Considering Joining NY Life

[MIBizInsurance]

Remember this -

Your interviewing them even more so then the other way around. Mention this as all these companies (NYL,Mass,NWM...) will hire almost any one with any kind of warm market.

Your trying to find the right fit for your self/family.

As mentioned ask lots of questions regarding expenses (Cost of copies, lease software,Laptop, phones....etc)

Not trying to be negative but lots of "stuff" to know before putting your house on the line.

To your main question/concern would look also where with your credentials unless as noted you want to focus in on Life/annuity sales.

 

[RMLcenter.com]

As a former NYL agent things you must know going in. You can make a ton of money there and it will be 100x's harder then wells due to the fact you dont have people walking through your door EVER!

You will be a life insurance agent and rarely use your 7/63 or any other lic. you worked so hard to get.

If you can prospect ( get referrals) you will make it in the biz, if not you wont.

good luck!

Carlos
rmlcenter.com

 

[MichaelBurton]

"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.

Bingo. I was with NYL for about seven years. Joined their subsidiary RIA (Eagle Strategies). As I started to take my commitment to the client more seriously (accepting financial planning retainers, etc.), I started to do my due diligence on product selection. When I started to do more due diligence on product selection, I started to recommend other companies and there products . . . regularly. When I started to do that, my production dropped. When my production dropped, I was introduced the "fine print" in my contract. Shortly after I was introduced the fine print in my contract, I went Indy and never looked back.

Stick with your CFP. If you want to learn how to place insurance products within the scope of a planning engagement and/or investment advisory services, you just need to be very, very careful. So much of those planning "engagements" are just product delivery mechanisms . . . which is kind of like asking the client for a fee for you to take them through the sales process.

I know because I did it. Made me feel yucky. Word.

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And the previous post highlighted another issue with the "training" at NYL. When I was with them, we were told that the products were superior and that you needed to be a NYL agent to sell them. Once I left, I saw that wasn't true and that it is very easy to broker them.

Also true. Although you typically need to be selling cash value products at a minimum threshhold. For life products, you aren't going to broker their term insurance. But you can broker their fixed insurance products (like whole life) as long as you have $10K or more in premium.

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"I like NYL, just wondering how and where you come up with a 40% market of the retirement planning that you mention? "

Career school..

I think everybody who did NYL came out of career school with thoughts like that. It isn't till you get out in the world that you learn about other companies, other products and other agents are OK too.

Again this is why looking deeply into the office you will be working from is so important. As I read some of these posts, I smiled as they brought back memories of 25 years ago. Back when you believe everything your sales manager says.

Ain't THAT the truth! How many "sales" did I make parroting somebody else's words without understanding a thing, without turning on my god-given brain! Uggh.

I need to learn to laugh at it/myself a little more easily, I think!

 

[DHK]

Stick with your CFP. If you want to learn how to place insurance products within the scope of a planning engagement and/or investment advisory services, you just need to be very, very careful. So much of those planning "engagements" are just product delivery mechanisms . . . which is kind of like asking the client for a fee for you to take them through the sales process.

I know because I did it. Made me feel yucky. Word.

That reminds me precisely of my old American Express Financial Advisor (now Ameriprise) days. I was with them barely 3 months, and couldn't stomach the idea of charging a fee to eventually sell proprietary insurance and investment products.

 

[MichaelBurton]

That reminds me precisely of my old American Express Financial Advisor (now Ameriprise) days. I was with them barely 3 months, and couldn't stomach the idea of charging a fee to eventually sell proprietary insurance and investment products.

Well, you definitely have my full-on admiration for figuring it out in just three months. Took me a lot, lot, lot longer. I played "whack-a-mole" with my conscience for about 6 years.