New York Life Fast Track Management Program

[Ryan1]

The ChFC requirement was around 13 years ago. Maybe that has changed. But you will absolutely be required to reach certain production requirements for a 3 year period before consideration for "associate partner".

Also, I meant to reply to this earlier. I think some things have changed since then on this front.

After some LinkedIn scouting of this office, I have located a partner there that went through this program that made associate within a year, and partner within 1.5. This person has a similar education and background to what I do.

That perspective comes from jaded experience.

Sure, I understand.

So on a scale of "I'm never getting married again" to Alex Jones, just how jaded are you on this topic?

 

[DHK]

So on a scale of "I'm never getting married again" to Alex Jones, just how jaded are you on this topic?

1. I would never trust a recruiter for any promises of training, as every training experience I've seen and experienced has been sub-par at best. Training is 95% of your success... and the rest is the infrastructure you're working in.

My old MassMutual agency practically outsourced their training to LEAP Systems ($3,000/year + $600 per training session); very complex, steep learning curve, too many appointments necessary... wouldn't recommend that process to anyone unless you want to work with HNW/affluent prospects.

Later I went to Mutual of Omaha, and while the infrastructure is there, it's all about the office culture and the training you receive in that office.
https://insurance-forums.com/commun...mutual-of-omaha-career-agent-resources.41669/

2. The only reason I'd go back to a captive insurance agency at this point... would be to re-obtain my securities brokerage licenses (series 7 & 66) in order to build up a production history to go back into a banking or credit union environment and be a financial advisor with them (and then deal with THEIR overbearing bureaucracy?). But if I wanted to return to that environment, I'd have to have a Trailing-12 month GDC history with a broker/dealer.

3. I'm nearly immune to any possibilities to return to a captive environment.

Not my site, but plenty of warnings to check out first:
An Employment Scam in the Financial Services Industry > HOME


One reason I typically respond on these kinds of threads is to help open the eyes of new people to help ensure they don't make uninformed decisions based on "promises of training" or whatever.

Now, I know there are a couple of career agents with NYL that may chime in, but I'm jaded by my experiences. They may be far more positive and it may work for them... but not for me.

I've found my own quality and low-cost training methods that I have outlined in my thread here:
https://insurance-forums.com/community/threads/guidance-for-new-life-agents.29999/

 

[DHK]

In fact, I'll tag @jcorr so he can chime in on his experience. He started at NYL, went independent, and went back to NYL.

 

[Ryan1]

Thanks, and thank you for that thread. What a wealth of information!

 

[jcorr]

Here's my take on it. As David Kinder said I was a NYL agent many years ago, left, and came back. I personally like the the structure of NYL. I have the actual requirements for a Fast Track to management vs the regular routes open and in front of me. If you have business experience, management experience or are a recent MBA your eligible for the Fast Track Program. There are minimum qualifications set by NYL but a local G.O. can impose stricter requirements. Your first step is to be an agent. We are an insurance company and you need to know what the agents have to go through. Unlike the other two tracks to management there is no time requirement for qualification (the other tracks require a minimum of two years experience to be considered for the management program) but you do need to have $50,000 in FYC and 40 paid life cases. . You don't need a series 7 but will need a series 6. If you manage to do it two months, you'd qualify. As a Associate Partner you will recruit and train agents. You make your money from the agents you recruit. If you are good at recruiting and training you can do very well.

 

[pfg1]

I have no experience with any captive company, however imho....if you are interested in this industry, from what I have seen, heard, learned... NY Life would be a great place to start. They are a great company and many of the offices offer solid training. I am 100% positive I would have gotten a much faster start and been much further along in my career had I known this way back when.

On the flip side, this business isn't easy - but having an unlimited income potential is a great upside to the hard work it takes to make it.

 

[Ryan1]

@jcorr

Thanks a lot for the insight. A few more questions if you don't mind.

1. I'm not great with the acronyms. Does that 50k and 40 cases have to be in a single year? Or do you just have to meet that threshold? Is that doable for the average person in their first year?

2. Associate is obviously under partner but what is the difference in duties and compensation? What do you have to do to go from associate to partner?

 

[jcorr]

The $50K and 40 cases have to be done in a 12 month period. It's not easy but it is doable. One reason why the normal requirement is to be a Executive Council agent (typically about $50-$70K a year in First Year Commissions) before you can apply for the management program. With the Fast Track Program the assumption is that you've picked up the skills or have shown the potential (MBA program) that you have the ability. As far as the differences between Associate Partner and Partner are I'm not sure what the differences are. It's probably based on the production of your recruits. I'm guessing if they reach certain metrics as group you get promoted and get a greater compensation. I haven't been able to find the details in our back office (there is a LOT material, just haven't hit the right key words in my search).

 

[zedman182]

So glad I found this thread. I just had a call earlier today about an Associate Partner position that I didn't even applied for. I only took the call cuz the name of the recruiter sounded familiar. I knew it sounded fishy and my suspicions were confirmed.