I am currently a senior at a top ten university majoring in Political Science. I have been wondering what careers to pursue after graduation and I am looking at becoming a captive insurance agent in 2015 and eventually starting my own financial advisory business. I do have some experience in that I interned at Northwestern Mutual for about a month, but had to leave due to personal circumstances. Was wondering what some experienced people might recommend I do to make myself stand out when I apply to captive agencies next year. Should I wait and see if the company pays for me to get my license or should I get it on my own in order to stand out and show them that I had initiative to get the license myself?
First Steps
- Thread starter perinio
- Start date
- 10,322
Out of curiosity, what made you want to major in Political Science? How did you end up interning at NWM? The reason I ask is that political science is a good bit different than the financial sector.
NWM would be a great start for you. They have an excellent training program, and they do like to recruit from their Intern Program for obvious reasons. Did you make a good impression during the time you were there? Do you feel comfortable reaching out to the manager/agent you interned under? If you can answer yes to those questions then that is most definitely were you need to start. Credentials/energy/attitude, all of that stuff is great... but none of it beats an established relationship. Every significant move up in my career was largely due to relationships.
I think you already know the answer to the licensing question. No reason not to get it now. You cant even officially be an active agent until you are licensed.
More than initiative it shows commitment. The turnover rate for this industry in the first 2 years is extremely high, around 80%-90%. Very few career shops pay agents a salary, it is all commission, though new agents get sales/training bonuses. So the manager wants to know that you are committed and serious. Get your license. There are plenty of online courses. The courses plus exam will be a few hundred dollars.
I would also begin reading as many sales/industry related books as possible. This forum is also a very valuable resource, read it, especially the life section. Another way to start learning are the "Edutrainment" sections of this forum. And the guy that did the videos "Steve Savant" has done a lot of very good training videos, from beginner stuff to advanced.
If you want to start your own financial advisory firm, then this is the model I would suggest:
- Start with NWM. 1st 3-4 years: Take advantage of everything you can while there. If they will pay for your securities registration then get registered. If they will pay for your ChFC or CFP then get it. Soak in all of the training and mentorship you can while there.
- During those 3-4 years you need to be preparing to go indy. Once you have a handle of NWM products and sales in general start learning the indy side. Learn the products, and start thinking of how to translate having an open market over to what you have learned with NWM.
- You also need to be saving money for when you go indy. Your expenses will be higher once you go indy. But your comp will be higher when your indy, and you will have a more complete product portfolio which will make you more competitive and holistic.
- After 3 or 4 years make the break and go indy. You can go on your own, or you possibly could find a local indy shop to work out of/represent. Or what often happens you can team up with a friend or two at NWM and you all start an indy firm together.
There are other carriers you could look at other than NWM. But since you have an established relationship there I would at least explore them first. Just dont drink too much of the "NWM is the best always and all other carriers suck" koolaid, you will hear a lot of it from management.
New York Life would be a good alternative to NWM. So would Mass Mutual, Guardian, and MetLife. (MM probably has the best product selection out of all of them, but NWM and NYL probably have the best training)
Hope this helps.
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- Thread starter
- #3
Well,
I will be a little more honest since this is pretty much an anonymous forum, nit I started my internship there last June and wasn't here for about a month when I left due to overwhelming depression. It was a hard time, but well we all go through hard periods. I'mdont think they have any hard feelings against me, but I wuld describe my whole leaving as kind of awkward. I never told them exactly why because under the health info protection act I wasn't required to declare that. However I don't see why the manager wouldn't want to recommend me for a job at another location. I was never rude or a bad intern or anything.
As to the why I am a poli sci major, it is because there is no business major at my school other than economics and I have taken intro to econ and enjoyed it but did not want to take advanced econometrics and calculus since I want to go into financial sales. I ap0l0gize f0r awful typing but the o 0n my keyb0ard is br0ken.
