New York Life: Awards & Compensation

[Ox Tookay]

Hello all!

I am interested in joining New York Life after being approached by a "partner" at an event. I am currently working at a brokerage firm and have been here for about 1 year. I am looking to make a change due to bad manager and toxic work environment with poor training.

I am very motivated by recognition and awards, and the NYL guy said they give out all kinds which piqued my interest.

Does anyone have experience working with NYL? He mentioned Executive Council and award banquets. He also said a lot of people qualify for MDRT (which I believe you have to make about $96k in commissions!!!). What exactly does it take to be an executive council member? When I asked him he said it's not hard, but wouldn't give me a specific number of premium or commission that I would need to hit to qualify.

Also, he said I would get a training allowance of about $35k which sounds really nice. Could this count towards qualifying for MDRT?

Any advice is appreciated, thank you in advance!!!!

 

[DHK]

@jcorr can help you with most of your questions.

For MDRT qualifying, assuming 55% for whole life premiums and needing $97,000 in qualifying commissions for 2020... you'd need $176,363 in total commissionable premiums.

The $35k is a training allowance ON TOP OF whatever business you submit. It's not a salary and it does not count towards MDRT requirements.

For more information on MDRT requirements: Requirements

By the way, you can attend the annual meeting with reduced requirements IF you're part of the MDRT mentoring program with a current MDRT mentor.

mentorship

 

[Ox Tookay]

Wow, thank you so much that was really helpful!!!

I didn't know they had a mentorship program for MDRT, looks very promising. Also, thanks for the clarification on the training allowance....sounds like it's structured more like a bonus, good to know.

For MDRT mutual funds or advisory is commission counting the GDC or is it commission that I actually take home (% of GDC)?

Any idea what production is needed for Executive Council or Presidential Council? I will try asking the person you referenced too.

Once again, thank you so much for your responses and time!

 

[DHK]

For MDRT mutual funds or advisory is commission counting the GDC or is it commission that I actually take home (% of GDC)?

100% of commissions/fees that you receive, so % of GDC.

 

[Ox Tookay]

Thanks @DHK you are awesome!!

Hi @jcorr seems like you're the man to ask about NYL specific questions would you please provide some insight on this:

Any idea what production is needed for Executive Council or Presidential Council? I will try asking the person you referenced too.

Thank you!