Chances this new rule goes through? Estimated effects? Future?

[Bob Archer]

I own a smaller FMO with a few hundred Agents. I continually see uninformed Agents bashing FMO's as worthless. While there probably are some that fit that description, it has been my experience that this is just not the case. In our situation, we spend heavily on multiple offices for our associated Agents to meet clients in. We spend a small fortune on Senior Shows, City, County and State Fairs and other special events for Agents to work (with no cost to them). We provide countless training programs for Agents to participate in. We provide sales coaches to work directly with Agents. We help pay licensing costs, E & O Reimbursement programs, AHIP reimbursement programs and much much more.

And for the risk I take with using my own funds to guarantee all these things, I like to make a fair profit.

None of those things, above, are free. The money comes from somewhere and that is from overrides, admin assistance and marketing assistance.

If your FMO is not helping in these ways, dump em. But let's not lump all FMO's in the same bucket.

Just sayin...

 

[Packerland]

Bob where are you located?

 

[Packerland]

I use it purely for enrollment. Once it’s gone I’ll just go back to using the carriers for enrollment.
My CRM is Radius Bob and I use S&S to look up doctors and drugs.

What is S&S?

 

[axeman462]

Caveat, NOT an agent.

Aren't there already agents now who buy/lease/rent (whatever the right words are) these products personally so they don't loose those records if they want to move contracts or change FMO's?

Only the smart ones do

 

[axeman462]

What is S&S?

Search and Save
My.SearchandSave.org

 

[Bob Archer]

We are centered in Oklahoma with offices in Tulsa, OKC and Fayetteville, Arkansas. We have a few Agents scattered around 15 states.

 

[sshafran]

I own a smaller FMO with a few hundred Agents. I continually see uninformed Agents bashing FMO's as worthless. While there probably are some that fit that description, it has been my experience that this is just not the case. In our situation, we spend heavily on multiple offices for our associated Agents to meet clients in. We spend a small fortune on Senior Shows, City, County and State Fairs and other special events for Agents to work (with no cost to them). We provide countless training programs for Agents to participate in. We provide sales coaches to work directly with Agents. We help pay licensing costs, E & O Reimbursement programs, AHIP reimbursement programs and much much more.

And for the risk I take with using my own funds to guarantee all these things, I like to make a fair profit.

None of those things, above, are free. The money comes from somewhere and that is from overrides, admin assistance and marketing assistance.

If your FMO is not helping in these ways, dump em. But let's not lump all FMO's in the same bucket.

Just sayin...

You're an exception, not the rule.

I have it on good authority that some FMOs have downline agents with books over 1,000 Medicare who have gotten no extra $ from their FMOs.

 

[DonP]

I own a smaller FMO with a few hundred Agents. I continually see uninformed Agents bashing FMO's as worthless. While there probably are some that fit that description, it has been my experience that this is just not the case. In our situation, we spend heavily on multiple offices for our associated Agents to meet clients in. We spend a small fortune on Senior Shows, City, County and State Fairs and other special events for Agents to work (with no cost to them). We provide countless training programs for Agents to participate in. We provide sales coaches to work directly with Agents. We help pay licensing costs, E & O Reimbursement programs, AHIP reimbursement programs and much much more.

And for the risk I take with using my own funds to guarantee all these things, I like to make a fair profit.

None of those things, above, are free. The money comes from somewhere and that is from overrides, admin assistance and marketing assistance.

If your FMO is not helping in these ways, dump em. But let's not lump all FMO's in the same bucket.

Just sayin...

Lol Lol. You’re getting $100 to $150 an app marketing money per enrollment . If what you say you have a few hundred agents you’re making about $200-$250 an app override . Let’s not add in the $8-$12 an app renewal override per month .That $100-$150 an app marketing money covered most if not all your expenses . Plus any 1/2 ass agent gets additional marketing money direct from the carrier . Plus you haven’t specified what % of your agents are loa’s were you make even more money . So i guess it’ll be ok to cut the marketing money to agents and keep the overrides ? You know its game over in about 6 weeks . Cms backs off very little from their initial ruling to the final ruling . Th overrides in Medicare are obscene to be honest . I can see $100 max fmo override and $3 a month on the back end .

 

[Bob Archer]

We do not have LOA's. A large chunk of our revenue goes to the Managers / Coaches who train and support their teams in a variety of ways every single day.

I guess there will always be detractors who haven't the faintest clue as to what it takes to run an FMO..

We are contractually obligated to recruit, train, market and supervise, not to mention monitor a little thing called compliance of rour downline. There are real costs associated with all these things. So, at the end of the day., I see a small fraction of the dollars we recieve from Carriers in overrides and other incentives.

If CMS mandates this radical change, we will no longer pay for the weekly trainings, AHIP reimbursements, E & O Reimbursements. All the fairs and trade shows we do ( and pay for) will cease. Marketing and leads we provide will stop and few new Agents will enter this business - because recruiting will be a challenge.

If you thing most Agents will start paying for all these things out of their earnings, I have a bridge in the Sahara to sell you.

I just noticed that many posts on here tend to be negative towards FMO's and my guess is that most of these Agents have never actually owned and FMO, so I was just pointing out that there is another side of the equation.

I get it, not all organizations work the same way we do, but it is unfair to lump all together.

We take these financial risks in hopes of making a profit.

Time will tell how this all shakes out. Thankfully, we have a back up plan.

Soap box over :

 

[sshafran]

Marketing and leads we provide will stop and few new Agents will enter this business - because recruiting will be a challenge.

This part is good.

Not opposed to new agents (I was one once) but I see new agents in FB groups who have no clue but they were sold a pipe dream by social media influencers.

If that stops it'll be a good thing.