Compensation

JimmehBone

Expert
87
I just got out of a compensation meeting for NYL. The hiring manager went over the different ways they will pay you. Including fyc, bonuses and so on. In his example the agent made 2 sales a week at 100 a month premiums for 50 weeks and 2 weeks for vacation. This came out to 100 customers in a year, after all the fyc and bonuses they have set up. The agent would make 108k in his first year. NYL kool-aid or realistic?
 
Everyone's comp plan sounds great.

The problem is this:
- Who are you going to sell to on a regular, ongoing basis?
- How will you get referrals in a substantial number on a regular basis?

Until they tell you that (or some other ways & means of marketing), then you can play "hypothetical compensation" until you're blue in the face. You won't be any richer.
 
Hmmm, you know, I love smoothing data as much as the next guy, but using a hypothetical where you write the same amount each week...well, I've never personally done it.

If you write 100 policies in a year, you will have great honor bestowed upon you, and here's why very very very few people do it.

The conversation you probably haven't had yet, is that an insurance sale isn't over until it has been delivered. Meaning just because someone said yes and signed an application doesn't mean you're going to get paid any time soon...if ever.

Also those hypotheticals are typically built on one product, NYL's paid up at 100 WL contract, what happens if you sell something else? What happens if you sell a lot of something else?
 
If I had to bet one way or the other, I would put my money all day that you will not earn 108k FYC.

Averaging $100/month premium, which I assume is life, is no easy task. And add to the fact that you'll be cold calling and hitting your project 200 for it
 
To re-emphasis the previous points. It is very doable, if...

You have a plan to get 3 sales a week, so 2 will stick. And you sit in front of enough qualified prospects a week to get those 3 sales, and you have a plan to find enough qualified prospects to sit in front of to get those sales. Oh, and throw away the first month, as you'll be learning your product, how to prospect and you'll be attending numerous training meetings.
 
They say that there is a lot of seminars and local events that they do. At these events we are supposed to get contacts then call them and set up an appointment. If we get 10 a week, 6 will stick, 4 will ask you to come back again, 2 will sell is what i've been told. They don't do cold calling in the sense of going through a phone book or list of people. All in person contacts from a theme park, aquarium, mall, and so on. Out of their 100 agents 23 of them have been with NYL for 20+ yrs. That sounds pretty impressive to me. Seems like they know how to build success. Im getting pumped, reality check?
 
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