MOO Vs. NWMFN

[KG1188]

Hi everybody,

Ok, so I am new to the financial services, or insurance, industry. I am just getting out of college and have some sales and cold calling background. I am looking into this business and have found a lot of helpful information on this forum.

However, I need some advice. Right now I am reviewing working for Northwestern Mutual and Mutual of Omaha. I have interviewed with both, and they each seem like great companies. I was wondering what kinds of advice people had, regarding training, the companies, general experiences and other anecdotes. It looks as though MOO is offering a salary for three years with strings attached, whereas NWMFN does "enhanced" commissions for four years, which decreases every year. However, both look like strong companies with good managers. Any help would be great.

Thanks!

P.S. Yes I have read past threads on these companies, but I am looking for some newer, up to date advice.

 

[Norwayguy]

Two totally different target markets...NWMFN is high net worth individuals and Business owners. While MoO is more middle market and seniors....A side issue to consider is that if you ever decide to leave can you get a NWMFN broker contract...as far as I know it doesn't exist while MoO appoints brokers everyday.

 

[germanwine1]

Two totally different target markets...NWMFN is high net worth individuals and Business owners. While MoO is more middle market and seniors....A side issue to consider is that if you ever decide to leave can you get a NWMFN broker contract...as far as I know it doesn't exist while MoO appoints brokers everyday.

In a previous post you stated you started with NYL do they have the same target market as NWMFN?

 

[Norwayguy]

In a previous post you stated you started with NYL do they have the same target market as NWMFN?

Actually the very first company I got hooked up with was Mega (lets not even go there). NYL, Mass Mutual, Northwestern really market to the Higher end client...

 

[BNTRS]

Yeah these are two totally different companies. Again, company won't matter much, talented trainers do. You need to do a lot of work to determine how good both companies will be (nor not be) at training you how to survive in this industry. A project 200 is a nice potential start, but they need to offer up more than this if they want to be unique. Being career means you are paying someone a fair amount of money to give you guidance, they need to pony up and deliver.

 

[sonofthetis]

NMFN, all the way, and I chose them for these reasons 2 months ago.

First off, NMFN will likely make you a w-2 employee vs MoO a 1099, this will save you thousands of dollars on taxation.

Training with NMFN for me was 2 weeks of AWESOME, I learned more in 2 weeks than I will likely ever remember. With MoO, they wanted to train me for 3 hours to sell Med Supps mostly, then supplement with LTC.

NMFN has a small start up bonus, not having to be paid back, mine was 4k. In 2 months, I've sold 3 policies and have made over 12k gross (including a 60/40 split for joint work).

You have to hit the phones, do exactly what your mentor tells you, and don't be a smart a$$ who wants to do it their own way. You start with a Project 200, but if you really don't have 1000 names to call on, you'll be used to cold calling quickly.

Google Fortune magazine Most Admired Life Insurance Company, and see who's on top, and for that matter, who's 2 and 3. I'd choose them, in the order listed.

Just my $.02

 

[Chazm]

^in all honesty, you are only 2 months in. You can't possibly grasp which one is better to work for yet. Everything seems all roses when you first start, it may change though.

And how does being a W2 employee save you "thousands" and taxes??

 

[Norwayguy]

^in all honesty, you are only 2 months in. You can't possibly grasp which one is better to work for yet. Everything seems all roses when you first start, it may change though.

And how does being a W2 employee save you "thousands" and taxes??

He doesn't realize yet that the FICA tax paid by the Carrier is commission he would have received anyway as a 1099. Its really the same dollars but I'm sure it will make him feel better at the end of the year when he doesn't pay that large self employment tax.

 

[BNTRS]

He doesn't realize yet that the FICA tax paid by the Carrier is commission he would have received anyway as a 1099. Its really the same dollars but I'm sure it will make him feel better at the end of the year when he doesn't pay that large self employment tax.

Actually, in my experience, the 1099 covered more than just the FICA.

The kool-aid is strong with this one.

 

[VolAgent]

Actually, in my experience, the 1099 covered more than just the FICA.

The kool-aid is strong with this one.

Who gives a flip if his manager is actually doing his job? 50% of something beats the snot out of 100% of nothing. That NWM kool-aid starts to wear off after a few years anyway.