Anybody out there work for New York Life?

[mikespine]

Yes I had my 3rd interview on Wednesday, but ironically after my 2nd interview when leaving the building I rode the elevator down with one of their agents. I quickly struck up a conversation with him and found that he has been working there for 8 years, and finds the current manager, who has been there for 3 years very helpful. They basically offered me the position, although I am thinking it out at this point as it would be a career change for me.

Hi Lisa, I am also considering a career change with NY Life. I have met with a Partner 3 times. (I guess an interview). I have filled out their application, completed a Career Orientation Module (rating yourself,the history and strength of NYL etc.) and Thursday I received the "Career Orientation Module:Project 200:Indentifying Your Initial Markets."

I have asked some important questions that they have advised on this thread and was pleased with the answers so far. This office they say WAS a top producer. The current Manager has been here since 2005, it appears that there is a wave of new hires. (My team that I would be on have less than 1 year experience.)

The "Partner" to hire me has 30 years in the business, but only 6 months with NY Life. He was the Manager for Mutual Of Omaha prior and has experience recruiting and training. Everybody I have spoken too so far seems very knowleable and ethical. I have spoke to my supportive wife and I will probably entertain NY Life's offer to go part time for 6 months. I will have to take a week of from my current job to begin training. As my hiring Partner states: "The worse that can happen is you realize it is not for you." I still need to talk with new and experience reps..it was also encouraged. So far I like what I hear and see. Thanks to everyone on this forum.

I will meet again to talk about commissions. I will keep posting to let you know how this experience evolves. Good Luck-Mike

 

[kingedgars]

NYL in SC

I had a second interview with the Charleston, SC broker and I am going with NYL. He claims his office is #1 in the country for NYL and judging by all the hardware on the wall, he is probably telling the truth. He is opening an office in Columbia, SC in a prime downtown location. I am very excited to work in this group as my manager seemed extremely knowledgable and motivated during our meetings.

 

[LGilmore]

I spent a decade with NYL, if I could still sell their life products I would without question. However, I will never be captive again. You're an employee without employee benefits. NYL's treatment of agents switched in the 90's with a leadership change. The old NYL is the one most folks remember, a very agent centered company. It may be headed back that way now, but for a while, the game kept changing and you didn't know where you stood.

"If you just write 10 apps a month....."

Hey if you write 10 apps a month for ANYBODY life will be pretty good. It's how they treat you, when you don't.

For me, it was being forced to work with unethical sales managers. People I wouldn't even be around if I had a choice. In my office eventually they did the "you have 10 minutes to vacate the building" to a couple of salesmanagers over the years and then dealt with the clients that were screwed. I think one thing NYL does better than others is make good to clients that have been screwed over as you rarely hear their name up there, but... back in the old days... NYL had the #2 salesman in the company turn out to be taking the names off of gravestones, a few years latter guys getting caught rebates $100s of thousands of dollars for sales. Target life mass collapses and making good.

Yes, it's a great place to learn the business, but MAKE SURE that the sales manager is someone who's ethics are on par with yours or even better. It makes a huge difference... by the time they got a decent sales manager in there I was feeling waaay too burned to work there.

Look around the room, what are your cohorts like? I have to say my nyl office had about 5-6 guys that to this day I think were some of the best ever produced for this business. great guys. However, they also had 5-6 that were'nt the most ethical guys on the block. Really look closely at the situation.

Remember right now your on the date and yes they're pretty, but what will they look like tomorrow morning. I know for a while I just wanted to chew my arm off to get away from those guys.

 

[kingedgars]

Funny thing about networking....

I had a second interview with the Charleston, SC broker and I am going with NYL. He claims his office is #1 in the country for NYL and judging by all the hardware on the wall, he is probably telling the truth. He is opening an office in Columbia, SC in a prime downtown location. I am very excited to work in this group as my manager seemed extremely knowledgable and motivated during our meetings.

I changed my mind about NYL. I've been networking with the other companies in the building where I work and the mortgage broker down the hall hooked me to work for them, 1st Metropolitan Mortgage. Go figure? I'll be able to do mortgages and sell mortgage protection as an independent agent. I sold mortgages about seven years ago and liked it. Then I gave my hand at real estate when I saw the bigger commissions for realtors they made on the deals I funded. Good luck to everyone else w/NYL

 

[Guest]

Is there still a good market for selling mortgages? In Sacramento a lot of broker-agencies closed down, some big ones too (Century). There are a lot of real estate folks looking to leave R.E. and go into the insurance biz (mostly P&C which makes sense for them.) I wonder if it is legal in this state to have both licenses... to sell someone a house and then sell them home/auto. I don't see why not but I don't know. CA has a ton of conflict of interest laws.

A couple of years ago you could make HUGE money out here brokering mortgages. Not so great now, from what I understand.

Al

 

[Kendog]

Hmmm.

Everybody here at the office in SC is extremely nice. They have about 35 agents in this office and the majority of them are doing really well. My agent is super and has just taken over a Senior Agent's office with 5 filing cabinets worth of clients from 40 years of working in the insurance industry! I have my work cut out for me. I like his work ethic and the manner in which he presents his materials to clients. He has only been with the company for 2 years and is doing very well.

Maybe it's just that the culture down here dictates that you HAVE to be nice to do business. - A little bit of "southern mentality" if you will.

Kendog

 

[kingedgars]

My decision....

Is there still a good market for selling mortgages? In Sacramento a lot of broker-agencies closed down, some big ones too (Century). There are a lot of real estate folks looking to leave R.E. and go into the insurance biz (mostly P&C which makes sense for them.) I wonder if it is legal in this state to have both licenses... to sell someone a house and then sell them home/auto. I don't see why not but I don't know. CA has a ton of conflict of interest laws.

A couple of years ago you could make HUGE money out here brokering mortgages. Not so great now, from what I understand.

Al

I've read up on the falling number of loan officers at mortgage brokerages just like surface gold miners leaving the mountains when the gold rush is over. However, others remained and found ways to dig out the subsurface mineral for a tremendous profit. I may regret my decision, but there are other reasons for my choice that are breathy and I don't want to bore everyone.

As far as regulation, I live in SC which is a very conservative state including minimal government oversight of most areas of business. I did a cursory check of laws and found nothing prohibiting me from doing both. Right now, it's only my companies policy that I must have approval in writing to sell mortgage life insurance. My mortgage broker estimated that about 1 out of 7 clients ask about mortgage insurance which sounds like a strong foundation to work with. If I can solicit my own borrowers improving my numbers, I might do very well spreading around my sources of income.

 

[xrac]

Re: New York Life

I've been an independent agent for years. Only once did I consider going "career company", and I looked ONLY at NYL. They are top notch in my opinion. If I were starting over I would start at NYL, would I stay forever? Don't know, but I dang sure would start there!

The moderator of Topgunproducers says the same thing.

 

[SayBob]

I am considering NYL as well

 

[nqr]

Lisa, Nak4Life, etc,
I am in the same boat just interviewing at NYL and considering a career change. I am younger though, and somewhat worried about finances in the initial jump. Is there any advice you can give me for these first few months? Or in regards to it as a starting point for a career in the insurance industry?
This is a great forum with a lot of fantastic advice. Thank you to all for your input so far!