A Good FMO?
- Thread starter AtMyTempo
- Start date
- 586
Field Marketing Organizations (FMO)
They offer many contracts, often times your upline or your uplines upline.
General Agent (GA)- Someone Like you.
They offer many contracts, often times your upline or your uplines upline.
General Agent (GA)- Someone Like you.
- 7,066
What products do you intend to sell? It can make a difference.
The definition of "good" is given to interpretation. How are you defining it?
A tip, in general never give up commission for promises that may end up being hollow once you sign the contract. This is my opinion, but I would never assign my commissions to anyone for any reason. (I work and offer contracts for the senior market to sell Med Supps.)
You should be the AOR (Agent of Record) on all of the business you write. That means you own it, not someone else.
The first thing you should look for is what is the companie's established "street level" commission and then see how it compares to what you are being offered.
Be ware of those who offer "top level" contracts but won't send you the commission schedule to look at before you sign.
The definition of "good" is given to interpretation. How are you defining it?
A tip, in general never give up commission for promises that may end up being hollow once you sign the contract. This is my opinion, but I would never assign my commissions to anyone for any reason. (I work and offer contracts for the senior market to sell Med Supps.)
You should be the AOR (Agent of Record) on all of the business you write. That means you own it, not someone else.
The first thing you should look for is what is the companie's established "street level" commission and then see how it compares to what you are being offered.
Be ware of those who offer "top level" contracts but won't send you the commission schedule to look at before you sign.
- Thread starter
- #4
Thanks for the excellent tips!
Where do you find what the "street level" commissions are for various products and companies? I have been "googling" for days now and can't seem to find it. Everybody cloaks and hides that information.
After health care reform, major medical commissions are dropping to the floor, while at the same underwriting and servicing the client after the sale are getting more & more time consuming. ROI is dropping substantially in that market.
So I have been considering a move toward the senior market. I have had some recent success with LTC insurance and want to do MedSup, PDP, etc. but I want to know what the baseline is for commissions and residuals so I know what kind of a deal I might enter in to with an FMO.
In this forum I read a lot of things like, "stay away from so & so, they will rip you off," or "I would never be apointed with XYZ company." I just want to educate myself before I sign something.
Thanks!
Where do you find what the "street level" commissions are for various products and companies? I have been "googling" for days now and can't seem to find it. Everybody cloaks and hides that information.
After health care reform, major medical commissions are dropping to the floor, while at the same underwriting and servicing the client after the sale are getting more & more time consuming. ROI is dropping substantially in that market.
So I have been considering a move toward the senior market. I have had some recent success with LTC insurance and want to do MedSup, PDP, etc. but I want to know what the baseline is for commissions and residuals so I know what kind of a deal I might enter in to with an FMO.
In this forum I read a lot of things like, "stay away from so & so, they will rip you off," or "I would never be apointed with XYZ company." I just want to educate myself before I sign something.
Thanks!
- 7,066
I think I suggested earlier that calling the company may be productive in getting that information. If you would like information on med supps a call to me will give you the information you are looking for.
- 153
My best advice is to understand all of the people in between you and the carrier. It can be anywhere from 0 to as high as 5 or 6 depending on the carrier and how you are set up.
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