Mass Mutual Vs. New York Life

BEAR83

New Member
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I am a seasoned Agent/RR with New York Life and looking at possibly moving my practice to Mass Mutual. I want to know PROS/CONS on Mass Mutual vs. New York Life, if either you have made a switch from one or the other. I know a lot about New York Life. It is an excellent company, but the leadership in my G.O. is gone! New York Life doesn't match my 401k and I am being nickeled and dimed for everything with marketing, my software fees, etc. Ready set go.........
:idea:
 
I am a seasoned Agent/RR with New York Life and looking at possibly moving my practice to Mass Mutual. I want to know PROS/CONS on Mass Mutual vs. New York Life, if either you have made a switch from one or the other. I know a lot about New York Life. It is an excellent company, but the leadership in my G.O. is gone! New York Life doesn't match my 401k and I am being nickeled and dimed for everything with marketing, my software fees, etc. Ready set go.........
:idea:

Break the chains and go indy. You will never regret it.
 
Yeah was talking about that, how NYL guys jump the ship due to the crap compensation, managers earning a low salary from what I heard. Jump ship, Mass and ONL seem to be the go to financial planning companies that have strong life products.
 
I left NYL to go indy after 8 years with them. Looking back, if you are already seasoned, you don't really GO management. You need the GO management if you are thinking about getting orphans or getting assigned agents to do joint work. If you can indie with Ohio national, you will be fine. You don't have to join Onesco, you can still keep writing Ohio National life and work with an independent broker dealer. Depending on how much assistance you need, they could be a better deal. Or you could start your own RIA like me. Since you are seasoned, I don't see what MassMutual brings. Insurance companies are generally behind in technology with their Broker Dealer side, the new DOL rules are going to force them to upgrade or get out. Now probably MassMutual won't stop being a broker dealer but you never know. They are just going through merging Metlife's workforce, expect to see nickle and dime everywhere in the industry for the next 2 years as all brokers dealers adjust.
Your 401k match should be irrelevant if you are a high producer. NYL gives a deferred comp when you produce over 200K and it also gives a defined benefit plan. If you are producing somewhere around 30K a year to 100K, you will definitely make more going indy.
 
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I left NYL to go indy after 8 years with them. Looking back, if you are already seasoned, you don't really GO management. You need the GO management if you are thinking about getting orphans or getting assigned agents to do joint work. If you can indie with Ohio national, you will be fine. You don't have to join Onesco, you can still keep writing Ohio National life and work with an independent broker dealer. Depending on how much assistance you need, they could be a better deal. Or you could start your own RIA like me. Since you are seasoned, I don't see what MassMutual brings. Insurance companies are generally behind in technology with their Broker Dealer side, the new DOL rules are going to force them to upgrade or get out. Now probably MassMutual won't stop being a broker dealer but you never know. They are just going through merging Metlife's workforce, expect to see nickle and dime everywhere in the industry for the next 2 years as all brokers dealers adjust.
Your 401k match should be irrelevant if you are a high producer. NYL gives a deferred comp when you produce over 200K and it also gives a defined benefit plan. If you are producing somewhere around 30K a year to 100K, you will definitely make more going indy.

The only thing with the DOL is that you need to be behind a company that has the resources and tools to be ready for any changes to come. The smaller companies are going to either fold or position themselves to just an "insurance" business model.
I will stay with a mutual company b/c I believe in the core values that they offer to their clients. That is very important to me, but I also want to start doing Wealth Under Management. Mass offers a very appealing opportunity with out the "red tape" that NYL does with Eagle Strategies. That is another reason I like Mass more in that arena.
 
The only thing with the DOL is that you need to be behind a company that has the resources and tools to be ready for any changes to come. The smaller companies are going to either fold or position themselves to just an "insurance" business model.
I will stay with a mutual company b/c I believe in the core values that they offer to their clients. That is very important to me, but I also want to start doing Wealth Under Management. Mass offers a very appealing opportunity with out the "red tape" that NYL does with Eagle Strategies. That is another reason I like Mass more in that arena.

If the DOL passes this new Fiduciary Regulation there is a good chance that the captive BDs will close their doors. It doesnt matter how big they are... what matters is their business model and how they make money. With the new regs their current business model will have to change drastically and will be far less profitable for them. Securities only makes up a small part of most of the Mutual shops overall biz. Mass probably has the largest %, but Mass is not "safe" from the DOL regs by any means. They will want to keep their 401k business, but they could drop their advisory business tomorrow and it would just be a small bump in the road for them.

There is no way to be a true Fiduciary when you are captive or your comp is boosted from preferred products.

Mass is certainly a better business model to be under a BD vs. NYL (I am former NYL).

But if you want what is best for the client then neither of them is a good set up. Indy is what is best for the client hands down.

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Depending on his state, he can "go indy" with Ohio National and register with ONESCO - their broker/dealer.

You are never truly indy when you are handcuffed to a B/D :err:
 
If the DOL passes this new Fiduciary Regulation there is a good chance that the captive BDs will close their doors. It doesnt matter how big they are... what matters is their business model and how they make money. With the new regs their current business model will have to change drastically and will be far less profitable for them. Securities only makes up a small part of most of the Mutual shops overall biz. Mass probably has the largest %, but Mass is not "safe" from the DOL regs by any means. They will want to keep their 401k business, but they could drop their advisory business tomorrow and it would just be a small bump in the road for them.

There is no way to be a true Fiduciary when you are captive or your comp is boosted from preferred products.

Mass is certainly a better business model to be under a BD vs. NYL (I am former NYL).

But if you want what is best for the client then neither of them is a good set up. Indy is what is best for the client hands down.

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You are never truly indy when you are handcuffed to a B/D :err:

Ain't that the truth.
 
You are never truly indy when you are handcuffed to a B/D :err:

Yes... and no. It depends on the B/D.

A few years ago, I spoke with ONESCO compliance regarding agent produced marketing literature. They specifically told me that if it has nothing to do with securities, they don't need to see it. They also don't care if you have outside insurance selling contracts. Just disclose that as an OBA (outside business activity) and they were fine with that.

However, in order to be registered with their B/D, you have to have production history of GDC (securities commissions) and a clean compliance record. But once you're on board with ONESCO, your Ohio National life production counts towards B/D production requirements.

I think ONESCO is about as "hands off" as a B/D can be... assuming you're in a state that is for independents. I don't know how it would be for career agents in their other states.
 
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