What % Should I Expect from IMO on Annuities

[callyjr]

I just made the switch to a new IMO a few months ago for multiple reasons. one was for a higher contract which was about 30% difference and the other was the company I was with just wasn't a good fit for me.

Now that I have come across a couple clients to help roll over their 401k's I am seeing that the new IMO is paying less on the annuity side then I had before.

what is a good % on an annuity and who all can I go direct with.

thanks in advance

 

[pcbinsurance]

Totally depends on the annuity you are considering.

One example: http://www.wmacorp.com/MYGRateGuide.pdf

 

[callyjr]

Totally depends on the annuity you are considering.

looking at growth for this client but in general all sorts.

looking at the link, that is 1st and 2nd year, does it pay after that?

 

[Tahoe Ray]

I just made the switch to a new IMO a few months ago for multiple reasons. one was for a higher contract which was about 30% difference and the other was the company I was with just wasn't a good fit for me.

Now that I have come across a couple clients to help roll over their 401k's I am seeing that the new IMO is paying less on the annuity side then I had before.

what is a good % on an annuity and who all can I go direct with.

thanks in advance

What kind of annuities are you looking to write? Index, MYGAs, SPIAs? They are all going to pay differently.

You should be getting at least street level (assuming that you're just with your current group for contracts) so were you above street before (with your previous IMO)? Why not just keep your annuity contracts with your first IMO?

If you have significant production and downline agents, you can go direct but you're likely going to need an IMO anyway.

 

[Norwayguy]

I just made the switch to a new IMO a few months ago for multiple reasons. one was for a higher contract which was about 30% difference and the other was the company I was with just wasn't a good fit for me.

Now that I have come across a couple clients to help roll over their 401k's I am seeing that the new IMO is paying less on the annuity side then I had before.

what is a good % on an annuity and who all can I go direct with.

thanks in advance

Why is this a sudden surprise? I am assuming you had to move contracts I am assuming said contracts included a commission grid so you should know going in your commission.

 

[Newby]

I just made the switch to a new IMO a few months ago for multiple reasons. one was for a higher contract which was about 30% difference and the other was the company I was with just wasn't a good fit for me. Now that I have come across a couple clients to help roll over their 401k's I am seeing that the new IMO is paying less on the annuity side then I had before. what is a good % on an annuity and who all can I go direct with. thanks in advance

The last thing you need to do is go direct on annuities when it appears you don't know the first thing about them.

Go under an FMO that is totally focused on annuities. Your commission will be the same but you can have someone that actually knows what they are doing helping you.

I'm pretty sure Brokers Alliance here on the forum is one of those.

 

[scagnt83]

The last thing you need to do is go direct on annuities when it appears you don't know the first thing about them.

Not necessarily... Midland & Jackson (2 excellent Annuity companies) only contract direct. So no IMO out there is going to suggest those products or have strong knowledge about them.

And before you say that NA & Midland are the same, they have key differences in the features and rates on their products. (giving Midland a distinct edge)

ING is another company that will contract direct.

Plus, all of the companies that contract direct have internal sales teams to help with product selection and case design.

So direct is not necessarily bad for a new agent.

But I do agree that this person probably does need some direction with annuities beyond simple product selection. So a good IMO could help a lot.... I would recommend FIG for Annuities. jmo

 

[KRobby]

what is a good % on an annuity

wat

looking at growth for this client but in general all sorts.

looking at the link, that is 1st and 2nd year, does it pay after that?

wat

Are you sure you're licensed?

 

[callyjr]

wat



wat

Are you sure you're licensed?

yes I am licensed. I issued 2 with F&G last year, that's my experience so far. Mostly been selling life and IUL's to this point, I have about 5 right now that I am working on but my current IMO is only offering 4%. Street pricing is much higher as I understand. Just trying to explore the options.

thanks for all the replies,

 

[Tahoe Ray]

yes I am licensed. I issued 2 with F&G last year, that's my experience so far. Mostly been selling life and IUL's to this point, I have about 5 right now that I am working on but my current IMO is only offering 4%. Street pricing is much higher as I understand. Just trying to explore the options.

thanks for all the replies,

For which product? I'm an IMO for F&G. PM me your email address and I'll send you their street comp schedule.