NYL Partner position?

[fflmaster]

So, I’ve been an P & C agent for some time, but I want my son to take over instead of starting from scratch.

I have been offered an associate partner position with NYL with the goal to become a senior partner in 6 months, however I am not sure about the position. Currently, researching about the recruiting process and how many individuals are interested in going life only versus selling all products (p&c, life, business, retirement, etc).

What is the turnover rate of partners?

What are your thoughts on that position?

 

[DHK]

You might want to review this thread, if you haven't already:

https://insurance-forums.com/community/threads/new-york-life-fast-track-management-program.97649/

 

[fflmaster]

Yes, I did read that article. Thank you for the link.

I would disagree with the management = babysitting. In my time, I am proud to say I enjoy training and teaching my staff in sales. I have multiple sales professionals that have gone on to open their own agencies and I enjoy that. I may be more competitive than most I know, but I also enjoy helping those starting out in the business. Been an agent for over 25 years, I like to be honest and straight. Yet my experience is mostly P & C with about 20% of my customer base having life and or retirement products thru our channels.

I would not go thru the fast-track program. I am curious and considering the partner program. But, I also have never recruited for just the life sales side. I have always recruited on the P & C side and usually brand new into sales. So, I am not sure how big the market is for incoming sales people and those looking at moving from other companies. Plus, I don’t know how much turnover there is on the partner side. The sales agents have about an 80% turnover rate.

 

[scagnt83]

Having come from that environment back in 2008, most likely, 90% of your time will be spent recruiting.

IF you reach Managing Partner, then you wont have to recruit as much.
But even as Senior Partner, you will still spend A LOT of time recruiting.

Ive known multiple successful agents who became partners (not the fast track program), and then went back to being agents. They got into the biz to sell insurance, not sell people on selling insurance. And they made more money as an agent too (with a ton more freedom).

The whole captive agency system is in decline imo. Its an antiquated system that has failed to keep up with modern customers needs. Then there is just the moral issue of a Captive Sales situation NEVER being the best situation to meet the client's needs.

Each office is a bit different, but generally speaking, your job as a NYL Partner is to put asses in the seats. You will have recruiting minimums you must hit (you should ask about those during your interview in detail). Your recruits will get most of their official NYL training from the in-house trainer, not you. You will be busy recruiting.

 

[fflmaster]

Having come from that environment back in 2008, most likely, 90% of your time will be spent recruiting.

IF you reach Managing Partner, then you wont have to recruit as much.
But even as Senior Partner, you will still spend A LOT of time recruiting.

Ive known multiple successful agents who became partners (not the fast track program), and then went back to being agents. They got into the biz to sell insurance, not sell people on selling insurance. And they made more money as an agent too (with a ton more freedom).

The whole captive agency system is in decline imo. Its an antiquated system that has failed to keep up with modern customers needs. Then there is just the moral issue of a Captive Sales situation NEVER being the best situation to meet the client's needs.

Each office is a bit different, but generally speaking, your job as a NYL Partner is to put asses in the seats. You will have recruiting minimums you must hit (you should ask about those during your interview in detail). Your recruits will get most of their official NYL training from the in-house trainer, not you. You will be busy recruiting.

I like recruiting so that would fun. I just don't know if there is a large market to recruit. I am not sure how wanted to be a life insurance/retirement sales-person working only on commission out there today. Seems everyone wants a salary today. I know p & c has commission, but also has a base salary as well in my office.