I have a questions about SMS I have found 2 on the forum. wich one is eveyone talking about. Thanks.
Senior marketing Sales inc. or Senior Marketing specialist
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Originally Posted by captain94
I have a questions about SMS I have found 2 on the forum. wich one is eveyone talking about. Thanks.
Senior marketing Sales inc. or Senior Marketing specialist
Here are the links to the websites
Last edited by captain94 : 01-03-2009 at 01:08 PM.
Reason: Posts merged
I have a questions about SMS I have found 2 on the forum. wich one is eveyone talking about. Thanks.
Senior marketing Sales inc. or Senior Marketing specialist
You are correct, there are two distinct organizations that go by the title SMS. Senior Marketing Specialists is one of my FMOs, and they are home based in Columbia, MO. Here is their URL: Senior Marketing Specialists. They are good people, but I still recommend to all Independents to go direct whenever possible.
The other is based down in GA, IIRC. Don't know much about them, but they seem to be liked by many, and panned by some others. I think they recruit more agressively and have an active lead program. I think their lead program is what gets panned from time to time. Perhaps other forum members will chime in here.
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WOW! Two posts before I could hit the send key! Guess you have the info you need. Except the SMS in Columbia is not a GA.... very much an FMO and long history in the Senior Market....
A GA is General Agent.... which is what most of us on the forum are. An FMO is Field Marketing Organization and who recruit GAs, who in turn recruit SOAs (Solicitor Only Agents), etc. and are "downline" in the heirarchy.
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To be truly independent, an agent should not be dependent on a government bureaucrat for contracts or commissions.
Thanks for the help I will check them both out. Coming from a captive company this FMO, GA, IMO and so on is very confusing
It doesn't get any better... I know some people in the heirarchy still don't have a clue about where they stand. This is especially problematic for newbies. A lot of GAs take advantage of this vulnerability of newbies and the newbies get screwed royally. You are fortunate to get informed at the outset!!
I have yet to get an accurate definition of how an IMO (Independent Marketing Organization) differs from an FMO (Field Marketing Organization)... sometimes they are one and the same, sometimes one is over the other in the hierarchy. And there are some pyramids where there are more than one FMO in the downline. It is hard to determine how one comes out on top of the other, and it appears to be more than just size. Since I am on the bottom looking up, it seems to be too fixed and ripe for corruption. But that's just my opinion. There are some FMOs that post on this forum, and they appear to be honest and decent, so you can't paint with a broad brush either way.
Bottom line, read the contract they offer you thoroughly, and compare it with others before you sign, and never sign any contract with blanks to be filled in later! AND ABOVE ALL... GET A PRE-NEGOTIATED RELEASE AND THE TERMS OF THE PRE-RELEASE before joing any group.
It doesn't get any better... I know some people in the heirarchy still don't have a clue about where they stand. This is especially problematic for newbies. A lot of GAs take advantage of this vulnerability of newbies and the newbies get screwed royally. You are fortunate to get informed at the outset!!
I have yet to get an accurate definition of how an IMO (Independent Marketing Organization) differs from an FMO (Field Marketing Organization)... sometimes they are one and the same, sometimes one is over the other in the hierarchy. And there are some pyramids where there are more than one FMO in the downline. It is hard to determine how one comes out on top of the other, and it appears to be more than just size. Since I am on the bottom looking up, it seems to be too fixed and ripe for corruption. But that's just my opinion. There are some FMOs that post on this forum, and they appear to be honest and decent, so you can't paint with a broad brush either way.
Bottom line, read the contract they offer you thoroughly, and compare it with others before you sign, and never sign any contract with blanks to be filled in later! AND ABOVE ALL... GET A PRE-NEGOTIATED RELEASE AND THE TERMS OF THE PRE-RELEASE before joing any group.
What is a good reson for a release? just higher commision or should it be do to not receving the right amount of commisions in the contract? Also if you get a release do you lose your book of business or due they contract you dirctly with the carrier? If you sign your commision over to them I wuold think they own your book of business or is that incorrect?
What is a good reson for a release? just higher commision or should it be do to not receving the right amount of commisions in the contract? Also if you get a release do you lose your book of business or due they contract you dirctly with the carrier? If you sign your commision over to them I wuold think they own your book of business or is that incorrect?
Yes, you have the concept down corrrectly...
You do not get a direct contract with the carrier through an FMO. That is an oxymoron. You either get a direct contract with the carrier through their licensing department, or through licensing at an FMO.
The FMO scheme was intended to relieve the carrier from administrative costs of licensing, training and supervising agents. They are not set up to do this for independent agents. They only do this for their captive employees. The FMO is supposed to provide this function, but often do nothing more than collect their override.
