I started out with NYL and really liked the company a lot. I met a lot of incredible people there and still look up to many of them as role models. The one big thing that caused me to leave, though, was that the managing partner was, for lack of a better word, stupid. He just was not very intelligent at all and had a Napoleon complex that really kept him from being an effective leader. In your situation, think about the partner you will be working with. You will essentially be hiring him/her as your business coach for three years. If they bring a lot of value to the table, then by all means make the switch. If not, them stay where you are or look for something else.
Considering Joining NY Life
- Thread starter yourbk
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- #12
Critter - thanks! I'm being recruited by two different partners at two different locations; one location is much closer to me and nicer, but the other partner seems more experienced... so I do have options there, which is nice.
Great to hear the inside scoop!! Thanks a lot. How was your first year or two, was it tough getting income early on? A little nervous about that, and going into debt :/
Great to hear the inside scoop!! Thanks a lot. How was your first year or two, was it tough getting income early on? A little nervous about that, and going into debt :/
You are welcome. I'd say go with your gut feeling about which partner you trust more. Experience simply means they could be more brainwashed as well. You need to find someone you can trust very deeply. The training and resources will be fantastic and actually exist outside the meetings with your partner.
My income was OK. Not great, but I am also not homeless, either. That also has very little to do with NYL. That was all me. I never really bought into the local office approach and tried to do things outside of that. Again, I take responsibility for not leaving earlier. My performance was all on me.
Before I got into financial services I worked as a high school music teacher. Every year I had to recruit a certain number of students into my classes in order to have a full class schedule. The way I look at it, that is essentially pay based on performance. Yes, commission is scary, but not being on commission is scarier. We have so much more control over our income than most cube jockeys.
You are at a great age with quite a bit of experience already and a supportive family. It sounds like you are looking for a lifeboat from WFA, which is OK. I'd say if you really think about what your are running from then you can decide what you are running to.
My income was OK. Not great, but I am also not homeless, either. That also has very little to do with NYL. That was all me. I never really bought into the local office approach and tried to do things outside of that. Again, I take responsibility for not leaving earlier. My performance was all on me.
Before I got into financial services I worked as a high school music teacher. Every year I had to recruit a certain number of students into my classes in order to have a full class schedule. The way I look at it, that is essentially pay based on performance. Yes, commission is scary, but not being on commission is scarier. We have so much more control over our income than most cube jockeys.
You are at a great age with quite a bit of experience already and a supportive family. It sounds like you are looking for a lifeboat from WFA, which is OK. I'd say if you really think about what your are running from then you can decide what you are running to.
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- #14
- 11,451
You know there is no salary... but you also know that your current situation is diminishing too.
Here's the next part you need to ask NYL: What expenses are you personally responsible for?
I don't know if you had to pay for any of your tools at WFA, but at NYL, you probably do. You'll be paying for your securities registration/transfer, any paid software subscriptions (Thomson or Morningstar), office, E&O, etc.
Basically make sure you ask what you'll have to pay for in order to continue to do the same job you're doing now.
You're right about payout. If you sold life insurance at a B/D... you'll probably only be paid "as earned" and have it all go through the B/D commission GDC grid. Not with NYL. NYL products and any outside insurance business is paid directly to you. Only securities products/GDC should be going through the grid.
Just remember that the grid is nice... probably because you're paying for a lot of your own expenses.
TANSTAAFL - "There Ain't No Such Thing As A Free Lunch!"
So find out and ask about everything. Don't assume that everything will be free. You don't want any surprises that you could've easily found out about up front.
Also, if you're used to creating your own literature and getting compliance approval... ask about the process for doing that at NYL Securities. I don't know their process, but it's easier to ask than not to.
When I was at Mass, once you got onto their "career financing"... the agent could NO LONGER submit items to compliance for review. It was the stupidest rule I had ever heard. So just find out.
Here's the next part you need to ask NYL: What expenses are you personally responsible for?
I don't know if you had to pay for any of your tools at WFA, but at NYL, you probably do. You'll be paying for your securities registration/transfer, any paid software subscriptions (Thomson or Morningstar), office, E&O, etc.
