Would Really Like Advice Please

[newdawn28]

Hello All!

I am seeking some guidance on what I should do at this point of my new career as a life insurance agent.

I realize I should have done a lot more due diligence before signing a contract with Modern Woodmen of America, a fraternal financial services organization, but my friend is a financial representative with them and was easy for me to get in based on her referral.

The whole reason I got into the industry is because of my interest in the Infinite/Be Your Own Banker concept and my desire to help others maximize their cash accumulation within a life insurance policy.

It wasn't until I was far into the hiring process that I learned that you canNOT overfund, or add additional premiums on top of the base premium of their whole life certificates. I had unfortunately assumed that you could do that with any whole life policy from any company. How wrong I was. Apparently they had just recently did away with that particular feature. You can only do that with their universal life certificates, but they don't have IUL or even VUL.

Part of the reason I just went ahead and got contracted with MW was so that I could get the training, experience and some benefits (although no salary, it's all straight commission with bonuses).

The more I'm doing it though, the more I'm not enjoying myself because of all the extra work they make you do in organizing and attending fraternal events. I get the concept of getting new business from these fraternal events, but where I live in Southern California, it's just not part of our culture here to attend these events, which are just another one of thousands of things to do around here. So it feels like a distraction and waste of my time, maybe it's just me. Also, it's been hard not being able to offer better products as MW's products are limited in scope.

I'm also not totally into helping people with the investment side of things as I really just want to focus on insurance. Maybe in this day and age, that's not the way to go? Is it overwhelming to prospects when I tell them I'm a financial representative as a opposed to just doing life insurance? I'm really trying to find my way through this.

Eventually (or even now), I'd like to be independent so I don't have to answer to anyone. Right now, I have to fill out these 7-point worksheets, showing them how I'm planning my day, who I'm calling, and meeting with them every week in person. On one hand, it's teaching me to be diligent with my time, but on the other hand, I can't help but feel like I'm having to meet certain goals because THEY have to meet certain goals to maintain their managerial positions.

MW is actually a great company, the people are awesome, but just doesn't feel like the right fit for me and my personal goals. I'm considering staying captive, but switching to another company that has better products for the type of life insurance/wealth management I'd like to specialize in, and then once I've got more experience under my belt, go independent.

So my question to you experienced ones, which companies should I consider working with for the type of work I want to do, or should I just go independent now? Fortunately my husband works too so it's okay if I don't meet my personal quota for the month.

Thanks in advance for your thoughts and guidance.

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I forgot to add that I just got licensed in January of this year and signed a contract two months ago. Have been working with MW since December of last year. I don't have a super ton of business written with them so far so losing the client list wouldn't be too big of a deal.

 

[DHK]

Hello All!

I am seeking some guidance on what I should do at this point of my new career as a life insurance agent.

I realize I should have done a lot more due diligence before signing a contract with Modern Woodmen of America, a fraternal financial services organization, but my friend is a financial representative with them and was easy for me to get in based on her referral.

The whole reason I got into the industry is because of my interest in the Infinite/Be Your Own Banker concept and my desire to help others maximize their cash accumulation within a life insurance policy.

It wasn't until I was far into the hiring process that I learned that you canNOT overfund, or add additional premiums on top of the base premium of their whole life certificates. I had unfortunately assumed that you could do that with any whole life policy from any company. How wrong I was. Apparently they had just recently did away with that particular feature. You can only do that with their universal life certificates, but they don't have IUL or even VUL.

When a company's products don't match what you consider to be in the best interests of the client... you owe it to yourself and your clientele to leave in good terms.

Part of the reason I just went ahead and got contracted with MW was so that I could get the training, experience and some benefits (although no salary, it's all straight commission with bonuses).

Do you think the training has been good? Could you use it at any company... or just at MW?

The more I'm doing it though, the more I'm not enjoying myself because of all the extra work they make you do in organizing and attending fraternal events. I get the concept of getting new business from these fraternal events, but where I live in Southern California, it's just not part of our culture here to attend these events, which are just another one of thousands of things to do around here. So it feels like a distraction and waste of my time, maybe it's just me. Also, it's been hard not being able to offer better products as MW's products are limited in scope.

