Help me decide

Brokertwo · 10-24-2008, 03:01 AM

Has anyone joined Agency Builder System Inc I thought about joining but I can't find anyone that has done business with them

nevets24 · 10-30-2008, 12:41 AM

Alot of great information thanx.

cainsurance · 11-03-2008, 09:44 PM

I am also a newbie. I am a little confuse about FMO. I guess I will need to just call any carriers, and see if they can assist me in training to sell there products. I want to sell Life & Health Insurance. By going FMO is it a higher commission for me and better pricing, or produts for my clients and I can work from a home office?

tjackson · 11-04-2008, 07:51 AM

An FMO is a "Field Marketing Organization." Usuallly, FMO's are fairly mature, well-developed companies, with good contract support and sales training (at least on the life side -- not always true with Medicare).

A GA is a "General Agent," or "General Agency." A GA usually just represents a higher contract level than the "street level." A GA has usually proven himself (or herself) and is hiring agents to get an even higher contract (i.e. Managing GA). The problem with many GAs is that they might know how to make some personal sales, but they wouldn't know how to train a monkey.

The key is to interview GAs and FMOs. Ask them what sort of support they offer and what their training would look like. Don't be sucked in to signing a contract just because someone says they will give you a higher level. If you are new, you really do want someone who can mentor you and help you along.

Tony

cainsurance · 11-06-2008, 12:42 PM

Quote:

Originally Posted by tjackson

An FMO is a "Field Marketing Organization." Usuallly, FMO's are fairly mature, well-developed companies, with good contract support and sales training (at least on the life side -- not always true with Medicare).

A GA is a "General Agent," or "General Agency." A GA usually just represents a higher contract level than the "street level." A GA has usually proven himself (or herself) and is hiring agents to get an even higher contract (i.e. Managing GA). The problem with many GAs is that they might know how to make some personal sales, but they wouldn't know how to train a monkey.

The key is to interview GAs and FMOs. Ask them what sort of support they offer and what their training would look like. Don't be sucked in to signing a contract just because someone says they will give you a higher level. If you are new, you really do want someone who can mentor you and help you along.

Tony

Thanks Tony for your info.

If I decide to work for a broker would it be considered a FMO? I have interviewed with a lot of name known company's, Bankers Life, NEF, Farmers, Etc...I am just confuse with what choices to make since I am a newbie. I know a broker that offers training, I am not sure if the commission will be better as far as the other company's that I have interviewed with. I have other agents telling to stay away from the big name company's because they will squeeze all your contacts and clients as much as they can, and the commission is minimum.

tjackson · 11-07-2008, 09:46 AM

Good morning cainsurance.

It is a bit "simplistic" to say this, but a broker is really just an agent who has contracts with many different companies (rather than a single line agent). An agent working for Banker's for example could not be a "broker" as he or she does not represent the client, as much as the company.

Captive companies and agencies have their strengths, but they also have many weaknesses. Their greatest strength is that they will offer some training, whereas many independent brokers (or GA's) won't offer any training other than "go get em," or "go talk to a lot of people."

As you are learning fast, everyone has an opinion and indeed, it is very difficult to filter out the noise. The truth is, there is no "one size fits all." Two of my wife's cousins were Property Casualty agents with a big name company for many years. They both made a VERY GOOD living. One of them invested his profits in Real Estate and is now a multi-millionaire.

Would I go that route? Not in million years. I am just too independently minded for that kind of environment.

In regards to finding a broker who will train you, there is really no way to answer that concern without first talking to the broker. As far as the commissions go, I would not make that my major concern. If I were new and I could get 50% from someone who had my best interest in mind and could train me and teach me how to be successful in sales, that would be far better than 100% with some greedy schmuck or agency who slashes and burns their way to success.

When I started out in this business many years ago with A.L. Williams, I had training from my upline... a lot of training. The problem was, the training was wrong. Most of the trainers I met knew very little about direct marketing and even fewer were creative in thinking about new and effective ways to market out products.

I have not done a lot on the life side over the past few years (I have been working in Medicare), but if I were starting out, I would contact someone like Mark Rosenthal who posts on this board (you can also visit his site at rosenthalfinancialservices dot com). I have talked with Mark and in my opinion, he is the real deal. He will not only give you top contracts, but he will provide excellent training (he is a very creative guy).

Everyone will try to convince you that "sales is sales." I do not believe this is true. It has always been true and remains true that caring about people and putting people's best interest ahead of your own is the surest and best path to sales success. Find someone who lives this in thier practice and you will avoid a great deal of trouble and heartache in your career.

I wish you the best in your pursuits. If you ever need help filtering out the noise, feel free to call me at 303-459-2585. If I am helping someone else out, leave a message and I will call you back (and before I hear the cynical cries from other members of this board... I am not presently an IMO, FMO or broker... so don't accuse me of spamming and recruiting).

Tony