Confused About which Company to Go With? Beginner Here

[jm1080]

Hey everyone, I am working towards my 215 license. Studying with TesTeachers, it seems like a decent site, they state in 14 days you get everything done to pass the test, but well I'm way over the 14 days, not as easy as I thought.

Anyways I was offered sponsorship for the 215, 6 and 63 by New York Life, I met a friend who has been with them for 30+ years and he is making way over the 6 figure mark. So he offered to help and mentor me. Sounds good right?

Well I'm confused about who to go with. My other friend is an independent agent and he says New York Life is ok, but as independent you get much higher percentage of pay out. And you offer clients what is best compared to just one product such as New York Life.

Now another friend is leading me towards Primerica and seems like a pyramid scheme for insurance, from my quick google research. But seems as there are more payouts and you don't have to meet quotas, where as with New York Life you do. The pros to New York Life is that my mentor will push me to Eagle Strategies which they will sponsor me for the series 7, etc.

Now I'm just confused as with New York Life there is less commission and quotas, but I do want a good future in this business. Can I do Primerica and New York Life? I'm still studying, but have to make up my mind soon! Any help appreciated!

 

[RyanCO]

Well, I'm not sure where to start.

Here's the bottom line: If you truly want a good future in this business, the first thing you need to do is stop worrying about payouts, commissions and quotas. If your attention is on payouts, commissions and quotas, it's pretty likely that you won't be thinking enough about what is best and most appropriate for your client. And this industry already has more than enough of that.

And no, you can't work for two companies at one time.

You probably could not have picked two more different companies to consider than Primerica and NYL. Primerica is (in my humble opinion) a fairly cheesy operation that goes after unsophisticated lower-to-middle income Americans with very mediocre life products. NYL is a high-end life company that focuses on whole life insurance for more (in general) sophisticated higher-income individuals and business owners.

My suggestion would look like this:

First, decide what you want to specialize in, and who your target market will be. If it's individuals, are you looking at more basic folks who will want term, or more complicated clients like those with estate issues and business owners? That will narrow possible companies down right away, and you'll find a wealth of information on that on this site.

Second, once you have a good idea of what you want to sell and to whom, you'll want to talk to three or four companies. Personally, since you're new, I think you'd be doing yourself, the industry and your clients a favor if you started with a company that can train you well. The reason you want to talk to three or four companies is that training will be key to your long-term success and the quality of your training is going to depend more on the manager at the individual office than the company itself.

If you're going more for higher-end business, for example, you'll want to talk to New York Life, Northwestern Mutual, Mass Mutual and Guardian. If you want to start with more basic products, perhaps Met Life, and other posters here could give other examples.

Starting independent means you're going to make a lot of mistakes and you literally could hurt people. A little tough love for you there, but this is serious business, you're dealing with people's money, lives and families. If you can catch on with an independent office that can promise and provide good training, that might be a good option.

And - I'm serious here - spend a Saturday or Sunday on this site. There is so much good stuff here that many of your questions will be answered. And maybe not be in a big rush, this is an important decision.

My two cents, worth every penny, good luck.

.

 

[Agentguy5]

Any help appreciated!

Primerica and New York Life are probably 2 of the hardest companies to succeed with!

Pick a Niche market that is easy to learn, like Final Expense

1. Treat your license as if this was a "new business"
2. Invest In training under someone that will work with you on a daily basis
3. Invest in leads that are PROVEN to work
4. Don't try to target multiple markets, only concentrate on 1 industry first
5. Get with the right people right from the start
6. Be prepared to work 60+ hours/weekly in your first year or 2

Good Luck!

 

[DHK]

http://www.insurance-forums.net/for...k-life-financial-adviser-qustions-t73641.html

You're all over the place.

First, you only wanted to do "financial advising"... and now you're comparing NYL and Primerica?

Tell you what... let's use this acid test: "Birds of a feather... flock together."

Which company's reputation would you rather be branded by?

Where will you get the best mentorship possible? (Here's a hint: You've already answered this question yourself a few times.)

To me, the answer is obvious.

My only caution for you is to avoid a partnership. Partnerships in this business end up being parasitic rather quickly. Do NOT become a commission-based secretary for this guy. Make sure you're in a true mentorship relationship.

