Financial Advisor?

[dbuff]

Hi,
I may be offered a position called by the recruiter financial advisor. It’s reputable New York Life Insurance Company. They offer free training, and if I pass the test they will hire me and assign me to a “mentor”. My work in the beginning will consist mostly of face to face presentations with my mentor assisting me. The most prospects will be given to me, and some I have to find myself. The list of products is long.
Payment: commission + bonuses and allowances based on sales value. (Example: if a customer deposits $100 they will give me $600)
Some examples: Permanent Life Insurance, Disability Income Insurance, 529 Plans, Variable Annuities, Business Planning, 401 (k)s, Buy-Sell funding, Pensions…
I am just curious how after starting making presentation I should expect to make enough to make living. Just a rough number. Also what you think about this offer.
Thanks

 

[Larry Tew]

...........7...........

 

[FEX Quotes]

Hi,
I may be offered a position called by the recruiter financial advisor. It’s reputable New York Life Insurance Company. They offer free training, and if I pass the test they will hire me and assign me to a “mentor”. My work in the beginning will consist mostly of face to face presentations with my mentor assisting me. The most prospects will be given to me, and some I have to find myself. The list of products is long.
Payment: commission + bonuses and allowances based on sales value. (Example: if a customer deposits $100 they will give me $600)
Some examples: Permanent Life Insurance, Disability Income Insurance, 529 Plans, Variable Annuities, Business Planning, 401 (k)s, Buy-Sell funding, Pensions…
I am just curious how after starting making presentation I should expect to make enough to make living. Just a rough number. Also what you think about this offer.
Thanks

I think any opportunity to learn the life insurance industry and earn commision selling life insurance is a good offer.

 

[dbuff]

Thanks. I wished you would have more detail. Good day
dbuff

 

[Norwayguy]

Hi,
I may be offered a position called by the recruiter financial advisor. It’s reputable New York Life Insurance Company. They offer free training, and if I pass the test they will hire me and assign me to a “mentor”. My work in the beginning will consist mostly of face to face presentations with my mentor assisting me. The most prospects will be given to me, and some I have to find myself. The list of products is long.
Payment: commission + bonuses and allowances based on sales value. (Example: if a customer deposits $100 they will give me $600)
Some examples: Permanent Life Insurance, Disability Income Insurance, 529 Plans, Variable Annuities, Business Planning, 401 (k)s, Buy-Sell funding, Pensions…
I am just curious how after starting making presentation I should expect to make enough to make living. Just a rough number. Also what you think about this offer.
Thanks

First your example is based on a life insurance sale. With NYL you want to focus on insurance sales primarily life insurance primarily whole life. That is thier business. They are an old line mutual underwriting is not the most flexible and it is not the cheapest. However it is a good product and has a niche...I would not use the term deposit. The example you are really using is Premium. If you have a Life insurance sale with a $100 per month premium that is $1,200 in annual premium with a 50% commission advanced (remember that term) you would get a $600 advance but always remember the advance is a upfront loan of your commissions and you can recieve chargebacksif they drop the policy. examples of your income on some of the other products like variable annuities and mutual funds will be different and will require you to pass more than just a life and health exam it will also require the passing of the FINRA Series 6 or 7 exam and probably the Series 63 as well. Last time I looked at a NYL contract I think they started you out at a 40% of GDC so say your customer invests $100 a month into a mutual fund A share with a 5.75% front end sales charge your customer will have $5.75 deducted from his investment as a sales charge. The mutual fund company gets the $5.75 and most reallow 5% of the 5.75% to the Broker/Dealer in your case NYLIC securities so NYLIC would recieve $5 and you would get 40% of that in this case $2.00 per month.

As with anything captive the branch office you work at will be very important. How many new agents were hired last year? How many are still there now how many have lasted past 3 years. Unless things have changed NYL will want you to do a project 200 come up with the names of 200 friends and family and you will be contacting them to sell them life insurance.

Having said that NYL is a good company and you can learn from them just go in with your eyes open and ask questions.

 

[DHK]

Hi,
I may be offered a position called by the recruiter financial advisor. It’s reputable New York Life Insurance Company.

NYL is a good company... but it's all about the local office, manager, mentor and you.

They offer free training, and if I pass the test they will hire me and assign me to a “mentor”.

If you're talking about an initial 'assessment' test, it's an easy one. Just show how aggressive you are in what you want to accomplish and how easy you think it will be.

More importantly: How many other students will your mentor have? I think it's best to have it be a one-on-one relationship with a mentor.

My work in the beginning will consist mostly of face to face presentations with my mentor assisting me. The most prospects will be given to me, and some I have to find myself.

Only 'some'? This job is all about finding and creating prospects for your business. If they say they will be 'giving' you prospects... I'd like to see that in writing. So should you.

Unless you are entering into a 'partnership' with a seasoned advisor, you should plan and expect to find 100% of your prospects on your own. This is the safest assumption to make.

BTW, if you are entering into a 'partnership'... ask why the advisor would work with you? You have no experience, therefore very little value to bring to the partnership. Not that you won't accumulate it over time, but as of right now, the only thing you bring to the table is a LACK of bad habits.

The list of products is long.
Payment: commission + bonuses and allowances based on sales value. (Example: if a customer deposits $100 they will give me $600)
Some examples: Permanent Life Insurance, Disability Income Insurance, 529 Plans, Variable Annuities, Business Planning, 401 (k)s, Buy-Sell funding, Pensions…

If you write business, you will make money. Just remember that they are FIRST a life insurance company, so that should be your primary focus. Add everything else as it is needed.

Just because they have a long list doesn't mean you have to sell everything, nor should you focus on learning all your products.

My advice: learn about a specific client profile - their needs and their problems - then learn how to help them solve those problems using your products. That's a whole lot easier than learning about products and then asking who you can or should sell them to.

I am just curious how after starting making presentation I should expect to make enough to make living. Just a rough number. Also what you think about this offer.
Thanks

You will be paid as long as you write good business on a regular and consistent basis. As for the particulars, you should ask your hiring manager.

 

[Gabriel Gomez]

Do you want a financial advisor ? check rileywealth this website ,that provide good financial service.

 

[dbuff]

thank you all it was very valuable information.

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Dear Norwayguy,
I actually asked them about how many agents they hired last year and how many works for more than 3 years. Answers: hired 45 about half still working. Agents that work more thatn 3 years are about 25%. iS Are these are good numbers?
Thanks

 

[TheCaspian]

The 3 year average for New York Life is 23% company wide

 

[Arookaria]

The 3 year average for New York Life is 23% company wide

I would hope that doesn't mean 77% of them failed I would assume that many went independent. I know NYL has an excellent reputation.

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