IMO's.....FMO'S....????

TonyC · 07-21-2008, 01:25 PM

I have been talking to a few IMO's and trying to determine if they are the best way to go.

What are the pros and cons of working with IMO's?

I guess some are better than others...share some of your experiences....

Why should one work with an IMO....and Why Not?

TonyC · 07-22-2008, 10:26 AM

ims01 · 07-22-2008, 10:49 AM

Tony,

You didn't mention if you do Life or Health. My perspective is from the Life side. With many carriers your only option is to work through an IMO. Some direct contract, but don't give you any support.

Much of your decision will be based upon which market you participate in. Do you need training, leads, support, website, etc.? Some IMO's will provide this and more, others don't do a thing.

BrokersAllianceAnnuities · 07-22-2008, 10:52 AM

Tony, without writing a dissertation, some of the pros of working with a good IMO/FMO, is that you get great contracts, and you get more attention, as it relates to training. Although, some IMOs/FMOs do not train that much and contract with experienced agents.

The IMO/FMO already has relationships with the carriers, so the barrier to entry is much easier. Working with an IMO/FMO in my opinion is more fun, because they take more interest in you and you can make some good friendships, as opposed to a carrier.

Those are some of the benefits, but not nearly all.

One of the cons would be that you have to do your homework and find the right IMO/FMO for your ambitions and interests. There are good IMOs and not so good IMOs. There are some that use you and give sorry contracts and others that help you and give top street contracts.

Also, many of the top IMOs/FMOs do not require you to be captive.

I hope that helps a little.

GreenSky · 07-22-2008, 11:27 AM

Any IMO/FMO must be willing to guarantee a release if you request it. Many of us have been screwed because we could not leave our "owner."

Rick

TonyC · 07-22-2008, 12:11 PM

Thats the ticket...

If you can get a release up front...that would be great.

IMO's i guess must be concerned about loosing money from policies that drop out.

Thanks Rick

Quote:

Originally Posted by GreenSky

Any IMO/FMO must be willing to guarantee a release if you request it. Many of us have been screwed because we could not leave our "owner."

Rick

DarrylVK · 07-31-2008, 02:53 PM

I originally signed up with a FMO to sell Medicare Advantage SNP plans because that's what my friend was doing. After getting out working with him a few days decided that my heart wasn't in Medicare Advantage (too much churn & manipulation for me) so I'm switching to Final Expense.
I spoke to several organizations but went with an IMO who I felt most comfortable with as my main source. He wasn't the biggest one out there by any means. Training & someone to talk with who has been there done that played into my decision.

Quote:

Originally Posted by TonyC

I have been talking to a few IMO's and trying to determine if they are the best way to go.

What are the pros and cons of working with IMO's?

I guess some are better than others...share some of your experiences....

Why should one work with an IMO....and Why Not?

JE INSURANCE · 08-19-2008, 01:17 PM

You know anyone in South Florida? FT Laud area