Anyone here work for Securian Financial??

[rockandtrail]

Just curious about thoughts on Securian vs New York Life? I have offers from both and really like the people at both places. I like the Securian for the ability to do the investment side as well as insurance right off the bat, vs New York Life when I'd have to wait to get my 6 or 7 for a while. The upside to NYL is the defined benefit plan and the renewals, expense allowance, and PDN which add up subdstantially after the first 5 years. The downside is they would require a certain amount of insurance before I can get my 6 or 7 and I know several people already with rollovers etc that would benefit from the investment side too and I'd like to be able to offer them more than insurance.

At Securian I'd be more independent after the apprenticeship/residency period where I'd get a decreasing salary for approximately 2.5 years, but full commission. I'd also own my own book and have to be 7,66, and insurance licensed before hand. Securian is big on their culture and even invited my wife to a lunch before they made an offer to me. She really likes them and so do I but they have mentioned several times their insurance renewals do not amount to much income, which is the opposite of what NYL states and Securian is an insurance company also.

I've looked at Northwestern and they are similar to NYL. The only other local I haven't looked at is Mass Mutual and I turned down EDJ because I believe they are too rigid. . I want to do both insurance and investing.

I'm 47, about to semi-retire from LE (will draw a pension in a few years, am vested now) and want this to be my last career. I had a Series 7 over 20 years ago, so am familiar with the business.

I've seen some posts on here with excellent advice on being successful. Does anyone have any input on Securian vs NYL for a long term career, or other options I might should consider. I believe Securian is the more independent option. Thank you in advance.

Also if you know of anyone who works for Securian you could forward me to I'd appreciate that.

 

[DHK]

First, culture and training is FAR more important than nearly everything else. If the culture and training is there... everything else will work out. If the culture and training is NOT there... everything else doesn't matter.

I had checked out my local Securian office a number of years ago. They are called "Tax & Financial Group". I think most of these offices have their own branding. Anyway, I seem to remember that you get paid for your SALES ACTIVITY. You won't get that kind of offer from NYL.

And since you said that you have contacts you can help with investments sooner than later, I think the odds of success (ignoring everything else) are probably better stacked in your deck with Securian than with NYL.

 

[rockandtrail]

Thank you for your reply! Yes, for the first 16-20 weeks they pay you for specific sales activity which is pretty interesting. After that you are on a two year sliding scale with the salary going down every 6 mos. They also provide an office, 401k matching after the first year, and all I'm out is e&o and a tech package after the internship/residency period. I'd also be able to utilize Securians products as well as many more. I'd be W2 on the insurance side and 1099 on the investment side. They have advisors that specialize primarily in insurance and some in investments.

I've been leaning towards them, but was a little worried about brand name recognition with them vs New York Life as NYL is a fortune 100 company. IS that an issue or am I imagining things? Also weighing the defined retirement option vs owning a book. Thanks again for your assistance.

 

[DHK]

"People don't buy insurance. People buy people." - John Savage, CLU (who represented a smaller company, but sold a GREAT deal in his career before he died in 1993).

It's about you, and the relationships you build, not the company name on the door.

 

[rockandtrail]

Thank you! You have helped me greatly. I have saved your threads with advice on how to be successful. Thank you for your input on these forums.

 

[Allen Trent]

Thank you! You have helped me greatly. I have saved your threads with advice on how to be successful. Thank you for your input on these forums.

Last I had heard, Securian had close to 30,000 agents appointed nationally & NYL about 10-15,000. not that it matters, but it shows Securian must have a diverse portfolio of Life (term, wl, UL, GUL, IUL,VUL), hybrid LTC products & investments. The big carriers like NYL & NML seem to be mostly focused on whole life. that is possibly why NYL mentions life renewals more. Securian likely has higher new commissions & less renewals to be competitive in the independent space where products like term are almost entirely 1st year commissions only.

Both have strong reputations.

 

[DHK]

If Securian is primarily focusing on IUL (I think they are), don't be misled by them talking about a smaller number for renewals (or NYL using a larger number). The smaller % will be based on a higher target premium (if doing level death benefit compared to increasing) so your actual compensation may be about the same, if doing a true apples-to-apples comparison.

All these nuances really make it difficult to make a truly informed decision, but once you understand the nuances, it'll get easier.

 

[rockandtrail]

Gotcha, that makes more sense. The reason I ask is because when asking about the company buying my book when it's time to retire, they mention the insurance renewals are not usually that significant compared to the investment income. I was informed they just buy the whole book. I also saw a job review from a Securian advisor that stated their insurance renewals weren't as much as in the past, so maybe it is due to the IUL or higher new commission vs renewals mentioned by the post above also. From everything I've seen they are a good company with great insurance products. I know nothing but basics about insurance products so am excited to learn and to be moving forward with them. Now to just pass that series 7 again........