What can anybody tell me about HBW? I am not an agent but I have gone thrugh the class and just need to take my state license exam. I've been approached about joining HBW. I like the fact that they represent several different carriers although AIG seems to be the main one. It seems to be a better opportunity then Primerica because the agent is not capitive and the commissions seem to be better starting at 50%. Any and all feed back is appreciated.
There are other threads on this forum about it, so search, but let's just start with reality. What are they telling you?
Make a list of 25 friends and family members. Approach them about saving for retirement, purchasing life insurance. What next? You will know absolutely nothing about what you're doing, you'll rely on someone in your upline to "help" you. Who's going to get the commission? You, or your upline?
If you were interested in a multi-level marketing company, look elsewhere. MLMs and financial services shouldn't be togethere, but where there are naive people and money to be made, someone's going to win. A sucker is born every minute, which also explains Primerica and World Financial Group.
MLMs and financial services shouldn't be together !
Curious. I could make a convincing argument that the entire insurance industry IS very, very similar to MLM. We use the terms "override" while they use another term for how the money flows. The big difference is that YOU can't recruit and get a down line, only your manager can.
Am I wrong here? Talk to me
I am NOT defending MLM and I've never been part of any MLM organization. But I would still disagree with your analysis above.
Well, I would say there are different "setups" in insurance. Some companies require an intermediary (Allianz, for example), thus the FMO/IMO marketplace. Others you can contract directly with (LSW, Midland National for example). I personally believe that carriers like Allianz should be prohibited from requiring an indirect contract (and hiding behind GamePlan and who knows what other IMO/FMO companies they own).
On the other hand, HBW, WFG and Primerica are set up specifically as MLMs. There is absolutely no independence or objectivity on product (you sell what they tell you, or have available in their marketplace) and you are marketing to your peeps. Once out of peeps, you recruit. The essence of MLM.
I can see where there are similiarities, yet also differences.
I still believe that MLMs and financial services shouldn't be together. Then again, I can't believe many people in the financial services industry aren't in jail for what they have done to people!
On the other hand, HBW, WFG and Primerica are set up specifically as MLMs.
Yes. This is true. I went to a PrimeA meeting once and it was just like an Amway meeting. Really! It was more about recruiting and less about selling (if you want to make the "big" money.
There is absolutely no independence or objectivity on product (you sell what they tell you, or have available in their marketplace)
This is true, but also true with NYL and a few other old-line "career agent" services. I'm with MoO but they let me sell what is best for the client. Of course I like MoO products and company... or I would not rep them... but I can do pretty much what I want. The big rules with MoO have to do with advertising and distributing literature and the usual compliance stuff. They are very serious on that (I have to get my biz cards from them... no one else!) Fortunately they have ten tons of boiler-plate advertisements, flyers, letters, etc. in their online "store" that I can use.
I still believe that MLMs and financial services shouldn't be together. Then again, I can't believe many people in the financial services industry aren't in jail for what they have done to people!
I've not been in this biz more than a couple of years but in my area I never hear a lot of complaints about insurance people or shady deals. The only "noises" I hear are from the clients of the security licensed people who have put them into what I think are some dubious variable products... and I don't even hear a lot about that. Of course I live in a rather conservative, educated, somewhat upscale area so that may have something to do with it. I think the "crooked agent" story is more of an exaggeration than fact.... but I'm the board's resident jackass so what would I "know from nothin'" Just as Senior-Indiana to confirm that.
Curious. I could make a convincing argument that the entire insurance industry IS very, very similar to MLM. We use the terms "override" while they use another term for how the money flows. The big difference is that YOU can't recruit and get a down line, only your manager can. Am I wrong here? Talk to me I am NOT defending MLM and I've never been part of any MLM organization. But I would still disagree with your analysis above. The Jackass
Al, this is getting strange. Another point on which we agree. I don't think you are wrong, at all, on this point. Certain elements of our industry are very similar to multi-level and networking. And, this is not necessarily a bad thing. It only gets dangerous when the multi-level and networking side of things takes priority over doing what is best for the client and dealing in the full counsel of our industry. This dangerous side is exactly what has been crossed over into by certain IMO's that are vehemently discussed on this forum. Everybody knows who they are. Everybody can research and read for themselves. But even in healthy situations, there is the element of multi-level. Take for instance a good manager who make even a 5 point override and, in turn, who provides respectable contracts for his agents, advice, wisdom, or any number of elements of value to a new agent...or even an agent that just needs more support along the way. This is still multi-level. Its just a healthy version of it.
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Tim Lett
P.O. Box 1617
Gadsden, AL 35902
"On the other hand, HBW, WFG and Primerica are set up specifically as MLMs. There is absolutely no independence or objectivity on product (you sell what they tell you, or have available in their marketplace) and you are marketing to your peeps. Once out of peeps, you recruit. The essence of MLM."
At HBW there is NO recruiting requirements and agents can use any carrier they wish. Also there is no requirement to offer any product line. A person can come to HBW offer the mortgage program and not have to become Life/Health or securities licensed. People have the right to build the business as they see fit and have the ability to come and go as they please. HBW is about being independent.
Is HBW for everyone? No. That's why if a person comes to HBW and decides to build a team if that agent decides HBW isn't for them they can just go and take their team with them if they so choose. Yet if they wanted to come back they could, that comes down from the CEO.