I would take a look at this. I'm sure NYL would be all over it:
https://www.mdrt.org/membership/mentoring/

----------

BTW, "what is best"... is what gets issued.

With NYL, they have "first right of refusal"... which means if they won't take them, THEN you can shop around with other companies. I'm sure NYL has a brokerage firm to let you do this.

After 3 years, you only have to worry about your NYL production quota on a minimum level.

I wouldn't worry about "not offering the best". NYL is a gold standard in life insurance. The only problem... may be if they'll issue it on your client.

----------

While I would hate to recommend a "plan B"... I would go with NYL. Get their training.

If something happens and you leave... you can always go to Primerica or any other company with the skills and training you received from NYL.

 

[John Galt]

Hey everyone, I am working towards my 215 license. Studying with TesTeachers, it seems like a decent site, they state in 14 days you get everything done to pass the test, but well I'm way over the 14 days, not as easy as I thought.

Anyways I was offered sponsorship for the 215, 6 and 63 by New York Life, I met a friend who has been with them for 30+ years and he is making way over the 6 figure mark. So he offered to help and mentor me. Sounds good right?

Well I'm confused about who to go with. My other friend is an independent agent and he says New York Life is ok, but as independent you get much higher percentage of pay out. And you offer clients what is best compared to just one product such as New York Life.

Now another friend is leading me towards Primerica and seems like a pyramid scheme for insurance, from my quick google research. But seems as there are more payouts and you don't have to meet quotas, where as with New York Life you do. The pros to New York Life is that my mentor will push me to Eagle Strategies which they will sponsor me for the series 7, etc.

Now I'm just confused as with New York Life there is less commission and quotas, but I do want a good future in this business. Can I do Primerica and New York Life? I'm still studying, but have to make up my mind soon! Any help appreciated!

If you are looking at different verticals FE could prove to be great. Here are a few audio interviews with successful fe agents full of great info:

Agent Audio Interviews

 

[DHK]

Great insight, but I'm still extremely hesitant of any captive or semi-captive company that doesn't provide a steady flow of decent legit leads or appointments. It's a very rough way to make a buck the first couple of years, something a lot of these companies don't tell new agents. There's a reason the turn over rate of agents for New York Life, Combined, AFLAC or any of these types of companies are so high.

To be right up honest, the recruiters for these companies could really careless if a new agent is successful or not. They know that when you start out you're going to sell yourself, some friends and some family before you finally get out of the game because you're broke. The dm or whatever gets their over-ride and they move on to the next new sucker, I mean agent and do it all again.

I'm not saying any of these companies are bad, in fact I did a lot of business with AFLAC back in the day, but not as just an AFLAC agent, I would have starved if that's all I did. The company was great, the products were great, the dm's were great, but they had a super high turn over because they pumped new agents full of sunshine and bullspit then sent them out into the world and said go sell. No leads, no game plan, just go sell.

Sales in it's self is a tough game, selling an intangible product is even tougher, selling an intangible product for something people never want to think about is the toughest. A new agent with no support on leads/appointments is simply set up to fail.

Agreed.

"Hire 'em in masses, teach 'em in classes, sell all their family and friends... and then fire their ***es."

An Employment Scam in the Financial Services Industry > HOME


However, once one IS face-to-face with a prospect... that's where I think NYL training will shine in comparison to others.

NYL is, by reputation, well-known for their training programs. Yes, each office will be different, but generally the training will be better than other captive agencies.

 

[jm1080]

Primerica and New York Life are probably 2 of the hardest companies to succeed with!

Pick a Niche market that is easy to learn, like Final Expense

1. Treat your license as if this was a "new business"
2. Invest In training under someone that will work with you on a daily basis
3. Invest in leads that are PROVEN to work
4. Don't try to target multiple markets, only concentrate on 1 industry first
5. Get with the right people right from the start
6. Be prepared to work 60+ hours/weekly in your first year or 2

Good Luck!

Thanks for replies everyone, but question on your point #3. How do you invest in leads that are proven to work?

You're all over the place.

First, you only wanted to do "financial advising"... and now you're comparing NYL and Primerica?

