Career Change at 49 Yrs Old

[Rocket53]

We get wiser as we get older. I was in business in my 20's with IDS/American Express as a Financial Planner then got into the mortgage business for 15 yrs and loved it right up to its demise in 2008.

I recreated a career in Golf as one the top tournament/event sales reps in Atlanta but in golf the income is $65-70k max and my course is being sold. I want to get back into the Life, Annuity and Mutual Fund arena again and build for my future. Already know the hard work that needs to be done to succeed.

????? I am currently getting my Life & Health pre-work done. Will get my Series 6-63 and possibly 7 again.

What are your thoughts on NY Life, MassMutual and or Northwestern Mutual to start with????? I'll need some training but for the most part it is product training so would they be willing to pay some type of salary to start? I know it isn't typical but for someone with experience and who would start faster than most, thought it would be something to ask.

Thanks for the feedback!!

 

[rievandesign]

Hello Rocket53, Thanks for posting and I wish you all the best in your endeavors.

I have seen a lot of small agencies offer a draw for the first 6 months or so. This is so you have the incentive to move forward and get your business off the ground. For an agent with your experience this should be exactly what you need to get motivated. Please understand, I don't think the draw will be close to 60k. But, if you work it hard, most agencies will work for you so you can get off the ground fast. Besides the idea is that your commissions will blow any draw out of the water.

I also find that if you start out with a smaller agency you will have better luck than if you go for a large agency where you are fighting for territory.

I hope this helps.

 

[Rocket53]

Thanks for the feedback, it makes sense. Can you give me an example of a smaller agency? Are you talking about an Independent Local Agency i.e. "Stan Smith Financial"?

 

[rievandesign]

Exactly, Now from your post I believe you are in Atlanta but I can be wrong.

Any local agency that sells life health and VA in your area that has less than 15 Employees will prob love you walking in. It's up to you to tell them what you are looking for. 800 to 1000 a week draw for the first x months and all commission goes right to the agency until (x) months are over or you say... ok, I want to go on my own.

With your talent you should drop the draw after the first couple months. It's all about how you position your worth. It's kinda scary to have that type of confidence but why not. If you walk in with your 7 license than you are the asset. Even with Series 6-63 you are more than likely the BIG DOG!! At least that is what you tell yourself. You want to work, work hard and do well just ask for the opportunity!!! If you don't ask you probably won't get it.

 

[DHK]

You can't have a Series 7, 6, or 63 without first having been sponsored by a broker/dealer. You'll need a broker/dealer and an office that is friendly for new people to the industry. Smaller independents, generally speaking, need EXPERIENCED producers who have a clean compliance record and some experience in selling.

There used to be a firm that would pay you a salary for a short time - MetLife... but the agency force has now been sold to MassMutual within the past month.

If you absolutely need a salary... you generally won't find it for very long at NYL, MML, NWM, or Guardian. You'd want to look at investment firms like Edward Jones, Merrill Lynch, Morgan Stanley, Wells Fargo Advisors, or UBS.

BTW, as for the comment that you have experience... uh... no, you don't. Your experience was from 29 years ago. It's far outdated. Compliance is stricter, sales margins are lower, commission quotas are higher, and we have this new thing called the internets. It'll be far better to think that you don't know anything... than to keep referring to "how things used to be" 29 years ago.

As far as which of those three to check out... check them all out. Your decision should be based on the OFFICE and not the company. Your goal should be to get the training you need to succeed in today's environment. Whether you choose to stay long-term... is beside the point.

I would not recommend leaving until you had a significant trailing 12 GDC of at least $150,000 (if you plan to keep your securities licenses; more is better of course).

Being in the Atlanta area, I'd check out PeachTree Planning in Atlanta. They're a Guardian Life agency and I've only heard good things.

http://peachtreeplanning.com/

 

[DWPCL]

Penn Mutual offers a salary for the first 3 years. The Atlanta agency has some good producers.

 

[AboutThatLife]

You can't have a Series 7, 6, or 63 without first having been sponsored by a broker/dealer. You'll need a broker/dealer and an office that is friendly for new people to the industry. Smaller independents, generally speaking, need EXPERIENCED producers who have a clean compliance record and some experience in selling.

There used to be a firm that would pay you a salary for a short time - MetLife... but the agency force has now been sold to MassMutual within the past month.

If you absolutely need a salary... you generally won't find it for very long at NYL, MML, NWM, or Guardian. You'd want to look at investment firms like Edward Jones, Merrill Lynch, Morgan Stanley, Wells Fargo Advisors, or UBS.

BTW, as for the comment that you have experience... uh... no, you don't. Your experience was from 29 years ago. It's far outdated. Compliance is stricter, sales margins are lower, commission quotas are higher, and we have this new thing called the internets. It'll be far better to think that you don't know anything... than to keep referring to "how things used to be" 29 years ago.

As far as which of those three to check out... check them all out. Your decision should be based on the OFFICE and not the company. Your goal should be to get the training you need to succeed in today's environment. Whether you choose to stay long-term... is beside the point.

I would not recommend leaving until you had a significant trailing 12 GDC of at least $150,000 (if you plan to keep your securities licenses; more is better of course).

Being in the Atlanta area, I'd check out PeachTree Planning in Atlanta. They're a Guardian Life agency and I've only heard good things.

http://peachtreeplanning.com/

Seeing this is making me question things. I'm independent right now, doing my own marketing, making my own sales presentations, but I have barely any "training". I spend most of my days structuring my workflow and creating a process for handling customers.

I just left a "career" job(not sales) and hated it. I like the freedom of being able to offer different companies. However, having a constant supply of fresh leads to practice on, would be great.

 

[DHK]

Securities compliance and insurance compliance issues are two very different things.

Don't worry too much about your fixed insurance compliance as much.
- If you create something about a specific product, send it to your company for approval.
- Don't publish any rate %'s, not without an expiration date and company approval.
- Don't publish a product premium rate, without sending it to your company for approval.
- If you create your own presentations, make sure they're general in nature.
- If you create supplemental illustrations, be sure to have a footnote that it is not valid without the illustration from the insurance company.

If you follow these general guidelines, you should be okay.

Compliance for broker/dealer securities is very strict. In fact, you cannot use anything you create without getting it approved first. Doesn't matter what it is, get it approved first.

----------

BTW, these firms don't have a fresh supply of leads either. At these firms, you get "the opportunity to make calls" as Ben Feldman put it.

 

[AboutThatLife]

Securities compliance and insurance compliance issues are two very different things.

Don't worry too much about your fixed insurance compliance as much.
- If you create something about a specific product, send it to your company for approval.
- Don't publish any rate %'s, not without an expiration date and company approval.
- Don't publish a product premium rate, without sending it to your company for approval.
- If you create your own presentations, make sure they're general in nature.
- If you create supplemental illustrations, be sure to have a footnote that it is not valid without the illustration from the insurance company.

If you follow these general guidelines, you should be okay.

Compliance for broker/dealer securities is very strict. In fact, you cannot use anything you create without getting it approved first. Doesn't matter what it is, get it approved first.

----------

BTW, these firms don't have a fresh supply of leads either. At these firms, you get "the opportunity to make calls" as Ben Feldman put it.

This is good to know. I created a small little form for a client summarizing his policy. I was about to generate a longer summary for a client buying an IUL, about what we talked about and how it fit his goals, and minimum/target and planned premiums.

Can't undo what I've done, but I wont do the report for the IUL client now. I'm new, so just trying to create a sense of legitimacy.

 

[DHK]

DO that report! That's a planning summary! That's important to help people remember why they bought what they bought!

Closing 9 out of 10 Life Insurance Sales