Questions about FMO Overrides and Seeking Insights for Evaluating FMO Partnerships
- Thread starter Jorge Pascal
- Start date
I'm thinking he should be looking at a 3rd one or even a forth. I'm sure FMOs are lining up to help him....NOT!
I am curious how he does it though. I've never sold insurance from a safe room.
It's my job to compress overrides as much as possible . I'm zero bother to the fmo . I'm free money and you damm well bet I'm trying to maximize my payout . So I need all idea of what my fmo overrides.
No you don't. Somply tell them what you require. If they can afford it and think you are worth it, they will pay it. They may counter offet and then you can say yeah or nay.
A weak FMO will tell you what their overrides are . . . a strong one will tell you to buzz off. It's no ones business what they earn. Pretty damn arrogant of an agent to ask that kind of question.
I am not an FMO and never will be. On rare occasions people will ask how much I make per sale, I tell them it doesn't matter . . . the only thing that should matter to them is do they feel I am providing something of value and do they feel comfortable in allowing me to be their agent.
I am not an FMO and never will be. On rare occasions people will ask how much I make per sale, I tell them it doesn't matter . . . the only thing that should matter to them is do they feel I am providing something of value and do they feel comfortable in allowing me to be their agent.
I said that a little wrong . I've never asked what any of my Fmo's make . But I KNOW about the levels . But you're correct I dont know if they make 145 or 150% and I don't care . But I do know I won't take any main line contract ( 80% of fe contracts) under 130% . I never have an issue getting 130-135% . But I think it's very important to know the levels out there . That's like saying a Lincoln heritage agent just accepts 70% and is very happy . If he did some digging he'd know what's out there . I'm taking all the risks . . If an fmo doesn't want to do fine I'll find one that will
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Back in the day we didn't call them FMOs or IMOs. Most that were involved in agency building went by some form of General agent. Don't know that i was strong but i never told a downline agent what my override was.
There were two models . . . GA where the individual assumed the risk for building the agency, and the Agency Management system where the agency was owned and funded by the carrier and a salaried manager ran the local agency.
The GA's I knew were experienced agents who came up through the field . . . SOME agency managers had field experience but most were folks who flamed out in direct sales but the home office brought them under the wing and gave them a position. Most of the agency managers were nice guys but really had no idea how to sell. Neither system offered much in the way of leads unless you call orphans a valid lead.
Some of the GA's still produced business and had actual sales skills. Agency managers, not so much
Today's FMO's that had seed money used their own money or got it from daddy, and they are very much risk takers. Anyone who says otherwise is an arrogant fool.
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