Tell you what... let's use this acid test: "Birds of a feather... flock together."

Which company's reputation would you rather be branded by?

Where will you get the best mentorship possible? (Here's a hint: You've already answered this question yourself a few times.)

To me, the answer is obvious.

My only caution for you is to avoid a partnership. Partnerships in this business end up being parasitic rather quickly. Do NOT become a commission-based secretary for this guy. Make sure you're in a true mentorship relationship.

I would take a look at this. I'm sure NYL would be all over it:

----------

BTW, "what is best"... is what gets issued.

With NYL, they have "first right of refusal"... which means if they won't take them, THEN you can shop around with other companies. I'm sure NYL has a brokerage firm to let you do this.

After 3 years, you only have to worry about your NYL production quota on a minimum level.

I wouldn't worry about "not offering the best". NYL is a gold standard in life insurance. The only problem... may be if they'll issue it on your client.

----------

While I would hate to recommend a "plan B"... I would go with NYL. Get their training.

If something happens and you leave... you can always go to Primerica or any other company with the skills and training you received from NYL.

lol DHK I knew you would link back to an old thread! I was set on NYL and then other people come at me and start convincing me about independent better or Primerica (new guy just met). So it kind of through me out of the loop as they promised better growth etc. I really do want to be financial advisor, not just insurance, I want to be able to help a client with all their needs. Thank you for the reinforcement, I will go with NYL

Now question for you, you say to avoid partnership and do not become a commission based secretary for my mentor. What do you mean by that? They claim they are going to mentor me every step of the way. Especially the guy that has been in the company for 30 years and is very well known, but have not heard from him since. They just tell me to keep in touch once I get the licenses and they will help. But I just hope they really will mentor me, so that is why I been being convinced by others to be independent, etc.

 

[Newby]

Thanks for replies everyone, but question on your point #3. How do you invest in leads that are proven to work? .

If others are buying them and getting the results that you want to get, they are proven to work.

 

[AlTheGud1sRtakn]

Now question for you, you say to avoid partnership and do not become a commission based secretary for my mentor. What do you mean by that? They claim they are going to mentor me every step of the way. Especially the guy that has been in the company for 30 years and is very well known, but have not heard from him since. They just tell me to keep in touch once I get the licenses and they will help. But I just hope they really will mentor me, so that is why I been being convinced by others to be independent, etc.

Make sure that they're helping you along a path to succeed on your own. There are a lot of people who get hired as an assistant or team member when the person hiring them really only has the goal of having them handle the leads/clients that they don't think are worth their time.

With that said: expect to be a part of a team and to have to work hard to make it, don't expect the person mentoring you to just hand you good prospects that they could easily take care of themselves, and expect to have to work a bunch of crap appointments just to get some experience.

There's a difference in hiring someone and helping train them to be able to succeed on their own and hiring someone to handle the things you don't want to deal with. Nothing wrong with either of those situations as long as they're what you're looking for.

 

[rousemark]

Hey everyone, I am working towards my 215 license. Studying with TesTeachers, it seems like a decent site, they state in 14 days you get everything done to pass the test, but well I'm way over the 14 days, not as easy as I thought.

Anyways I was offered sponsorship for the 215, 6 and 63 by New York Life, I met a friend who has been with them for 30+ years and he is making way over the 6 figure mark. So he offered to help and mentor me. Sounds good right?

Well I'm confused about who to go with. My other friend is an independent agent and he says New York Life is ok, but as independent you get much higher percentage of pay out. And you offer clients what is best compared to just one product such as New York Life.

Now another friend is leading me towards Primerica and seems like a pyramid scheme for insurance, from my quick google research. But seems as there are more payouts and you don't have to meet quotas, where as with New York Life you do. The pros to New York Life is that my mentor will push me to Eagle Strategies which they will sponsor me for the series 7, etc.

Now I'm just confused as with New York Life there is less commission and quotas, but I do want a good future in this business. Can I do Primerica and New York Life? I'm still studying, but have to make up my mind soon! Any help appreciated!

If you are worried about meeting quotas, you aren't going to succeed because that worry comes from a defeatist attitude. You are already telling yourself, "I might not be able to do it".