NML, Mass Mutual or Guardian?? Help Please....

[VolAgent]

Help here please: What is Guardian FP deal? Can I hold a Mass Mutual contract and the FP contract with Guardian?

...

I mean Mass Mutual Agent's Contract, not a brokerage deal.

If you are on a career contract, MassMutual requires you use MMLISI, their B/D. No idea about selling the book of business though.

Also, if you want to use indexed products, Mass and MMLISI will not allow them. Keep that in mind if its important to you. Additionally, Mass has been on a huge WL kick of late and some of the GAs have drunk the kool-aid more than the others.

 

[DRJCBPA]

Ok, well it seems that Mass Mutual is a superior operation for a practice where the whole financial picture will be reviewed. Any thoughts on what to attempt to negotiate into the deal going in?

 

[CFP83]

Ok, well it seems that Mass Mutual is a superior operation for a practice where the whole financial picture will be reviewed. Any thoughts on what to attempt to negotiate into the deal going in?

There are a few things you should negotiate with your GA going in. First is where you will start out on the investment payout grid with MMLISI. The GA can actually instruct MMLISI to start you off at a higher spot on the grid, however the home office will only go so high....the GA however can make up the difference. For example, Mass's home office placed me at 60% and the GA added another 5% so that I could start off at 65% dollar 1. I am happy with this only having 100,000 of GDC production the year before coming to Mass.

Another very important item, because of your prior experience you will not be eligable for "new producer enhanced payouts". However I would ask for 25-30% (of fyc) agent allowance. The Mass company paid allowance is called AAA, however this takes some time to build up this up. So based upon your status as an accomplished producer, I would ask for this supplemental allowance for four years.

Finally, if you have your own office space you'll get a "detached office allowance" of 20% (of fyc) as well.

 

[DHK]

If you're going with a Mass agency, find out if you have a LEAP specialist in the office.

Now, even if you have the specialist... DON'T invest in the LEAP system until you have gotten going and have a few clients to bring through the process. Learn all you can about LEAP as the concepts are very sound and will help you enhance your production as you grow your practice.

 

[DRJCBPA]

LEAP??? Short version if possible? Longer if you have the time? Thanks much.

 

[DHK]

Amazon.com: Leap: Lifetime Economic Acceleration Process (9780977117109): Robert Castiglione: Books

There are other threads on this forum that discuss whole life insurance and its "living benefits". I'd recommend a search, but one-on-one mentorship with a "LEAP expert" would serve you much better.

Just something else to consider.

Guardian does something called "Living Balance Sheet" which is a "leap knockoff".

 

[xrac]

LEAP??? Short version if possible? Longer if you have the time? Thanks much.

Buy and read "Leap: Lifetime Economic Acceleration Process by Robert Castiglione.


Corporate Site - LEAP SYSTEMS Inc Home

 

[JMF902]

DHK is correct the the Local Agency should be the deciding factor. On the companies this is my opinion:

Disability product for the physician & professional market? Guardian hands down.

Best whole life contract? It doesn't matter.

Better company for the career agent? Compensation wise I think it is Guardian. My choice would be MM or Guardian depending upon the local office.

Which company has the best reputation? Probably MM or NWML.

You didn't ask this question but the best company for financial products other than insurance working through the broker dealer? Probably MM, Guardian's broker/dealer PAS (Park Avenue Securities) has a reputation for sucking.

So, based on the above, with the market you're looking for, I'd agree with DHK that I would probably pick Guardian but would also look at MM. NWML would not be an option to me.

2 questions. Why do you think guardian has a better comp plan than MM.

Can you elaborate on why Park Ave Sec. has a reputation for sucking?

 

[thenextlevel]

My experience is limited, but everything I have heard about New York Life has been good..

 

[CFP83]

2 questions. Why do you think guardian has a better comp plan than MM.

Can you elaborate on why Park Ave Sec. has a reputation for sucking?

The statement about Guardians comp plan is referring to their contracts potential for excellent renewals...if you always have strong persistancy. In this case, your life renewals can continue at 8%+ for life. The catch is that you are never vested at Guardian....if you leave at say year 10 you take absolutely nothing with you.

Park Ave sucking is true. I have several good friends who are career guys at Guardian and the B/D makes them want to beat their heads off the wall. At the heart of the majority of Park Ave's problems is a simple truth about the decision-makers who run the company...Guardian is an old school company, predominatly ran by old-school people, who would prefer you just sell everyone whole life as an investment vehicle. From what I understand, Guardians culture is almost intentionally not as progressive as say a Mass Mutuals. Park Ave & Guardian in general really doesn't have any mission or visions of doing anything but selling insurance. The biggest investment in technology the company has made in the past decade was not in something related to their B/D like most major insurance companies, rather it was in creating their "Living Balance Sheet", which is a life insurance selling tool. Everything is always focused on selling more insurance all the time.

I haven't seen too many "financial planner" types go to Guardian and be happy. Someone who does as much investment business as insurance business is going to feel like a fish out of water there. Things like charging fees for financial plans is almost as foreign at Guardian as "buy term and invest the difference".