2 to max out the bonus. Then Allianz demanding an audit to verify. That definitely won't go well. Also, even if you honestly have Allianz as your number 1 annuity carrier, do you really want them coming in to audit your books to verify? I can't see anything positive coming from turning over your books to an insurance carrier.

 

[TxsRang3r]

I cannot see this preferred FMO idea working. Look at their owned FMOs and how well they do in the industry. (1) maybe, Gameplan, does big production. Also, one big issue people should have thought about when this idea came about. If the preferred FMO club is so great why did the President of Gameplan leave to start his own IMO with their top Marketer and one of Allianz's top agents? That should raise some eyebrows if you ask me.

 

[wicked22]

I cannot see this preferred FMO idea working. Look at their owned FMOs and how well they do in the industry. (1) maybe, Gameplan, does big production. Also, one big issue people should have thought about when this idea came about. If the preferred FMO club is so great why did the President of Gameplan leave to start his own IMO with their top Marketer and one of Allianz's top agents? That should raise some eyebrows if you ask me.

Good point Txs.

 

[VictoryWM]

Our FMO is Allianz Preferred.

Allianz Preferred is actually an entirely new suite of products. They say that the Allianz Preferred products have some major upgrades that should give us a competitive edge since very few Agents/FMOs will be able to sell them.

Allianz Preferred is a completely separate contract from the regular one. This means you can contract with a Preferred FMO and keep your old contract with your existing FMO, at the same time.

Here's a teaser we heard:

"Imagine a product that – while accumulating – gives clients a bonus every year interest is credited. Imagine a product that not only offers the opportunity for payment increases while receiving regular income but while accumulating for retirement as well. Imagine a product that is simpler to sell, that offers FMOs and Agents extra rewards. Imagine an annuity were opportunity is your reward."


The eligibility is very strict. Besides a background check (including Vector-One), you must meet at least 1 of 3 criteria:

· You have met Allianz Club Level production at least 1 year in the last 3 years ($600,000 or more in Annuity Premium or $60,000 or more in Life Premium)
· You earned a minimum of $60,000 in annuities and/or life commissions (from other companies) in the last year
· You are already a Registered Rep

You want to make sure that there is nothing in your background that could disqualify you because if there is, they may cancel your regular contract as well.

The new Products should start rolling out on or around August 1st. Contracting starts July 1st.

PM me if you don't have a Preferred FMO and want to be able to sell Allianz Preferred.

 

[VolAgent]

The eligibility is very strict. Besides a background check (including Vector-One), you must meet at least 1 of 3 criteria:

· You have met Allianz Club Level production at least 1 year in the last 3 years ($600,000 or more in Annuity Premium or $60,000 or more in Life Premium)
· You earned a minimum of $60,000 in annuities and/or life commissions (from other companies) in the last year
· You are already a Registered Rep

You want to make sure that there is nothing in your background that could disqualify you because if there is, they may cancel your regular contract as well.

The eligiblity is strict??? Who are you fooling. Anyone who can fog a mirror can meet #3. You need to be doing #2 to just survive. Sure, most agents don't meet that, but I wouldn't exactly call that strict.

 

[Franz Kafka]

Actuarial numbers are all the same. If whoever is "actually" paying the client extra (and not merely rearranging the payment), then that money has to come from somewhere - in the form of "cuts" somewhere.

 

[VolAgent]

Actuarial numbers are all the same. If whoever is "actually" paying the client extra (and not merely rearranging the payment), then that money has to come from somewhere - in the form of "cuts" somewhere.

Don't spoil it. There is a sucker born every minute. Why shouldn't Allianz get their share?

 

[scagnt83]

Don't spoil it. There is a sucker born every minute. Why shouldn't Allianz get their share?

LOL, exactly.

And Allianz has had plenty already.
- - - - - - - - - - - - - - - - - -

Allianz is still a strong and good company with great product offerings, so I don't think not touching them with a 10 foot pole is warranted.

If you say so.

I have never found a reason to sell them.
There has always been stronger companies with just as good (or better) products, with fair comp, and without the sordid history (including (imo) some very poor and misleading annuity contracts in the past)

But I know that their comp used to be very nice....
couldnt tell you what it averages these days, but it wouldnt surprise me if it was still one of the highest out there..

 

[Charpress]

Mmm... I wonder where the Producer Perks program is going with this new scenario.

The Perks deal basically gives an extra 1-2% (or more) in commission depending on whether you are Gold, Platinum, or Diamond level. I will bet anything that Allianz would love to switch the new "preferred" stuff for their perks program, which is costing them a bundle. A friend of mine bought his wife a new car strictly with Allianz perks.