Major Change Happening in Industry???

[annuityseller]

can anyone tell me what the name of the FMO that was set up by the president of game plan and the #1 agent??

 

[TxsRang3r]

Impact marketing group

 

[Eddie C.]

The Allianz "Preferred" program is exclusive to about 20 FMO's in the country. T
he first product launch will be in August, and it will be a very stron income product with higher caps and pay out options to the client.
Overrides are protected due to the immense abuse of FMO's paying overrides to agents that do not produce enough to merit the override. In other words, if you are in fact a top producer in the index annuity world, or are part of a top producer group that does more than $10 - $15mil in indexed annutyies, you can qualify for higher comp but others cannot.
If you wish to obtain more information or how you can become affiliated with one of the few FMO's that will have the product available, feel free to reply back directly with contact information.

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?

 

[Eddie C.]

The Allianz Preferred FMO was set up as a way or Allianz to control distribution, not to make independant agents captive.
Allianz wants to be the main core carrier with their Preferred FMO's, and also wants them to have internal operations in place to control compliance and suitability. What they are doing is for the betterment of the industry, and the agents they do business with. They will only have about 25 FMO's as preferred for now, but that number could grow in 2012.
The new product, which will not be released until sometime in August, will have some great income features:
A guaranteed roll up; higher caps for greater growth; and higher income payout % that will great benefit their clients.
Feel free to contact me directly for more information.

 

[Norwayguy]

The Allianz Preferred FMO was set up as a way or Allianz to control distribution, not to make independant agents captive.
Allianz wants to be the main core carrier with their Preferred FMO's, and also wants them to have internal operations in place to control compliance and suitability. What they are doing is for the betterment of the industry, and the agents they do business with. They will only have about 25 FMO's as preferred for now, but that number could grow in 2012.
The new product, which will not be released until sometime in August, will have some great income features:
A guaranteed roll up; higher caps for greater growth; and higher income payout % that will great benefit their clients.
Feel free to contact me directly for more information.

You make me smile...You HAVE to be a marketer, no problem with being one. But lets face it there is only so much growth that can be paid out and keep the company solvent and within reserve requirements. So if you give the client more some other piece of the pie must be reduced namely agent comp.

 

[Charpress]

Got a letter today from my FMO that they decided to opt out of the Allianz Preferred program.

They opted out because Allianz was requiring that they no longer do business with other exclusive distribution groups (Annexus and others). To my FMO, independent means independent, not dancing to any particular tune.

This will be interesting since my FMO has been one of the top three producers for Allianz for the last two years.

All the FMOs should tell them to go to hell like mine did.

 

[TxsRang3r]

Got a letter today from my FMO that they decided to opt out of the Allianz Preferred program.

They opted out because Allianz was requiring that they no longer do business with other exclusive distribution groups (Annexus and others). To my FMO, independent means independent, not dancing to any particular tune.

This will be interesting since my FMO has been one of the top three producers for Allianz for the last two years.

All the FMOs should tell them to go to hell like mine did.

Fact: EVERY Annexus IMO that was offered the Allianz preferred FMO deal opted out, and there were 2 that were way up the ladder with Allianz in terms of production #s.

 

[Charpress]

The FMO I am talking about did $500 million with Allianz last year.

I think some new thinking on the part of Allianz is going to come about. I don't see how they can justify the numbers. Seems to me they were gambling on what would happen and the bluff has been called.

The FMOs that opt out can still do Allianz products, but not the preferred line. Does anyone really think it will be business as usual? Once you have a bad taste in your mouth, whether deliberately or not you are going to steer to other companies. Gary Bhojwani isn't stupid (or I didn't think so) -there will be more to come on this I'm sure.

 

[wicked22]

I think all they are going to do is shoot themselves in the foot. According to the "ex" boss now, the plan is to lower caps on products like the Endurance Plus to fund the preferred products. Know what that means - I'm not writing any more Allianz - my clients would be better off going with Annexus with the 60% part rate.
And yes, I said ex.

 

[Franz Kafka]

I think all they are going to do is shoot themselves in the foot. According to the "ex" boss now, the plan is to lower caps on products like the Endurance Plus to fund the preferred products. Know what that means - I'm not writing any more Allianz - my clients would be better off going with Annexus with the 60% part rate.
And yes, I said ex.

Feed the krauts to the schweins. Many better choices out there IMO.