Going with Northwestern Mutual Over MassMutual

[MichiganJD]

I am an attorney switching over to the financial services industry. I practiced law for 6.5 years and have always wanted to be in the financial services industry. Finally decided to pull the trigger and both NMFN and MassMutual appear to be very interested in bringing me on.

I kept reading about how MML is the way to go due to flexibility and better commissions etc but I have met with both firms over the past 10 days and have found that while both are amazing firms NMFN is just the better of the two (it could very well be the Agency Office that I am dealing with).

I didn't find a significant difference in the commission scheme; products are similar; no non-compete in the NMFN and the MassMutual contract that I have been asked to sign and both firms have a commission distribution formula if you leave said firm. So, I don't follow the numerous statements I have come across in these forums suggesting that MML is better than NMFN for the Agent. How is MML better?

I must say that I didn't find one firm to be substantially better than the other for a business minded Agent. I am leaning towards NMFN because they are the strongest firm in the business and I feel that their organization structure and internal dynamics are better...

I also noticed that, overall, at least in my area, NMFN has the smarter (more qualified) agents than the competition.

I decide on Friday. I welcome your thoughts and comments regarding why one firm is (or would be) better than the other for a career changer like me.

Thank you.

 

[briko3]

I am attorney switching over to the financial services industry. I practiced law for 6.5 years and have always wanted to be in the financial services industry. Finally decided to pull the trigger and both NMFN and MassMutual appear to be very interested in bringing me on.

I kept reading about how MML is the way to go due to flexibility and better commissions etc but I have met with both firms over the past 10 days and have found that while both are amazing firms NMFN is just the better of the two (it could very well be the Agency Office that I am dealing with).

I didn't find a significant difference in the commission scheme; products are similar; no non-compete in the NMFN and the MassMutual contract that I have been asked to sign and both firms have a commission distribution formula if you leave said firm. So, I don't follow the numerous statements I have come across this forum suggesting that MML is better than NMFN for the Agent. How?

I must say that I didn't find one firm to be substantially better than the other for a business minded Agent. I am leaning towards NMFN because they are the strongest firm in the business and I feel that there organization structure and internal dynamics are better...

I also noticed that, overall, at least in my area, NMFN has the smarter (more qualified) agents than the competition.

I decide on Friday. I welcome your thoughts and comments regarding why one firm is (or would be) better than the other for a career changer like me.

Thank you.

I almost went with NWM as well. Here are my thoughts:

1) The producers seem like higher quality because NWM is known for doing career fairs at local colleges
2) If you quit, you can't service your clients because only NWM producers have access to their products (one of the main reasons for not picking them)
3) They are KoolAid drinkers. They're convinced that their product is better than anyone else's. (which is a good mindset to have) The problem is that it isn't necessarily reality which will make you look like an *** to some clients.


So why not find an independent firm that is willing to train you and have access to many different products. Or at a minimum pick a company to work with that has a broker channel so you don't have to start over if you choose to leave later on.

One more thing....they ALL want you. I didn't realize that until much later, but you can pretty much go to whatever company you want and they will be happy to have you.

Good Luck!

 

[Franz Kafka]

NMFN, MM, NYLIC, Guardian etc etc are all the same if you can't sell a dang policy.

 

[BNTRS]

Why would you do this to yourself? You just said you spent some time and made up your mind. But now you're here asking us to tear down your decision?

NML is a lot more lock and key than Mass. NML is also a lot less interested in modernity. If you're going to be selling a lot of term and WL it'll be fine. If you have a lot of attorney prospects, you'll also be able to sell NML's DI to them and use their own occ rider. Does Mass have better products? I think so, but so what? As Franz said, it doesn't make any difference if you yourself can't sell this stuff.

 

[coachd]

I was with NWML. I left there when I saw that you can get as good a product for your clients and shop around. This being said many NWML agents are selling MML policies right now.

Decide if you want to work for your client or a company.

You do not need to be captive.

 

[xrac]

I am an attorney switching over to the financial services industry. I practiced law for 6.5 years and have always wanted to be in the financial services industry. Finally decided to pull the trigger and both NMFN and MassMutual appear to be very interested in bringing me on.

I kept reading about how MML is the way to go due to flexibility and better commissions etc but I have met with both firms over the past 10 days and have found that while both are amazing firms NMFN is just the better of the two (it could very well be the Agency Office that I am dealing with).

I didn't find a significant difference in the commission scheme; products are similar; no non-compete in the NMFN and the MassMutual contract that I have been asked to sign and both firms have a commission distribution formula if you leave said firm. So, I don't follow the numerous statements I have come across in these forums suggesting that MML is better than NMFN for the Agent. How is MML better?

I must say that I didn't find one firm to be substantially better than the other for a business minded Agent. I am leaning towards NMFN because they are the strongest firm in the business and I feel that their organization structure and internal dynamics are better...

I also noticed that, overall, at least in my area, NMFN has the smarter (more qualified) agents than the competition.

I decide on Friday. I welcome your thoughts and comments regarding why one firm is (or would be) better than the other for a career changer like me.

Thank you.

Sounds like you have already drank the koolaide. NWML is all about NWML. MM is about servicing the client. If you approach a NWML agent you will know it immediately. You may have a MDRT TOT MM agent near you and not even know he is with MM. MM is a much broader firm with a more open structure and broader financial services platform.

 

[DecisionMan]

Assuming you're in Michigan from your screenname, may I ask where in Michigan?

I have a lot of friends at NWL, and I also am very familiar with the Mass compensation and product.

There are three Mass Mutual offices in Michigan. The one in Farmington Hills has a killer training program for businesses that is top-notch, with many top-producers. The Southfield office has no product or sales training. There's another office in Grand Rapids.

My friends at NWL think they have the best product in every situation, which obviously can't be true. But someone above made the comment about 'drinking the kool-aid' which I find quite true.

At Mass you can sell Mass, or any other carrier you want.

At Mass you can go 'career agent' and get some financing and nice benefits while learning the business. If you go off career you keep your entire pipeline, renewals, and computer access but just lose the health, 401, pension benefits. FYC is the same for broker with just a little difference here-n-there on renewals. So that might give you more flexibility than losing all that at NWL.

In my opinion, training is most important - especially starting out - and you'll probably get it at both companies, but it all depends on the office. I'm pretty good in the business market but always looking for more training and I've found it really does depend on the agency, but plenty of agencies promise training but never deliver, so hop on linkedin and do some background checks by talking to people who worked at the specific location you're interested in.

Mass does have an excellent intra-net stuffed with education and training and their technology seems well-ahead of what NWL is currently using.

Over drinks with my buddies they brag about their product, argue it to be the best (which it might be), but then say 'we don't have that' when we talk technology.

I happen to like the Mass products, but you can't represent every carrier's stuff. They're all good companies and products but you've got to plant your feet somewhere you can get good training.

Once you have the training you can do what you want.

 

[VolAgent]

I was with NWML. I left there when I saw that you can get as good a product for your clients and shop around. This being said many NWML agents are selling MML policies right now.

Decide if you want to work for your client or a company.

You do not need to be captive.

I find it hard to believe NWM agents are selling MM. What product line, and don't tell me life.

Next you're going to tell me NYL agents are selling Met WL.

 

[BNTRS]

I find it hard to believe NWM agents are selling MM. What product line, and don't tell me life.

Next you're going to tell me NYL agents are selling Met WL.

Well, they need to go somewhere for UL.

 

[coachd]

They are selling MM life. I know...I could not believe it either. My friend at NWML is doing it and many others.