Moving Contract from One FMO to Another?
- Thread starter axeman462
- Start date
- 16,880
If you are independent your downline moves with you unless your current upline doesn't want to sign off on that.
Your clients and renewals stay with you. Your old imo keeps getting over rides on biz written while with them. The new imo gets over rides on new biz.
Downline agents would have to move as well (i.e. - new paperwork). As long as you are being paid direct (no assignment of commissions), you will continue to get paid on those clients. The old FMO will continue to receive overrides from those prior clients as well.
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I guess I could have clarified that in my reply. I just haven't found too many FMO's who willingly sign off on stuff like that so I always assume they won't.
- Thread starter
- #4
- 16,880
All good IMOs will allow it. I have transferred contracts in with 200+ agents in the down line and none of those agents had to do anything.
It's an easy process if everyone works together. If you have an IMO that won't allow it, just bring them into the light here on the forum and often that's all they need to reconsider.
If they release they will find that for every one that leaves they will get 20 new ones. If they don't release and agents that are trapped report that publically, they will lose LOTS of future business.
Agreed. A "good" FMO will allow it. In today's environment there can be so many levels in the process that one of those levels may say no, while the others say yes.
I also agree that bringing them to light here could be a powerful tool in making them do the right thing. I can't imagine any FMO would be happy to see 200 agents leave in one swipe of the pen (of course we all know that out of 200 agents, there are only a handful who actually produce). I would think there would be some negotiating power there.
One thing is for certain in this business and that is change. While one carrier may be competitive today, they may not be tomorrow. So if the FMO doesn't want to play ball, you simply just bide your time and when the carrier(s) you have through that FMO is no longer competitive, you start placing business with the new FMO and the more competitive carrier(s). Old FMO now loses all that production because they either wouldn't work with the agent or release them.
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