If you find a good FMO that will train you, provide good lead sources, and keep in touch with you (have a good web site), then proceed with caution. Stay away from those blacklisted in this forum.
The pre-release is common sense. Human nature being what it is, is pre-disposed to eventual difficulties. If, and when, you find you and your FMO don't get along anymore, then you want a way to part amicably. A reasonable FMO will recognize this and will not object to a pre-release. If he doesn't, that may be a good clue he might be a hard guy to get along with. Even with a pre-release, you will more than likely lose your book of business, but you should be able to find another FMO or get a direct contract (preferred) so you won't have to wait out the contract term for non-production to be free of your contractual obligaitons.
Most FMO contracts with the carriers have provision for contract termination only after 6 months of non production... some longer. You will almost NEVER see this language because it is held close to the breast between the carrier and the FMO. When you sign a contract with the FMO, this information is not disclosed. Whether or not this will hold up in court has not been determined because it costs more to find out than to just move on, which is what those FMOs count on.
The flip side of this argument is that they do not want to be stuck with any charge-backs they might incur from your business after you leave. Carriers are moving to direct payment to contracted agents nowadays, and this is protecting the FMO from that cost. This reduced exposure is leaving the FMO in a better position, so they have less argument against a pre-release.
You do not get a direct contract with the carrier through an FMO. That is an oxymoron. You either get a direct contract with the carrier through their licensing department, or through licensing at an FMO.
The FMO scheme was intended to relieve the carrier from administrative costs of licensing, training and supervising agents. They are not set up to do this for independent agents. They only do this for their captive employees. The FMO is supposed to provide this function, but often do nothing more than collect their override.
If you find a good FMO that will train you, provide good lead sources, and keep in touch with you (have a good web site), then proceed with caution. Stay away from those blacklisted in this forum.
The pre-release is common sense. Human nature being what it is, is pre-disposed to eventual difficulties. If, and when, you find you and your FMO don't get along anymore, then you want a way to part amicably. A reasonable FMO will recognize this and will not object to a pre-release. If he doesn't, that may be a good clue he might be a hard guy to get along with. Even with a pre-release, you will more than likely lose your book of business, but you should be able to find another FMO or get a direct contract (preferred) so you won't have to wait out the contract term for non-production to be free of your contractual obligaitons.
Most FMO contracts with the carriers have provision for contract termination only after 6 months of non production... some longer. You will almost NEVER see this language because it is held close to the breast between the carrier and the FMO. When you sign a contract with the FMO, this information is not disclosed. Whether or not this will hold up in court has not been determined because it costs more to find out than to just move on, which is what those FMOs count on.
The flip side of this argument is that they do not want to be stuck with any charge-backs they might incur from your business after you leave. Carriers are moving to direct payment to contracted agents nowadays, and this is protecting the FMO from that cost. This reduced exposure is leaving the FMO in a better position, so they have less argument against a pre-release.
Im missing something, If you work to build a book of business and have good renewals and decide to go to a new FMO you will not be paid your renewals? is it better then to have 3 FMOs and have your book of business spread out to minimize this exposer. or maybe have 1 FMO for advances and go direct with others an take as earned so you can get advances to pay your bills and build a book directly with other carriers? I am going to go nuts trying to figure this out..
Im missing something, If you work to build a book of business and have good renewals and decide to go to a new FMO you will not be paid your renewals? is it better then to have 3 FMOs and have your book of business spread out to minimize this exposer. or maybe have 1 FMO for advances and go direct with others an take as earned so you can get advances to pay your bills and build a book directly with other carriers? I am going to go nuts trying to figure this out..
This shows you are thinking!... You must decide for yourself, but I see no reason for an FMO. I am contracting direct or not at all.
This shows you are thinking!... You must decide for yourself, but I see no reason for an FMO. I am contracting direct or not at all.
What if any carriers will pay advances direct? I will need a few while im building so I can keep up with my bills. $700 a week in commisions will due while im building a book.
What if any carriers will pay advances direct? I will need a few while im building so I can keep up with my bills. $700 a week in commisions will due while im building a book.
Med Sups like to pay as earned, and those commissions come the first of each month. Quite frankly... I like it like that!
MAs, such as Coventry, pay advances... I have been getting a check from them every week towards the end of AEP sales.... don't know if that will keep up all year. (Of course, they only paid partial commission) So I doubt it, but you never know... this screwy mess from CMS and commissions can't be figured out.... got paid 2 weeks from submission last year. This year CMS will intervene with approvals... don't know how long it will take them to make a decision, but if the past experience with their decision making about the "final" word is any indication, this might take all year!!!
