Need Out from my IMO - but How?

[luvfe]

I am in the south. I have been at this 13 months. I am good. I write on average 13k per month.
My IMO takes almost all my renewals and they claim to have profit sharing instead. My profit sharing last year was around $500. I should have had around $10 in renewals. This is just plain stupid.
A couple of questions I have........

1. I write for Columbian, five star, Kemper, Settlers, Trinity, NGL, and Forestors. Most of these companies I have been advanced commissions. Do I need to pay the advances back to the companies before I am allowed to leave me IMO?

2. According to my contract I can not write for anyone I currently write with for a solid year. This means I need to find new carriers. Is this a normal industry thing?

3. What can I do or offer to my current IMO to entice him to release me and allow me to continue to write with current carriers?

I would appreciate any and all input here. I have never posted before. More of a lurker here, but learned a lot.

 

[Rearden]

You have plenty of options in carriers, even if you have to sit out your current selection.

I would first negotiate "street" level commissions with the incumbent carrier, or tell them that all production will be directed elsewhere.

Explain that you have done your research, and that you see now you are not getting a fair shake.

If it were me, I would have already contracted with other carriers prior to negotiation; some agencies will file a Vector if they see you leaving to force you to continue doing business (see Lincoln Heritage).

Some carriers you have access to include:

-United Heritage
-Oxford
-Settlers (maybe)
-Transamerica
-Americo
-Security National
-Royal Neighbors

FEX, 360, and other IMOs all have the above-stated contracts.

Get to work, go independent, and earn the comp you are worth.

 

[John Galt]

I am in the south. I have been at this 13 months. I am good. I write on average 13k per month.
My IMO takes almost all my renewals and they claim to have profit sharing instead. My profit sharing last year was around $500. I should have had around $10 in renewals. This is just plain stupid.
A couple of questions I have........

1. I write for Columbian, five star, Kemper, Settlers, Trinity, NGL, and Forestors. Most of these companies I have been advanced commissions. Do I need to pay the advances back to the companies before I am allowed to leave me IMO?

2. According to my contract I can not write for anyone I currently write with for a solid year. This means I need to find new carriers. Is this a normal industry thing?

3. What can I do or offer to my current IMO to entice him to release me and allow me to continue to write with current carriers?

I would appreciate any and all input here. I have never posted before. More of a lurker here, but learned a lot.

I think I know the group you are with, if you are in West Ga call me, I have good information that may help you, I'm in Gwinnett county but I have an idea who your imo is, give me a call if I can help answer any questions, by the way I don't recruit.

 

[HoosierDaddy]

I am in the south. I have been at this 13 months. I am good. I write on average 13k per month. My IMO takes almost all my renewals and they claim to have profit sharing instead. My profit sharing last year was around $500. I should have had around $10 in renewals. This is just plain stupid. A couple of questions I have........ 1. I write for Columbian, five star, Kemper, Settlers, Trinity, NGL, and Forestors. Most of these companies I have been advanced commissions. Do I need to pay the advances back to the companies before I am allowed to leave me IMO? 2. According to my contract I can not write for anyone I currently write with for a solid year. This means I need to find new carriers. Is this a normal industry thing? 3. What can I do or offer to my current IMO to entice him to release me and allow me to continue to write with current carriers? I would appreciate any and all input here. I have never posted before. More of a lurker here, but learned a lot.

Good God! Sounds like the work of Don Howe? You may have a 100 point contracts with no vesting if I would guess. Welcome to the forum!

 

[Tater_Salad]

I am in the south. I have been at this 13 months. I am good. I write on average 13k per month.
My IMO takes almost all my renewals and they claim to have profit sharing instead. My profit sharing last year was around $500. I should have had around $10 in renewals. This is just plain stupid.
A couple of questions I have........

1. I write for Columbian, five star, Kemper, Settlers, Trinity, NGL, and Forestors. Most of these companies I have been advanced commissions. Do I need to pay the advances back to the companies before I am allowed to leave me IMO?

2. According to my contract I can not write for anyone I currently write with for a solid year. This means I need to find new carriers. Is this a normal industry thing?

