Monumental Life

[jdeasy]

Actually, I don't think it could be beaten court. Companies have the right to accept or reject a person for contracting

It's not the companies, it's the FMO's that won't release. Of course the company could waive the release but that would go against their hidden agreement with the FMO/IMO.

I've seen it in any contract where I would need a release from the IMO if we parted ways.

Why they even want to keep an agent that doesn't want to work with them is beyond reason. If there is a debt, sure, make sure the debt is settled before releasing. Barring that there should be no ties to the FMO/IMO. There are none contractually.

It's as I said before, an unholy allianc between the companies and the marketing organizations.

 

[GoCubsGo]

Of course it could be beaten in court. Here are the problems:

1) Will take YEARS
2) Will cost a Fortune
3) Company won't re-appoint

The best we can do is point out those FMOs who won't release, like RBI (Bob Bever), AGA (Patrick Rodriguez), Aspect Management (Graham Miller), and others.

Rick

Americo told me that they have an agreement with EFES and Unique Underwriters that if appointed through them you have to wait 2 years to move. Isn't that them saying we can't keep you with our service so we will keep you on a legality. Maybe they should concentrate on making it so you wouldn't want to leave. But that's crazy thinking. haha

 

[Rearden]

2 years with Americo? Are you sure about that?

I figured it was 6 months like all the others...

Americo told me that they have an agreement with EFES and Unique Underwriters that if appointed through them you have to wait 2 years to move. Isn't that them saying we can't keep you with our service so we will keep you on a legality. Maybe they should concentrate on making it so you wouldn't want to leave. But that's crazy thinking. haha

 

[RonRoberts]

It's not legal. I'm sure it could be beaten in court. The problem is that no one has been willing to take it to court. First there is the expense of doing so and then there is the time thing. By the time it got through the courts 6 months would have passed and it's a non issue.

The companies and the FMO's know this. It would take a class action to stop it and there just has never been enough agents that were willing to take it up.

I asked an executive at a very large FMO why they wouldn't just grant releases and his answer was "because we don't have to".

In my opinion the insurance companies foster this multi level marketing mentality that whoever signs the contract owns the agent. Is this good for the agent...hell no and they know it so taking the blame off the insurance company and blaming the IMO is wrong. What about the health insurance companies that say I can go write a piece of business and if the client wishes to change the agent of record they can. This is lunacy.

Any IMO/FMO or Managing GA that will not release someone is a prick and deserves a punch in the mouth as in my case with my Americo contract. When I was getting appointed with Americo all I asked my managing GA was for training and with the exception of letting me watch a webinar on Americo's FE product I received no training. After I asked him for a release he let me know how disappointed he was and then told me that he would think about it...well he can think about it all he wants because he will never make a dime off of me. When I asked him about the training he asked me "why would I train you to work in my back yard." All I asked him to do was train me and let me ride with him to see how he sold in the field. The guy is a jerk and I hope he is lurking on this forum. I had 3 contracts with him and would have made him money but aint no mountain high enough for me to climb above the **** smell that I get a whiff of when I think of him.

Sorry for the ramble. Lastly, I believe that the insurance companies should enforce two things for the agent's protection:

1. A big disclaimer should accompany every contract that the agent signs prior to appointment stating that the agent understands the possibility of the IMO not providing an immediate release and the 6 month rule.

AND

2. A commission statement that is signed by the agent prior to the appointment. Too many agents (I know this is their fault) sign contracts not realizing they are property of the IMO for 6 months and were told they would receive one % but actually get another.

 

[Me112233]

Americo told me that they have an agreement with EFES and Unique Underwriters that if appointed through them you have to wait 2 years to move. Isn't that them saying we can't keep you with our service so we will keep you on a legality. Maybe they should concentrate on making it so you wouldn't want to leave. But that's crazy thinking. haha

You forgot the king of "we will never give you a release" -- Amerilife.

 

[Agentguy5]

Somebody tell me this 2 year thing with Americo and EFES is BS????

 

[HAMPnet]

Somebody tell me this 2 year thing with Americo and EFES is BS????

I got released from Americo by them but am having a hard time getting released from Monumental and RN. Pioneer Financial Group can tell them to release me, but Mark Davis there is ignoring my requests. Maybe he's on vacation.