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I was thinking about going through the agency system for the career route.
Leaving Captive and Going Independent
- Thread starter Advisor06
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I was thinking about going through the agency system for the career route.
- 437
If you haven't had a least 4-5 solid years of training in a life focused career shop i would say you're doing the right thing.
Penn's biggest and best career agencies are on the east coast...so if thats where your at you will be in excellent company
Re: Independent
CFP83, from your posts it seems you became an independent agent after many years with NWML. Contracting and commission grids aside, do you feel at a competitive disadvantage not being able to offer NWML products anymore? It is my understanding that NWML is the best (not in all cases) life insurance carrier, given their large block of life business. They are operationally efficient and offer low cost of insurance charges. Curious to learn more about your experience and overall thoughts of NWML. I have been considering leaving my 'independent' status to become an 'career' agent with NWML. I would be doing it for their sales training (had a year worth of training at a Guardian GA --> left because I did not feel paying $200/month to use The Living Balance Sheet), and access to sell their products. My concern is being in an 'exclusive' setting and not given much flexibility to offer competitors products, especially when NWML products are not the most efficient. I am interested in seeing your thoughts at your convenience. Feel free to DM if you prefer. Anyone else with experience at NWML, I welcome your input as well. Thank you.
CFP83, from your posts it seems you became an independent agent after many years with NWML. Contracting and commission grids aside, do you feel at a competitive disadvantage not being able to offer NWML products anymore? It is my understanding that NWML is the best (not in all cases) life insurance carrier, given their large block of life business. They are operationally efficient and offer low cost of insurance charges. Curious to learn more about your experience and overall thoughts of NWML. I have been considering leaving my 'independent' status to become an 'career' agent with NWML. I would be doing it for their sales training (had a year worth of training at a Guardian GA --> left because I did not feel paying $200/month to use The Living Balance Sheet), and access to sell their products. My concern is being in an 'exclusive' setting and not given much flexibility to offer competitors products, especially when NWML products are not the most efficient. I am interested in seeing your thoughts at your convenience. Feel free to DM if you prefer. Anyone else with experience at NWML, I welcome your input as well. Thank you.
- 437
Re: Independent
your quote:
"do you feel at a competitive disadvantage not being able to offer NWML products anymore?"
I won't be too hard on you for saying the above, however there are many on this forum that will jump at the opportunity to do so. In a kool-aid drinking culture like NML they make all the young (think under 30yrs old) guys think that every other carrier is subpar...and that if you leave you will somehow be at a majority disadvantage...? Major disadvantage in what regard?
Northwesterns whole life is the most expensive on the market today and no longer the best at accumulating cash-values.
There term insurance is wildly expensive.
They don't offer Universal Life (well they do but it requires a minimum 25,000 first year premium)
They don't offer Indexed Universal Life.
Northwesterns dividend rate has now fallen every year for the past 11 years
Where is the competitive dominance that these Managing Directors and Managing Partners are talking to you about?
Today the NML agent is at a MAJOR disadvantage not the other way around.
To learn how to prospect and do this business the right way using an activity managment system like the One Card System by all means Northwestern is the place to learn and be trained. But to say that one is at a disadvantage by not being able to offer their products is totally being unaware of the current life insurance world.
your quote:
"do you feel at a competitive disadvantage not being able to offer NWML products anymore?"
I won't be too hard on you for saying the above, however there are many on this forum that will jump at the opportunity to do so. In a kool-aid drinking culture like NML they make all the young (think under 30yrs old) guys think that every other carrier is subpar...and that if you leave you will somehow be at a majority disadvantage...? Major disadvantage in what regard?
Northwesterns whole life is the most expensive on the market today and no longer the best at accumulating cash-values.
There term insurance is wildly expensive.
They don't offer Universal Life (well they do but it requires a minimum 25,000 first year premium)
They don't offer Indexed Universal Life.
Northwesterns dividend rate has now fallen every year for the past 11 years
Where is the competitive dominance that these Managing Directors and Managing Partners are talking to you about?
Today the NML agent is at a MAJOR disadvantage not the other way around.
To learn how to prospect and do this business the right way using an activity managment system like the One Card System by all means Northwestern is the place to learn and be trained. But to say that one is at a disadvantage by not being able to offer their products is totally being unaware of the current life insurance world.
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Re: Independent
This post by CFP83 nails it. NWML is good only training but there are better products and compensation elsewhere.
This post by CFP83 nails it. NWML is good only training but there are better products and compensation elsewhere.
I see your points with regard to their 10yr, 20yr or 30yr term products being 'expensive', and lack of newer 'innovative' type products like IUL...And just launching an UL product...
I am not drinking any kool-aid, this is coming from my own financial analysis and observations. Call it what you want, I get the joke when it comes to dividends, and cash value build up. While their dividends have been lower in comparison to their peer group (mutuals) over the last few years those other carriers are charging higher costs of insurance charges. Lets be real here, thinking that companies are offering dividends of 7% during these times. And illustrations are worth less than the piece of paper they are printed on. NWL has the largest block of life business in the US. Not Metlife or Prudential. They are operationally efficient, albeit not perfect. And the fact that they have the largest block of life business says something. That is why I am suggesting being at a competitive disadvantage.
I am not drinking any kool-aid, this is coming from my own financial analysis and observations. Call it what you want, I get the joke when it comes to dividends, and cash value build up. While their dividends have been lower in comparison to their peer group (mutuals) over the last few years those other carriers are charging higher costs of insurance charges. Lets be real here, thinking that companies are offering dividends of 7% during these times. And illustrations are worth less than the piece of paper they are printed on. NWL has the largest block of life business in the US. Not Metlife or Prudential. They are operationally efficient, albeit not perfect. And the fact that they have the largest block of life business says something. That is why I am suggesting being at a competitive disadvantage.
Re: Independent
Thank you...setting aside your friends' and your own opinions, what public information are you referencing?
Thank you...setting aside your friends' and your own opinions, what public information are you referencing?
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