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Als0 p0litical science c0ntains a bunch 0f reading and impr0ves pe0ple skills, s0 it w0uld be an asset t0 have in the financial sales industry, 0r s0 I'm t0ld.
By the way thank y0u f0r y0ur quick resp0nse and I l00k f0rward t0 hearing back fr0m y0u.
I will be a little more honest since this is pretty much an anonymous forum, nit I started my internship there last June and wasn't here for about a month when I left due to overwhelming depression. It was a hard time, but well we all go through hard periods. I'mdont think they have any hard feelings against me, but I wuld describe my whole leaving as kind of awkward. I never told them exactly why because under the health info protection act I wasn't required to declare that. However I don't see why the manager wouldn't want to recommend me for a job at another location. I was never rude or a bad intern or anything.
As to the why I am a poli sci major, it is because there is no business major at my school other than economics and I have taken intro to econ and enjoyed it but did not want to take advanced econometrics and calculus since I want to go into financial sales. I ap0l0gize f0r awful typing but the o 0n my keyb0ard is br0ken.
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Als0 p0litical science c0ntains a bunch 0f reading and impr0ves pe0ple skills, s0 it w0uld be an asset t0 have in the financial sales industry, 0r s0 I'm t0ld.
By the way thank y0u f0r y0ur quick resp0nse and I l00k f0rward t0 hearing back fr0m y0u.
- 10,322
I can see some logic in that... your major doesnt really matter that much in this industry... but if I were hiring based just on degrees the Econ major would win out easily. But at the end of the day successful agents are good with people.
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Well, then go to NYL or Mass instead and apply the game plan I described above to them instead. They are all the cream of the crop when it comes to captive agencies.
Do you plan to live near the NWM you interned at? Or would it be a different office?
The issue of you leaving is going to come up, even at the other shops assuming you put the internship on your resume..... no legally you do not have to disclose why.... but legally they do not have to hire you either!!.... in the real world (non academic or non "fantasy land") honesty is the best policy.
Like you said, everyone goes through bad times. People understand as long as your sh*t is together now.
Get over being embarrassed, give the very basic highlights of what happened "I had some unexpected personal health issues that I was forced to deal with", and see what happens.
I would call your NWM manager you worked under and invite them to lunch. Briefly explain what happened (they will most likely not care about the dirty details, just stick to the basics/highlights). But then go on to explain that "even in that short time you were drawn to the business and want to make it a career". Also tell them you are getting your license. And just feel them out on the possibilities at that office (or an office near where you plan to live). The worst they can do is say no. And if you want to be an agent you better get used to hearing that word! lol
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- 15,319
Just a WAG, but are you at UCLA?
I ask because they have no undergraduate business major but a great business grad school.
And a poli sci major is terrific. If I majored in something else I might have not been "forced" into an insurance career.
Rick
- 4,716
Don't worry about the small stuff. These shops are always hiring. I would estimate that half of the new hires do not have Degrees.
If it comes up just say I had to take care of an urgent family matter and everything is fine now...And Move on.. with the conversation in a positive and cheerful tone.
Congrats on earning your Degree even though it is poli sci....lol..j/k
UH History and Econ double major here!
If it comes up just say I had to take care of an urgent family matter and everything is fine now...And Move on.. with the conversation in a positive and cheerful tone.
Congrats on earning your Degree even though it is poli sci....lol..j/k
UH History and Econ double major here!
- 4,132
Perino? Not to be a bad guy on your hopes, but don't go into this business. You mentioned depression and trouble dealing with it, do you realize this industry the "norm" is 9 NOs for every 1 yes?
This is an industry that beats people up emotionally, if 30 days as an intern was too much to deal with, what makes you think this is a good idea as a real career? And you can provide all sorts of reasons why you had to leave the internship, but they would also apply to your job. NONE of us are immune to life's problems.
With a 90% failure rate in the first few years in this business, please think about something else. Insurance seems to be the dumping grounds for people who use it as a fall back. It's not that easy.
