Your figures are off...and by a good bit too. Not sure where you are getting these numbers.
New Senate report on agent commissions
- Thread starter MedicareWAA
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this is @DonP you're talking about. He lives in a fantasy land... I liked him better when he had me on block...
From the senate report . Detailed 40 pages which says overrides $1000 which includes everything . They obviously have gotten confidential carrier info . Don't shot the messenger . I know for a fact there's $250-$300 total top of hierarchy fmo override . Marketing money up to $200 an app and. There's other soft money in there. Carriers will give agents direct $100 an app marketing money then you can get another $100 an app min from fmo who gets from carrier .
Since the Senate is not in the business and most of them don't do their own research, I would expect their figures to be off. I've seen it too much while being in this business. So, if you are going off of their figures, that's fine, but be prepared to be wrong as well.
How would my job get harder? My FMO doesn't give me leads, they don't make sales, they don't service my clients. They didn't train me. They didn't develop my marketing strategy. Everything's I do I could do without an FMO. My FMO benefits FAR more from this arrangement than I do.
Well, there are some special people out there that don't need anyone. You're the unicorn, I suppose.
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For veteran agents who are consistent producers and don't rely on FMO for anything including the secret stash of marketing money it alleviates that gnawing feeling that someone else is making as much as you do for your own personal production .
You do realize that the FMOs have to document and distribute all of that "marketing money", right?
I disagree. Almost all of the churn occurs with transfers not T65's. That's why they tried to eliminate the DST and quarterly SNP SEP's. T65's see the least churn.
And churn is a problem in ACA which pays as earned.
I don't think I am. Almost all of the successful agents I'm aware of came into the industry from either captive roles with carriers or were experienced life insurance agents. Only difference is some got better deals with their respective FMO's. I'm not aware of anyone who needed an FMO for anything other than the contracts.
That said, I don't believe FMO's are a part of the problem to any large degree. It's the call centers. Problem is, the same thing that funds the call centers aren't doing funds the FMO's: soft money.
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