Starting at NYL - Best Appt. Setting Techniques to Start With?

[robbdmc]

Re: Starting at NYL - Best Appt. Setting Techniques to Start With

they are after white collar professionals, and business owners.

Why is that? More investment related later on? He told me that probably after about 6 months they will want me to get my series 6 or 7. Does that make sense?

 

[VolAgent]

Re: Starting at NYL - Best Appt. Setting Techniques to Start With

Because they have the money. NYL is a whole life company, and they'll make sure you understand that in no uncertain terms.

Their term is overpriced, and it will be hard to reach the levels you want only selling their term. Yes, the investment and DI cross sell is nice, but it is all about the WL. They could care less about anything else as long as you sell enough whole life.

 

[robbdmc]

Re: Starting at NYL - Best Appt. Setting Techniques to Start With

Because they have the money. NYL is a whole life company, and they'll make sure you understand that in no uncertain terms.

Their term is overpriced, and it will be hard to reach the levels you want only selling their term. Yes, the investment and DI cross sell is nice, but it is all about the WL. They could care less about anything else as long as you sell enough whole life.

Really? The compensation package says that first year commission for term is 50%, which is only 5% less than the 55% for whole. Is Northwestern Mutual pretty much the same in this sense? What kind of differences in the renewal commisions will I see on term at NYL? He only gave me a renewal chart based on Whole Life.

Also, do you happen to know when I will own my book of buisiness? If ever?

 

[VolAgent]

Re: Starting at NYL - Best Appt. Setting Techniques to Start With

Really? The compensation package says that first year commission for term is 50%, which is only 5% less than the 55% for whole. Is Northwestern Mutual pretty much the same in this sense?

They are all roughly the same, Mass, Guardian, NYL, and NML.

Now go look at your bonus. Higher bonus for WL, right? Trust me, they will start teaching you to sell WL first and foremost very soon. That said, I do like WL, it is a great product in the right situation. But be very scared of any sales manager or GA that tries to teach you WL cures cancer.

And even if they don't pay you more for selling WL, they certainly pay your manager more for you selling WL. He knows where he makes his money, and that is in getting new agents to sell WL.

 

[nycagent]

Re: Starting at NYL - Best Appt. Setting Techniques to Start With

WL doesn't cure cancer. It just gives you so many options that if you are diagnosed with it, you won't even care

 

[VolAgent]

Re: Starting at NYL - Best Appt. Setting Techniques to Start With

WL doesn't cure cancer. It just gives you so many options that if you are diagnosed with it, you won't even care

As I said, I like WL, and NYL is a good company. But don't let a manager tell you that a young professional needs to buy WL before DI. Hopefully you don't have that kind of manager, but they are out there in the mutual world.

Now, once that person has enough death benefit, and has DI, cash value life insurance is a good place to sock away some money. WL can be a good choice for that cash value life insurance.

 

[robbdmc]

Re: Starting at NYL - Best Appt. Setting Techniques to Start With

you guys dont happen to know when I will own my renewals do you? like when could I leave and take them or sell them?

 

[Larry Tew]

Re: Starting at NYL - Best Appt. Setting Techniques to Start With

you guys dont happen to know when I will own my renewals do you? like when could I leave and take them or sell them?

You may have a vesting schedule for collecting renewals after you leave, but you will never "own" your clients. They will always remain the property of NYL and therefore will never have any resale value.

Again, these are questions you need to direct to them. It sounds like they found out all they needed to know about you to ask you to marry them. You clearly haven't found out everything you need to know about them in order to say "I do".

 

[Full Throttle]

Re: Starting at NYL - Best Appt. Setting Techniques to Start With

Its interesting to hear you say that NYL doesnt want cold calling, or table setups.. is this because they really do try to be more professional?

A poster on another board talked about the leading new producer in his NYL office. She had already cleared 200 lives for the year, the majority from cold canvassing small business owners. Apparently she hit 50 businesses per day in person. That's doable, but that's monster activity to maintain day in and day out.

Like others have said, you'll be encouraged to start with your natural market and get referred elsewhere. I would do that and put everything into it. However, there will be down times. If you have down times, walk into businesses or get on the phone. What else are you going to be doing anyway that will make you money?

 

[The Gimp]

Re: Starting at NYL - Best Appt. Setting Techniques to Start With

All the NYL agents in my area go B2B and cold call business. I know some that man tables as well.