Considering A Career With Northwestern Mutual

[Norwayguy]

No, not Mass. Although, when at Mass and currently, I send the business to an case manager to enter into the system. They generally catch such things. Even though it I email a scanned copy, it still takes a week to show up. Now, it appears it is actually in the company's system is just a couple of days, but it isn't visible to me for a few more days.

Once it is in there, I can directly email missing forms to the carrier's new business associate. So, it gets corrected very quickly. It is just getting it into the system and assigned to underwriter and NB associate that takes time.

As you know that is a common problem...I love it when I'm waiting for something to show up and I call into the carrier and provide the client info and they can pull it up they just haven't made it available to me yet.

Oh and I normally submit very clean apps....I blame it on the fact that I put my kits together in the same order as the forms where on the website and the replacement form with the 2 signatures is set up like the 2 previous forms except on those forms you only sign section A or B not both....I'm very used to using the replacement form because my state requires it if they have other life or annuities and this carrier form is very different then every other carrier forms...I'll get used to it I like some of their products but not all.

 

[sonofthetis]

Newsflash, every one of these high net worth individuals already has some kind of insurance agent, possibly even a life insurance agent. Why are they going to trust you with their business? Oh, you may be smart, but you just started in insurance, just how knowledgeable about insurance can you be?

I'm not trying to be mean, just bring a dose of reality. Don't count on the people you already know for business. Even if you do business with them, it will only get you so far. You're going to have to learn to get in touch with and sell people you've never met before.
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Oh, I don't take you as being mean, I mean lets face it, not one of these people would speak to me about handling their lives or money, or anything. I know that every single one of them has private wealth managers, CPA's, attorneys, hell they're probably one of these themselves. I have no illusions of cashing a $35k commission check in my first month.

I know my immediate market will be not one single person I know right now. Not a friend, family member, associate, or any of them. If I do have one thing going for me, its the knowing that I would make an ass out of myself to those who know me as they do. I'm smart enough to know I don't know isht about this business, and I have learned more through this forum then anywhere else so far. I appreciate all of the info and reality you give.

 

[VolAgent]

Oh and I normally submit very clean apps....I blame it on the fact that I put my kits together in the same order as the forms where on the website and the replacement form with the 2 signatures is set up like the 2 previous forms except on those forms you only sign section A or B not both....I'm very used to using the replacement form because my state requires it if they have other life or annuities and this carrier form is very different then every other carrier forms...I'll get used to it I like some of their products but not all.

I generally send in clean apps as well. What kills me about this carrier is every different product requires the same disclosures and forms, but often the forms are product specific. Keeps you from putting together generic app kits.

 

[Norwayguy]

I generally send in clean apps as well. What kills me about this carrier is every different product requires the same disclosures and forms, but often the forms are product specific. Keeps you from putting together generic app kits.

Yeah I have one carrier with a 10,7 and 5 year annuity products....I carry the 10 year brochure and an app kit that has all the forms including the 10,7&5 year disclosures if they want the 7 or 5 year product I go over the difference based on the 10 year and whichever year disclosure form they want...The carrier requires that I certify only carrier approved marketing materials was used and I have followed that...I also email over the correct brochure to them.

 

[rs73976]

I really appreciate all of the information. If anyone has recently started with Northwestern, I would be interested to know what their experience with the training program was like and what I could realistically expect to make my first year.

 

[houcoogster]

You know what I would do?
Ask myself what it is that I want to sell?
Let's say I want to sell term life, everybody needs it.
Go get appointed with a good term company at a high contract.
Then pound the pavement and the phone. Make $$$$
Forget the "body shops" you don't need em.

People think because you have the NYL or Northwestern logo on your card people are just going to throw their wallet at you. Not gonna happen. You can be independent and have 5 or 10 big name logos on your card still no big deal.

 

[rs73976]

Do you have any suggestions on how to get started in North Carolina ?

 

[Norwayguy]

I generally send in clean apps as well. What kills me about this carrier is every different product requires the same disclosures and forms, but often the forms are product specific. Keeps you from putting together generic app kits.

Don't get me started on forms...I sent in a 100K rollover and the carrier was bouncing it back because I was 2 days later using an older form...so before sending the form for the client to sign I wanted to review what the differences where so I could explain them....I spent at least an hour going over the 4 pages until I was certain I knew what the differences was then called the carrier back and asked for an exception it took a couple of hours more but the difference was the date at the bottom of the form...I asked them why come out with a new dated form that is exactly the same to include punctuaction etc....
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Do you have any suggestions on how to get started in North Carolina ?

I know a previous poster has suggested going independent and there can be some good things for going indy from the begining the hard part about going indy is its more difficult to find a mentor or partner for joint work....And that is the key for a fast start in this business. I would spend some time interviewing the captives and asking about senior agents to do joint work with and mentor you...Don't get the wrong idea when the manager says he will work with you...Most managers are managers because they've failed upward probably barely made contract for a couple of years and decided management was for them.

Yes if you leave the captive shop you will have a non-solicitation on your existing clients for a period of time but if you learn what we are try to get you to learn which is prospecting that won't be a big deal and you might learn about bigger cases sooner through joint work than you would be able to close this early in your career...

Wish you the best of luck.

 

[gtm]

As a point of clarification on NML - they have a large set of bonuses. In fact, too many for me to properly track. They have two retirement plans that are funded by NML. As an NML guy, I have sold a good bit of outside biz, has never been a problem. Do what's right for the client. I sell both NML and Guardian DI. Both are good contracts, I inform the client of the differences and benefits of each, and let the client decide. B/D is OK. No charge for the planning software, but very few can charge for planning. In general, managers are better reps than managers. 1st line managers are 90-75% compensated from personal production. Most of the management contract compensation comes from production of the under 5 yr group, so they are motivated to help them succeed quickly. Training will vary by agency. In our agency, there is full back office support for the first 4 years. 1st 6 months it is free, then it gradual increases in cost, but if production hits targets, it remains free. I wish I had asked more friends and family to have a conversation. Doesn't matter if they buy something they should have. Now, three are no longer insurable, one is terminal.

As many have said, the key is activity, good sales training, and a good mentor. I worked my first 30 cases as joint work. Got me up to speed faster, and I'm sure my production was higher than if I had gone it alone.

Good luck!

 

[WBF]

NML has a great college agent program. I did this for a summer while I was still in college. Overall they are a great company. The only downside is their products are not cheap.