What Do You Think of this GA Pitch?

[SuperWoman]

Well, I've had my meeting with Guardian Life's general agency aka National Planning Corp. Managing partner: Craig and his newly hired recruiter joining in.
Bottom line: They want me, and asked me to take the standard online assessment test. (Geared towards MDRT focus) and return next week for phase 2 of recruitment. Specific compensation wasn't discussed which was fine by me for reasons I'll post at the end, but bene's were. He is going to prepare an income projection report for our next meeting. Where, I expect, the stars of all those dollar signs will shine brightly in my eyes. Here's what I learned:

1. Firm is relatively small (24 reps in Miami). Recruit by referrals only, 2 MP's do all training thus only few new reps at a time. MP's are commission based as well so the "We set you up for success" is to ensure their own success. Very posh digs yet a comfortable, friendly feel.

2. Marketing plan is individualized and very specifically tailored to the rep. I was impressed, it was very thought out.

3. Recruiting manual very detailed, minus specific compensation numbers. Rep is W2 employee of Guardian, filing a schedule C with IRS as if I am a sole proprietor.

4. Compensation: per the manual, "post-monthly" draw plus training allowance. (Don't know amounts though my referring friend told me draw is $500 per week). Pay 100% for "relevant college courses" and designations. health insurance from day 1 (rep pays a percentage), 401 k with 3% match after 1 year, pension (no details on pension other than fully vested after 5 yrs) sponsorship in Guardian Hero club. There is a line that says "with your sweat equity, attainment of a 6 figure income by completion of second year".

5. Mentor program: Joint work will be expected, MP will oversee all appointments and assign experienced reps to mentor/accompany me (he even accompanying me as well). His estimate was that I would not likely attend an appointment on my own during first 6 months.

That does concern me, as if I will be splitting commission on joint work, how will I make any decent money?

I've tried to attached a pic of this pay graph means I'd appreciate it as I don't understand it.

PS the reason I didn't push for comp details was he said he'd lay it out in the next meeting and I already knew the split as my pal shared with me. I wanted to see what the environment was and how hard the pitch was going to be. It was light, though showed their interest. I can get the feeling they are reputable and not a career shop at all. Good vibes, I felt.

 

[DHK]

I can barely see the picture, but I see something that looks like:

5 and $15,000... then FR contract appointment. This generally means 5 lives and $15,000 FYC (commission income) paid directly to you. After you accomplish that, THEN you get your training allowance and other benefits.

This isn't uncommon. Metlife has the same thing. Only they have a higher weekly amount of $1,300/week after submitting $20,000 worth of business.

So here's the deal: Your rep code has to see $15,000 of income to you + 5 lives. This means that if you're splitting ALL your business... then you and your joint-work partner have to generate $30,000 (on average) of commission income (and 10+ lives because life count is split too), so you can net your $15,000.

 

[SuperWoman]

Sorry, I couldn't find a way to embed the photo in the post. But you have the figures correct. So I basically have to prove myself first by bringing in $15k of commission and 5 "lives" ( life policies) BEFORE they will offer the draw? Yet, I cannot sell until I am licensed (not sure if they pay for that expense). This sounds like it will be months and months before I will even begin to start selling. Do I have that correct, do you think?

Did you mean $1,300 a week at Met Life? Big difference. I have an interview at NY Life Thursday, a business contact I've done a few favors for before. Let's see if she returns them in our meeting. I'm still confused by all this,

Oh, btw, in reading the recruitment package it says on my third meeting with them (after I progress through a mock sales presentation as an observer and the comp discussion) they will ask for my "marketing survey" list of pre-requisite names of contacts: friends, associates, club members etc...in other words a "project 200". This is a BIG turn off for me as I've read on this forum it's old school. If I give it, will they assume ownership of these potential leads and put them on a mail list? Is this a deal killer....if it were you?

 

[DHK]

Sorry, I couldn't find a way to embed the photo in the post. But you have the figures correct. So I basically have to prove myself first by bringing in $15k of commission and 5 "lives" ( life policies) BEFORE they will offer the draw?

Yep. This is standard.

Here's a hint: if you were planning to rely on this starting salary for your living expenses for a while... then you have even more incentive to really get going, and going fast, if you decide to move forward.

Yet, I cannot sell until I am licensed (not sure if they pay for that expense).

They will most likely pay for it after your contract is approved through submitting the required amount of personal production.

This sounds like it will be months and months before I will even begin to start selling. Do I have that correct, do you think?

Depends on the quality of your joint-work partners. Their ability to train/teach you... and your ability to learn and absorb what it is that they do.

Remember: not everything a senior agent does... is transferrable to a new person.

Did you mean $1,300 a week at Met Life? Big difference.

Yep. $1,300 per week after submitting $20,000+ of commission business. But their pay structure works differently. They put all your commissions into a "bucket" and pay out 10% of that bucket to you every week. It's different and not traditional. But it helps in the event of chargebacks, and you can set up your own living expense budget.

