Just got turned down by NMFN????

Jun 27, 2008

  1. rocketboy
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    rocketboy Expert

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    Well I have spent the last month with North Western Mutual Financial Network (www.nmfn.com) and have to say I am very disappointed. Basically I went through 3 interviews before getting the job. They promised me the world and I really feel I could succeed under their program. Avg 1st year agent is making 90k a year. They are located in Woodland Hills, Ca which is part of LA, Ca so it is a HUGE market.

    I owned my own business for 5 years before selling it late last year when my partner and I split. It was very successful for a long time and now I work for a aerospace company for about 85k a year. I make good money, but want to decide my own future again and have unlimited income. Then NMFN went through the background check and had some problems. Here is the embarrassing part which I notified them about before hand.

    1 year ago DUI .08

    1 year ago chapter 13 BK(because of the housing market,etc)

    I made some mistakes and moved on/learned from them. Unfortunately I am in summary probation for 5 years because of the DUI which everyone gets in California for a DUI. I am a better person because of it now and have been successful since then. I am in the process of getting my life/health and P&C licenses finished.

    Will anyone hire me with these issues in the past? I am really disappointed because of this whole experience and hope there are companies that will give me a chance. I really really want to be an independent agent as I love having my own business. So I am hoping to be an independent agent to get better commission rates.

    Any info would be greatly appreciated.
     
  2. xrac
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    xrac Guru

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    What do the people who are your supporters at NMFN tell you. Is there any chance of pleading your case with higher ups for reconsideration? If there is I might try that. Maybe an impassioned letter describing both circumstances in the best light possible to someone with the autorithy to override the decsision. Does anyone out there know if there is any possibility of that working with NMFN. They are pretty much a stuffed shirt culture.

    If not that then I would contact all of the companies you might be interested in and tell them exactly what you have told us. Your post is articulate so you should be able to do that well. Plead your case of why they should take a risk on you. I would do that up front before anything else. Talk to all of the career outfits NYL, Guardian, MM, Metlife, New England, etc. but from what I have read because of your credit you may be dead in the water. Find out who has the power to approve you and try to speak to them directly.

    If that doesn't work then talk to all of large independent agencies until you find someone who will take a chance on you. Talk and network with the people in the local NAIFA, Society of Financial Service Professionals, NAHU, or the AALU. Someone in these organizations can help you or take you on.
     
    Last edited: Jun 27, 2008
    xrac, Jun 27, 2008
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  3. rocketboy
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    Thanks for the suggestions. The more and more I think about it, I believe I would do well as an indepent agent. Is there a resource or list of indepent brokerage firms or agencies? I like the freedom of it and did really well with my own business in the past. Plus the higher commission structure is appealing. I have found out in this type of business it really comes down to you, in determining if you are going to be successful or not.
     
  4. xrac
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    One of the organizations that I have mentioned, the local NAIFA, Society of Financial Service Professionals, NAHU, or the AALU will have in it the type of independent agent you may want to talk to. One of those organizations should have a strong local presence and some strong members.

    Here is another thread on here that may be helpful on this subject:

    can i sell insurance with bad credit??
     
    Last edited: Jun 27, 2008
    xrac, Jun 27, 2008
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  5. Guest
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    I know most of the companies I interviewed with were very concerned about the driving record. Especially the ones where I was going to be considered an employee as opposed to a contractor.

    The interviewers pretty much knew what the standards were. I think one asked if I had more than 3 moving violations in the last 5 years or if I had any DUIs.
     
    Guest, Jun 28, 2008
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  6. rocketboy
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    Ya, with NMFN I would be considered a contractor. The main reason I can't sign my contract with them is that I am on a summary probation for 5 years. It really sucks, but the price I pay for what happened I guess.
     
  7. djs
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    djs Super Moderator Moderator

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    I'd assume the biggest reason it's a problem is because of the bankruptcy, but I'm not sure.

    Bankruptcies won't affect you much in the health and traditional life markets.

    They will stop you cold in the investment market (if you need a 6 & 63).

    They will make live virtually impossible in the P&C market. You can get by, but probably not well.

    Dan
     
    djs, Jun 28, 2008
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  8. rapidrobert
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    Yes you can be appointed with SOMEONE out there.

    Take the commissions as earned (at least most. If you can find a company or two that will advance you, obviously sell a few of those each month too.) Try all the major health players out there and try all the major cheap, or easy app life companies out there (Fidelity LIfe Association, AIG, et al)

    Buy a couple of different lead sources. Do senior med supps during the day (make appts mon sell tues, make appts wed sell thurs. etc) and Final Expense (United Teachers Association, ForeThough et al).

    Do health and life in the evenings. Health companies (Aetna, Humana, UHC, Celtic, Blue Cross et al)

    Med supps (United Teachers, Royal Neighbors, Aetna, UHC, Blue Cross et al)

    Best companies differ from state to state. KEY? Call people, ask for appointments. Call, call, call.... Visit, Visit, Visit.... you'll make money.
     
  9. rocketboy
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    The managing partner still really wants me. He is trying to get me a 1 year part-time contract, but he says it doesn't look good. Yes, if I do get the contract I am suppost to get a 6 and 63.


    If I do go independent I am just going to have to find a broker agency. Hopefully they will accept me. I really just want to specialize in life insurance as NMFN said that is where the big money is.
     
  10. rocketboy
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    Basically will I have a problem signing a contract with a broker so I can sell life insurance as an independent?
     
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