Episode 61: RIAs, IMOs, BGAs: What Financial Advisors Need to Know
In this episode, Josh Null and Jay Stubbs explore the complex world of financial services acronyms. Starting with an overview of their roles and backgrounds, they explain the various organizations and terms that industry professionals encounter. They discuss FMOs (Field Marketing Organizations), IMOs (Independent Marketing Organizations), and BGAs (Brokerage General Agencies) and how these differ from captive carriers. Josh and Jay also touch on related acronyms like RIA (Registered Investment Adviser) and IAR (Investment Adviser Representative), clarifying their nuances. They talk about the benefits these organizations provide, such as offering a range of products and helping advisors shop for the best client solutions. Additionally, Jay explains his own credentials as a CLU (Chartered Life Underwriter) and emphasizes the importance of understanding industry-specific certifications and ratings.
This episode serves as a valuable guide for both curious investors and financial professionals, demystifying the acronyms that dominate the industry. For more information and resources, listeners are encouraged to visit the Providence Partners website or contact Jay directly.
Enjoy The Show!
3 Key Episode Takeaways
- Understanding Industry Acronyms: We break down what FMOs (Field Marketing Organizations), IMOs (Independent Marketing Organizations), and BGAs (Brokerage General Agencies) are, and how they differ. This knowledge is crucial for anyone in financial services to comprehend the structures that support various products and solutions.
- Benefits of Different Organizations: Jay Stubbs explains the importance of these organizations in offering multiple products and solutions for clients. Focusing on their ability to shop for the best options in the market ensures you can provide top-tier choices for your clients.
- Navigating Client Solutions: Learn how to leverage the specific offerings of these organizations to better serve your clients. From life insurance to annuities, the ability to compare and find the best fit is a game-changer in financial planning and advisory services.
Show Overview
02:23 Growth in insurance business through acronyms explained.
05:37 Insurance and annuity products marketed through FMOs.
08:58 General agency provides higher service level access.
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