Michael Allevato
Expert
Can anyone tell me about the career financing plan with MoO? Does it have to be paid back at some point. Also, I would like to know about the training. Thanks
Career Financing Plan with Mutual of Omaha
- Thread starter Michael Allevato
- Start date
- 376
No it doesn't have to be paid back. Your training will consist of reading a stack of books at home and then going over them with your manager. Your training will also consist of writing down the name of every person that you know and trying to set up appointments with them to "show them what you do at Mutual of Omaha."
geminiman_61
Expert
- 27
I agree and disagree at the same time. Yes, you don't have to pay back the financing plan, it's a bonus. You also get a production bonus on top of financing.
I disagree with training comment. Product knowledge training, yes, for a whole week. It will all depend upon your manager. Some will go with you on your appts the first couple of months, show you how to do a needs analysis, recommend products, etc. Basically hold your hand. Some will just let you swim with the sharks right away.
Some divisions will let you work their orphans. I heard some charge new agents for orphans. It depends upon your manager. Some give a prospecting account for new agents. I heard some don't have them.
As they always say, the manager, not the company will break or make you. Get as much info as possible during your interview. It's a 2-way street. Talk to other companies, NYL, MetLife, MassMutual, Genworth, etc. See who's a good match with your personality.
- 101
I have to agree geminiman. I was told by the local MOO office where I live that if I contracted with them I would be on my own plus some. I would have to pay for orphans, no training whatsoever. But he would be available for me to call him if I had a problem...
- 101
None that I can see!
geminiman_61
Expert
- 27
That manager and whole division sucks then. Go someplace else, plenty of outfits out there. Good luck!
- 657
How much does the Career Financing Plan pay you and for how long? Is it a draw against commissions?
thanks,
Bill
thanks,
Bill
geminiman_61
Expert
- 27
Best way to get an answer to this questions is by asking the manager at time of interview. Financing Plan is usually for 3 years on diminishing level.
Production bonus goes up every year but Financing Plan goes down with it. It's good if you are new to the biz and need to learn the ropes. Problem is, when you leave, you leave your book of business. You're basically back to square one.
If you are not new to the industry, this might not be the way to go. Good luck!
- 657
I sent you a private message. I would appreciate your thoughts.
bill
bill
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