Feeling lost in the jargon of IMOs, FMOs, and insurance brokerages? You’re not alone. We set out to share a few industry-built terms and their roles that are often intertwined. Let’s breakdown each and see how Core Income’s unique combination of services and actuarial expertise can benefit your practice and the clients you serve.
What is an IMO?
An independent marketing organization (IMO) provides support and resources to independent insurance agents. IMOs typically focus on a wide range of insurance products, including life, health, and annuities from multiple carriers. These services may include:
Product Access: IMOs often have agreements with numerous insurance carriers, giving advisors a broad range of products.
Training: They provide financial advisors with training, marketing materials and sales support to enhance your practice.
Marketing:Â Many IMOs offer lead generation programs and marketing efforts to help advisors build their client base.
Research:Â They assist advisors in determining the best products for their clients, based on research and analysis.
Back-Office Support:Â IMOs handle time-consuming tasks like underwriting, carrier communications, freeing up your time to focus on your clients.
Proprietary Software:Â Some IMOs may provide proprietary software and programs to assist financial advisors in the research and sales process.
In short, a good IMO uses its expertise, resources, and industry knowledge to support financial advisors in delivering the best service to their clients.
What is an FMO?
A field marketing organization (FMO) is like an IMO but often have a more focused approach, specializing in certain types of insurance and financial products. FMOs typically provide:
Specialized Product Access:Â FMOs may concentrate on certain types of insurance or financial products.
Focused Support:Â FMOs offer targeted training, marketing, research support tailored to specific markets or products.
Key Differences Between an FMO and an IMO
Scope of Products: IMOs typically offer a broad range of insurance products from multiple carriers (product agnostic), while FMOs may specialize in specific product lines.
Market Focus:Â FMOs often focus on niche markets and provide specialized support, whereas an IMO may serve a broader range of agents and markets.
Carrier Relationships:Â IMOs may work with numerous carriers, while FMOs might have exclusive or preferred relationships.
What is an Insurance Brokerage?
An insurance brokerage acts as an intermediary between your clients and insurance companies. Their primary role is to help your clients find and purchase the right insurance policies to meet their unique needs. They:
Understand Your Clients’ Needs: Assess the risks and the unique needs of your clients.
Have Market Expertise:Â Have in-depth knowledge of the market, various products offered by insurance companies, and they keep up with trends, new offerings and insurance regulations.
Conduct Policy Comparisons: Compare policies from different carriers by analyzing coverage, terms and costs to find the best match for your clients.
Offer Tailored Solutions:Â Offer personalized advice and recommendations to ensure your clients are properly protected.
The Core Income Differentiator: An IMO, An FMO, An Insurance Brokerage combined with Actuarial Expertise
Perhaps we just added another acronym or two into the mix:
ABFMO = Actuary-Based Field Marketing Organization
ABIMO = Actuary-Based Independent Marketing Organization
An Actuary-Based Insurance Brokerage
So, what sets Core Income apart? We integrate strengths of an IMO, FMO, and insurance brokerage with actuarial expertise to help you secure your clients’ futures with the power of math:
Actuarial Risk Management: Precision & Confidence in Every Plan
For Financial Advisors:Â We use independent, fact-based insights to help you deliver mathematically superior financial plans. Our team of actuaries ensures that every recommendation is rooted in rigorous analysis, providing you with the best possible plans for your clients.
For Your Clients:Â Your client benefits from peace of mind knowing their financial plans are optimized using precise, data-driven methodologies. We ensure their wealth is managed at the highest level of expertise, reducing risk and enhancing potential returns.
Elite Responsiveness: Always Here When You Need Us
For Financial Advisors: Time is of the essence. That’s why we guarantee a 100% Answer Rate – when you call, we pick up. Our commitment to Elite Responsiveness means you can always rely on us for timely support.
For Your Clients:Â Your client trusts that you have a partner who prioritizes timely communication. The faster responses to their needs, enhances their overall experience and satisfaction.
Collaborative Partnerships: Tailored Support For Your Success
For Financial Advisors:Â Our approach is not a one-size-fits-all approach We collaborate with you to understand your business needs and tailor our support accordingly. Our team is an extension of yours, helping you grow and succeed.
For Your Clients: Your clients experience the benefits of a true collaborative relationship where you are backed by a team dedicated to your clients’ successes. This translates to personalized service, better communication, and suggestions rooted in math that meet the unique needs of their financial goals.
Conclusion: Secure Your Clients’ Future with Core Income – An ABFMO, ABIMO and an Actuary-Based Insurance Brokerage
Discover how Core Income can transform your practice with our unique blend of services, all enhanced by actuarial expertise. Secure your clients’ futures with confidence through our mathematical precision and data-driven strategies. Ready to see how we can help make a difference? Contact us today at CoreIncome.com or call 800.541.7713. Let us help you enhance your practice and provide your clients with the financial certainty they deserve.
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