When you feel limited in product and strategy, it will affect the way you market and promote yourself, regardless of the activity.

I'm also not totally into helping people with the investment side of things as I really just want to focus on insurance. Maybe in this day and age, that's not the way to go? Is it overwhelming to prospects when I tell them I'm a financial representative as a opposed to just doing life insurance? I'm really trying to find my way through this.

That's truly a personal decision.

Eventually (or even now), I'd like to be independent so I don't have to answer to anyone. Right now, I have to fill out these 7-point worksheets, showing them how I'm planning my day, who I'm calling, and meeting with them every week in person. On one hand, it's teaching me to be diligent with my time, but on the other hand, I can't help but feel like I'm having to meet certain goals because THEY have to meet certain goals to maintain their managerial positions.

Micro-management at its finest. Micro-management with an inferior product/service line is just another burden. If you had a great product line that was aligned with your values, it wouldn't be as much of a burden.

MW is actually a great company, the people are awesome, but just doesn't feel like the right fit for me and my personal goals. I'm considering staying captive, but switching to another company that has better products for the type of life insurance/wealth management I'd like to specialize in, and then once I've got more experience under my belt, go independent.

So my question to you experienced ones, which companies should I consider working with for the type of work I want to do, or should I just go independent now? Fortunately my husband works too so it's okay if I don't meet my personal quota for the month.

Thanks in advance for your thoughts and guidance.

----------

Since I am in Southern California, I'll give you some ideas and opinions. If you want to be captive, the companies I'd look into that would support the "infinite banking" type of strategy would be MassMutual and Guardian life. MassMutual allows its agents to use the LEAP System and Guardian life has a proprietary "Living Balance Sheet" program.

These systems are expensive and have a steep learning curve... but the companies support these strategies.

There's another option in Southern California as well. A bunch of MassMutual GAs were 'let go' a few years ago. They are now working with Ohio National. Ohio National also supports LEAP Systems, MoneyTrax's Circle of Wealth, and Infinite Banking strategies.

While you could get an independent PGA contract in California, you may need some handholding. So it might be worthwhile to look into these SoCal agencies that are with Ohio National and learn from those who have done this before. I don't know if it would be easy or an issue to go from a captive agent to an independent agent with Ohio National.

Almost every company that's in the life insurance marketplace (other than non-par WL or FE-type policies) will have life insurance policies that can be used for infinite banking... but you've got to pick captive companies that support it, or you *may* have issues with compliance.

If you want to get into investments... there's Securian. The local office is in Newport Beach, CA, called Tax & Financial Group. They have a unique compensation structure that pays you for business building activities while earning commissions. But they will require you to obtain a Series 7 & 66. It is a pretty sweet setup. I simply didn't want to be be limited to serving high net worth clients, or be affiliated with a B/D again.

I forgot to add that I just got licensed in January of this year and signed a contract two months ago. Have been working with MW since December of last year. I don't have a super ton of business written with them so far so losing the client list wouldn't be too big of a deal.

Knowing that you're not giving up much would certainly help you.

As far as getting some better or more solid training to support the strategies you want, take a look at this post. It outlines and links all the support materials I'd recommend at a low cost.

http://www.insurance-forums.net/for...-do-i-get-ball-rolling-t74950.html#post997135

 

[newdawn28]

Thank you SO much, DHK, for your response! It is definitely helping me to see what my next steps might need to be. I will just respond to your comments, which I put in quotes. Haven't figured out exactly how to do that with the messaging tools yet.

"When a company's products don't match what you consider to be in the best interests of the client... you owe it to yourself and your clientele to leave in good terms."

Yes, that's what I'm feeling now.

"Do you think the training has been good? Could you use it at any company... or just at MW?"

Besides the obvious training of their product offerings, they were good about training us on how to get referrals, manage our time, gave us materials to create our own personal business plan, just some of the few things I could use at any other company or for myself. Having said that, I still feel there is still so much to know and could learn about this industry.

"When you feel limited in product and strategy, it will affect the way you market and promote yourself, regardless of the activity."

