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I saw a few agents leave my IMO and they forced them to pay back all the Advances they were paid...
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I saw a few agents leave my IMO and they forced them to pay back all the Advances they were paid...
Wow, that is terrible! What agency are you talking about so we can all avoid them???
It got ugly because a few of the execs left to join another IMO and tried to take a majority of the agents with them... Under normal circumstances I don't know if that is how it would play out. Makes me scared to leave. I feel the pain of the OP. -Asurea
The IMO can't call the advances unless you have assigned commissions to them. If no assignment it's up to the company. I've heard that LH calls the advances upon termination of non vested agents.
Define assigned commissions? The commissions were being paid directly by the carriers...
Assigned to the IMO. In those cases the IMO pays the agent. If being paid by the carriers the commissions are not assigned. You really should know what assignment means. And if you have done so.
I am familiar with assignment just wanted clarification. There was a whole lot of mud flinging between to the two IMOs as some agents stayed and others left, but from what I was told a few of them had to pay advances back to the carriers.