I have an interview at NY Life Thursday, a business contact I've done a few favors for before. Let's see if she returns them in our meeting. I'm still confused by all this,

Plenty of threads on here about NYL and their TAS. In essence, you get an additional subsidy bonus on every policy you sell.

Oh, btw, in reading the recruitment package it says on my third meeting with them (after I progress through a mock sales presentation as an observer and the comp discussion) they will ask for my "marketing survey" list of pre-requisite names of contacts: friends, associates, club members etc...in other words a "project 200". This is a BIG turn off for me as I've read on this forum it's old school. If I give it, will they assume ownership of these potential leads and put them on a mail list? Is this a deal killer....if it were you?

This is standard procedure. Go ahead and work on it. However, these people are YOUR contacts, not theirs. They may examine it and help you evaluate it, but they are yours, not theirs.

Think of it this way: if you call them, it's a friend calling a friend/family. if they call them, it's a commercial call and they have to screen for DNC.

You've said they were a firm with class. Only the "bottom feeder" firms will "take your list" from you.


This interview process is a chance for them to see how teachable and coachable you are. Continue on the path... but just know that you may need a bigger market that you can access today... than just your F&F list.

----------

When interviewing with a career agency, I think it's helpful to think of it like buying a franchise.

You're going to be putting a lot of money, time, and your personal reputation on the line to work with this firm.

This is NOT a standard "job"... but a position with this firm.

Here's the problem: Franchises are systems of systems. In financial services, unless you are learning model methods... you're going to be learning personality driven processes. It may not be bad, but it may not be a good fit for you.

Just be aware that THIS is what you need your eyes opened on, and what your future is hanging on. If this part doesn't go well for you, the writing is on the wall.

However, you also have a good feeling about the firm, so continue to be cautious as you interview them. But once you take their offer... you need to run with it with 1000% confidence in your decision and not look back. Just take that ball and run with it.

 

[SuperWoman]

You give very concise, honest feedback, DHK. Thank you very much. Thanks to your last paragraph I am viewing this in a different, more serious light. It is going to be a position rather than a job. And a serious investment of my time and money. If I'm going in, regardless of who I join, I am going ALL in as if my life depends on it because basically it does.

btw, Phase 3 of the interviewing process consists of a dinner with the principals, myself and my significant other. Do they want to see if I know the difference between a salad fork and a dinner fork?

 

[vegaskid]

Phase 3 of the interviewing process consists of a dinner with the principals, myself and my significant other. Do they want to see if I know the difference between a salad fork and a dinner fork?

Nope. The dinner is all about your significant other. This business (and starting any new business) is hard enough that if you don't have the full support of your significant other (especially if you're married, it's much easier to dump the career than the spouse if things get hairy) you'll almost certainly fail. I'm guessing that's what they're trying to gauge.

 

[SuperWoman]

Ok so I just met with New Your Life today. They did not give me a recruiting packet so I can't quote the comp, so going on memory. I wasn't feeling too well so it was just good enough to get in the door and get basic info. The owner/agent is a woman I've done business with through my former employer so we know each other a few years. I am waiting for her to send me the personality/assesment test now, then it's on to not one but two sessions next week to present the compensation and mini training so I can see what they are all about. Bad part of that it's an hour away :(

1. She is a NY Life "district agent" which means due to her being a high level producer, she gets this designation (Only 187 of them in company) and can recruit on her own, outside of the NY Life recruitment system. Does anyone know more of what this "district agent" means. I understood her to say the company gives her more autonomy to do things her way rather than their way.

2. Said something about they take 5% of all my business only, unless I need her to join me on a sales call, to pitch or close for me, then it's another 5%. (Specific splits will be discussed at next weeks presentation) If I take another regular agent (not manager) I split it with that person, and I negotiate with that person directly.

3. Said I have access to marketing mailers, stationary etc without charge. I dont know what she mentioned any of this, I know there will be some fees eventually. I met the marketing person and she said she is there to help me with all my needs.

4. Concerns: She has been a "Direct agent" for 4 years and said they resisted it for a while previously cus it's alot of demand. She and her husband were just on their own for 15 years then opened their own office. They have 4 agents, but only one has been there a long period of time, 4 years. Another is fresh out of college, and 2 others a few months. This is a concern. The turnover is not good. I may ask to speak to the 4 yr guy who I've actually met a few times in our previous dealings.

5. She pressed the NY Life 3 year educational system plan. Also said they have a 6 month "courting" relationship program to basically see if we are a good fit for each other.

6. Training allowance: $2330 per month. To each it, I must produce $2500 premium per month for a total monthly income of $4830. If I have a bad month and earn only $1,000, They will pay me 80% of that = $800. I asked what average first year income could be (Not for a superstar performer, juet average), she said $60-70k. She also gave me the negative on how hard I have to work, accept rejection and all that. I sold real estate for12 years, I know.