What if any carriers will pay advances direct? I will need a few while im building so I can keep up with my bills. $700 a week in commisions will due while im building a book.
No, most carriers wont advance you, and the ones that will don't usually give you great contracts. Some FMO's will but in general you'll be taking a reduced commission since they're doing you a favor and taking a risk.
Going direct with a carrier isn't always the best option, a good FMO can do a lot for an agent. Some companies wont contract agents directly and if you don't need a lot of help they can usually pass on a good commission. If you want a great commission you'll probably need to recruit agents and grow a team, other than that you should probably just count on street level or just a little better than street level commissions.
Another advantage to using an FMO is that if you have an issue and the FMO complains to the carrier it carries a LOT more weight than if one agent has a concern.
If you find one FMO you like you should probably contract with them on all products, they'll be able to help you more that way. Most good FMO's will give you a release as long as you don't owe them money and you're square with them, just ask up front and get it in writing if you can. If you have any questions about this, please feel free to shoot me a message. I work with a lot of large FMO's (good and not so good) and could help you find one that will work best for you in your situation.
I got some kind of bonus from Coventry a few weeks ago, and today the site is showing a partial commission check for about $10k, which is the first check for this AEP I have gotten. Not all the apps are showing up, but more than yesterday.
Captain. Even though I am with a couple FMO's the carriers all pay me direct. I switched FMO's on one company a while back and the commissions and renewals kept coming as usual.
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...and I would rather be with one FMO for simplicity sake, but it makes little difference to me and none as to how and when I get paid. There can be differences at which level you get paid, but newby's may not get GA level contracts just by asking for them, I dunno.
Last edited by patch36 : 01-03-2009 at 04:35 PM.
Reason: Posts merged
Any newbies following this thread should be apprised that this industry is quite volatile. Your pay will be up and down constantly.... more down than up in the beginning. If you came from a salaried job, you have to adjust your thinking about pay. Keep your expectations low or you will be very discouraged. Aim high, but be practical.
"As earned" means whatever commission is due for that sale is divided by 12 and paid monthly.
"Advanced" can be for 6, 9, or 12 months on the commission... the more you take, the more exposure you have for chargebacks for the clients who drop the policy. Also, many FMOs will charge interest on the advances they give you. They consider those advances a loan to you. That's what I don't like.....
I got some kind of bonus from Coventry a few weeks ago, and today the site is showing a partial commission check for about $10k, which is the first check for this AEP I have gotten. Not all the apps are showing up, but more than yesterday.
Captain. Even though I am with a couple FMO's the carriers all pay me direct. I switched FMO's on one company a while back and the commissions and renewals kept coming as usual.
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...and I would rather be with one FMO for simplicity sake, but it makes little difference to me and none as to how and when I get paid. There can be differences at which level you get paid, but newby's may not get GA level contracts just by asking for them, I dunno.
Edit: "This just became du jour this year." is not technically correct. See patch's comment.
If you are not getting paid direct, you might be on a SOA contract... and being paid through a GA. I had to fight to get out from under this stinkin' mess a year ago, and so I had the wrong impression of how others had been paid.....
I think this is where I developed the idea that you lose your book of business when you switch FMOs, since it did for me. There was downline between me and the FMO. Perhaps if you are contracted at a GA level with your FMO you may not lose your book of business, but I wouldn't want to bet on it. It seems that Rick went through this, and I believe he said he lost his.....
The FMO doesn't even enter into the equation unless you have issues with the company you can't resolve. I get paid direct from all the companies...Life, LTC, Med Sups, MA, Annuites, ect.
And you are happy with them, no problems. What is the diffrence to an agent if its a GA or an FMO? sorry if its a dumb question.
It's totally not a dumb question. The definition of a GA is a little more vague than FMO.
An FMO is a Field Marketing Organization, generally accepted as an organization that has a direct contract with a carrier and is HUGE. They are usually licensed in at least close to all 50 states and really do business in at least 20 of them. GA generally contract under FMO's and agents contract to GA's. Another way of putting it:
Carrier (UHC, Aetna, WellCare, etc)~~>FMO~~>GA~~> Agent. There are certainly different versions of this, but that's probably as well as anyone can explain it.
With Senior Market Sales, I like them well enough. It really depends on what you want from a GA/FMO. If you want to contact me for more info about them and some others that might work better for you, feel free to visit my site and send me a message. The url is medicareplansolutions.com. I do work with a bunch of different FMO's and GA's and depending on where you're located and what you need some would be better than others.
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