Anyway, good luck to you, think this through.
This is an industry that beats people up emotionally, if 30 days as an intern was too much to deal with, what makes you think this is a good idea as a real career? And you can provide all sorts of reasons why you had to leave the internship, but they would also apply to your job. NONE of us are immune to life's problems.
With a 90% failure rate in the first few years in this business, please think about something else. Insurance seems to be the dumping grounds for people who use it as a fall back. It's not that easy.
Anyway, good luck to you, think this through.
- Thread starter
- #8
Thank you to everyone for answering.
@Scagnt: I do not plan to live near where I was interning. That was actually on the other side of the country from me. I do not plan on living there in the near future, so if I were to get in touch with my old manager it would be to just touch base.
@GreenSky: I do not go to UCLA.... I can't tell if you're being sarcastic about the whole poli sci thing, but haha
@LGilmore: Thank you for the feedback. I did not become depressed because of the internship. I had it before I started and peaked before I got my internship and had to leave because of it. Therefore, I don't think the internship really had anything to do with me leaving. It just happened to coincide with when I left.
@Scagnt: I do not plan to live near where I was interning. That was actually on the other side of the country from me. I do not plan on living there in the near future, so if I were to get in touch with my old manager it would be to just touch base.
@GreenSky: I do not go to UCLA.... I can't tell if you're being sarcastic about the whole poli sci thing, but haha
@LGilmore: Thank you for the feedback. I did not become depressed because of the internship. I had it before I started and peaked before I got my internship and had to leave because of it. Therefore, I don't think the internship really had anything to do with me leaving. It just happened to coincide with when I left.
- 4,716
@GreenSky: I do not go to UCLA.... I can't tell if you're being sarcastic about the whole poli sci thing, but haha
This was the rare occasion where Rick actually wasn't being sarcastic.
He is a UCLA alum and a poli sci major.
I also want to reinforce what Gilmore said this is a Tough business. If I were to be asked by a family member which route to take in insurance, high end life insurance would be my last recommendation. There are other types of insurance that you can sell a whole lot easier...make some money....then write some life as it comes along.
Best of Luck to you!
- 4,132
"@LGilmore: Thank you for the feedback. I did not become depressed because of the internship. I had it before I started and peaked before I got my internship and had to leave because of it. Therefore, I don't think the internship really had anything to do with me leaving. It just happened to coincide with when I left"
I don't think you understood my point. I understand the internship didn't cause the situation, but it didn't help the situation either.
This is an industry that breaks a lot of people down. People foolishly look at insurance as something anybody can do, and they're right... for a while. The while could be 60 days or 6 months or a year. Please let this sink in 90% failure rate.. 90%.
II mean if you think you can do it, best of luck. I am just being honest, which is something you may not see a lot of when or if you enter this profession. Sales managers and recruiters KNOW about the 90% failure rate and contribute to it by recruiting numbers over quality. So you may get somewhere, quickly go in debt, fail and walk away broke. Everybody around me (3 years either way) when I started 26 years ago was gone from the business within that 3 years. I don't know if I would tell anybody to go into this profession because of the failure rate.
I don't think you understood my point. I understand the internship didn't cause the situation, but it didn't help the situation either.
This is an industry that breaks a lot of people down. People foolishly look at insurance as something anybody can do, and they're right... for a while. The while could be 60 days or 6 months or a year. Please let this sink in 90% failure rate.. 90%.
II mean if you think you can do it, best of luck. I am just being honest, which is something you may not see a lot of when or if you enter this profession. Sales managers and recruiters KNOW about the 90% failure rate and contribute to it by recruiting numbers over quality. So you may get somewhere, quickly go in debt, fail and walk away broke. Everybody around me (3 years either way) when I started 26 years ago was gone from the business within that 3 years. I don't know if I would tell anybody to go into this profession because of the failure rate.
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