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There were two models . . . GA where the individual assumed the risk for building the agency, and the Agency Management system where the agency was owned and funded by the carrier and a salaried manager ran the local agency.
The GA's I knew were experienced agents who came up through the field . . . SOME agency managers had field experience but most were folks who flamed out in direct sales but the home office brought them under the wing and gave them a position. Most of the agency managers were nice guys but really had no idea how to sell. Neither system offered much in the way of leads unless you call orphans a valid lead.
Some of the GA's still produced business and had actual sales skills. Agency managers, not so much
Today's FMO's that had seed money used their own money or got it from daddy, and they are very much risk takers. Anyone who says otherwise is an arrogant fool.
I started out as a PPGA. Never worked in an agency or run a debit. But like you said, most relationships were direct with the company. All of mine were. And some still are.
Can't remember when the FMO thing took off. It kinda snuck up on me. And right now I've got 6 or 7. And Todd's one of them.
But I do know that NOT one time have I ever wondered about what they were making. Either off of me or anything else. Just ain't none of my business.