NY Life Vs Mass Mutual for New Agents

[holdenc85]

I am wondering if which company had better training for a new agent, and if there are any advantages with certain products. I have read that the LTC premiums at Mass have very little competition in this area(South Florida).

What are the differences?

 

[gordongekko513]

NYL has a partnership with AARP so their agents can provide members with LTC options. Agents of NYL can buy these leads for $25 each. For new agents they have a training allowance contract that gives you a bonus on your FYC. The traning allowance (TAS) lasts 3 years. The con to this contract is you have to place business with NYL, outside business is limited to declines. The product training will be oriented towards NYL products. They have a good number of products that are very competitive, both individual and group. There is sales training depending on which General Office you join and which planning software they use. Some use Macro-Asset Perspective which is a very nice concept for showing clients who are in the accumulation phase, but it lacks in helping during the distribution phase (completely my opinion). All GO's have a comprehensive plannng tool for the agents called Planning Station, i think.
MassMutual has no lead program im aware of, but youre not captive. For example, if you started as a new agent for MM and a year later decided it wasnt a good fit, you would continue to recieve some trails for business you placed wth them. You could also go from a career contract (min. production required) to a broker contract (no min production) and still write fixed products and get trails. NYL will stop trails when you end the contract.
The hard part is finding out if the office your thinking about joining gives you sales training, since the recruiter for both will naturally tell you they do. Only way to know for sure is to spend a week in both offices observing whats going on and maybe making a friend or two with agents and asking them confidentially. Make sure the agents areent recruiters. Agents with 1or2 years of experience should be a good resource.
NYL will have you create a list of 200 friends/family, and will theyll pay for mailers and emails to these 200 contacts so you have some marketing right out of the gate...MM may not entirely require you to start with your 200 list, so theres no free marketing. That might have something to do with them not being captive, my guess.
Finally, in this line of work, ive heard from older guys that training is divided in two: Art and Science. Art is the language skills you need on the phone to set appointments and on appointments to get commitment. Science is knowing how the gears and cogs move inside a policy or how laws, taxes and market performance can impact someone. My personal opinion s that if you have decided on this career track, then the Science is something youre passionate about and you should be self-training yourself by that passion naturaly on your own. The Art is what you need, and in my most honest humble opinion, you cant top Sandler sales skills. Some MM offices will have their new agents spend a day or two a week learning and practicing the language. But if not, or if you decide on NYL, you can always find a local Sandler office.

 

[holdenc85]

Excellent post GG- I'm learning quite a bit from this forum.After 3 weeks, I am thinking of going to a smaller agency, where I would get more training, better commissions as well as guidance how to sell Medicare Supps/ MA-PD as well as Life Products

 

[Adesh Soodeen]

Hi @holdenc85, Do you mind sharing where you ended up. I'm working on becoming and agent and was looking for options other than MLM companies in south Florida.

 

[Tahoe Ray]

Hi @holdenc85, Do you mind sharing where you ended up. I'm working on becoming and agent and was looking for options other than MLM companies in south Florida.

Maybe he replies but he has not been on this site in almost 3 years.

Being an agent is a business. You interview the companies that you want to contract with, not the other way around.

You may get some feedback reviving this thread, but just keep in mind that you determine who you want to to work with, not for.