Multiple writing numbers?
- Thread starter Mr. Bill
- Start date
- 227
It's not necessarily the IMO or the FMO, the carriers themselves often decide whether they will offer dual contracting or not and what the stipulations are re: contract levels.
If you had an agency it would make sense to you because you would not want to invest your time in training an agent so that they could turn around and place their business where they have a higher contract that may not have necessarily earned the right to have.
If someone is taking up your time; expecting you to mentor them; it is only right that they climb the ranks just as those of us have who are at the higher contracts.
If you had an agency it would make sense to you because you would not want to invest your time in training an agent so that they could turn around and place their business where they have a higher contract that may not have necessarily earned the right to have.
If someone is taking up your time; expecting you to mentor them; it is only right that they climb the ranks just as those of us have who are at the higher contracts.
- 1,802
It is good to see that you have climbed the ladder Louise.
I will say that there are many reasons why an IMO makes sense; but there are only a few reasons why you should keep the one you are doing business with.
1. They are paying you the highest comp.
2. They are providing value in the form of Marketing ideas and/or support.
3. They are providing both
If an agent needs a great deal of support, then he/she should stay with that GA/MGA. Just remember that agents realize when they are being screwed.
In this business you must earn the right to keep your agents daily. An IMO/FMO is not owed anything, nor is the MGA. Then again what do I know............LOL. I hope this helps.
- 227
I agree that there are many reasons for an IMO and I will also agree that your mentor at your IMO needs to make sure you are compensated properly and provide you with daily support.
If a GA is providing daily support for an agent in training then I think the GA should also be properly compensated .
I spend a lot of time training my agents and I am not even exaggerating with the "a lot". It absolutely would not be worth it for me to do that if they were on the same contract level as I am. How does that make sense?
At the same time, the goal is to get them trained and get them at a higher compensation.
Of course they know when they are being screwed and if they don't; they would find out.
It doesn't make any sense to me either why someone would screw an agent over.
Who wants to invest all of their time into training an agent only to have them leave because they aren't being properly compensated.
I think all of these points are obvious but then again, given the recent situation with some of the agents I have been working with; I guess it isn't obvious to everyone. A lot of them were really taken advantage of where they were before BUT I don't see them ever letting that happen again.
Bottom line is that you have to be honest and fair with anyone you do business with or sooner or later it will bite you in the arse.
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Maybe I should elaborate... My point was that there are wholesalers out there that will place a green agent at a contract above street level but they offer them no support or training, the agent gets the support and training from an IMO at a lower comp and then places the business somewhere else where it is higher...
I thought it was a given that I was speaking of that situation and not someone who worked their way up but hit a glass ceiling because their upline is greedy and then went somewhere else. I had that happen to me so I know why it is important to allow your agents to grow not only in knowledge but also in compensation. I digress...
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- 1,802
The relationship you are referring requires trust and loyalty. Providing that you are doing what you are saying; you should not have any problems with agent retention.
I can not tell you how many agents I talk to, on a daily basis, that will not leave their current situation even for a 30-40% comp increase. That tells me some people are doing their job and doing it well..........Best of luck to you in the future......I hope this helps.
- 227
It definitely requires that AND it deserves that. I have a lot of respect for my agents. I make sure that I do everything I can to help them succeed and not only for my own benefit but because it is the right thing to do.
One thing I want to add though is that I have also spoken with agents who don't want to leave their current situation but it is because they are afraid to. It's a darn shame that anyone should feel that way.
One thing I want to add though is that I have also spoken with agents who don't want to leave their current situation but it is because they are afraid to. It's a darn shame that anyone should feel that way.
- 1,802
I personally like the "hands off" approach. Teach an agent to do for themselves, and then pay them the highest comp. I am NOT talking about an extra 5-10% either.
I keep my spread LOW; the agents comp HIGH. I do love speaking with new guys/gals and mentoring people. I was just talking to one of my guys who was implementing one of my marketing ideas. His first case he wrote was a 90K annuity that he made 9.5% on. He has been with me for about a week now. It does get exciting..............I hope this helps
- 227
I agree with you idea but for the first month or two, depending on their learning curve, I do take a larger spread because training them for hours a day means I am not out writing business. As soon as they are able to do what they need to do with minimal support vs. hours of daily support; of course they are going to be at a high comp.
- 1,926
I am dual licensed with:
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AIG
West Coast
Pru
Genworth
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AIG
West Coast
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Genworth
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