Need Some Advice on Whether to Leave NML

hey guys, i need some advice on to stay with NML or leave, been with the firm for almost 7 years now, MDRT since year 2. just recently got married and feel like i'm paying too much expenses. for ex, my premium is around 273k, really appreciate for any advice..
 
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Wow...

I'd really talk to NYL, Mass or Guardian if you like the environment of a big mutual.

They would pay out bonuses that would really enhance your comp. I don't know if your expenses would go down, but at least your revenue would increase.

I recall Mass having strong bonuses on FYC as well as some renewal bonuses. I don't recall NYL doing much on the FYC, but they have very strong renewals. Either one would greatly increase your comp. I would imagine Guardian does something similar.
 
Make sure you account for all the non-direct income in your current contract such as pension, 401(k) match, study reimbursement, co-op advertising (if that's your thing), discounts on vendors, social security matching, etc.

When I was in captive management I found that all the companies compensation pies were about the same size though perhaps sliced a little differently. This also applies to comparing captives to independents.

Don't forget to consider what you may have to leave behind if you leave.

Bottom line - get all the facts before you make a decision.
 
thanks for the advice guys, after spending weeks of research, meeting with mass, pru, NYL GAs, reading all over from tgunproducers and here, I really see no reason why that i should stay with northwestern.

so where do i start, after almost 7 years in, i am still forced to go to the annual meeting in July, i mean learning and having fun there is great and all but getting so repetitive, but taking 5 to 6 days away from business and family is getting too much. despite the fact that i have to pay for the trip no matter how much premiums and lives i do. Don't get my wrong, I THOUGHT MY GA and I were good friends, our relationship had always been great, he always invited me to dinner, golf and we talked on the phone regularly. HOWEVER, nothing matters once he sees me not drinking MUCH koolaid anymore. Not only he stopped talking to me and raised the rent on me last month (because of BUILDING LEASE WENT UP??). I asked about being detached, Guess what, company compliance wouldn't allow!! i feel like i am just an employee to this guy, need to do exactly what he asks all the time!

everyone over at tgp always says: BEGIN WITH THE END IN MIND, i totally see it now. i can't bring any clients with me, because Northwestern doesn't have a B/D contract for the agents. i feel like i am being robbed by the GA, since he's taking all my clients, and my renewals. Not really regret about that i started with northwestern, because i had a great mentor, and learned so much from him to build my practice the way it is today, but he left for mass couple years ago over here in Connecticut. word of advice, for the new guys, make sure you interview with the right LOCAL AGENCY, RIGHT MENTOR, all that matters, not the company, however if you want to truly own your book of business and sleeping a little bit better at night, i wouldn't recommend northwestern anymore, and that's after spending almost 7 years, averaging over 150 lives with the firm every year.

i didn't know better when i first got out of college, i guess that's probably one of the main reasons why northwestern primarily only recruit the new college grads, they know that it's hard for you to leave after many years so you lose your clients and renewals, but for the past few years, almost every company meeting that i went to had talked about compensation and product competitions WITH other firms, specifically mass, i guess the only reason they doing that is so many reps are leaving the system after they know the industry better! know what they are worth out there.

i thought leaving my renewals and clients behind was a hard thing to do , but after talking to couple guys here and knowing the standard industry payout is and bonuses now, i feel like i am really under paid at northwestern mutual.

bottom line is money is important and doing the best thing for the client is also important, and i am getting/doing neither of it for the past 7 years, so no more koolaid drinking for me.
 
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I'm not at Northwestern but I'm curious. You said you were underpaid with them and when I interviewed with them the commissions seemed very much inline with the other firms I got offers from (and eventually took a position with). What am I missing?
 
I'm not at Northwestern but I'm curious. You said you were underpaid with them and when I interviewed with them the commissions seemed very much inline with the other firms I got offers from (and eventually took a position with). What am I missing?

Does NML pay bonuses and such? Most companies have some kind of bonus program on top of the commission. NML, Mass, NYL, and Guardian all pay roughly the same commissions. But Mass, NYL and Guardian all have some sort of bonus to enhance the commission.
 
Does NML pay bonuses and such? Most companies have some kind of bonus program on top of the commission. NML, Mass, NYL, and Guardian all pay roughly the same commissions. But Mass, NYL and Guardian all have some sort of bonus to enhance the commission.

usually 50% after 3 years, some around 40 to 55% depends on the age and products,

there's new client bonus if you have 42 or more new clients you around 2% of your FYC, expense allowance around 15 to 18% of the FYC only if you have an assistant, or else you force to use the the new reps' assistant even though you don't use them you still have to pay.
 
Isn't there a point in which you become vested in your renewals?

leaving before 5 years you get nothing, you lose your renewals and clients, you become fully vested after 15 years with the firm. in my past experience, many new reps got forced out of the firm due to office expense.
 
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