Looking to Leave Captive and Go Independent, Need Advice

[ramsey]

Hello All. Brand new to the board and it seems like a wealth of knowledge so I hope that I can find some help here.

For the past 2 years I've been with New York Life, but I'm considering leaving and going independent. I'd like to be able to sell P&C as well, which I am not licensed to do at this point, but that wouldn't be a big deal. I am also a registered rep (series 6 and 63) so I would like to still be able to sell variable annuities and mutual funds. I assume that I would have to find an independent broker dealer to sign up with.

Any one have any advice for me going independent and/or maybe who you use to do your business through? Currently, if I elect to not use NYL I would go through Crump Life Insurance which has several companies that you can get appointed with. For health, I use BenefitMall.

Thanks in advance.

 

[xrac]

Hello All. Brand new to the board and it seems like a wealth of knowledge so I hope that I can find some help here.

For the past 2 years I've been with New York Life, but I'm considering leaving and going independent. I'd like to be able to sell P&C as well, which I am not licensed to do at this point, but that wouldn't be a big deal. I am also a registered rep (series 6 and 63) so I would like to still be able to sell variable annuities and mutual funds. I assume that I would have to find an independent broker dealer to sign up with.

Any one have any advice for me going independent and/or maybe who you use to do your business through? Currently, if I elect to not use NYL I would go through Crump Life Insurance which has several companies that you can get appointed with. For health, I use BenefitMall.

Thanks in advance.

Sounds like all you need to do is find a BD for the RR thing. However, do you really think you can spread yourself so thin as to sell variable products, fixed products, and P&C and do a good job at any of it?

 

[ramsey]

Not sure why this wouldn't be plausible. There are 1000's of agents who do it. I'm not looking to get into crazy complicated business solutions. The vast majority of my clients are young families (25-40 years) who own a home, have 2-3 kids and have 2-3 cars.

I just feel I'm leaving money on the table when I'm at their house setting them up with a life insurance policy and I can't offer to cover their cars and home as well. Not many of my clients are too terribly concerned with LTC at this point, so I sell VERY little of that.

And really the only thing I'm selling variable is 401k rollovers, 529's and start up IRA's. I do a little bit of VUL as well.

 

[Advisor06]

Hello All. Brand new to the board and it seems like a wealth of knowledge so I hope that I can find some help here.

For the past 2 years I've been with New York Life, but I'm considering leaving and going independent.

How is/was your experience with NY Life? What state? Did they provide good training, support, financial support?

Are they really captive since I saw you mentioned you could put business through crump. Did they have Quotas?

 

[ramsey]

How is/was your experience with NY Life? What state? Did they provide good training, support, financial support?

Are they really captive since I saw you mentioned you could put business through crump. Did they have Quotas?

My experience with NYL was pretty good. I'm glad that I went for a little while. I got good training and support, but really didn't receive any financial support. They have a training allowance that is tied to your production that caps out at $2,320 a month in your first year and goes down every year after that.

As far as sending business thru Crump, it was kind of frowned on unless NYL declined the business then you could send something to Crump. If you were established or really successful in your first year, they are a bit more forgiving if you send business to Crump.

I am in Texas, btw.