Compensation

[newbie2010]

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?

It is possible to make that kind of money the first year, but not very realistic for the average person. I was with NYL for about 1 1/2 years. I did very well, won several rookie awards and even made Executive Council before I left. During my time there, I saw the majority of the new hires come and go. The products are good, but the underwriting very strict and the premiums high compared to other companies. You will be encouraged to get your securities license, which I did, but that will bring on more compliance issues to deal with. Their compliance department is very strict. For instance, you are not allowed to text clients, even if the client requests that form of communication.
Good luck with your decision. NYL has a great training program so even if you only stay for a short time, you will learn a lot.

 

[JimmehBone]

Thanks, I needed to hear that. I'm hoping i won't be one of those come and go new guys. No texting? Good to know. Just wondering, did you do that child id program alot? if so did it work well, I was thking about doing it every sat and sun at local amusement parks.

 

[DHK]

Thanks, I needed to hear that. I'm hoping i won't be one of those come and go new guys. No texting? Good to know. Just wondering, did you do that child id program alot? if so did it work well, I was thking about doing it every sat and sun at local amusement parks.

The best way to do a child ID day, is to do it at a community event - with local police support.

Last week my city had a car show & go event. There were well over 200 muscle cars and older cars on display. Plenty of booths for various businesses. Not necessarily a lot of kids, but a booth could have been a good idea. I was there for a different volunteering organization.

You have parents complete the child identification kit while you take the picture, print it and put it on the ID card to laminate. All the time, you are talking about college funding and insurance to protect the family. When you get their curiosity, you get permission to contact them about your services.

At a minimum, you get their email address and add them to your drip marketing campaign.

If you really want to get creative, you do it at a political candidate's campaign rally... or get them to show up and "endorse" your community involvement. This is a way to network with the powerful people in your community.

MassMutual has their "LifeBridge" program which is free insurance for low-income households. I would market "LifeBridge" through such a medium as well. It's a huge PR opportunity... not necessarily a lead-generation opportunity.

See, they can't even GIVE life insurance away!

 

[newbie2010]

Thanks, I needed to hear that. I'm hoping i won't be one of those come and go new guys. No texting? Good to know. Just wondering, did you do that child id program alot? if so did it work well, I was thking about doing it every sat and sun at local amusement parks.

Yes, I did several Child ID Events. The best way to do it is to team up with at least 1 or 2 other agents because it is very labor intensive and you need at least one person talking with the parents while they are in line and making sure they fill out the information cards correctly. Instead of giving out the cards on the spot, we laminated them later and called to set up a time to deliver. This gives you another time to get in front of the prospect and if they have requested information on the card they filled out, they are expecting you to try to sell them anyway. don't expect an "average" of $100/month premiums though, unless you are in a very affluent area. We wrote mostly term with average checkos of about $25.

 

[JimmehBone]

Every lil bit helps. I don't have a much better way to get clients at this time :-0 I think tonight is the marketing pco class though.

 

[jaramos]

If you believe you can sell 100 cases over any period of time at all, then get clear on your belief that you can sell 100 cases. If you can do that, then you can do it again and again, so you know you can have longevity.

Now the only challenge is to sell those 100 cases to the same people you were going to sell them to in that imagined period of time, but do it in a year, or eleven months is better because then you can take off for the holidays. If the number of calls you make doesn't get enough appointments, then bump the number up and keep bumping it until you are on pace. Track the rate every day and adjust every week. It's simple, not necessarily easy, but simple.

Take a look at Nick Murray's book "The Game of Numbers." You might have to go to his website. It's worth reading. BTW I have no affiliation with Nick.

 

[Glad2bHere]

If you believe you can sell 100 cases over any period of time at all, then get clear on your belief that you can sell 100 cases. If you can do that, then you can do it again and again, so you know you can have longevity.

Now the only challenge is to sell those 100 cases to the same people you were going to sell them to in that imagined period of time, but do it in a year, or eleven months is better because then you can take off for the holidays. If the number of calls you make doesn't get enough appointments, then bump the number up and keep bumping it until you are on pace. Track the rate every day and adjust every week. It's simple, not necessarily easy, but simple.

Take a look at Nick Murray's book "The Game of Numbers." You might have to go to his website. It's worth reading. BTW I have no affiliation with Nick.

Excuse me, J, but I would like to add something here.

I have a brother who made plenty doing Cold Calling. He was organized, tenacious and targeted a demographic where he expected to find the clients most expected to buy his instruments. I started doing things the same way. Know what I got?

"Don't waste your time."

"It takes over 700 calls to make one sale."

"Referrals, Referralsa, Referrals."

"Work your warm market."

So I am sitting back scratching me head wondering why I'm getting so litle support but a whole lot of preasure about disclosing my "warm market". Frankly, I don't get any impression that the powers that be care much if I succeed as long as Insiders get a steady stream of my Warm Market that they can use.

I understand that leads can go for $20-$30 dollars each. How come I have not been compensated for bring these leads to the company?

Best Wishes,

Bruce

 

[JimmehBone]

What company do you work for? So far my managers tell me to just let my warm market know what im doing. They repeatedly say "don't try to sell them" just simply let them know you can help so they can pass your name along.

 

[VolAgent]

Excuse me, J, but I would like to add something here.

I have a brother who made plenty doing Cold Calling. He was organized, tenacious and targeted a demographic where he expected to find the clients most expected to buy his instruments. I started doing things the same way. Know what I got?

"Don't waste your time."

"It takes over 700 calls to make one sale."

"Referrals, Referralsa, Referrals."

"Work your warm market."

So I am sitting back scratching me head wondering why I'm getting so litle support but a whole lot of preasure about disclosing my "warm market". Frankly, I don't get any impression that the powers that be care much if I succeed as long as Insiders get a steady stream of my Warm Market that they can use.

I understand that leads can go for $20-$30 dollars each. How come I have not been compensated for bring these leads to the company?

Best Wishes,

Bruce

Bruce,

They have no interest in working your warm market. The problem is, they have become convinced that warm market and Project 200 is the only way to sell insurance. It is what they did, it is what their manager did, and it is what the home office tells them to do. If you want to cold call and cold walk business, then do it. But don't expect to hear anything positive when you mention it to management. Give them something so they will contract you and then go focus on finding prospects.

Just so you understand the importance of the Project 200 to management. At Mass Mutual, the manager is required to score your Project 200. That score determines if you are eligible for the subsidy and how much responsibility the manager has if you fall off financing.

 

[rousemark]

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?

They are asking you to produce $120,000.00 life premium per year (12 months)...It doesn't matter if you break it down to 2 $100.00 sales or 4 $50.00 sales.. the total has to be $120,000.00 .. For those agents that are already working, 4 months of their year is gone. Most offices have some type of board, newsletter, etc. that lists the agents production.. see how many of the experienced agents have exceeded $40,000.00 year to date. That will give you an idea of the "doability" However, keep in mind, it is easier for an experienced agent than a new agent.