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In context to Bruce’s post regarding his current mutual company (a similar experience that I had at a different mutual company), I thought I’d post about what I’ve learned about Mutual of Omaha’s career agent position. (No, I’m not trying to recruit anybody. I'm an agent, not a recruiter.)
My focus for this post is primarily on supporting the new agent with various tools – regardless of the training offered by the office that you’d work out of. The office and manager can be EVERYTHING. However, even without it, it seems there are plenty of resources.
Often on the forum, I’ve offered advice regarding interviewing at a career agency. I highly encourage asking about agent costs: cubicle, phone, internet, software systems (ex. LEAP), etc.
Well, here is what I’ve found for FREE:
You’ll notice I didn’t talk about training or compensation. Training is local and compensation doesn’t matter as any agency will pay you if you produce.
I feel like I’ve “come home”. If I were to build up my own firm from the ground up, it would look VERY much like this. With all this level of support, and subsidized tools, I don’t think I’d mind having “a lower payout” knowing how well I can simply start and get up and running very quickly with this company. I see myself being very happy and content here... and producing with this company for a very long time.
I chose this office for their training and mentorship. I had absolutely no idea about all of these resources. Having been with a prior career agency, I thought I’d have to pay for it all “out-of-pocket” and improvise until I could get proper tools. I was very pleased that I couldn’t be more wrong!
So, did I write this to 'brag'? No. I wrote this because there are some agents who are reading this forum trying to find the simplest ways to be successful as quickly as possible. I wonder if you have all the tools and resources for you to truly have the best opportunity to be successful long-term?
Compare your firm to the list I've shown here. If you're having trouble, do you have everything that this company offers? Have you searched in the agent portal to determine all that your current company does offer?
I'm not saying to join Mutual of Omaha. I'm saying that there are other companies that give a lot more support for the new person than some of the more "well-known" firms. They just don't advertise it very well.
My focus for this post is primarily on supporting the new agent with various tools – regardless of the training offered by the office that you’d work out of. The office and manager can be EVERYTHING. However, even without it, it seems there are plenty of resources.
Often on the forum, I’ve offered advice regarding interviewing at a career agency. I highly encourage asking about agent costs: cubicle, phone, internet, software systems (ex. LEAP), etc.
Well, here is what I’ve found for FREE:
- Free Agent website
- Free email marketing templates (compliance approved)
- Free echowealth software (Back Room Technician)
- Free continuing education for your insurance license.
- Tuition assisted designation courses for CLU, ChFC, LUTCF and others. (That’s tuition PAID by the company, not just ‘reimbursed’ after you pass. You must be producing at a particular level to qualify. You must pass the exam while still contracted with Mutual of Omaha. Looks like 'free money' to me - yet it seems that most Mutual of Omaha agents aren't taking full advantage of this benefit.)
- Free securities licensing study materials (series 6/63/65 – don’t know about a series 7); Registration fees are still paid by the prospective registered rep.
- 750 “prospecting credits” given to every new agent to spend on marketing tools. Worth approximately $1 per credit. See below.
- Agent Office & E&O: $100/month total. Probably set by each office.
- Agent brochures (20₵ each) - can be paid for with the "prospecting credits".
- CRM integrated with the company’s online email system ($9/month for 1st 3 months; then $49/month – can be paid for with the initial “prospecting credits” account.)
- They have an insurance brokerage firm: Broker’s Clearing House.
- Through them, you can write fixed indexed annuities and index universal life! (Don't recall anything about whole life though.)
- And yes, they have a broker/dealer as well - yet, you can write fixed indexed business through their insurance broker!
- Some major carriers: American National, Aviva, Assurity, American General and others. (A couple of these carriers are teamed with other service providers for premium finance deals specific for business owners!)
- Yes, your first obligation is to write business for your primary company.
- I once had a relationship with AssetMark – an open-architecture fee-based asset management firm. I liked that if an investment firm wasn’t performing to satisfaction, that you could move those assets to a new investment firm within the same account. AssetMark was bought by Genworth Asset Management… and is an offering of Mutual of Omaha’s RIA platform. Let's just say that I think it's a competitive platform... almost completely worth becoming registered again. J
- The following was taken from a career development booklet found online: "As an independent contractor, the ultimate decision regarding your participation in these programs is yours and yours alone. Neither Mutual of Omaha nor its representatives can dictate the time or place AND MANNER by which you sell its products and acquire the knowledge and skills necessary to effectively sell its products."
- I'll take that to mean that you can use whatever means you can to ethically, morally and legally offer and present Mutual of Omaha’s product line. (Yes, the rules are different for presenting securities recommendations.)
- So, there’s some software I’ve been wanting, and I think I’ve got the “creative license” to go ahead and obtain it! If I want to use "Circle of Wealth" or "Torrid-Tech's Retirement Savings Planner" software, it appears I can!
You’ll notice I didn’t talk about training or compensation. Training is local and compensation doesn’t matter as any agency will pay you if you produce.
I feel like I’ve “come home”. If I were to build up my own firm from the ground up, it would look VERY much like this. With all this level of support, and subsidized tools, I don’t think I’d mind having “a lower payout” knowing how well I can simply start and get up and running very quickly with this company. I see myself being very happy and content here... and producing with this company for a very long time.
I chose this office for their training and mentorship. I had absolutely no idea about all of these resources. Having been with a prior career agency, I thought I’d have to pay for it all “out-of-pocket” and improvise until I could get proper tools. I was very pleased that I couldn’t be more wrong!
So, did I write this to 'brag'? No. I wrote this because there are some agents who are reading this forum trying to find the simplest ways to be successful as quickly as possible. I wonder if you have all the tools and resources for you to truly have the best opportunity to be successful long-term?
Compare your firm to the list I've shown here. If you're having trouble, do you have everything that this company offers? Have you searched in the agent portal to determine all that your current company does offer?
I'm not saying to join Mutual of Omaha. I'm saying that there are other companies that give a lot more support for the new person than some of the more "well-known" firms. They just don't advertise it very well.
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