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 Posted: Mon Nov 10, 2008 9:20 pm Post subject: Insurance/Annuity FMOs |
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I am wondering if there are any FMOs out there that people are pleased with.
1) What do you like about them?
2) What do they do for you?
3) What could they do better?
I have been a part of a few. Now I am a mentor and part owner in one. I would like some feedback as to how our company can improve. |
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10MProducer
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Joined: 10 Nov 2008
Posts: 8
Location: Knoxville, TN
3.96 Dollars($)
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| Posted: Mon Nov 10, 2008 10:22 pm Post subject: |
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Mr. Wieniewitz welcome to this forum.
I've found this forum to be one of the best on the net.
Regarding your question:
| Quote: | | I am wondering if there are any FMOs out there that people are pleased with. |
Yes, Creative Marketing.
| Quote: | | 1) What do you like about them? |
A human being person pleasantly and politely answers the phone. They have, I believe, 6 full time great receptionist. It is simply a breath of fresh air to actually speak to a human being person to direct your call. They still clearly understand that our business is dealing with real people human beings and not just buildings, phone systems and computer models, like AIG.
| Quote: | | 2) What do they do for you? |
Anything I need, when I need it and almost immediately.
Other than that, nothing.
| Quote: | | 3) What could they do better? |
They run a first class operation.
I'm sure they could do something better but I'm without knowledge what that would be.
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GarySpicuzza
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Location: West Pasco County, FL
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| Posted: Tue Nov 11, 2008 1:10 am Post subject: Agent Benefits |
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I am just looking at how to make ours better. We have a recruiting structure as well as split overrides with our producers so that they can build their businesses.
Besides this and the training that we give, I am just feeling things out to see where we can expand.
Thanks |
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10MProducer
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Joined: 10 Nov 2008
Posts: 8
Location: Knoxville, TN
3.96 Dollars($)
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| Posted: Tue Nov 11, 2008 10:08 am Post subject: |
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Would someone care to explain what does FMO stand for? The google seems to be giving every possible acronym for FMO, but I'm sure they don't fit at this situation 
~Jeremy |
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JeremyHolter
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Joined: 06 Jun 2007
Posts: 1194
210.30 Dollars($)
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| Posted: Tue Nov 11, 2008 11:29 am Post subject: FMO |
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Field Marketing Organization or (IMO) Independent Marketing Organization
These are companies that have independent agents that work with them. Years ago, insurance companies cut their marketing departments and up popped FMOs. They are supposed to provide the agents they service with Marketing, Training, and Support. In my experience, there are not many that do a great job.
They get paid overrides off of the products the agents sell.
Trae |
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10MProducer
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Joined: 10 Nov 2008
Posts: 8
Location: Knoxville, TN
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| Posted: Sun Jan 03, 2010 7:03 pm Post subject: FMO |
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As an agent should I use an FMO? Am I correct I would probably get the full commission and they get an override? is there a way to be set up directly with the Insurance company and I receive the override? Why involve them? Do they actually end up helping?
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Brian88
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| Posted: Tue Jan 05, 2010 1:30 am Post subject: |
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Brian88 those are some great questions.
To begin we will assume you are an independent agent.
Some carriers will not let you go direct (such as Met Life). Other carrier allow you to go direct, but the questions is how much commission are they willing to pay and what services will they (the carrier) provide.
Most carrier require some volume commitment that you must agree to. They then set your commission rate at some amount. To get appointed with all the major carriers is possible, but it is unlikely that you will generate enough business to either keep those contracts or to maintain a decent comp level. For example. you can go direct to John Hancock and get a 65% payout....or you can go to a BGA (IMO, FMO, MGA, etc) and get 85% payout.....why go direct?
To get the overrides that the BGAs receive they need to commit to much more business than most agents can do alone (this is why BGAs aggregate business from many agents to meet the requirement from each carrier). To give you an example to get a direct BGA contract with AVIVA you need to commit to a minimum of $8 million if premium a year...and thats only for one carrier.
Then you have to look at the service that a BGA can provide. These often include in-house underwriting, ordering APSs, Exams, Advanced Planning, Staying on top of new concepts and ideas, case management, Informals, quotes, etc...
Hope this answered some of your questions. |
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Marpol
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Joined: 02 Oct 2007
Posts: 80
Location: California
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| Posted: Tue Jan 05, 2010 8:12 am Post subject: |
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Excellent explanation and advice, Marpol.
The trick is finding the right IMO. Reps talk a good line, but due diligence is required on the agent's part. Good idea to get some referrals from the IMO.
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MaxHerr
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| Posted: Tue Jun 22, 2010 3:15 pm Post subject: Aviva BAA |
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What FMO's are contracted with Aviva for the BAA product? I want to move my contract.
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USVision
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| Posted: Wed Sep 29, 2010 2:02 am Post subject: |
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Try Capital Design Financial in So Cal. They are smaller and dont spend money on advertising, etc so the payout is much higher than most and they provide personal underwriting and marketing services. They have all of the Aviva products. My rep is Jamie.
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So Cal ins specialist
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| Posted: Mon Dec 27, 2010 5:26 pm Post subject: Creating an FMO |
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If some agents wanted to create an FMO, from your experience what % commissions (on average) could you expect from a direct contract with a carrier, and is the volume required usually different with each carrier? i.e. I heard that $5 million in volume was a minimum.
Thanks,
Travis
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Travis123456
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| Posted: Wed Feb 16, 2011 12:08 am Post subject: Becoming an 2-15 agent soon. |
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My father has been a 2-15 most of his life. Next month, I will be getting my FL license. I want to be independent like he is. I understand that he can answer my questions, but I would like to get additional opinions or suggestions. Going the FMO way ... is it easy? What company should have a good balance of marketing, commissions, selection, customer service.. I have the drive to do well in life. I just need some pointers instead of making the wrong second step... getting the wrong 'hook-ups'. Thx. 
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Superstar75
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