Can someone that is bored please care to explain the differences between an MGA, IMO, FMO and any other title? I've been wondering about this for a while and didn't really care too much until now
On a more serious note: The only difference is the size of the organization. All of those types of organization are places for agents to hang their hat, under someone else. The difference is just how large the organization produces and they can call themselves certain titles depending on their production/size.
Each carrier uses different designations. But, in general they are based on total volume placed with that carrier. Typically GA or MGA is the first level then IMO, FMO and NMO.
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Tristan and ims01~ Thanks, is it the higher the level the higher the comm.?
To a degree that is true. However, that does not mean that the agent gets a higher commission. It is not uncommon for them to offer agents a lower than street level commission.
A guy posted on here a few months ago who is offering contracts and basically said if an agent is new and will need "support" that he gives that agent a less than street level contract. I posted back that I have a problem with that. Any agent who is willing to accept help and wants to be successful should not be penalized for being new.
These are also typically the ones who will not willingly give a release. If a marketer is taking good care of his agents and treating them fairly then the agent won't want or need a release.
I got contacted by a marketer a couple of weeks ago who wanted me to contract with him for 16% commission and he claimed that was the best he could do. When I told him that I knew street was 4 points higher and I was getting above that he said I didn't know what I was talking about.
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To a degree that is true. However, that does not mean that the agent gets a higher commission. It is not uncommon for them to offer agents a lower than street level commission.
A guy posted on here a few months ago who is offering contracts and basically said if an agent is new and will need "support" that he gives that agent a less than street level contract. I posted back that I have a problem with that. Any agent who is willing to accept help and wants to be successful should not be penalized for being new.
These are also typically the ones who will not willingly give a release. If a marketer is taking good care of his agents and treating them fairly then the agent won't want or need a release.
I got contacted by a marketer a couple of weeks ago who wanted me to contract with him for 16% commission and he claimed that was the best he could do. When I told him that I knew street was 4 points higher and I was getting above that he said I didn't know what I was talking about.
Was his quote for individual health or med supps?
And what does he mean by "support". I am relatively new (end of January) but if I were to go with a company that contracted health products, how much support should I need. Does he mean training, like if you were working for a agency? If its just support for the product that sounds pretty basic and should be easily figured out
MGA IMO FMO, Etc.
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