Girl Insure
New Member
- 13
I am trying to understand if there is much difference between a MGA and a Brokerage General Agency?
What's the Difference Between MGA and BGA?
- Thread starter Girl Insure
- Start date
- 439
Not really....the bigger groups like to say they are a BGA...sounds fancier.
At the end of the day, any good bga or mga has a direct contract with the carrier, unlike smaller mga's who have a contract through another mga.
At the end of the day, any good bga or mga has a direct contract with the carrier, unlike smaller mga's who have a contract through another mga.
- 3,347
Girl Insure: They will both seek to screw you. No difference.
- 10,723
So whats your solution? Be directly appointed with the company and get a smaller commission and have no backroom support??
The beauty of a free market is that if your getting screwed you can always find someone better.
And the support you get from your GA is just as important as your comp level... if not more so for a newbie
- 439
That is true...plus most good carriers let you do a duel appointment, so you do not have to get totally locked into one GA over another.
I've always been a fan of 3Mark for life and annuities. Check them out www.3mark.com
(No, I do not work for them)
I've always been a fan of 3Mark for life and annuities. Check them out www.3mark.com
(No, I do not work for them)
G
Guest
Guest
Dude, why the hate? LOL
Seriously, one positive (of many) is that the right MGA can pay you based on statements received before they have the actual commissions from the carrier, it's called an assignment. This is so you, the agent can have money to pay bills, buy leads, etc sooner than later. And you don't give up your clients in the process, it's a great asset to have.
Of course they have to have a substantial cash flow so not every MGA can do this.
Seriously, one positive (of many) is that the right MGA can pay you based on statements received before they have the actual commissions from the carrier, it's called an assignment. This is so you, the agent can have money to pay bills, buy leads, etc sooner than later. And you don't give up your clients in the process, it's a great asset to have.
Of course they have to have a substantial cash flow so not every MGA can do this.
- 136
Someone here needs to make an acronym thread
IMO, FMO, BGA, MGA, GA, IFP, LTC etc etc etc
IMO, FMO, BGA, MGA, GA, IFP, LTC etc etc etc
G
Guest
Guest
- Thread starter
- #9
Girl Insure
New Member
- 13
So it really seems that brokers can either set up their agency as MGA, a franchise, or as independent. Am I missing any?
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