Recommendations for Good BGA's and FMO

sambrody24

Expert
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I was hoping some of the Gurus on the site would be kind enough to explain what the function of BGA is and what the function of a FMO is. For those of us just starting out the acronyms drive us nuts cause we have no idea what any "old Timer" is talking about. Also if some of he Gurus could recommend some BGA or FMO's to start with that would be great.
 
I will be starting in Life insurance, Then after a few month Long term care, then eventually annuities. My goal is to do what I can to help the upper lower class and middle class clients
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I have owned 2 companies before this and want to make sure that whatever contract I sign allows me to hire other agents to sell for my agency as well. Do any of these organizations prevent that?
 
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I will be starting in Life insurance, Then after a few month Long term care, then eventually annuities. My goal is to do what I can to help the upper lower class and middle class clients
- - - - - - - - - - - - - - - - - -
I have owned 2 companies before this and want to make sure that whatever contract I sign allows me to hire other agents to sell for my agency as well. Do any of these organizations prevent that?
Sam, that sounds like a fine market to work with. What I especially like is you seem to have identified your profile of a perfect prospect for you. Many reps make an excellent living working the masses. The late John Savage borrowed a saying when he said "To eat with the classes, you must serve the masses."

One thing I noticed is your intention to learn LTC. Many have the opinion that LTC isn't a product for the middle class, but rather a product for the affluent who have assets to shield from a potentially expensive long-term care stint.

Good luck! :)
 
Sam, that sounds like a fine market to work with. What I especially like is you seem to have identified your profile of a perfect prospect for you. Many reps make an excellent living working the masses. The late John Savage borrowed a saying when he said "To eat with the classes, you must serve the masses."

One thing I noticed is your intention to learn LTC. Many have the opinion that LTC isn't a product for the middle class, but rather a product for the affluent who have assets to shield from a potentially expensive long-term care stint.

Good luck! :)

I prefer Paul's, and I paraphrase, "Your income is directly proportional to that of your clients." The upper lower class isn't exactly known for their disposable income for insurance. Also, I would agree with you completely about LTCi. Generally you are targeting the mass affluent. Partnership programs have opened it up to the middle class, but don't waste your time trying to sell LTCi to the lower class. They can't afford it, they have much more pressing needs for their money.
 
I will be starting in Life insurance, Then after a few month Long term care, then eventually annuities. My goal is to do what I can to help the upper lower class and middle class clients
- - - - - - - - - - - - - - - - - -
I have owned 2 companies before this and want to make sure that whatever contract I sign allows me to hire other agents to sell for my agency as well. Do any of these organizations prevent that?

Most truly independent IMOs will have no trouble with you building a downline. That's a question best asked very specifically of whoever you sign up with. PM or email me and I can recommend and refer you to folks I trust who can help you.

I'll echo what the others here have said: if you're looking to work with upper end of the lower income brackets, then you're going to spin your wheels a lot with LTCi and annuities. You have to consider the difference in philosophy with those products: life insurance can create wealth for beneficiaries, annuities grow existing wealth, and LTCi protects wealth against expenses related to care. If a client doesn't have any wealth to grow or protect right now, then LTCi and annuities are going to be tough sales.
 
If a client doesn't have any wealth to grow or protect right now, then LTCi and annuities are going to be tough sales.

That is so true. Although I have never sold annuities I use to sell LTCi.

It is hands down the most difficult product I have sold. Call it what you will but people still see it as "nursing home" insurance. Men especially. In my experience men all but refuse to acknowledge that some day they may have to go to a nursing home.

One guy told me, "I ain't going to no flipping nursing home, Smith & Wesson has me insured" and he stormed out of the room. A year later he ended up in a nursing home, his wife had to sell the house to be able to pay for it.

Women on the other hand really believe that their kids would never let them go to a nursing home. If I had a dollar for every time I've heard, "My kids love me, they would never put me in a nursing home", I would be rich.

My pat answer was always, "I love my kids, I would never destroy their quality of life by making them take care of me and change my dirty diapers." That does work in some instances.
 
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