From a couple of standpoints I can see your comparison of our industry to the hierarchical structure in an MLM, but I hope that's the end of the similarities. Many industries and distribution systems in our country have various levels and channels to go through and profits are distributed accordingly.
MLM's on the other hand, are introduced to anyone and everyone who will listen. There are no real "qualifications" to "join." The goal of fast and easy money is the enticement, while the product or service is secondary to the "opportunity."
The real money is made through recruiting, and the majority of those recruited don't have what it takes to do it. Products are offered from people who have a knowledge based upon a single source of propaganda i.e., their own company. I don't see many (insert MLM here) people involved in professional organizations.
I hope that isn't how our industry is viewed.
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"Refried confusion is a-makin' itself clear" Dr. John
LOL, Back in the day, When I worked for A.L. WIlliams, Recruits would ask me, "Is this an MLM", Id say, "No, Those are illegal."
Haha, I was a young guy, didnt know any better, and Honestly thought that A.L. Williams (Primerica) was the best company in the world. I was brainwashed.
You find that most MLMers, honestly think they are going to be millilonares, well at least I did.
What exactly does HBW bring to the table that a FMO offering 100% life contracts plus support and the ability to build a down line doesn't offer?
Can you share a list of who these FMOs are that offer 100% life contracts plus support and the ability to build a down line? If they do offer the ability to build a down line would that not make them multi-level marketing also?
If what you say about the above FMOs are true I would say they both offer pretty similar things. Although HBW does offer a Securities contract also with low minimums to maintain.
I'm seriously interested in an FMO like you spoke about though.
Sure people can get individual contracts with carriers, but you have to consider the the option of building a team. Here is video of the compensation plan just from the insurance side. HBW - Compensation Consider personal production compared to a team.
HBW allows independent agents to pick and choose what products they wish to offer. If someone is a Life agent and they want a mortgage product they can contract with HBW just for that product line. same with the other products. There are no recruiting requirements at HBW. It's pretty cut and dry. If you see a product at HBW that someone would like to market do it. If not hey that's great too. It is what it is and the compensatin video breaks it down. Not all things are for all people.
HBW is a financial services marketing organization with a mlm compensation component. There sre no recruiting requirenments. If someone wants to personally produce, more power to them. Team build ing is an option, not a requirement.
The HBW business model isn't for everyone, but everyone can determine what's in their best business interest. Take it or leave it. It's not that complicated. I have some people who just want to market the mortgage products. It's about choice. Not all things are for all people.
Can you share a list of who these FMOs are that offer 100% life contracts plus support and the ability to build a down line? If they do offer the ability to build a down line would that not make them multi-level marketing also?
If what you say about the above FMOs are true I would say they both offer pretty similar things. Although HBW does offer a Securities contract also with low minimums to maintain.
I'm seriously interested in an FMO like you spoke about though.
Thanks
C'mon man. Another one. Did you come here looking for advice on getting your insurance business back on track or are you looking for some other agents here to validate your decision to join HBW? If it's the latter let me save you some time...you're in the wrong place.
The answer to your question above is...just pick one...nearly every single one of them will give you a 100 points if you're building.
------------------------------------ Brad Aden 360 Financial Group, LLC
314-821-0582 Direct www.360fgllc.com
...if that agent decides HBW isn't for them they can just go and take their team with them if they so choose. Yet if they wanted to come back they could, that comes down from the CEO.
...no noncompete in the agent agreement....
I think you are not acquainted with the actual truth.
Something people may not know is HBW supports series 65. The RIA side is going to be HUGE. Building a team at HBW is an option. HBW just has a MLM compensation structure for those who wish to build a team. Team building or personal production the individual has the option to decide what's in their best business option.
Not all things are for all people, but the RIA side is impressive.
Something people may not know is HBW supports series 65. The RIA side is going to be HUGE. Building a team at HBW is an option. HBW just has a MLM compensation structure for those who wish to build a team. Team building or personal production the individual has the option to decide what's in their best business option.
Not all things are for all people, but the RIA side is impressive.
Sorry for the late reply Mr. Joker. What is impressive about the RIA program is the Advisers will not have to personally manage assets if they choose not to. We will be able to use third party money managers who will use active money management. I kind of look at it like this. A new person can get 65 licensed. Now what. They go see a potential client. The client ask well what experience do you have? The agent could say, well I was just licensed last week. Then the agent can say I may not have alot of experience, but let me share with you money managers who do.
Agents are able to take this approach to businesses, wealthy individuals and middle income.. An agent can gather assets under management and build a good income. Then you take in the effect of compounding of the assets under management and the potential income can be impressive. This is from the personal production side. Throw in the potential overrides from a team and it there can be some serious income generated. Now consider this basically no one else is currently doing this and HBW is going national with the RIA program..Of course at HBW there are no requirements for anyone to offer any specific product. So let's say a CPA would like to offer their clients money management. All they would have to do is get 65 licensed and come to HBW. Now for the person who loves their job. Well they could come to HBW ( Part-Time) get 65 licensed and over the course of years they can just build up assets under management. So what if it takes 15 years to get 10, 20 Million under management?
So in my limited opinion. Be it from personal production or with a team, this program has the potential top be huge.
Last edited by Cornelius : 07-07-2009 at 08:09 PM.
Reason: spelling
HBW
I am NOT defending MLM and I've never been part of any MLM organization. But I would still disagree with your analysis above.
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