Basically make sure you ask what you'll have to pay for in order to continue to do the same job you're doing now.
You're right about payout. If you sold life insurance at a B/D... you'll probably only be paid "as earned" and have it all go through the B/D commission GDC grid. Not with NYL. NYL products and any outside insurance business is paid directly to you. Only securities products/GDC should be going through the grid.
Just remember that the grid is nice... probably because you're paying for a lot of your own expenses.
TANSTAAFL - "There Ain't No Such Thing As A Free Lunch!"
So find out and ask about everything. Don't assume that everything will be free. You don't want any surprises that you could've easily found out about up front.
Also, if you're used to creating your own literature and getting compliance approval... ask about the process for doing that at NYL Securities. I don't know their process, but it's easier to ask than not to.
When I was at Mass, once you got onto their "career financing"... the agent could NO LONGER submit items to compliance for review. It was the stupidest rule I had ever heard. So just find out.
- Thread starter
- #16
DHK,
Yeah that makes sense. I assume all the phone/office/assistant/materials expenses are "baked in" to my grid (which is like 25% of revenue brought in, very unexciting), I'd rather go lean and pay for each expense and choose which ones to use, if that makes sense (though I'm sure I may be singing a different tune eventually, haha - especially if they're nickel and diming). As far as compliance, my experienced have varied widely - had to submit to compliance at one firm, and the other was a bit more lax; I typically use pre-approved templates though. That's an interesting point, good to know.
Anyway, it sounds like either way in one year I will have no salary but NYL will pay better and I will have much more control/autonomy (mixed blessing perhaps) - and also have a running start by transferring clients over. Good stuff
Yeah that makes sense. I assume all the phone/office/assistant/materials expenses are "baked in" to my grid (which is like 25% of revenue brought in, very unexciting), I'd rather go lean and pay for each expense and choose which ones to use, if that makes sense (though I'm sure I may be singing a different tune eventually, haha - especially if they're nickel and diming). As far as compliance, my experienced have varied widely - had to submit to compliance at one firm, and the other was a bit more lax; I typically use pre-approved templates though. That's an interesting point, good to know.
Anyway, it sounds like either way in one year I will have no salary but NYL will pay better and I will have much more control/autonomy (mixed blessing perhaps) - and also have a running start by transferring clients over. Good stuff
- 11,451
Ouch! 25% sucks! But with a salary, I guess it's a pretty decent setup... that you see eroding away.
Just be ready to "pay to play" in the beginning. You'll need to make those (compliance approved) purchases so you can do the job right from day 1.
Just be ready to "pay to play" in the beginning. You'll need to make those (compliance approved) purchases so you can do the job right from day 1.
- 8,707
If you think what NYL can pay you commissionwise you would be amazed at what is available for Independent Agents and B/Ds. Pick the office and managing partner that is going to be more help helping you grow and don't take what they say. Ask to speak with similiar agents that they have recruited and get the real scoop.
- 15,041
JMO, you can manage investments or you can sell investments. You really can't do both at a high level. It sounds like you need to decide whether you want to be the guy out there signing up new accounts and gathering assets, or working internally to invest the assets others have gathered.
- 503
Newby had an interesting post in regards to NY Life agent compensation in comparison to a Final Expense agent. Don't know if this helps you or pertains to your post but I found it "englightening" as I once considered a career with NY Life.
Originally Posted by Biggin
And when you tell them that you sell FE they will throw up on your shoe! Amazing how high brow agents get when they find out you are in the FE market. It pisses them off that you kick their arse in khakis and a golf shirt
You are correct. The NYL and Northwestern Mutual agents usually have to work several years to earn what an FE agent makes in his first year. I wonder how many ever even catch up.
Originally Posted by Biggin
And when you tell them that you sell FE they will throw up on your shoe! Amazing how high brow agents get when they find out you are in the FE market. It pisses them off that you kick their arse in khakis and a golf shirt
You are correct. The NYL and Northwestern Mutual agents usually have to work several years to earn what an FE agent makes in his first year. I wonder how many ever even catch up.
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