New York Life V. MassMutual

[dgrasso70]

I am new to the business and have decided to go captive to begin my path. I've narrowed it down to NYL and MassMutual, after a couple interviews with each and apparent dual interest. Both have good reputations and after interviewing with them and some other companies, I was most impressed with these two.

I know it's a hard career, especially getting started, and I have some time to build a business if I am a good fit. I've been evaluated in their interviews, as well as the profiles that have been filled out.

My question is ... there simply seems to be subtle differences between the two. Training seems to be similar, expectations, the path, and both were more realistic than some of the others I've met.

From your experience, is there something that I may not have considered to ask (as a newbie) that I should ask or know about before making a choice? Through this process, these two seem to leapfrog one another when I've left a meeting with each.

Any advice is appreciated. Thank you.

Dave

 

[VolAgent]

Grill the managers on how you should prospect. In particular, ask them about what if your Project 200 doesn't pan out or doesn't generate enough referrals to keep you busy, then what?

Ask how many agents they have hired in the past 5 years, how many are still here, and how many made convention and MDRT. Also ask how many agents they have hired in the past month and six months, these are the guys they will be splitting their training time among including you.

 

[xrac]

Grill the managers on how you should prospect. In particular, ask them about what if your Project 200 doesn't pan out or doesn't generate enough referrals to keep you busy, then what?

Ask how many agents they have hired in the past 5 years, how many are still here, and how many made convention and MDRT. Also ask how many agents they have hired in the past month and six months, these are the guys they will be splitting their training time among including you.

Volagent has given good advice. If all things are equal my choice would be MM.

 

[ramsey]

I don't know much about Mass, but I am in the process of leaving NYL currently and moving over to the indy side. A lot of people told me to go indy first and not mess with the captive companies, but I'm glad that I did. I learned a lot with the company. They do a lot of training. The training allowance for new agents is pretty good as well. Just got to keep up your production. I made Executive Council and MDRT in my first year. Hopefully the office that you are interviewing with is like mine and the established agents are more than willing to help. Pick the brains of the successful agents. They are usually very easy to talk to and love telling their story.

 

[rened]

This industry has a huge failure rate which has a lot to do with work ethic, the ability to handle rejection, coachability, and the support a professional has while building their own practice, both in house and in their personal lives. As the Agency Recruiting Director I can tell you that people are quite savvy when it comes to interviewing and often times know exactly what to say, but when it comes down to walking the walk, they fall flat on their faces.

That being said, I would consider the systems the company has in place to provide new business and compliance support, what kind of marketing collateral is available, how they keep in front of their clients, and the daytime activities, i.e. disability insurance. Also, how broad is the portfolio of products, are they a one stop shop or will you be saying, "No we don't do that." Are you able to sell non-proprietary products if that is what is best for your client? I hope this helps.

Rene D

 

[insurancemet]

I think NY life has more of a systematic training...Mass depends more on office.

 

[xrac]

This industry has a huge failure rate which has a lot to do with work ethic, the ability to handle rejection, coachability, and the support a professional has while building their own practice, both in house and in their personal lives. As the Agency Recruiting Director I can tell you that people are quite savvy when it comes to interviewing and often times know exactly what to say, but when it comes down to walking the walk, they fall flat on their faces.

That being said, I would consider the systems the company has in place to provide new business and compliance support, what kind of marketing collateral is available, how they keep in front of their clients, and the daytime activities, i.e. disability insurance. Also, how broad is the portfolio of products, are they a one stop shop or will you be saying, "No we don't do that." Are you able to sell non-proprietary products if that is what is best for your client? I hope this helps.

Rene D

Those are good points. I am convinced that most people could succeed if they wanted to bad enough. Unfortunately, most people are unwilling to do what it takes and cannot handle the rejection.

 

[holdenc85]

I am in the "career sampling" phase at a Mass office and the training is not exactly what I thought it would be.

I get asked almost very day if I have new appointments which feels a lot like being micro-managed( rhetorical question as my calendar is plainly visible). The fees are a bit high at almost $300/mo ( E&O is $130/mo alone)Is NY Life any different or does it depend on the office?

 

[DHK]

Agency fees are common at Mass. Typically they are waived for the first 3-6 months, OR once you submit a minimum amount of FYC for the month.

Your mileage may vary at other companies/agencies.

 

[xrac]

$130 a month for E&O is not out of line at what you pay at other outfits. E&O will usually rank between $1,500-$3,000 for a year.