Choosing an IMO/FMO/MGA

iowaagent

Expert
29
I have found lots of posts that reference experiences with different imo/fmo's but haven't really found the names of many of these organizations. Does anyone know of some quality imo/fmo's that are either located in Iowa (preferably) or have agents in Iowa? I have been licensed for about 3 years, so the training is not as important as the commissions. Any information would be appreciated. Thanks.
 
What products do you sell, it will make a difference. I am an FMO for Med Supp products and have agents in Iowa.

It really makes no difference where the FMO is located. Since you don't need anything but a good contract, the only difference from one to another is in the amount of commission they offer assuming they don't require you to assign your commissions.
 
Any particular reason you were looking for an imo/fmo that is either located in Iowa or has agents in Iowa?

Also if you sell Med Supps, Frank is a good person to work with.
 
Any particular reason you were looking for an imo/fmo that is either located in Iowa or has agents in Iowa?

Also if you sell Med Supps, Frank is a good person to work with.

I asked about imo/fmo's in Iowa because that is where I live. It was a valid questions until I heard from Frank and others that it doesn't really matter where the fmo is located, just to look at the contracts they offer among other things.
 
If you are in the senior market then you could contact our office for top contracts. We are a national FMO focused solely in that particular marketplace. If you are focused in the under 65 health or life market (ie. low price term comparisons), then we would not be able to help. I know that for younger issue life cases, we have many brokers who work with Davis Life Brokerage and are quite happy. As for the under 65 health business, I would check the board under Individual Health.


Hope this helps....

Senior Benefit Services, Inc.
www.srbenefit.com
(800)924-4727
 
If you are in the senior market then you could contact our office for top contracts. We are a national FMO focused solely in that particular marketplace. If you are focused in the under 65 health or life market (ie. low price term comparisons), then we would not be able to help. I know that for younger issue life cases, we have many brokers who work with Davis Life Brokerage and are quite happy. As for the under 65 health business, I would check the board under Individual Health.

I think what would really be helpful is if you defined "top" contracts.

Are you talking about less than street level, street level or above street level. I do not consider "Street Level" contracts to be "top" contracts. Any agent can get street level from anyone.
 
I think what would really be helpful is if you defined "top" contracts.

Are you talking about less than street level, street level or above street level. I do not consider "Street Level" contracts to be "top" contracts. Any agent can get street level from anyone.

Frank.....I have never had the pleasure to talk with you nor meet you, but I have heard many solid things about you on this forum.

Our definition of a "top contract" is one where an independent broker can receive the top commission allowable by a carrier without proof of production. If a broker has the proof of prior production that the carrier would want for us to submit with their contracting....to get instead of a GA contract, to get....let's say an MGA contract, then we are fighting to get him/her that higher contract. A high producing broker deserves to get a higher commission contract, but more and more carriers are requiring FMOs to provide proof of production when requesting the broker have a higher than the top level street.

As for the last part of your post where you state that a broker can get a street level contract from anyone is a valid statement. The only point that I would want to clarify is that what one FMO considers to be a street level contract could be lower than anothers. An example of this is.... I know of a very reputable FMO that is mentioned on this site quite often, but they choose to put on their final expense agents at a street level that is between 100%-105% and giving producers with prior production a 110% contract. We simply give out the 110% contract to all independent agents who cannot provide prior proof of production that the carrier would require to get a 115% contract.

I hope this helps answer your questions. Have a great day!

Regards,

David

Senior Benefit Services, Inc.
www.srbenefit.com
(800)924-4727
 
Frank.....I have never had the pleasure to talk with you nor meet you, but I have heard many solid things about you on this forum.

I appreciate the kind words and I am not trying to "pick a fight", really. The only reason I started offering contracts a little over a year ago is because I see way too many new agents, who haven't done the research, getting the short end of the stick when contracting. (I have several hundred agents under contract now.)

Our definition of a "top contract" is one where an independent broker can receive the top commission allowable by a carrier without proof of production.

You may want to recant that statement. I know what those levels are. I don't know anyone offering contracts, especially to new agents, at the maximum amount the company will allow without proof of production. The maximum amount without proof of production is usually two levels above the company established street level of commission. Are you offering two levels above the company established street level without proof of production for Med Supps?

If a broker has proof of prior production that the carrier would want for us to submit with their contracting....to get instead of a GA contract, to get....let's say an MGA contract, then we are fighting to get him/her that higher contract.

If an agent has proof of production there is no "fight". If I submit the proof, if it is valid he is approved at the higher rate of commission. I have done this numerous times for agents who are contracted with me and I have never gotten any bruises and have no broken bones. haha

As for the last part of your post where you state that a broker can get a street level contract from anyone is a valid statement. The only point that I would want to clarify is that what one FMO considers to be a street level contract could be lower than anothers.

I have been selling Med Supps for a long time and sold for many different companies. I now also offer contracts for many different companies. There is only one valid "street level" commission, the one that is established by the company. (If you have been told something different by your upline then you may want to look for another one.) If some FMO is claiming something different in the way of street level then he is misleading the agent. In other words, blowing smoke up his ass and most probably screwing him. If someone is telling an agent anything different then all the agent has to do is pick up the phone, call the company and ask.

An example of this is.... I know of a very reputable FMO that is mentioned on this site quite often, but they choose to put on their final expense agents at a street level that is between 100%-105% and giving producers with prior production a 110% contract.

In my opinion any FMO who is "making up" what they are telling agents what "street level" is, is not a "reputable" FMO. I'm sure this pisses off a bunch of "FMO's" but that is not my concern.

My primary concern is the agent, the guy busting his ass trying to sell the product, and that he is being treated fairly. I really don't care about the FMO who is sitting behind a desk all day and how much money he is making. I am, however, concerned with what the agent is being told.

I am an agent, I sell what I offer contracts for on a regular basis. It is still my main source of revenue.

I do appreciate the time you took to make your post. However, I think agents need and have a right to know exactly what they are getting before they sign on the dotted line.

Not just generalized statements that may sound good but still does not specifically give the agent the information they need to make an intelligent, well-informed decision.

I'm not offering contracts to get rich. Yes, I get a small override on the contracts I offer but it isn't nearly as much as most others get. I give agents more than most and keep less for myself. And yes, I have the highest contracts companies currently offer. I had to prove a very substantial amount of production to get the contracts I have.

Can you tell, this is kind of a touchy subject with me because I am and have been an agent for a long time.
 
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Frank....I would have to agree with your last sentence about being a bit touchy on this subject.

I am glad that you are still a top producing agent and respect the fact that top producers are definately entitled to the top contracts. In addition, I am glad to hear that you are trying to help the agent and not just yourself.

I think you are trying to read way more into my post (or trying way too hard to find fault with it), than what it was meant for. I try to keep all of my electronic communications at a minimum so as to not overwhelm people with a book. Being old fashioned, I still enjoy talking with people on the phone. As for being a lazy FMO sitting behind a desk all day and getting rich off the backs of others, that one would get quite a large laugh from the office staff here at our office. I would suggest that we get to know each other before stereotyping one another here on the forum. New agents are looking for help and guidance when they come onto this forum, and not negative bantering between two people.

Once again, I think you have earned respect with agents on this forum. Trying to find fault with a simple post that made an offer (the same as you did) I think is being a "bit touchy".

Hoping you have a great and profitable day....

David

Senior Benefit Services, Inc.
www.srbenefit.com
(800)924-4727
 
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