Choosing the Right IMO/MGA?
If you are in the Financial Services Industry or you are looking to get into the industry, what are the qualities that are most important to you? As for myself, I have been in the industry for 25 1/2 years now and of those years, I spent 24 years and 3 months with one company. I thought that I would never leave my first company, but I had an eye-opening experience, and I was at a crossroad at Age 61. I faced with a decision to do what was best for my family. I am now a “Non-Captive” and I am an International Broker, with access to over 50 Insurance and Wealth Management Companies to service all of my client and not just a select few.
Most people who start out in this industry are usually asked to attend a live Business Presentation in person or asked to join a Business Opportunity Meeting via a Zoom Meeting. The latter option has become the primary option, especially after the COVID-19 Pandemic. Usually after these brief meetings events, a good number of us make a decision based on the information that was presented to us, without doing any research prior to making our decisions.
I have learned that you must do your research, because the information is so good and because most people looking for a chance or something different, they are willing to forgo doing any research in the beginning.
When choosing these types of opportunities there are some key items you should know and they are as follows: 1. You will need to obtain professional licenses to perform the requirements of your business, 2. The majority of these positions are commission base only, 3. You have the option to start part-time or full-time, and 4. There is usually some type of registration fees that are required to get started that range anywhere from $125.00-$150.00 dollars. Your next question should be, if this is an opportunity, why is there a “registration fee involved?” Then the following question should be, is this fee “a one-time fee or is this fee refundable”
In comparison to starting a business franchise, these fees may seem very minimum, but on the other hand, some people may think these fees are a bit much. Regardless of what people think; starting a business is a very important decision and it does require an initial monetary investment and there will always be ongoing costs involved of doing business.
After doing my research, getting involved with Experior Financial Group Inc; just made sense. They started me out as a Financial Associate at the 70% commission level versus starting out at the 25% commission level in my previous company. Even at my fourth position level in my previous company, I was still only at the 60% commission level. Also, there was “no registration fee” to get started in the United States. Another important reason for switching, I am now an International Broker, and I can do business in the United States and Canada without any “red tape or networking agreements,” and now, I have access to over 50 Insurance and Wealth Management Companies to help all my clients from Birth to age 85.
In closing, the deal breakers for me were as follows: 1. I have a True Contractual Business Owner Agreement and I was Vested Day One, 2. I can earned shares in the Company, starting at the Executive Director position level, and 3. Experior has a Legacy Program in the event, if I want retire, if I became disable or unfortunately, if I passed away.
In choosing your IMO/MGA, make sure whatever they are offering you as a Business Owner that is contractual sound and guaranteed. For example, in some companies’ ownership agreements, this means you own your code number, and you can sell that code number to another business owner for a negotiated amount of what business is worth, but you don’t own your clients. I know when I left my old company, I was told that my clients were no longer my clients and could not contact them for a period of two years or if they reach out to me. At Experior, if I left tomorrow, I could take all my clients and my book of business with me. I hope this article gave you some insight and some questions you might be asking your IMO/MGA, before you start building a “huge Book of Business” and whether you have “True Ownership of Your Business.”