"I'm Going to Do an Annuity with My Bank"

[scagnt83]

Yeah, NYL does lots of biz through the bank channels, it rivals the amount of assets their field force brings in.

Actually, the banks have NYL annuity products that the agents dont even have access to! This is what really pissed me off when I worked there!

I had a lady tell me that the bank offered her a 4 year fixed annuity. I told her that NYL doesnt offer a 4 year fixed annuity... (they do offer this through agents now, but they didnt then)
She comes back and shows me the sales material, and sure enough it was s 4 year fixed annuity... with the same rates that my 5 year product had!!!!!!
(needless to say I didnt get the business)

After many profanities and complaints on my end, a lady from NYL corporate finally admitted to me that banks have different rates and more products than agents!
Brokers do as well...

But hey, when your an agent you get to tell people your a NYL agent! Thats much better than having competitive products!!.... right?

 

[BNTRS]

You keep talking like that, and you're going to be flooded with calls from NML management head hunters.

 

[arnguy]

Sorry I had a 3yr old in my lap and i was typing fast and didn't proofread.
I don't take her to work so no it's not a problem. I wasn't saying that you don't write business, it was more directed to the guys that troll the forum(s) ALL day for spelling errors.

That's it NO harm NO foul.

Now who in the hell would do a thing like that? BTW I type with a 35 year old blonde on my lap!

 

[bluemarlin08]

BTW I type with a 35 year old blonde on my lap![/quote]

Now that's what I'm talking about, my man!

 

[VolAgent]

Now who in the hell would do a thing like that? BTW I type with a 35 year old blonde on my lap!

You know kidnapping the homeless man who lives under the overpass is a crime have you no shame? I hope you at least bought him a bottle first.

 

[arnguy]

You know kidnapping the homeless man who lives under the overpass is a crime have you no shame? I hope you at least bought him a bottle first.

Of course it was the cheap stuff, Vol. Thunderbird!

 

[JoeInsGuy]

NYL tried to "recruit" me in the sense they wanted referrals from another business I am in. When I told them I was insurance licensed, which they did not know, they then told me that it was all the better because now they could legally split fees.

Then the conversation moved to whether I should also be a NYL agent, but I told them I didn't want to handle one company exclusively. They told me that was not a problem and they had a way to handle this situation.

Someone higher up was supposed to bet back to me, or maybe I was supposed to call them, but in any event -it never happened.

So, yeah, NYL can be very flexible if it wants to be, apparently.

Many times captive companies also have an Independent contract for situations exactly like this. If I were you, i'd be proactive and contact them back. It could be very lucrative for you, and good for your clients to get this information and helped out in several ways.

PS. I am not a member of NYL at all..

 

[Charpress]

Many times captive companies also have an Independent contract for situations exactly like this. If I were you, i'd be proactive and contact them back. It could be very lucrative for you, and good for your clients to get this information and helped out in several ways.

This was about a year ago. They did mention something about a "special division" within NYL to handle my situation. I think this has gone too cold to follow up on. I wasn't that interested in the first place, other than just having something else to offer -something with a pretty, blue logo.

 

[Larry Tew]

It's great when a captive company won't let their captive agents sell outside the company, but the company will let an outsider compete with their captive agent with the captive agent's own product.

 

[VolAgent]

It's great when a captive company won't let their captive agents sell outside the company, but the company will let an outsider compete with their captive agent with the captive agent's own product.

Yeah, but that outsider's card doesn't have that spiffy blue logo!