Pros'/Con's would be appreciated. It's a lot closer to my home than the Guardian office which is in downtown and they have sales meetings monday and friday mornings. That would be a big hindrance to my sales ability, and I am severely allergic to BS downtown traffic. I go back to Guardian next week to get the rest of their presentation on compensation etc so I am not ruling them out.

Wish I had more to add but I suppose I will at the end of next week.

PS, dont know if it matters, but the co-owner (Husband) used to work with my ex husband in banking 20 years ago. Who knows, a sign?

 

[DHK]

1. She is a NY Life "district agent" which means due to her being a high level producer, she gets this designation (Only 187 of them in company) and can recruit on her own, outside of the NY Life recruitment system. Does anyone know more of what this "district agent" means. I understood her to say the company gives her more autonomy to do things her way rather than their way.

Assuming that's true, that's an odd way to let people in the door at NYL. I would think that the standards would be the same for anyone choosing to join NYL - regardless of the "manager".

2. Said something about they take 5% of all my business only, unless I need her to join me on a sales call, to pitch or close for me, then it's another 5%. (Specific splits will be discussed at next weeks presentation) If I take another regular agent (not manager) I split it with that person, and I negotiate with that person directly.

5-10% is a whole lot better than 50%... assuming that everything else is equal. This is one MAJOR reason why (I think) NYL is a top training company and leads in MDRT and NAIFA membership.

3. Said I have access to marketing mailers, stationary etc without charge. I dont know what she mentioned any of this, I know there will be some fees eventually. I met the marketing person and she said she is there to help me with all my needs.

I'm glad you're skeptical and asking about those things. I was never with NYL, so I can't comment specifically on the way they work.

4. Concerns: She has been a "Direct agent" for 4 years and said they resisted it for a while previously cus it's alot of demand. She and her husband were just on their own for 15 years then opened their own office. They have 4 agents, but only one has been there a long period of time, 4 years. Another is fresh out of college, and 2 others a few months. This is a concern. The turnover is not good. I may ask to speak to the 4 yr guy who I've actually met a few times in our previous dealings.

The questions you are asking will automatically put you at a higher class of recruit. Remember, if it's true that this "district manager" has more leniency in who she can hire, then it may be more of a reflection on her, her interviewing and screening skills, than them.

5. She pressed the NY Life 3 year educational system plan. Also said they have a 6 month "courting" relationship program to basically see if we are a good fit for each other.

NYL has in-house FSCP/LUTCF courses. I would definitely take full advantage of that benefit too.

6. Training allowance: $2330 per month. To each it, I must produce $2500 premium per month for a total monthly income of $4830. If I have a bad month and earn only $1,000, They will pay me 80% of that = $800. I asked what average first year income could be (Not for a superstar performer, juet average), she said $60-70k. She also gave me the negative on how hard I have to work, accept rejection and all that. I sold real estate for12 years, I know.

Those numbers are VERY attainable with the right skills and mentoring.

Pros'/Con's would be appreciated. It's a lot closer to my home than the Guardian office which is in downtown and they have sales meetings monday and friday mornings. That would be a big hindrance to my sales ability, and I am severely allergic to BS downtown traffic. I go back to Guardian next week to get the rest of their presentation on compensation etc so I am not ruling them out.

Wish I had more to add but I suppose I will at the end of next week.

PS, dont know if it matters, but the co-owner (Husband) used to work with my ex husband in banking 20 years ago. Who knows, a sign?

It appears that they will give you your contract right away, and all you have to do is work to make the money... while Guardian wants you to produce $15,000 in commissions before taking you on.

For the low commission split with a manager, the monthly training subsidy, and the culture of MDRT/NAIFA membership... I'd be more attracted to NYL.

Keep interviewing, checking, and weighing everything out.

 

[SuperWoman]

So I finally took both assessment tests for Guardian and NYL. Here's the comparison of the processes for each thus far:

Test

Guardian: 138 questions, repetitive, mainly on sales assertiveness, opinions of sales people, motivation etc. A little analytic section too.

Next step: Going back Weds so the MP can tell me how I did on the test, observe a mock sales presentation and given the compensation presentation.
(If that a goes well, they invite me to dinner with my S.O., (though I am single LOL). Maybe I will borrow a man friend to be my SO.

NYL: 40 or so questions, asked my current income, level of motivation for this industry, some sales q's, attitude etc. Surprised it wasn't longer.

Next step: (If it's been determined I've passed the test). Tues attend a 2 hr compensation presentation (With a group of other prospects) at another NYL office 60 miles away. AND return Thurs to same office for a mini training session. Not sure what that's about at this early stage.

Very different styles of recruitment. By Weds I will be back here to present both compensation plans. In speaking to my NYL agent friend in TX, he said he pay his office a 10% override. The agent here told me she charges 5%. Interesting on that, so I'm wondering if I may have misunderstood her.

 

[rndz7]

Apples and Oranges. NYL or Guardian.....Hmmmm......NYL.....