New York Life - Council Production Requirements

[Ox Tookay]

Hi there,

I am a newer agent with a little over 1.5 years experience at an insurance company and considering other options.

Primarily I am most interested in training, but income, awards and recognition are my biggest motivators.

Anyone here have specific production requirements for some of the NYL councils like Executive, President, Chairman's for this last year in 2022 and this year 2023? I currently had a production year with about 50k FYC, so want to see how close I am to achieving those council awards and trips that I've seen so many people post about (and endless plaques, awards and trophies). Seems like they hand them out like candy and I think that would really motivate me haha!

Thank you

 

[walthamny]

In exchange for lower compensation many insurance companies offer these trips. If you join NYL, half of your training classes will be spent on the requirements to make the trip. After 25 repeat classes you will know all the details. ANd no one outside of NYL cares about council status. You will not gain one client because you are council agent

 

[scagnt83]

In exchange for lower compensation many insurance companies offer these trips. If you join NYL, half of your training classes will be spent on the requirements to make the trip. After 25 repeat classes you will know all the details. ANd no one outside of NYL cares about council status. You will not gain one client because you are council agent

It has nothing to do with lower compensation, many carriers have annual qualification trips.

NYL captive agents get lower comp because:
They are given full benefits (subsidized health/matching 401k/pension)
50% of SE taxes are paid by NYL. (that is equal to a 7.5% increase in comp)
Office is paid for by NYL.
Support staff are paid for by NYL.
Training is paid for by NYL.

*and hard comp is comparable if you produce enough to be on the production bonus grid. (OP is not)

It has nothing to do with the trip. MoO, Penn, Lincoln, AIG, Guardian etc.... lots of carriers offer trips to indy agents if you qualify. NYL offers all of those trips to their indy agents too I believe

 

[scagnt83]

Anyone here have specific production requirements for some of the NYL councils like Executive, President, Chairman's for this last year in 2022 and this year 2023? I currently had a production year with about 50k FYC, so want to see how close I am to achieving those council awards and trips that I've seen so many people post about (and endless plaques, awards and trophies). Seems like they hand them out like candy and I think that would really motivate me haha!

Thank you

Look on the agent web portal. It will be there somewhere. They will show the prior years trip/requirements as well as current year.

 

[Ox Tookay]

Thank you guys for the responses, definitely helpful info to consider as part of my decision.

Other than that, do either of you have a ballpark idea of what FYC/GDC is required for Executive Council or President Council? Is it like $100k+ or something? I saw that they say you would be in the top 10% of all their agents, so that seems like it would be a pretty high standard.

 

[Ox Tookay]

Look on the agent web portal. It will be there somewhere. They will show the prior years trip/requirements as well as current year.

Sorry, to be clear I am currently NOT a NYL agent. I was just curious about their production requirements to get an idea of what's expected to reach certain milestones/recognition within the organization. Was just hoping for a range or ballpark idea of what it takes to make these clubs/awards.

Thanks again for your help.