New to the Industry and Forum.

[DHK]

If you want to sell securities, you'd have to be with a captive agency's B/D until you build up some production history before ONESCO will take you. ONESCO is an "independent B/D", so they'll work with you as long as you have some experience.

Call Robert and ask him about becoming securities licensed with ONESCO without any prior securities training or production. I think he'd tell you that they won't take you unless you had a production history.

I'd take your series 6 while you're at NYL and stick around for a while to get your production numbers up with investments.

Unless your friend in California has a career builder agency with Ohio National (and there are a few), then your options are the same whether you go direct with PPGA or under your friend.

BTW, I think he meant E&O For Less for the website. They are also a forum sponsor.

 

[victor247]

I was also speaking to a MassMutual guy today. He said I would make more money going with a career contract with them than i would with a brokers contract with Ohio and still have the support/training and flexibility. What do you think?

 

[DHK]

I thought you said you wanted flexibility?

If you can get on the financing plan with MassMutual, the comp can rival ONFS. However, you will LOSE a lot of the flexibility you desired.

Ever try to get a marketing piece approved? Once you're on the financing plan, you don't get to have anything approved. At least that was my experience.

That financing plan is good for 3 years, and then it's over.

Now, if he's talking about agency bonuses and stuff, that's different. Also, you are a statutory employee, so they pay some of your FICA taxes. You'll have access to group benefits and 401k and other stuff... so if that's being included in your comp... yeah, it'll be close.

In short, he'll need to show you the numbers. From nearly everyone I've talked to, and the numbers I've seen... Ohio National offers one of the best broker contracts available anywhere.

 

[victor247]

Yes, flexibility is my main interest. After working as an accountant and now with NYL, it helped me realize I like my freedom and value it. Thats most important to me. it makes the business even harder to survive if alone though.
He did show me the numbers but Who knows how real they were. I wasn't going to check them all with him. I asked for him to email it to me and he said its in-house material only.
I told him what i wanted and he said ill be better off with a career contract. I don't mean to insult him by asking for broker contract only, implying i can do without the training but i do know from my past experience that i was learning more doing joint work and actually doing things outside of the class room. The support he speaks of, i can get from my fellow Ohio National mentor. I think...

Thank you for the help.

 

[victor247]

I thought you said you wanted flexibility?

If you can get on the financing plan with MassMutual, the comp can rival ONFS. However, you will LOSE a lot of the flexibility you desired.

Ever try to get a marketing piece approved? Once you're on the financing plan, you don't get to have anything approved. At least that was my experience.

That financing plan is good for 3 years, and then it's over.

Now, if he's talking about agency bonuses and stuff, that's different. Also, you are a statutory employee, so they pay some of your FICA taxes. You'll have access to group benefits and 401k and other stuff... so if that's being included in your comp... yeah, it'll be close.

In short, he'll need to show you the numbers. From nearly everyone I've talked to, and the numbers I've seen... Ohio National offers one of the best broker contracts available anywhere.

Yes flexibility is what i want most. My question was. Is it possible to do what he is saying? or is it just fluff to get me in?

Made it sound so good. That as if i would have best of both worlds with MassMutual.

I did have one piece approved by compliance at NYL once and that was hell. I didn't set up a website with NYL because they wanted their own layout only, and it was pricy to maintain compared to a local friend that quoted me. I was only allowed to post their content also. I wasn't to happy.

Yes, he included the benefits in the comp.
Said after three years i can go off on my own. Take whats vested and go. Leave the rest behind.

 

[DHK]

With that last line, it SOUNDS like he just wants to get you in. GAs who are serious recruiters need to think long-term, not about short-term recruiting goals.

However, that being said, it is true that MassMutual and Guardian are both considered "semi-captive". As long as you meet your MassMutual sales goals, they don't care (at least according to your contract) who else you write for.

Last I checked, MassMutual won't let you sell any kind of indexed life insurance or annuity products. So if that was part of your plan, you probably should re-think that one.

 

[victor247]

With that last line, it SOUNDS like he just wants to get you in. GAs who are serious recruiters need to think long-term, not about short-term recruiting goals.

However, that being said, it is true that MassMutual and Guardian are both considered "semi-captive". As long as you meet your MassMutual sales goals, they don't care (at least according to your contract) who else you write for.

Last I checked, MassMutual won't let you sell any kind of indexed life insurance or annuity products. So if that was part of your plan, you probably should re-think that one.

I guess my question is, Is there any reason why i would go with OH over MassMutual. or other way around?

 

[KidsGotHeart]

I was also speaking to a MassMutual guy today. He said I would make more money going with a career contract with them than i would with a brokers contract with Ohio and still have the support/training and flexibility. What do you think?

Hey Victor long time, former Mass guy here. You can go with Mass and still sell anything you want really, they don't care about any other DBA business. As far as making more than with Ohio, that is very debatable. Mass has a pretty nice bonus system year one to help out agents. Mass has a very nice benefit, retirement, health plan to be only semi-captive.

 

[DHK]

I guess my question is, Is there any reason why i would go with OH over MassMutual. or other way around?

Right now, imo, if you ever want to sell securities and gain that experience (even if it's to file and be an RIA/IAR)... choose MassMutual.

ONESCO generally won't take you as an independent representative without prior securities production history.

What you could do is join MassMutual as a career agent, and then sell Ohio National life insurance "on the side". As long as you meet your MassMutual leader's club goals for the year, it shouldn't be a problem. Ohio National, as a PPGA contract, won't have any production requirement while you're at Mass.

Get your securities licenses (6 & 63... then later your 7/65/66) and ONLY sell those securities/accounts that you can transfer to ONESCO - which, with Mass, is just about everything. (There used to be a proprietary asset management program called the RMA account, but I think they discontinued that one a few years ago.)

While you're at MassMutual, you can also take designation courses on their dime. As long as you're meeting Leader's Club, they'll reimburse you for each course once you pass. BTW, Ohio National will do that too... at level 6, if I remember correctly. At level 5, Ohio National also has a group health insurance plan too.

After about 2-3 years, you've maximized your compensation with MassMutual life insurance sales and gained experience with securities. You can leave the career agency and join ONESCO's B/D.

Of course, once you're ingrained at Mass, you may choose to stay - especially if you're producing at Blue Chip Council or Top of the Council levels.

So, regardless of whether you choose to stay or leave, I think your best bet would be to start out at Mass... and then you'll have more options available to you later.

 

[FEX Quotes]

Learning how to hunt and also farm were the greatest lessons I learned at the Mutual I started with.

My introduction to the biz was with a large mutual. The training and foundation that was laid undoubtedly has allowed me to thrive for over 30 years.

As I look back, I can compare my first few years to a physician's residency. I earned a decent living income with benefits as I learned my trade while working alongside some of the best producers I have ever met.