Considering Joining NY Life

[yourbk]

Hi all,

Not sure if this is the proper subforum, but here goes:

I'm considering moving from Wells Fargo Advisors to New York Life, in the DC area - wondered if anyone had any advice or pointers. I like it at WFA, but a recruiter from NY Life (partner I suppose it's called there) called and I met with her and the setup seems similar but with much higher payouts on commissions, etc, and the products' capabilities seem pretty similar.

I've got my 7/63/65, insurance (life/health/annuities) licenses and am sitting for the CFP in the Fall, so I guess my question is would you recommend the industry in general (insurance that is - I mainly do fee-based investing, though annuities and life policies here and there) and NY Life in particular if anyone knows anything about them specifically? I've read a bunch of FAQs but it'd be nice to hear from some real-live people, too

Thanks so much!

And have a nice weekend.

 

[VolAgent]

Do you want to be a money manager or do you want to be an insurance agent? Unless things have changed, NYL is not set up for a money manager. Their B/D isn't going to have everything you will probably want, and you will be pushed to sell insurance. NYL is for insurance agents and they can help them if they want to do some investments on the side.

 

[DHK]

When I interviewed last with NYL, they have asset management... but they required the ChFC AND CLU designations in addition to the required licensing (7/63/65). You're on track by obtaining the CFP, but you'd need to take a few more courses to satisfy NYL internal requirements. (CFP may count for them, I would think.) It's been a few years, so things may have changed since 2007.

But just as VolAgent said - you'll need to FOCUS on being a life insurance and annuities guy with NYL. If you don't do your minimum production of lives and commissionable premiums... even if you had $100 million in fee-based assets, your contract could be in jeopardy.

Just curious - are you on the bank side? Or are you on the old A.G. Edwards side of Wells Fargo Advisors?

 

[LGilmore]

"If you don't do your minimum production of lives and commissionable premiums... even if you had $100 million in fee-based assets, your contract could be in jeopardy."

That is how they cleaned house a while back. NYL used to have just about every insurance product under the sun. Then.... they refocused on life sales and began to shed agents who had done well in other areas within the NYL product mix. As they shed products, they shed agents.

 

[asher]

Stay at Wells Fargo!

 

[liorselamb]

Hi all, Not sure if this is the proper subforum, but here goes: I'm considering moving from Wells Fargo Advisors to New York Life, in the DC area - wondered if anyone had any advice or pointers. I like it at WFA, but a recruiter from NY Life (partner I suppose it's called there) called and I met with her and the setup seems similar but with much higher payouts on commissions, etc, and the products' capabilities seem pretty similar. I've got my 7/63/65, insurance (life/health/annuities) licenses and am sitting for the CFP in the Fall, so I guess my question is would you recommend the industry in general (insurance that is - I mainly do fee-based investing, though annuities and life policies here and there) and NY Life in particular if anyone knows anything about them specifically? I've read a bunch of FAQs but it'd be nice to hear from some real-live people, too Thanks so much! And have a nice weekend.

Main focus is life insurance. The first thing they'll ask you once you start is to put together a list of 200 people you know (friends and family) and then you and a trainer will pitch them life insurance (you'll split the commission with the trainer most likely). Once you're done with the list you're on your own as far as marketing (spending $$). Captive (in most cases). Commission is low... Need more reasons?

 

[DHK]

If he has a clientbase that he can move over... then that is the best project 200 he could ever have.

 

[liorselamb]

If he has a clientbase that he can move over... then that is the best project 200 he could ever have.

How is that going to teach anyone how to sell?

"Get 200 names so we can sell them.."

NY life is great at a classroom product training (prob the only thing they're good at)

 

[DHK]

Did you read the OP?

If he has an existing book of investment clients to move from his old B/D to his new B/D... all he has to do is update the records and learn how to integrate life insurance into the entire plan.

If he's already skilled at obtaining referrals, then he just needs to continue to do what he's already doing.

He's not new to financial services... just new to focusing on life insurance sales within the entire plan.

If course, that's a big "IF". He may very well have a non-solicit contract to navigate.

 

[yourbk]

Hey guys, thanks for the responses!

I'm in legacy Wachovia Securities, and was trained at AG Edwards HQ after Wachovia bought them and moved their HQ there.

So, not in the bank side - no warm leads from branch clients unfortunately; I'm in the "Private Client Group"

That said, the project 200 sounds easy, I have several hundred people in my "pipeline" and insurance products have always been part of my overall planning recommendations - not something I focused on, but WF does have inside wholesalers, etc. that are dedicated to helping us sell their products (but commission is NOWHERE near what NY Life was claiming to offer) hence doing fee-based and transaction-based business (e.g. advisory products, etc) are a better place to spend your time here, to get the most return on your time - if that makes sense.

That said, they don't encourage us to manage the portfolio ourselves, they have pretty passive programs, and we are rewarded more for just being salespeople and bringing in clients - our strategies teams are the CFAs, etc, that really invest them. I do have experience as an analyst so I *can* set up a pretty diversified stock portfolio, bond ladder, etc, but again, not the best use of my time.

So I suppose the question is, would I be happier at NYLife or WFA just from being a salesperson in general; I really do believe in annuities and life insurance, and am passionate about retirement planning in general, so I guess it just comes down to compensation and culture, since I probably would enjoy selling insurance etc. as much as selling mutual fund portfolios; though I imagine it may be more difficult, the compensation does seem fairly higher (with the caveat that I'd have to pay for more expenses on my own).

Any further guidance you guys could offer given those additional deets?

Thanks a bunch, happy Saturday morning from my CFP Class :P

[edit] a few more personal details: I've been in the industry 3 years - I'm 26 and moved back in with my folks when I switched from full salaried analyst position at a family office RIA to my mostly commission based FA position as my parents are nice and live near where I work (crucial with DC traffic); so very few expenses at this point - one thing I'm worried about is zero salary though, but my current salary is diminishing as I continue through the program at WF anyway, and this is probably the best time to make this switch if I ever do (no kids to feed, no rent, etc). Perhaps that will help give more accurate guidance!

and there is no non-solicit agreement/contract, so that's a plus