Running a successful financial advisory practice is about more than just delivering great advice – it’s also about building the right relationships to help your business grow. As an independent advisor, one of the most important decisions you’ll make is picking the best IMO for financial advisors.
The right IMO is more than just a back-office helper – it’s a strategic partner that can help you grow your client base, streamline your operations and set your business up for long term success.
What Makes an Excellent IMO?
A great IMO does more than just write up contracts for you – they offer you the tools, training and strategies you need to stand out in a competitive market. Here are the things to look for:
1. Identify Your Business Objectives
Before you even start looking at different IMOs, take a step back and ask yourself:
- Are you looking for some better marketing support to help bring in new clients?
- Are you after some advanced planning resources for retirement, annuity or life insurance strategies?
- Is there some technology that would help simplify your workflow?
A good IMO will align with your vision and goals and help you deliver more to your clients.
Related Resource: Learn how Impact Partnership helps advisors grow through marketing strategies.
2. Research Your Options
Not all IMOs are created equal. Some specialize in life insurance and annuities, while others focus on health or Medicare products. Look at:
- Their reputation in the industry – what are other advisors saying about them?
- The level of support they give to new advisors versus ones who are already established
- Their marketing and training programs – are they going to help you grow your business or not?
Related Resource: Explore our advisor training programs.
3. Understand What They Pay You
Higher commissions may sound great, but it’s not the whole story. Some IMOs offer top dollar payouts but next to no support. Others will give you robust marketing, clients leads and ongoing training, but maybe you’ll have to give up a bit more in the way of commission. Work out what your goals are and choose the structure that fits.
4. Look at Their Training and Support
The right IMO should be able to equip you with a lot more than just a contract. Look for:
- Advanced planning tools to help you compete in the market
- Marketing materials and client-facing content that will help you grow your business
- Ongoing education to keep you on the cutting edge
5. Know Their Media Approach
An IMO focused on growing your practice should bring a results-oriented media strategy to the table. Look for:
- Radio shows with regional media buys and weekly professional content
- TV segment production with expert coaching and entertaining, informative hooks
- Podcast platforms showcasing relatable storytelling for current concerns
Related Resource: Learn how Impact Partnership elevates advisors in TV, radio and podcasts.
6. Check Out Their Reputation and See What Others Are Saying
Talk to other advisors – ask them about:
- Their technology platforms
- Payment reliability
- How responsive and supportive they are
- How they’ve truly grown and found results through their partnership
7. Review the Tech and Tools They Offer
Your IMO should make your life easier, not harder. Look for:
- Quoting and illustration tools to help you sell more
- Marketing automation to save you time
- Secure client portals so they can access their information online
8. Read the Fine Print
Your contract should clearly outline:
- What you get paid
- How you can leave the partnership
- What happens to your book of business
Get a lawyer to review it just to make sure you aren’t getting taken for a ride.
9. Look For an IMO That’s Involved in the Industry
It’s a good sign if the IMO is investing in your education and growth as an advisor and involved in industry events and webinars. They are thinking about your future, not just your production.
Why Impact Partnership?
At Impact Partnership, we do more than just write contracts. We actually help independent financial advisors build thriving businesses through:
- Marketing that actually works: We have strategies that will bring you new clients.
- Technology that simplifies your workload: We have tools to help streamline your operations.
- Training that empowers you to grow: We give you the skills to compete in the market.
- A partnership that will go the distance: We are invested in your growth, not just your production.
Ready to Grow Your Business?
If you are looking for the best IMO for financial advisors that understands what you need and can provide the tools and support to help you grow, let’s talk.
Schedule a call with Impact Partnership today →
Final Thoughts
Choosing the right IMO is probably one of the most important decisions you will make for your business. Take your time and don’t rush it. Evaluate your options, ask the right questions and find a partner that shares your vision for growth.