Absolutely! And I don't like it.

"Micro-management at its finest. Micro-management with an inferior product/service line is just another burden. If you had a great product line that was aligned with your values, it wouldn't be as much of a burden."

You just put a name to what I was feeling....micro-managed. Thank you. Good point.

"Since I am in Southern California, I'll give you some ideas and opinions. If you want to be captive, the companies I'd look into that would support the "infinite banking" type of strategy would be MassMutual and Guardian life. MassMutual allows its agents to use the LEAP System and Guardian life has a proprietary "Living Balance Sheet" program.

These systems are expensive and have a steep learning curve... but the companies support these strategies."

Great, good to know. I first learned about this concept from Nelson Nash so I'm not as familiar with LEAP and the other systems.

"There's another option in Southern California as well. A bunch of MassMutual GAs were 'let go' a few years ago. They are now working with Ohio National. Ohio National also supports LEAP Systems, MoneyTrax's Circle of Wealth, and Infinite Banking strategies.

While you could get an independent PGA contract in California, you may need some handholding. So it might be worthwhile to look into these SoCal agencies that are with Ohio National and learn from those who have done this before. I don't know if it would be easy or an issue to go from a captive agent to an independent agent with Ohio National."

I'm keen on meeting with these SoCal agencies that are with Ohio National. I would just like to explore my options and see what they would say. Would you happen to have any contact info so I can reach out to them?

"Almost every company that's in the life insurance marketplace (other than non-par WL or FE-type policies) will have life insurance policies that can be used for infinite banking... but you've got to pick captive companies that support it, or you *may* have issues with compliance."

Yeah, MW definitely doesn't advocate it; why else would they strip away the ability to overfund the certificate (up to the MEC line, obviously)? I asked my supervisor this and he said MW is very conservative and is the reason why they have over $34 billion in assets, so they want to make that grow. When I heard that, it just killed my initial excitement about getting into this industry.

"If you want to get into investments... there's Securian. The local office is in Newport Beach, CA, called Tax & Financial Group. They have a unique compensation structure that pays you for business building activities while earning commissions. But they will require you to obtain a Series 7 & 66. It is a pretty sweet setup."

Okay, good to know. It's not far from me. At this point, I'm not sure I'll get into investments but if I'm going to sell VUL, etc. I'll need to get those Series licenses anyway.

"I simply didn't want to be be limited to serving high net worth clients, or be affiliated with a B/D again."

Can you clarify what you mean? Are you saying that investments are a part of your services beyond life insurance because you didn't want to be limited? What is a B/D?

Thanks again!! Very big help.

 

[DHK]

To do quotes, type [ quote ] in the brackets (without the spaces) and you can "close the quote" by doing [ /quote ]. When I "quote" someone's post, I'll usually select the first part of the post because it will identify who said what.


Here's one for Ohio National in Los Angeles. There's no info on their site regarding careers, but they are career agency builders. Just send a message asking for Kim or Tom Michel.

http://www.michelfinancialgroup.com/

Here's Kim's LinkedIn Profile: https://www.linkedin.com/pub/kim-michel/1b/9b7/2bb

Here's a profile for Robert Walker. He's in the San Fernando Valley / Conejo Valley area, last I checked: https://www.linkedin.com/pub/robert-walker-clu-chfc/73/354/692

I don't have any contact info for anyone else.


I've been securities licensed in the past with a Series 7 & 66. I gave them up in 2009. Lots of reasons, but I won't get in to them here. Let's just say that any marketing pieces or self-created correspondence generally all has to pass through compliance before you're allowed to use it. Posting on this forum can be considered "advertising" and would be subject to pre-approval. Lots of regulations... that really are overbearing.

A B/D is a broker/dealer. In order to sell securities for commissions - or variable annuities or variable life insurance - you would need to be licensed with a Series 6 or 7 and be licensed with a broker/dealer.

For me, I'm choosing to go the Series 65 route to offer fee-based wealth management solutions. No need to worry too much about that right now, but suffice it to say that not every problem can be solved with insurance solutions. And if you aren't handling your client's investments, that means someone else is.

