You can't have it both ways!

Sep 1, 2008

  1. elder
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    elder Super Genius

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    I've been reading this forum for a little over a year now. There are a lot of good post and info here. But there is also a lot of complaining on here about agencies, Managers, Brokers, FMO's, IMO's and so forth. If you can contract direct, go for it, if you can't, then live with it. But when you own a captive agency things are a little different than a brokers contract or a GA contract. The main word is own. They the managers, brokers, etc, have earned that right through production and recruiting. They OWN the agency. They own the business. They are responsible for all expenses, payroll, lease payments, agent chargebacks. As a GA you are free from all of that stuff. But many posters say why do they make money off of our backs? Because they earned it! They took the risk. They risked everything they own to try to make money. If you want subagents, then recruit a few and go after a contract, but be warned, it's not a rainbow world on the other side of the desk. You are always at risk of losing everything if a company has a huge increase in premium, or if only one or a few agents go together and commit crimes against you or your office. You have to watch everyone. Good Luck!
     
    elder, Sep 1, 2008
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  2. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    You can't have it both ways is something that you should live by. For example, managersmFMO;s, IMO's or whatever think that they can make money off of our backs with the promise of leads. Then when they do not fullfill their end of the deal and the agent leaves, they think they can go steal the business back.
    You could have left my renewals and clients alone and you would still be getting an override but you decided you wanted the whole pie.
    Don't acuse me of committing crimes against you. IF you feel there was a crime then pursue it through the legal system. Until then it is all hot air.
     
  3. The Rabbi
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    The Rabbi Guru

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    FMOs are processing centers for apps. They say they can do marketing but they don't do a good job because they aren't in the field. I've never received any worthwhile training or support from them except the one I have now. You wouldn't believe the incompetence I have had to suffer with them and the money it has cost not to mention the aggravation because I was captive. This one I have now gave me an MGA contract and is actually putting people under me for training!!! That's a smart outfit. They actually APPRECIATE ME!!!
     
  4. PADA
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    PADA New Member

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    Hi, I am new here and looking to get the right company to associate myself with...can you share with us who you are with?
     
    PADA, Sep 2, 2008
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  5. elder
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    elder Super Genius

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    Good for you Rabbi, I really mean that. You're on the right track. Prove yourself, and you will get more agents and contracts. Good Luck!
     
    elder, Sep 3, 2008
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  6. elder
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    elder Super Genius

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    SIA, I believe you're posting in the wrong thread.
     
    elder, Sep 3, 2008
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  7. elder
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    elder Super Genius

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    Are you wanting captive or GA? If you are brand new, I would suggest captive for a year or so, but keep all of your records. Do not go to United American for any reason, you will end owing them alot of money when you quit. Starting out cold with a broker is hard, because you can't learn anything. This forum is a great site for info, do some searchs. Look for a broker that has website training and a lot of webinars. Gordon Marketing has a great new website with a lot of good info. Nothing beats experience, that is the only reason I would consider going captive. They will assign you to a field manager, and they will train you. Make sure to ask all of the top producers to ride with them also. If you go with bankers life, watch your back. When you leave Bankers, they immediatley send other agents out to roll your client base, before you are in your car.

    Good Luck!:)
     
    elder, Sep 3, 2008
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  8. elder
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    elder Super Genius

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    If a broker, FMO or IMO says they will provide leads, get it in writing. The statement must also go into detail of the kind of leads they are talking about, it could just be a phone book.
     
    elder, Sep 3, 2008
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  9. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    PADA,
    If you are in IN give me a call. I will tell you who to go with and who not to go with.
     
  10. Mr supplemental
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    Mr supplemental Expert

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    IMO's FMO's etc are in the business to make money pure and simple and some of them do have a holier-than-thou attitude and forget what it's like to write business every day. They're always looking for a way to skim another percentage somewhere.

    Many agents and agencies fall out over leads, mostly over the quality or the price or both. The leads aren't what they expected and then the FMO or GA won't release them because they owe money, etc.

    Ideally it would be purely a business arrangement; here are the rules of the arrangement, if you don't like it, you're welcome to take your business elsewhere. Rolling business happens by both agents and agencies and both should take steps to protect themselves against it.

    It's a very competitive business and so unscrupulous things are going to happen. Caveat emptor.
     
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