New agent starting out and a bit clueless. Looking for some advice

[Questionguy87]

A Field Marketing Organization and a Independent Marketing Organization are the same thing, but I guess FMO's are thought to be larger than IMO's.

They don't get a cut of your commissions. They get a certain a certain % from each company, then they give you, usually "street" commissions, which is the aaverage that you get without proof of production. The value you get from a FMO/IMO can vary greatly from one to another.

If you want to lead with Medicare Supplements, you should contact @Todd King. He's a straight shooter and has a full service FMO.

thanks a ton man. And is it a problem to be part of more than one IMO/FMO? Like if I get started with an IMO that focuses on medigap stuff and I get really good and understand what I am doing and want to expand to something like final expense, is it possible to join another IMO and

It sounds like you are in a state of analysis paralysis, my friend. I think you should take some advice previously given and first decide the type of people you want to help and/or what you really want to do with your credentials. Do you want to work with business owners, young accumulators, affluent seniors, impoverished seniors? Perhaps you prefer wealth management, estate planning, retirement planning, financial planning? Your life and health credentials does afford you an opportunity to live an abundant life. You may later decide you want to add the Series 6, or 7, or even 65.
The reason you have so many options to choose from where to work is because you have something every one of those organizations want, which is a license to sell; and therefore, make them money. The captive companies want you to believe it's their ball and you must play by their rules. The reality is, the pimp is only in the game as long as the prostitute remains insecure and thinks she needs him. If you need a structured training program and not sure what to specialize in, this is a good place to start. Just understand, it is your ball. They cannot play without you. With that colorful analogy said, regardless of what organization you eventually work, you will find both winners and losers. The winners are those who take responsibility for both their successes and failures. Everyone knows who they are. The most successful are few and far between. They hold themselves accountable and responsible for success or failure. The losers are the ones who blame others or circumstances for their failures. It should not surprise you that this is the majority of the population, regardless of what organization you choose.
Wherever you finally decide to land, take responsibility for your own success and failure and hold yourself accountable. In my opinion and 30 years experience, the difference maker will be your willingness to PROSPECT FOR NEW BUSINESS every day regardless of whether you feel like it, or not. Prospecting means only one thing: Putting yourself in position to be told "No!", by either asking for the appointment or asking for the order. Anything less is just marketing. This is a piece of cake, when you are motivated. Extremely difficult, however, when you lack motivation; which is only a matter of "when", not a matter of "if". The only solution to this "success killer" is DISCIPLINE. Discipline must kick in, when motivation wears thin. Although it may make you feel better, it doesn't matter if you negotiate contracts in excess of 150%, if you lack the discipline to continuously subject yourself to rejection. At the same time, there are 1099 agents getting paid only half as much commission at places like New York Life, Ameriprise, State Farm, Bankers, and the list goes on, who are kicking a lot of us independent agents with our high contracts in the ass!

Someone once put this business to me this way, "This game ain't for sissies!" It never occurred to me that the game he was referring to was prospecting.

Hey Titeye thanks for the words of wisdom and you are absolutely right. I gotta choose a niche. I suppose I am finding it all a bit hard to wrap my head around. As I was initially gonna join my friend I just figured I'd do what he does but now that that won't happen im just trying to learn a bit and get a clearer picture of where/how to start and make these decisions. Thanks again!

 

[Questionguy87]

I'm in Arizona just curious if you are that self described clueless how you knew your friend was paying you S***? I am not sure why I key in on certain things what was the real red flag? Is your friend or has / she been successful and is there a verifiable track record of bringing on agents? If your friend is successful and you have an escape clause in your contract that is favorable you might want to hang around a bit a sponge before you make that decision.

Hey Lawsonhj1, well its a long story but I was living in Vietnam a few months ago and was in contact with this old friend from high school who has been doing well for himself and selling insurance online from Costa Rica. He offered me the option to come to sell for him making a low hourly rate plus 300 USD per sale which sounded great at first (since the cost of living would be slightly lower living in CR and I was also desperate to start a new career path). Anyhow, it all sounded great and I got my license but after getting the license and looking at jobs on indeed, it seemed that actually what my friend was offering was kinda poor since there were no renewals/advancements involved and this part was all a bit new to me. I joined him in CR for like a week to talk business and basically just agreed that it might be a dead-end for me as CR also wasn't as cheap as I thought it would be. So now that I have thrown that idea out the window I am back here in Arizona trying to figure out what is a good next move. BTW, I am in Mesa where are you?