However, don't think that the Series 65 route is the "be all and end all". It's the fiduciary duty standard... and I wouldn't consider it without having been securities licensed in the past. I personally think that should be a requirement before getting a series 65 - to learn in the overly regulated securities world before branching out on your own, or pairing up with an RIA (Registered Investment Advisor) firm.

Now, going back to Tax & Financial Group... the recruiter (who was very nice btw) explained that their firm caters exclusively to High Net Worth. High Net Worth is typically defined as $1 million+ in investable assets and does not include one's residence in that figure. Well, for every HNW household, there are about 100 more people who would be prime candidates for insurance and annuity-based solutions. Plus they're probably not being inundated with calls and other solicitation attempts by other advisors.

I'd rather go where there is little competition, rather than lots of competition and getting lost in the shuffle. Let everyone else claw over each other... while I help people that I can help in a greater and more meaningful way.

http://www.insuranceproshop.com/lifeinsurancemarketing/foundmoneymanagement3.html

 

[RWKAgency]

I agree with everything DHK said. It sounds like you need to find a new home. As you get more experienced, the micro-managing will drive you nuts and will possibly turn you off to the business.
I also wholeheartedly agree with Ohio National. I am a BIG FAN. I haven't done life insurance in nearly 17 years as I was too busy working my small group health business book. Well, I decided to go back in to life insurance and Ohio National was great. They were aware that I knew enough to be dangerous so they held my hand, got me on my feet and things are really good.
What ever you decide best of luck to you, this is a great business if you get the chance to feel you are working the business in a way that matches your morals and style.
Keep us posted on what you decide.

 

[newdawn28]

I agree with everything DHK said. It sounds like you need to find a new home. As you get more experienced, the micro-managing will drive you nuts and will possibly turn you off to the business.
I also wholeheartedly agree with Ohio National. I am a BIG FAN. I haven't done life insurance in nearly 17 years as I was too busy working my small group health business book. Well, I decided to go back in to life insurance and Ohio National was great. They were aware that I knew enough to be dangerous so they held my hand, got me on my feet and things are really good.
What ever you decide best of luck to you, this is a great business if you get the chance to feel you are working the business in a way that matches your morals and style.
Keep us posted on what you decide.

Thanks RWKAgency! Good to know about Ohio National. I appreciate your encouragement! Will definitely post in this thread what I end up doing.

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Thanks for the contact info. I will look into it.

I've been securities licensed in the past with a Series 7 & 66. I gave them up in 2009. Lots of reasons, but I won't get in to them here. Let's just say that any marketing pieces or self-created correspondence generally all has to pass through compliance before you're allowed to use it. Posting on this forum can be considered "advertising" and would be subject to pre-approval. Lots of regulations... that really are overbearing.

Oh that doesn't sound like fun at all!

For me, I'm choosing to go the Series 65 route to offer fee-based wealth management solutions. No need to worry too much about that right now, but suffice it to say that not every problem can be solved with insurance solutions. And if you aren't handling your client's investments, that means someone else is.

However, don't think that the Series 65 route is the "be all and end all". It's the fiduciary duty standard... and I wouldn't consider it without having been securities licensed in the past. I personally think that should be a requirement before getting a series 65 - to learn in the overly regulated securities world before branching out on your own, or pairing up with an RIA (Registered Investment Advisor) firm.

Very good point. Definitely something to think about.

Now, going back to Tax & Financial Group... the recruiter (who was very nice btw) explained that their firm caters exclusively to High Net Worth. High Net Worth is typically defined as $1 million+ in investable assets and does not include one's residence in that figure. Well, for every HNW household, there are about 100 more people who would be prime candidates for insurance and annuity-based solutions. Plus they're probably not being inundated with calls and other solicitation attempts by other advisors.

I'd rather go where there is little competition, rather than lots of competition and getting lost in the shuffle. Let everyone else claw over each other... while I help people that I can help in a greater and more meaningful way.

Sounds a lot more like what I'd rather be doing as well. Thanks so much giving me some things to think about. I just might get in touch with the Tax & Financial Group. And thanks for the link in your first post to the thread about getting the ball rolling. Good stuff there.