Which Kind of Perks Do FMOs Give to Agents?

[sman]

If you're shopping, you should at least talk to Senior Market Design. They want to earn your business. I've started contracting with them for any new carriers I add. Very easy to deal with and they'll send you a coffee mug. I give them 3 thumbs up!

I've had some dealings with Ritter and will likely start placing my other contracts with them. I have a few there already and am at higher than street level with them. I'm sure Senior Market Design is fine, but have had a few conversations with Craig and feel like he's one of the few good guys out there in the FMO world so that's where I'm going to hang my proverbial hat.

Really is kind of sad that most agents have such low expectations of FMO's these days.

 

[goillini52]

I've had some dealings with Ritter and will likely start placing my other contracts with them. I have a few there already and am at higher than street level with them. I'm sure Senior Market Design is fine, but have had a few conversations with Craig and feel like he's one of the few good guys out there in the FMO world so that's where I'm going to hang my proverbial hat.

Really is kind of sad that most agents have such low expectations of FMO's these days.

I'm sure Ritter's fine...but will he spring for a free coffee mug?

There are lot's of good FMO's out there. I've got 6-7 that I use and am direct with 1/2 a dozen. 2 are very good...1 is VERY bad(couldn't get a release) and the rest are ok.

I don't need hand holding and I don't like to be spammed. I do want to be informed when something new and worthwhile comes out, or any changes happen. I also want the best contract I can get. Also, when I call or have a question, I want to know today...not wait 3-4 days to hear back. That's one of the traits of my 2 good FMO's, and Senior Market Design is one of the 2.

 

[wehotex]

I'm sure Ritter's fine...but will he spring for a free coffee mug?

There are lot's of good FMO's out there. I've got 6-7 that I use and am direct with 1/2 a dozen. 2 are very good...1 is VERY bad(couldn't get a release) and the rest are ok.

I don't need hand holding and I don't like to be spammed. I do want to be informed when something new and worthwhile comes out, or any changes happen. I also want the best contract I can get. Also, when I call or have a question, I want to know today...not wait 3-4 days to hear back. That's one of the traits of my 2 good FMO's, and Senior Market Design is one of the 2.

Well, don't hold back. If they're so wonderful (or crappy), why not share it? We're mostly anonymous here.

 

[sman]

I'm sure Ritter's fine...but will he spring for a free coffee mug?

There are lot's of good FMO's out there. I've got 6-7 that I use and am direct with 1/2 a dozen. 2 are very good...1 is VERY bad(couldn't get a release) and the rest are ok.

I don't need hand holding and I don't like to be spammed. I do want to be informed when something new and worthwhile comes out, or any changes happen. I also want the best contract I can get. Also, when I call or have a question, I want to know today...not wait 3-4 days to hear back. That's one of the traits of my 2 good FMO's, and Senior Market Design is one of the 2.

They can keep the mug, just give me the higher commission and I'll buy my own mugs.

And you're exactly right, a timely response is very important. I rarely ask anything of my FMO except when there's a problem I can't get resolved myself. I don't call for help in selling something or to gain product knowledge. And I definitely want to know when a new product is out that may be competitive in my market.

Interestingly enough, I received a contract from the bad FMO last month to add the new Aetna Med Supp. I'm already appointed with Aetna through them, but since this is a new carrier a new form has to be completed. When I reminded him about the issue we had with his employer his only response to try and sell me on the idea was that if I contracted elsewhere I'd have to complete all new contracting paperwork and not just the one or two forms if I went through them. The sad thing is he's a nice guy and is just stuck in the middle. Even worse, whoever it was in management at the FMO who had the problem with what I posted on this forum won't address the issue with me personally. They used my rep to relay the message to remove what I posted or else...(at least that's the way it came across). I deleted any reference to them in the post and they won that battle. But I'm taking my business elsewhere so I win the war. Not to mention the fact that I will no longer be referring other agents to them.

Folks in their ivory tower forgetting who it is that earns them their paychecks.

 

[DS4]

If an agent's FMO isn't doing anything to benefit them, that agent need to find FMO's that will!

Please explain how I can easily transtiton from one FMO to another. I'm all ears.

 

[SeniorMarketDesign]

Please explain how I can easily transtiton from one FMO to another. I'm all ears.

By utilizing pre-established releases from FMO's? Obtaining all new contracts from new FMO's? It's rare that there isn't a new or competing carrier for an agent to use alternatively to a carrier that may be with an inferior FMO for a short time. Depending on the carrier, you can do new contracting to move to a new FMO somewhere between 6-12 months in most circumstances.

 

[goillini52]

Well, don't hold back. If they're so wonderful (or crappy), why not share it? We're mostly anonymous here.

I thought I just did..........

 

[GreenSky]

By utilizing pre-established releases from FMO's? Obtaining all new contracts from new FMO's? It's rare that there isn't a new or competing carrier for an agent to use alternatively to a carrier that may be with an inferior FMO for a short time. Depending on the carrier, you can do new contracting to move to a new FMO somewhere between 6-12 months in most circumstances.

Unfortunately, that doesn't work for Med Supps. So you need to be sure to get a pre-nup from the FMO guaranteeing an unconditional release subject to chargebacks.

The release that says the new FMO must release back is just BS. Either they release or they don't.

Rick

 

[SeniorMarketDesign]

Unfortunately, that doesn't work for Med Supps. So you need to be sure to get a pre-nup from the FMO guaranteeing an unconditional release subject to chargebacks.

The release that says the new FMO must release back is just BS. Either they release or they don't.

Rick

Not quite sure what you're referencing doesn't work for Med Supps? We always recommend agents verify a FMO's release policy upfront before choosing to contract regardless of product.

As far as doing a new contract to move to a new FMO after 6-12 months of no production, this does not work with ALL carriers, however, many carriers do have a provision set up along these lines.

 

[GreenSky]

Not quite sure what you're referencing doesn't work for Med Supps? We always recommend agents verify a FMO's release policy upfront before choosing to contract regardless of product.

My point is there is generally one lowest priced carrier for Med Supps. If that carrier requires a 6 month wait to move a contract you are not providing your prospect with a product another can offer.

And I know we're on the same page on releases.

Rick