Is Working with an FMO an Absolute MUST?

[benseattle]

As a ten-year life and health agent looking to expand into annuity sales, I see a large number of Field Marketing Organizations. Contract with them, let them help design proposals, using their marketing advice, etc. This board has mentioned a number of good ones: Asset Marketing Services, LifePro, Dunhill, Senior Market Sales, Crump, Brokers Alliance, FIG Marketing and more. Believe me, I'm well aware that I need all the help I can get but is this what the Top Producers do? Or do they create their own marketing strategies and design plan proposals without outside assistance? And if they do, what's the ADVANTAGE of being completely independent?


Many thanks for the advice and counsel.

 

[pdoyle]

there are some agent groups out there.
M group is the top... they actually have some proprietary products made just for them... but you need to be earning 500k or more year in and year out.
There are a few others that escape my memory right now.
There is a fee to join and production requirements.
The smaller agent groups simply don't drive a large bonus though.

 

[benseattle]

there are some agent groups out there.
M group is the top... they actually have some proprietary products made just for them... but you need to be earning 500k or more year in and year out.
There are a few others that escape my memory right now.
There is a fee to join and production requirements.
The smaller agent groups simply don't drive a large bonus though.

Is that the M Group out of Portland, Oregon? Regardless, while I appreciate the response, it didn't really answer my question. (That $500K per year happens NEXT year!)

 

[Ichiban]

Well if the question is going it your own it is difficult. Many of the carriers will not even contract you as an individual. I think only Midland National will so you need to be part of a group whether it is a FMO/IMO/Wholesalers what ever title you choose or a collective group like the MV group.

I don't think this is really a question that can be answered for you. I think you need to experiment and see what works best for you. Some of the programs available work very well for soem and poorly for others.

 

[agentexhorter]

As a ten-year life and health agent looking to expand into annuity sales, I see a large number of Field Marketing Organizations. Contract with them, let them help design proposals, using their marketing advice, etc. This board has mentioned a number of good ones: Asset Marketing Services, LifePro, Dunhill, Senior Market Sales, Crump, Brokers Alliance, FIG Marketing and more. Believe me, I'm well aware that I need all the help I can get but is this what the Top Producers do? Or do they create their own marketing strategies and design plan proposals without outside assistance? And if they do, what's the ADVANTAGE of being completely independent?


Many thanks for the advice and counsel.

Most top producing annuity agents/agencies go through a marketing organization for contracting. Actually, many IMO's, FMO's and other marketing organizations go through yet a larger marketing organization to get higher contracts.

You can actually be "effectively" completely independent and go through a marketing organization (except for contracting yourself or another agent to your downline).

Make sure what ever marketing organization you use...:
(1) gives you "up-front" contract releases; (2) allows you to submit business, track pending, etc directly to the company;

Don't focus too much on the marketing organization providing leads. And remember all lead companies are bad and that even the "less" bad ones will one day turn bad. It's best to do your own mailings, etc. It's not hard and you are completely "independent" on the marketing side as well.

hope this helps,

 

[benseattle]

Most top producing annuity agents/agencies go through a marketing organization for contracting. Actually, many IMO's, FMO's and other marketing organizations go through yet a larger marketing organization to get higher contracts.

You can actually be "effectively" completely independent and go through a marketing organization (except for contracting yourself or another agent to your downline).

Make sure what ever marketing organization you use...:
(1) gives you "up-front" contract releases; (2) allows you to submit business, track pending, etc directly to the company;

Don't focus too much on the marketing organization providing leads. And remember all lead companies are bad and that even the "less" bad ones will one day turn bad. It's best to do your own mailings, etc. It's not hard and you are completely "independent" on the marketing side as well.

hope this helps,

It helps very much; thank you.

By the way, what's the difference between and IMO and an FMO?

 

[agentexhorter]

It helps very much; thank you.

By the way, what's the difference between and IMO and an FMO?

Like Shakespear once said, "a rose by any other name is still a rose". They mean the same thing basically

IMO...insurance marketing organization
FMO...field marketing organization

you might also hear similar terms to describe those individuals/organizations that contract agents
MGA...managing general agent
BGA...brokerage general agent
GA...general agent

 

[Stephen]

I have also been breaking into annuity sales over the past 4 months. I have been working with Irwin Financial Group. My first case was $10,000 and they spent the time to talk to me on the phone and hold my hand like it was a million dollar case. I would recomend working with a FMO/IMO , the contract level is the same and like ichiban said most carriers will not give you a direct contract.

 

[benseattle]

I've spoken with a number of "marketing reps" with a handful of the better-known FMO's and all sound enthusiastic to work with a new agent. (Since these groups are paid by carriers for the business they support, I guess that only makes sense.)

Earlier it was mentioned by a poster that I should not be looking for LEADS from my FMO, only support. However, there are a few I've come across where they offer to do a good deal of Lead Generation in exchange for my business. Are these groups legit or more of a come-on?

 

[Stephen]

Many Legitiment FMO's will purchase leads for you based on production.