Managing General Agency
Choosing an MGA
When choosing an MGA, it’s important to look closely…
Faiella Financial Group is substantially more than your average Managing General Agency -MGA. Our systems and administration are designed to help you concentrate on the most important aspect of your business: your “clients” and “prospective clients”.
In choosing Faiella Financial Group, you are choosing a MGA that ensures you will find the best service to back up both you and your clients, regardless of where you are located in Canada. We represent Canada’s top insurance and mutual fund companies, offering the most unbiased services and investments so your clients have access to effective products to meet their needs.
Faiella Financial Group is a founding member of Bridgeforce Financial Group, a nationally based Agency with annual FYC exceeding 20 million dollars. We offer a robust information management system that makes information accessible for quick response times and more efficient use of the brokers’ time. As part of this dynamic group, we provide brokers with up-to-date access to business intelligence in the industry and the latest marketing and technology tools and training that will exceed you own expectations of a MGA.
Faiella Financial Group holds its core contracts directly with the supplier and is completely self-contained within this organization.
Avoid the imitators
Many MGAs represent one main supplier and have “side deals” or arrangements with other MGAs, often in other provinces, to offer additional suppliers. Brokers should be sceptical of these relationships for a number of reasons. First, the MGA through which the production flows may not be achieving the production requirements.
Alternatively, the MGA – MGA relationship could terminate, jeopardizing your relationship with the Supplier Company. Your business could also be delayed in adding steps to the paper flow and commission payments through another MGA office before they arrive at your MGA’s office.
Finally, Supplier Companies are starting to close this “loop-hole” and put certain criteria on these AGA style arrangements so that they make more sense to the Supplier Company. Many of the arrangements that these MGAs presently have will likely be threatened as this loophole is dealt with.
The larger insurance companies are selective in choosing their distribution partners and MGAs. They want MGAs who provide the services they require and with the size and infrastructure that ensures their service standards and stability into the future. Smaller MGAs represent smaller suppliers who have smaller quotas, usually cater to the lower end market, underwrite their claims at death rather than at application, and offer low end products. Check your MGA’s product roster to see if they represent quality companies directly.
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