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

[BNTRS]

Things like charging fees for financial plans is almost as foreign at Guardian as "buy term and invest the difference".

True that, I laughed a bit when I read that.

However, the bit about taking noting in renewals isn't 100% accurate, UL renewals vest...of course if you find a guardian agent writing a lot of Guardian UL there is something very odd going on.

 

[Larry Tew]

Back in my Guardian days (the 90s), they likened UL to garbage. After they bought Berkshire and started offering UL, it magically became a viable product.

 

[dyadvisor]

If you have over 4 years experience why do you want a career agency with golden handcuffs? They are not going to give you training, my stats show a 35% turnover in each of the companies each year.

There are 100 independent broker dealers, some paying up to a $25,000 signing bonus.

An FMO or two will supply all the products and more variations then you ever hear about.

Members here like Mark Rosenthal can give super ideas about prospecting.

You are in business for yourself either way. Why not get some confidence and take charge of your future?

 

[sonofthetis]

You are in business for yourself either way. Why not get some confidence and take charge of your future?

Can I use this quote as a sig? It's awesome!

This thread is almost a mirror of my status. Career change to insurance, so I'm looking for a good fit with company as pertains to products, benefits, and compensation. I will check with Guardian, but my local NMFN office seems like a good fit, but maybe I'm the eskimo and they have fresh ice.

 

[BNTRS]

Back in my Guardian days (the 90s), they likened UL to garbage. After they bought Berkshire and started offering UL, it magically became a viable product.

Then they closed the Berkshire book and the hot potato went back the Guardian and it's "garbage" again.

Actually Berkshire was issuing the GUL for a while--I believe--and when Guardian revamped it a couple of years ago they were really excited about it. Then they whimped out and bascially dropped it.

 

[scottstreet]

Pru will let you write for anything on their out brokerage platform (crump) and count it towards your contract and express the commissions. All in al not a bad deal.

 

[WMG]

I am intimately familiar with all 3, and produce significant amounts with the latter two. I've also done joint case work with a NML producer. Point being, I am very familiar with all 3.

Long-term, the compensation between the 3 are close. I couldn't tell you what the difference is. It doesn't matter. Client first. Period.

As far as B/D's, Park Avenue Securities is the typical insurance company B/D. Fair at best. They are not a premier investment provider B/D. No offense to Guardian agents, but that's the overwhelming sentiment amongst Guardian agents. They closed their trust company and just have not risen to a level of premier investment services, offerings, etc. I don't know that they are even interested in achieving that. Guardian does allow fee-based planning. I know this for a fact. I've worked with Guardian agents who do fee-based planning. You need to meet certain requirements, licensing, etc., just like NY Life and Mass Mutual.

Mass Mutual is better. They seem to have more offerings, more flexibility and capabilities. I think there are still some Mass Mutual agencies which still have their own B/D (and are grand-fathered to some extent). I also think Mass Mutual agents can use an RIA, either MM's or external, affiliated, etc. Not sure of the details. Mass Mutual also embraces fee-based planning.

NML, similar. I don't if it's as strong as Mass Mutual in the B/D marketplace, but they do own Russell which has a very strong investment platform/offering. Ask some producers. They will tell you. But you need to find producers who know about their industry from a vocational perspective. I don't know if NML embraces fee-based planning. I know agents who do it, but I don't know if it's part of the culture.

All 3 have had their "LEAP days" and there is nothing wrong with that. All 3 are premier life companies, with a quality portfolio of offerings.
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I was in the business for 15 years and did very well (6 figures ++ every year) I left to go into a different field, but now I am going back to the business. I was a top producer in life, DI, and investment products-- earned my CFP and worked hard. The work paid off as it always does. Now, I am a bit wiser and interviewing with NML, Guardian, and Mass Mutual-- in lieu of just drinking the happy juice from one company....okay here is the question:

Which one of those companies, in your opinion and experience writes the life contract (permanent whole life) that is clearly superior to the others? Which one writes the most competitive DI product for the physician and professional market? I know they are all close, but only one can be the best for the client. I understand that they may only be a few dollars apart at the end of 10 or 20 years and I understand that my expertise and relationship will more than make up for the few dollars either way but I am curious what you folks in the field think.

Also, which is the better company for the career agent to work for? Compensation, support, training, benefits, etc.? I will likely start in the agency for a month or so during training then go detatched because that is the way I am most comfortable and although I will be a career agent with one company I know there are times when I must "write away" from the company for the best interest of the client-- however, I want to do that as little as possible. My market was pretty general with docs, attorneys, business, and it was not and will not be a problem for me to sit across a kitchen table to help a young family get started. And finally, Which of these companies has the best reputation in the marketplace (recognition and branding)? I know this is a long one and maybe it should be three posts. Thus far it seems that NML has a pretty standard deal and the G.A. (managing partner) holds the reigns tightly to the Granum System (which I know and understand) It also seems that NML is not so generous with the agents. Mass Mutual seems to have a much more open mind and appears to be more generous, and Guardian-- well it is hard for me to tell. I spoke to a young buck who was very professional, but talked more about the superiority of the Guardian culture than the product or the agent compensation. Okay, maybe I win an award for the longest post for a newbie to this forum, but if all goes well, I hope to be able to give back to it as well. Thanks for your time and info.

There is no "one best" -- depends. Differences are de minimis. All 3 quality companies. If you really want to get into the weeds, start to look at net COI, CSI, etc. for age 35, 40, 45, 50, and so on.

Environment, all 3 are good, company-wide. What really matters is the culture and environment of the agency! As far as what you call writing away, from my experience, still frowned upon to some extent at NML, more OK with MM, and embraced at Guardian. The latter actually owns an "outside" sub-standard, outside business shop where they endorse you to place business. My friend tells me that you get "credits" when you do that and they count toward your production levels, clubs, etc. Bottom line -- client first.

Reputation? Well, NML and MM I think are somewhat better known, vis a vis size and name recognition. You won't see Guardian's name as a major sponsor at a golf or tennis tournament. Just not their style. They are an old line MUTUAL company. That's important to them from what I gather.

I am independent so to speak. I produce with many companies. I can't speak to being "married" to one company. I would also look at your renewals and your book of business. Are you vested? Not? Percentage? That's a touchy subject.

 

[logi]

[FONT=&quot]I have an agency with around 15 experienced life producers and 4 P&C producers. We are looking to switch contracts. I would like a life carrier that has competitive term, whole and index UL. It would be nice to have a signing bonus or some sort of help on the office expenses. [/FONT]
[FONT=&quot]What would you recommend?[/FONT]
[FONT=&quot]Thanks for your help.[/FONT]
[FONT=&quot]Matthew[/FONT]
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If you have over 4 years experience why do you want a career agency with golden handcuffs? They are not going to give you training, my stats show a 35% turnover in each of the companies each year.

There are 100 independent broker dealers, some paying up to a $25,000 signing bonus.

An FMO or two will supply all the products and more variations then you ever hear about.

Members here like Mark Rosenthal can give super ideas about prospecting.

You are in business for yourself either way. Why not get some confidence and take charge of your future?

We have years of experience and a great agency. We need some direction in whom to contact. We are looking to hang our hat with a new life carrier that is non captive.
What do you recommend?