MM, Ohio National, Penn

[DHK]

Also, does anyone know if a broker with Mass can do a joint work with someone that has a career contract?

Yes, you can. In fact, one reason to do this is to take advantage of the other career agent's commission advances. I believe you are paid "as earned" as a MassMutual broker, so by putting a career agent on the app to split it, entitles both to advanced commissions.

Just keep in mind that there may also be shared liability on that app as well. TANSTAAFL - There Ain't No Such Thing As A Free Lunch.

 

[CFP83]

In regards to the Penn Mutual CA production comment, I have never heard of such a thing. As an independent producer you can access Penn Mutual through appointing through a "regional director" whose job it is to contract producers in their region. California only has one R.D to the best of my knowledge.

To get a better understanding though of the type of business the top producers of Penn are writing, attached is a calendar year production leaders list.

The "total life credits" is the base commision (50% fyc) each rep has earned and is what Penn Mutual utilizes in order to calculate conference qualification.
The "fixed life policy count" is the total number of policies sold to generate that production. the base comp does not include "expense allowance" which takes all of these producer to a total payout of roughly 90-100% fyc.
So, the top three producers on the list year to date production has earned them roughly $1,000,000 and none of them have written over 10 lives to achieve this type of production.

The west and east coasts for Penn Mutual have an abundance of these big premium writters as many are doing COLI or large deferred comp cases.

So its possible that this 500k production number was indeed thrown out there by a west coast regional director as a way to say in a round about way "we're looking for big producers".

Here in the Midwest though any of the Penn regionals will contract someone who is planning on doing 25k of annualized premium production.

 

[DWPCL]

In regards to the Penn Mutual CA production comment, I have never heard of such a thing. As an independent producer you can access Penn Mutual through appointing through a "regional director" whose job it is to contract producers in their region. California only has one R.D to the best of my knowledge.

To get a better understanding though of the type of business the top producers of Penn are writing, attached is a calendar year production leaders list.

The "total life credits" is the base commision (50% fyc) each rep has earned and is what Penn Mutual utilizes in order to calculate conference qualification.
The "fixed life policy count" is the total number of policies sold to generate that production. the base comp does not include "expense allowance" which takes all of these producer to a total payout of roughly 90-100% fyc.
So, the top three producers on the list year to date production has earned them roughly $1,000,000 and none of them have written over 10 lives to achieve this type of production.

The west and east coasts for Penn Mutual have an abundance of these big premium writters as many are doing COLI or large deferred comp cases.

So its possible that this 500k production number was indeed thrown out there by a west coast regional director as a way to say in a round about way "we're looking for big producers".

Here in the Midwest though any of the Penn regionals will contract someone who is planning on doing 25k of annualized premium production.

Are you still putting the majority of your WL business with Mass? Have you started using Penn's product more?

 

[CFP83]

Are you still putting the majority of your WL business with Mass? Have you started using Penn's product more?

In late 2011/early 2012 after some more in depth analysis on Penn's whole life insurance product, I began utilizing their product in all my bread and butter whole life cases. I find that the flexability of their product is second to none, and based upon current company mortality/expenses/investment returns, the cash value performance is as good as or better than Guardian/Mass/Northwestern/ONL

 

[DHK]

In regards to the Penn Mutual CA production comment, I have never heard of such a thing.

To get a better understanding though of the type of business the top producers of Penn are writing, attached is a calendar year production leaders list.

So its possible that this 500k production number was indeed thrown out there by a west coast regional director as a way to say in a round about way "we're looking for big producers".

I completely agree with this assessment. I think it was a way of 'weeding out' the time-wasters, not saying it was a "contract production requirement", but a way of desiring only the big hitters.

 

[scagnt83]

I have found Penn contracting experiences to vary greatly from region to region. It is very odd how nonuniform their contracting process/requirements are.
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I don't think captives are going to want to train their competitors.

Most indy agents will know more than the captive agent.
At one time Mass actually had a slightly different site for indy agents that had more advanced resources on it. These days I think they are pretty much the same.

But generally speaking, an indy agent who isnt green should have experience with more products than the career agent. And will have the same access to product info and illustration systems.

 

[lovin the job]

How does Penn compare to NYL in regards to cash value accumulation?

Have you utilized their WL in structuring executive bonuses? Do they offer a custom plan?