 

[goillini52]

thanks a ton man. And is it a problem to be part of more than one IMO/FMO? Like if I get started with an IMO that focuses on medigap stuff and I get really good and understand what I am doing and want to expand to something like final expense, is it possible to join another IMO and

You can use as many, or as few IMO's as you choose. Many IMO's offer both Med Supps and FE. That's why I suggested calling Todd, he does both and can answer your quesions or you.

 

[Lawsonhj1]

I am back here in Arizona trying to figure out what is a good next move. BTW, I am in Mesa where are you?

I am in Buckeye last tile roof you see on the way to California. I almost died in Costa Rica once week after Hurricane Danny 1997 found out canoes don't float like kayaks when you capsize and try to get back in.

 

[Questionguy87]

You can use as many, or as few IMO's as you choose. Many IMO's offer both Med Supps and FE. That's why I suggested calling Todd, he does both and can answer your quesions or you.

thanks goilliini52! I messaged him! =)

 

[Questionguy87]

I am in Buckeye last tile roof you see on the way to California. I almost died in Costa Rica once week after Hurricane Danny 1997 found out canoes don't float like kayaks when you capsize and try to get back in.

haha luckily I didnt have that type of experience. Sounds like you are wayyyy out there. if you are the last house after Buckeye

 

[FinalExpenseDojo.com]

I'll just add that @FinalExpenseDojo.com (Mike Kruzich) is here.

Thanks for the tag!

I wouldn't recommend Bankers Life or Symmetry. Mike's a nice guy.

Yes, if you're Independent, you can use as many FMO's as you want. Some of the FE FMO's are semi captive.

Thanks buddy

 

[FinalExpenseDojo.com]

Hey Lawsonhj1, well its a long story but I was living in Vietnam a few months ago and was in contact with this old friend from high school who has been doing well for himself and selling insurance online from Costa Rica. He offered me the option to come to sell for him making a low hourly rate plus 300 USD per sale which sounded great at first (since the cost of living would be slightly lower living in CR and I was also desperate to start a new career path). Anyhow, it all sounded great and I got my license but after getting the license and looking at jobs on indeed, it seemed that actually what my friend was offering was kinda poor since there were no renewals/advancements involved and this part was all a bit new to me. I joined him in CR for like a week to talk business and basically just agreed that it might be a dead-end for me as CR also wasn't as cheap as I thought it would be. So now that I have thrown that idea out the window I am back here in Arizona trying to figure out what is a good next move. BTW, I am in Mesa where are you?

Hi Questionguy87,

Can I ask how much the hourly rate offered is?

Are leads provided?

 

[Questionguy87]

Hi Questionguy87,

Can I ask how much the hourly rate offered is?

Are leads provided?

Hey FinalExpense Dojo,

He was going to be providing the leads and I was going to get like 10 dollars per hour and 300 dollars per policy I sold. At first this all sounded great because I was imagining the lower cost of living in Costa Rica and the hands-on training to understand the industry better. I kinda realized soon that the pay was trash and I could probably learn in better ways.

 

[FinalExpenseDojo.com]

Hey FinalExpense Dojo,

He was going to be providing the leads and I was going to get like 10 dollars per hour and 300 dollars per policy I sold. At first this all sounded great because I was imagining the lower cost of living in Costa Rica and the hands-on training to understand the industry better. I kinda realized soon that the pay was trash and I could probably learn in better ways.

I know this might be unconventional to say but to be perfectly honest with you I think that is a good deal. Many call center agents get a similar hourly & get pennies for each sale. Being able to learn on someone else's dime is invaluable. Plus having them there next to you to coach you while you're selling is super underrated (that is probably the #1 thing that has helped me in this industry by far).

The way I look at it is you are getting paid to learn risk-free. Once you have mastered selling this you can always leave and do it on your own. But if you go and do it on your own to start you could go into massive debt from buying leads & not being able to convert them at a high level. Trust me, most agents (in this industry as a whole) that buy their own leads either lose money or barely make minimum wage once it's all said and done. Yes, there are some that make great money but the odds are not in your favor.