10 Essential Questions Financial Advisors Should Ask Before Contracting with an FMO

Chloe Schmidt

By: Chloe Schmidt, Marketing Consultant at Asset Marketing Systems


Written On: September 25th, 2023

When it comes to building a successful financial advisory business, partnering with the right Field Marketing Organization (FMO) can make a significant difference. An FMO provides support, resources, and access to insurance products and carriers, allowing financial advisors to expand their offerings and better serve their clients. However, not all FMOs are created equal. Before signing a contract with an FMO, it’s crucial for financial advisors to ask the right questions to ensure they choose the right partner. In this blog post, we will discuss the ten essential questions financial advisors should ask before contracting with an FMO.

1. What is the FMO’s reputation and track record?

Before entering into a partnership, it’s important to research the FMO’s reputation in the industry. Look for testimonials, reviews, and feedback from other financial advisors who have worked with the FMO. Consider their track record, longevity, and stability in the market. A reputable FMO with a strong track record is more likely to provide reliable support and resources.

With over 20 years of experience, Asset was founded by financial pioneer Rick Metcalfe, the first to seize the opportunity to help independent advisors out-perform their expectations. By building a community based on trust and care, our financial advisors can learn from and share in each other’s successes. Rick’s legacy has lived on through his daughter, Jennifer Schendel, Asset’s current CEO.

2. What types of insurance products and carriers does the FMO offer?

Evaluate the range of insurance products and carriers available through the FMO. Ensure that they align with your target market and the needs of your clients. A diverse portfolio of products and carriers allows you to offer tailored solutions and adapt to changing client demands.

Asset offers a wide range of life and annuity products so our advisors can provide the very best to their clients. Our advisors can take advantage of partnerships that we’ve held for decades.

3. How does the FMO support and train financial advisors?

Ask about the FMO’s support and training programs. Do they offer initial onboarding and ongoing training? What resources do they provide to help you stay up-to-date with industry trends and product knowledge? A supportive FMO that invests in the success of its advisors can significantly contribute to your growth.

Here at Asset, we provide extensive back-office support with our:

  • Annuity and Life Team
  • Licensing and Commissions Team
  • New Business Team
  • Advisor Relations Team

Discover how each of our support teams can help you.

4. What marketing and lead generation assistance does the FMO provide?

Marketing and lead generation are essential for growing your client base. Inquire about the marketing tools, resources, and strategies the FMO offers to help you attract and retain clients. Examples may include customizable marketing materials, co-branding opportunities, or lead generation programs.

In addition to our support teams, we also have an in-house Marketing and Creative Team that can bring your vision to life through custom branding, graphic design, content creation and more! Learn more about the marketing and creative services we offer our advisors.

5. What technology and digital tools does the FMO provide?

Technology plays a crucial role in streamlining operations and enhancing client experience. Ask about the FMO’s technology platform, whether they offer client management systems, electronic applications, or other tools that can simplify administrative tasks and improve efficiency.

Asset’s advisors have access to our portal, which holds a plethora of resources, from seminar assets to marketing toolkits.

6. How does the FMO handle compliance and regulatory requirements?

Compliance is a critical aspect of the financial services industry. Ensure that the FMO has robust compliance measures in place to protect both you and your clients. Ask about their compliance support, training, and any ongoing monitoring or assistance they provide to help you stay compliant with industry regulations.

Asset works around the clock to ensure our advisors maintain their compliance. Our Licensing and Commissions Team is always at the ready to answer questions and ensure a smooth transition when onboarding advisors to insurance companies.

7. What is the compensation structure and payout schedule?

Understanding the compensation structure and payout schedule is essential for financial planning. Inquire about the FMO’s commission rates, bonus opportunities, and how and when you will receive payments. Clarify any additional fees or charges associated with partnering with the FMO.

Interested in contracting with Asset? Contact us today to learn more about our payment structure and schedule!

8. Can I maintain my independence as a financial advisor?

Some FMOs may exert control over how advisors operate their business, while others prioritize advisor independence. Clarify the level of autonomy you will have in making business decisions, selecting carriers, and serving your clients. Choose an FMO that aligns with your business philosophy and allows you to maintain your independence.

Asset was founded on the principle of celebrating independent advisors’ autonomy, not overruling it. We pride ourselves on providing independent advisors with the knowledge and resources necessary to exceed their personal goals.

9. What is the process for resolving issues or addressing concerns?

No partnership is without challenges, so it’s important to understand how the FMO handles conflict resolution and addresses concerns. Inquire about their customer service processes, escalation procedures, and whether they have a dedicated representative to assist you in case of issues.

Here at Asset, we serve our advisors first and foremost. We’ve worked hard to maintain a culture that encourages open communication in hopes to continuously improve our services.

10. Can I speak with current advisors who work with the FMO?

Lastly, ask for references or the opportunity to speak with existing advisors who work with the FMO. Speaking directly with their current partners can provide valuable insights into their experience, satisfaction, and any potential concerns you should be aware of.

Want to see what our advisors have to say about us? Check out our advisor testimonials!

Choosing the right FMO is a critical decision for financial advisors, as it directly impacts their business growth and the level of service they can provide to their clients. By asking these ten essential questions, financial advisors can gain a comprehensive understanding of an FMO’s reputation, support, resources, and alignment with their business goals. Investing time and effort into evaluating potential FMO partners will help advisors make an informed decision that leads to a successful and mutually beneficial partnership.

Are We A Good Fit?

Before we can begin helping your business production reach new heights, we want to make sure that we are the right FMO for you and your needs as a financial advisor. Contact us today, and let's talk.