newbie independent agent seeking advice[Transfer agency]

Jun 8, 2019

  1. rwahmao
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    rwahmao New Member

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    Hi,

    My name is Ben, lived in Southern California.

    I googled a lot on how to be a life agent and tried my best to learn all by myself.

    this year I obtained my life-license and found a local agency and signed a contract with them as an independent agent (the agency said they are a top "BGA" and commission rate started at 80%)

    I got appointed with AIG&NLG though the agency and started to write policy.

    The boss in the agency is not very friendly and offer little help in training.

    one of my new friends suggested I go to his "IMO", and offer 100% commission and training.

    my question is:

    -My new friend said he runs an "IMO" and did show me all the carriers he can contract. But I found he even don't have an office. that's wired to me. What is "IMO" and "BGA"?

    -A guy told me that if I got appointed with the carriers from one agency and want to transfer to another agency, It will "pay a great price" and may not able to do business with the carriers in a certain period,such as 1year,2 years.

    as a newbie, may I ask :

    -is that possible to transfer me from this "BGA" to "IMO"? what the "price" will I pay?


    Thanks for your help.
    Best personal regards.

    -ben
     
    rwahmao, Jun 8, 2019
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  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    It's typically a 6-month waiting period of not writing any business with that carrier before you can re-appoint with the same company through a new IMO/BGA, etc.
     
    DHK, Jun 8, 2019
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  3. DayTimer
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    DayTimer Guru

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    Hi Ben ... how "new" is your friend? And how certain are you that he is your "friend."

    Take it slow ... read this forum, ask questions, do not make a hasty decision. Right now you only have two carriers tied up with your current agency.

    Make the wrong decision and your life insurance opportunity can be over before it starts. Make the right decision and you could be on the road to great success.

    Ask questions - do some research, you are the one interviewing them. You are hiring the IMO, not the other way around.

    You may not even know what questions to ask. Here is a real good place for you to start:

    https://insurance-forums.com/community/threads/guidance-for-new-life-agents.29999/
     
  4. Newby
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    Newby Guru

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    Take your time to become familiar with how independent agents and agencies work before you sign up this time. Believe it or not 100% commission level is a huge haircut with many companies. And make sure the “friend” you sign up under has the training and lead programs you need. Because that is what they are making the over ride on you for. You always see people here on the forum looking for a good set cost direct mail lead program because their upline doesn’t provide one. That should be one of the main reasons for choosing them in the first place.

    You can get some of your basic knowledge by reading this thread here. Getting Started with FE Sales
     
    Newby, Jun 10, 2019
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  5. rwahmao
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    rwahmao New Member

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    thank you for your help.
     
    rwahmao, Jun 11, 2019
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  6. rwahmao
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    rwahmao New Member

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    Thank you !
     
    rwahmao, Jun 11, 2019
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