Would like some insight. Opportunity at nwm

[PaladinX]

Hey everyone, Well, I am in a bit of a pickle. I might be able to get a job with North Western mutual financial network. Was not even sure what the position was about, I read an ad in the paper. It turns out its selling predominately life insurance policies. I believe they do annuities, disability etc. They pay for your training and licensing, you can also get your series six and sell mutual funds. But, I am not quite sure I want to take this job. I believe in today's economy, Its going to be pretty difficult to sell life insurance to people lol. I mean they make it sound like its the greatest job in the world, which i also do not like. Seems they were trying to sell me the job.

Anyway, this office is a branch of north western, probably a marketing/sales office targeted to get a specific area. Im thinking they are hiring residents of the area just to get them to sell to all of their friends and family, then after that they dont care where you go. There is no base pay.. only commissions. They have a TAP, training assistance program that pays 85 percent commission for your first 3 years.. god knows the details on that anyway. I feel like, I dont know.. that its probably a very unstable, non desirable job to have now. Does anyone have any insights or opinions?

regards

 

[LGilmore]

Re: Would like some insight. opportunity at nwm.

Life insurance is either the greatest job in the world or the worst, depending on what time and day it is.....

NWM is a highly regarded company and you could have a successful career there or not. What feeling do you get when you deal with this recruiter? Do you feel OK or like you need to wash? Depending on the people you surround yourself with your experience can range from great to bad.

I spent 10 years with NYL and some of it was great, some OK and some sucked. I've been independent for 10 and rise wash repeat..

I don't agree with your assessment of the time and how the industry will fare...remember insurance has been around awhile, things go in the toilet and things are great all through the decades. Your success depends on you.

From your tone, I would say it may not be the best place for you as you given yourself several reasons for it not to work.
I wish I could give you a definative answer to success or failure in this business, but I can't. It takes all kinds and rewards sometimes randomly. The best can fail, the worst can be successful.

The only thing I think works for me is not too down or too up and remember to work when things are good and sometimes take a break when things aren't. There's my two bits.

 

[lifesettlementadvisor]

Im thinking they are hiring residents of the area just to get them to sell to all of their friends and family, then after that they dont care where you go.

regards

Ameriprise gave me the same pitch when I first got out of college. Tell them you are not going to approach friends or family for the first year, but will learn and prospect. If they still give you the job, than they are serious, if they don't than you were right. I did this with ameriprise, when they found out I wouldn't approach my father's friends until I had built a reputation for myself, they pulled the offer. Worked out, I have yet to meet someone that has stayed with them for more than a few years.

 

[PaladinX]

Well you know what, the last poster made an excellent point. I am not even hired, and they have given me small jobs to do. I had to interview 15 people, and come up with a list of 200 names of people that I knew. Of course I am not giving them any lists. But they want to see it. I think that is their main goal. I think they made that pretty clear.

The way I feel about the recruiters is that they tried to sell me the job in a way. Showed me all kinds of articles and info about the company etc. As if they were selling themselves. yet at the same time. they try to say that out of 150 people applying they only accept five. Not sure I believe that. Plus they made the interview four parts. I went on 3 so far. I guess that helps them make you feel like you are getting something great.

Let me answer the first posters question. I think its smart to look at the economy as well. It does matter. think about this, When you pay your bills, what would be the last bill you are going to pay? Your gonna pay your mortgage, car payments etc. The last on the list is going to be peoples life insurance. People cannot even afford to pay off their mortgage now a days, and they are going to want to spend 120 a month on a life insurance policy? and what if i make 3 deals, and two of those people lapse the contract in 10 months. what happens to my commissions.. Dont i start to owe the company money now?

and the contract.. What about the contract. they pay for my training tests etc.. then im on some kind of contract.. what if i make 0 money for months.. and i wanna walk out. can i? Do i owe them money now? alot of questions i have in my head.. and i think im being smart not being a pessimist.

 

[Dave020]

Nevermind,

 

[PaladinX]

I am even skeptical of information here, because you are all salespeople lol.
No but your advice seems honest and sincere, and i very much appreciate it. that was another thought going through my head. That mom and pop stuff, people really dont want to be bothered hearing about life insurance in these troubled times. I was thinking about businesses. But I would imagine, landing deals with business owners or doctors, aka. the rich, might be very challenging. North Western Mutual seems to be under the radar. No one around here, in NYC, has ever even heard of them. I never seen them on national TV, I myself never even heard of them. If I am going to approach big money people, Wouldn't they prefer a name they recognize? Such as metlife. Something they can trust? Especially if they are going to be dealing with big money? I am only 28 years old, maybe a kid in the eyes of a prestigious doctor or business owner. Coming from a no name company. I might spend months looking for just one business to sign one contract and not get a single paycheck. Then ill most likely be resorting back to mom and pops just to have a check in my hands. If there was a base pay, even 20 grand a year, I think I would feel a little more confident.

Someone I know has worked in the life insurance industry for 7 years at metlife, back when the economy was going strong. His advice to me was "life insurance sucks". Dont even get involved. This is someone with experience who lasted for 7 years. I am guessing the failure rate in this industry is extremely high. What am i looking at here, a 1 in 150 chance of actually staying at this job and being successful?

Sorry for the long post, or rant . But you did give me ideas and I appreciate experienced opinions and take them to heart.

regards

 

[psrayburn]

By no means is Northwestern Mutual a no name company. They are usually the company every other company compares themselves to. Last I read one of only 2 companys with the top ratings from every insurance rating agency. Most definately a top notch company to start a career with.


Scott

 

[PaladinX]

Well i mean, I have read different things. Fortune magazine ranked it 110 or something. They are published in some magazines etc. But what I am going by is how familiar people are with the name. Seems like everyone i ask about north western mutual, no one has any idea. Perhaps it is just not popular in NYC. But I have heard of many insurance companies, prudential, metlife, nylife, aflack. I guess the typical stock companies. I have never heard of north western mutual till this interview. They could be a big successful company for all I know, but as far as marketing and having their name out there, Seems like people are unaware of them around here.

They stress how the bad economy has not effected their business etc. perhaps that has something to do with them being a mutual company as opposed to stock?

Well i guess what concerns me is what I have stated previously. U work ur ass off, get trained get liscensed, and in the end you have no gurantee, and what seems a horrible success rate. What would u guys say it is, 1 out of what? 100? 50? From my limited experience, just using logic, I would say these places are like revolving doors, and maybe five percent or less make it.

 

[Dave020]

It's obvious you need a job with a paycheck. Good luck in your job search.

 

[xrac]

Based upon your posts I would advise that you look for a job with a salary. I don't think you will be happy in an insurance sales position. That is what I am hearing.