From our competition that is!!!

I recently responded to a product ad from one of my favorite industry publications. Come to find out, it wasn’t the carrier’s ad, it was an Independent Marketing Organization’s (IMO) ad pitching this product that I was unfamiliar with. Coincidentally, this was one of the “Mega IMOs” that often see their agents leave to come with my company. Naturally, because I responded to this ad, not knowing it was an IMO’s ad, I got a call from one of their employees. It was the oddest conversation I think I ever had. She was horribly abrasive from the start and caught me completely off-guard. This was likely because, as she said, “she knew who I was and knew my company”. I took her hostility as a compliment. And frankly, talking to her further confirmed the level of intellect my company brings to our agents/advisors versus others out there. Yes, that is a bit of a jab.

Seven years ago when I started this IMO after spending two decades on the “carrier side” of the business, I knew there were flaws within the IMO system that, if addressed, would lead to a huge amount of success for somebody opening an Independent Marketing Organization (IMO) that helps agent/advisors/RIAs with their annuities, life, and long-term care.

You see, once upon a time much of the Life Insurance industry was a “career/captive” setup, whereas the carriers had the agents as their employees. Of course, these still exist in different forms, just not as large of a portion of the distribution pie as it used to be. Many of these are great companies!!! There is obviously liability and overhead to the carrier that comes along with the career structure, and carriers realized this. So, much of our industry went away from this structure and started using an “Independent” structure whereas the agents were/are 1099 contractors. However, these carriers knew (and rightfully so) that if the independent agents were just set up direct to the companies, then who would train, educate, and mentor those agents? Afterall, in the “captive” structure there were always agency leaders (again, W2 employees) that would do these very important tasks. So, in an independent structure, who would train the agents, do joint meetings with the “green agents”, provide the technology, scrub the apps, and go to bat for the agents whenever there was a problem? This was the genesis of “Independent Marketing Organizations”!!! To fill that void that the agency leaders would normally fill.

Note: There is other terminology like “FMOs”, “NMOs”, “BGAs” etc. that I will not get into. To simplify, just view them as synonymous.

So, I will ask the same question to you, the agent/advisor, that I asked myself when I started this company. Do you, the agent/advisor, see IMOs as a whole truly filling this role in the independent distribution? Do IMOs pick up the phone, give accurate information, train you on things other than just product, mentor you, process your business effectively, and CARE ABOUT YOU? Ask yourself this question about the IMO you currently use. I hear the answer to this question dozens of times per week!!! If the answer is YES, then great!!! However, many of you are saying “No” in your head as you read this.

Why advisors like CG Financial Group

• Still Small: I am fully cognizant that our $150 million in annuity business is a rounding error for some of the “Mega IMOs” and a rounding error for what CG Financial Group will be in 10 years. However, the fact that advisors are not “just a number” is why they like doing business with us. Generally, when an agent works with CG Financial Group, they are working with me, the owner. And if I had a choice between getting huge and having a reputation for bad service, or staying small and being known for premier education, training, and service, I will choose the latter. However, there are ways to grow in a smart way. I have decades to go in this industry and I cannot afford a lackluster reputation.
• Honesty: If somebody doesn’t want to hear the truth about a product, strategy, carrier, etc., then we are not the company.
• The Best for The Client, Not CG Financial Group: Related to “Honesty” above, the products and strategies we recommend are what I would buy if I were in the client’s position. Ever call into an IMO and get the same recommendation every time, regardless of the client’s scenario? Our recommendations are without regard to which carrier pays us a large “IMO Override” relative to the others. Plus, no carrier owns my company, I do!!!
• Product “Ambidextrous”: Annuities, life, and long-term care is what we do and is our “three legged stool”. All three of these!!! Many agents/advisors find that their IMO is good at one of these things, or if you are lucky, two of these things. We know all three. Which is my favorite? Well, that is like asking me which son is my favorite.
• Mentorship: I do several joint meetings per week with our agents and their clients. Usually over Zoom. Nothing beats being able to “ride along” while somebody else presents the annuities, life, and/or Long-Term Care. No commission split either.
• Training: One of my favorite things to do is to take everything in my head, what I read, what I study, and what I have experienced in my career and educate our wonderful agent/advisors on that. For instance, recent webinars have been on taxes, estate planning, retirement planning, LTC planning, Medicaid planning, how to read the tax returns, Decedent IRAs, NQ Stretches, Secure Act, OBBBA Act, etc. I have been told that our training webinars are the best in the industry. You can judge for yourself. I also teach you how to use income planning software, and most importantly, the “flow” of how to communicate the value to the clients. We go so much beyond “product”. A monkey can read a product brochure. There are no walking brochures here!!!
• Technology: You get everything from a training library (CG Academy), to annuity/life comparison tools, to quote engines, to e-applications. We also build websites for free!!!
• PROCESSING THE BUSINESS: I emphasize these words because you and I know that the job is not done once you sign the applications. Have you ever submitted a case to your IMO just to have weeks go by without realizing that the carrier has requirements in order to further process that app? Where was the IMO all of these weeks? Not in good order (NIGO) requirements on your applications are annoying and time consuming. We try to prevent these from ever happening. But, when they do, those cases don’t just sit there to die on the vine. We very quickly help you rectify the NIGOs.
• Getting you in front of people: I hear it all the time, “Charlie, if you get me in front of people, I will be successful”. I get it! Prospecting, referrals, and “leads” are your lifeblood. We have systems for this that are quite effective. For instance, I am a huge believer in seminars and social media marketing to get people in the seats.

I am not throwing shade on our industry, I am just being 100% truthful on the thought process and reasoning around starting my company. I have known some great IMOs over the years and still do. Heck, most of my friends in the industry are my competitors. And many of them do a great job filling this role. However, many IMOs fall way short. As a result, CG Financial Group continues to attract many agents from our competitors, and some competitors don’t like it. Hence, the facetious title of this article.