3. What can I do or offer to my current IMO to entice him to release me and allow me to continue to write with current carriers?

I would appreciate any and all input here. I have never posted before. More of a lurker here, but learned a lot.

Why do you have a CA.flag? you sell FE in the south, must be Tijuana?

 

[WinoBlues]

I am in the south. I have been at this 13 months. I am good. I write on average 13k per month.
My IMO takes almost all my renewals and they claim to have profit sharing instead. My profit sharing last year was around $500. I should have had around $10 in renewals. This is just plain stupid.
A couple of questions I have........

1. I write for Columbian, five star, Kemper, Settlers, Trinity, NGL, and Forestors. Most of these companies I have been advanced commissions. Do I need to pay the advances back to the companies before I am allowed to leave me IMO?

2. According to my contract I can not write for anyone I currently write with for a solid year. This means I need to find new carriers. Is this a normal industry thing?

3. What can I do or offer to my current IMO to entice him to release me and allow me to continue to write with current carriers?

I would appreciate any and all input here. I have never posted before. More of a lurker here, but learned a lot.

First decide if you want to be (agency) captive again or more agency independent. If you like or need the "all in" type agency type set uupmost of the IMOs here can help you. If you can be or want to be free to do as you please when you please with whom ever you please some of the same IMOs can help you as well. Just be honest with them and yourself on what you need and want. It is a business.

Before you leave the other agency. Make sure you have copies of apps and records of your clients. Including policy number and all their contact info. Personally I would be calling all of them just to say hi and make sure they have your contact information. Good time to mail them your card. The other agency may play nice or go scorched earth on you.

You could do well without any of the companies you hav and do well with any three of the companies Dave listed.

Get rid of the employee mentality.

----------

Why do you have a CA.flag? you sell FE in the south, must be Tijuana?

Being from CA I can tell you sometimes it can seem the same.

 

[luvfe]

I have absolutely no clue, nor was I aware my profile showed a Ca. state flag. I would not read too much into that. I went into my profile now, and I can not figure out how that is set up (nor do I see where you choose a state flag). I think I registered in August and maybe it defaulted to that, maybe I wasn't paying attention. I have no idea. I would not mind changing I but do not see an option to choose a flag.
Anyway thank you all for the info. I will be in touch in morning with people who PM'd me. I may have more questions.

 

[Agentguy5]

I am in the south. I have been at this 13 months. I am good. I write on average 13k per month.
My IMO takes almost all my renewals and they claim to have profit sharing instead. My profit sharing last year was around $500. I should have had around $10 in renewals. This is just plain stupid.
A couple of questions I have........

1. I write for Columbian, five star, Kemper, Settlers, Trinity, NGL, and Forestors. Most of these companies I have been advanced commissions. Do I need to pay the advances back to the companies before I am allowed to leave me IMO?

2. According to my contract I can not write for anyone I currently write with for a solid year. This means I need to find new carriers. Is this a normal industry thing?

3. What can I do or offer to my current IMO to entice him to release me and allow me to continue to write with current carriers?

I would appreciate any and all input here. I have never posted before. More of a lurker here, but learned a lot.

1. No

2. No, you will be able to work around it with most carriers

3. First attempt to negotiate a friendly release. Explain how it's time for you to part ways and the 1 year deal is not cool and you are not his hostage! If that doesn't work, explain to him that once he is reported to Ripoff Report everyone that does a Google search will read what ever it is that you decide to write about him. Also explain to him that you found this forum and that you will blast him to kingdom come for his DISGUSTING 1 year contract which is designed to put you out of business and starve you to death if you ever leave!

If you end up moving over to the wrong agency/IMO you can easily end up in a similar position or without good Direct Mail leads so do your due diligence!

 

[PaperHanger]

You don't need those carriers, there are many more just as good and better from alot of imo's

Most lockouts are 6 mos, so the 1 year deal sux...threaten to flip the book if he doesn't release you like a normal person

 

[John Galt]

Good God! Sounds like the work of Don Howe? You may have a 100 point contracts with no vesting if I would guess. Welcome to the forum!

Yea for real, like some imo's here who preach being independent and low and behold they admin on the backend as a captive agency. Crazy times we live in bro.