I'm working with an FMO that does a pretty good job. They are responsive and reliable, etc. However, they pay about 10% less comp than a couple other FMOs I've found. For example, I will be writing a case with Protective and they give a total of 90% whereas I can get 100% elsewhere. This will be the difference of $500 commission on just one case. Any thoughts on whether I should switch or not? Is it possible to get top level comp AND excellent service/support from another FMO? Thanks for any advice.
Question About Commissions
- Thread starter GAMAN
- Start date
- 3,764
COMPENSATION should be just one factor, in deciding on an IMO. Is this group helping you get cases placed quicker? are they ordering the APS for you? Do they offer Underwriting assistance???
If they are doing these types of things, you are in a pretty good spot.
And I always thought 90% with Protective was about the best you could do, without a minimum amount of production.
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COMPENSATION should be just one factor, in deciding on an IMO. Is this group helping you get cases placed quicker? are they ordering the APS for you? Do they offer Underwriting assistance???
If they are doing these types of things, you are in a pretty good spot.
And I always thought 90% with Protective was about the best you could do, without a minimum amount of production.
- Thread starter
- #3
Appreciate the input. Yes, the IMO I'm with now does a decent job in all those areas. However, I spoke with someone at another IMO offering 100% w/PL and he promises great support. Seems legit. I'm not sure if he offers this to everyone, so I'm reluctant to give his agency name. I'm not a top producer, but I do have a good size case I'm ready to write.
- 3,764
if that is case, you can get DUALLY appointed with Protective Life.
Write this Big case with the other IMO, and see how it goes. Kind of like a test drive.
Certainly he/she can dual-appoint w/ Protective but I personally don't like "testing" anyone (IMO, carrier, etc.) on a big case.
- 3,764
I hear you there... I personally like to stick the guys who get the job done. That way I'm not having to worry about things behind the scenes.
This person just seems dead set on getting that extra 10%. In the event the New IMO fails to deliver, he could end up with ZERO.
- Thread starter
- #7
Actually, I'm not dead set on getting the extra $500 plus commission. I have to admit that it's really hard to turn down, but you both make valid points...and I'm open to advice. I agree, there's a chance things could go wrong and I'd lose the whole thing. I'm going to research this IMO and see what else I can find out about them. I'll let you know how things work out. Thanks again!
- 742
Protective will not dual appoint you for a higher contract rate...so if IMO #2 appoints you the max they can do is at the 90% to match IMO #1. They can absolutely pay you the extra 10% but it is a check being cut to you by them, not by Protective.
term2u
Super Genius
- 101
Interesting. I've always wondered about this, as I've been approached by another IMO who is offering around 15-20% more than what I'm currently receiving, with every carrier. Seems like a no-brainer and that I need to reevaluate my situation. I also need to look into dual contracting.
- 24,964
Dual is the term used but you can many more than two with some companies. I believe I have 3 or more with Protective (1 with Pinney/picnic). IMOs differ greatly on how or if they earn their override.
