Yes, I Used the Search Feature...Looking to Make a Career Change; Interviewing at NYL

[twizz]

I'd like to say hello, and great forum you have here. Its been some time since I've been on any message board, but this appears to be a good one.

So I've spent the past four hours reading through this forum. Yes, I used the search button. In fact, 'searching' is how I came to this site (googled 'what is it like working for new york life'). Now I'm looking for some input from the great minds on here (yes Al, that includes you, contrary to popular opinion, but Mr. Levy can stay out )

If you don't feel like reading a lot of irrelevant stuff, move on.

Here's my situation: I've been in the auto business (i tell everyone I sell used cars) for nearly 10 years. I guess we're all 'car salesmen', but I've been a manager and marketing director for the past 5. While I'm on the topic, I'd like to offer a big F**K YOU to all of those who use us as an unethical reference point. No, I'm not going to sit here and defend the profession, just like I wouldn't expect you to come onto a car biz board and do the same for yourself. I'll sum it up by saying we all make a profit at what we do, or else we wouldn't do it. Moving on...

While I have a job that is as secure as it gets, I simply don't enjoy the company I work for, nor do I enjoy how things are done here. Things are done backasswards, with no intention to correct, yet they wonder why nothing ever changes. Isn't that the definition of insanity? I began a project here three months ago to develop an internet department, and in six weeks since launch, we sold 30 cars for $50k in profit. By any measure of the industry, a stellar job. I try to stay humble, but I'm one of the best at what I do, I just haven't found a place to be the best I can. That leads me here...

While I pondered an industry change, I can't say I ever pondered a career change. A phone conversation last week with a sweet sounding young lady changed all that. I've turned down a hundred of similar offers, but something about this let me to pursue it. She emailed me some info (nothing substantive), and booked me an appointment with a partner at the local NYL General Office. We met last Friday for about a half hour. He told me that he tries to meet one person every day who he wants to move forward with, but hasn't met that person today. I ended up being it (a 3pm on a Friday doesn't hurt my chances either). I left with a neatly packaged packet, and a pretty invasive background check/questionnaire to fill out. He asked me to bring it to our next meeting. He mentioned my prior management experience, and told me how it would qualify me for an accelerated management track should I choose to go that route.

So we met again today. Longer this time, about 90 minutes, going over what the top earners earn, etc etc. I know well crafted smoke when I see some, and know how rare it is to be in those top numbers. What jumped out at me was that an agent in the top 500 earned around $435k. Out of 9000. Top 5% to earn half a mil? Really? I've always been in the top 5% of what I do. Even when it comes to slacking, I'm a top 5% slacker. Its my nature to be the best at something, or not do it at all. I don't fix toilets, I don't play with electricity, I don't program in anything above HTML. Period.

Now let answer some of the standard things I've found among the threads:

Yes, I'm very comfortable with the partner. He's been with NYL for 7 years, first in CA, then came out to this area with the managing partner as an agent. The managing partner made many partner offers to him, and simply said '**** or get off the pot', and he took the partner spot. He and I share many managerial viewpoints, and I would be comfortable working for him. Also, while he stressed the need for warm leads, he was adamantly opposed to selling friends and family. Use them for CI, but don't sell them. Not sure how I'd be able to handle that. I can identify at least a dozen 1st degree associates whom I know would buy from me.

Maybe I should have prefaced. I know exactly ZERO about the insurance business. What I've learned I've learned from this forum and Wikipedia in the past few days. In my first interview, I flat out asked the partner: 'Would it be correct to describe the company structure as a pyramid scheme?' He said no, but I get how it works. You make a cut off the guys you hire and what they produce. The higher up you get, the bigger pool you have to collect from. Correct?

So why am I posting? Well, there seems to be an abundance of career agents here, and I'm looking for some input/advice/direction. I love the car business, but I'm tired of the hours, tired of the bullshit, tired of these owners who have no idea how to run a business and tired of dealing with scumbags who have a 390 credit score and have no business buying a car, let alone demanding that they should be able to have a 30k BMW for 'two fiddy a mont'. Why don't I own my own dealership? Capital. I'm a pretty young guy (mid 20s). I had times in the car biz where I made 150K+, but I spent it faster than I could make it. I'm on track for mid 70s at the current pace, and any upward swing would only improve on that. The thing is, I don't care about the $. I'm in a position where I can live well on 35 or 40k year. Its not about the money. I want my life back. My daughter is 5, I split custody with her mother (whom I don't get along with), and I'd like to be able to enjoy time with her. I want my life back, but I'd like to be able to have the opportunity to make big $ if I work hard at it. I'm genuinely interested in this field of work, and I believe that, with my personality and intellect, I'd be very successful at it.


Thoughts?
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[Norwayguy]

Re: Yes, I Used the Search Feature...Looking to Make a Career Change; Interviewing at

So why am I posting? Well, there seems to be an abundance of career agents here, and I'm looking for some input/advice/direction. I love the car business, but I'm tired of the hours, tired of the bullshit, tired of these owners who have no idea how to run a business and tired of dealing with scumbags who have a 390 credit score and have no business buying a car, let alone demanding that they should be able to have a 30k BMW for 'two fiddy a mont'. Why don't I own my own dealership? Capital. I'm a pretty young guy (mid 20s). I had times in the car biz where I made 150K+, but I spent it faster than I could make it. I'm on track for mid 70s at the current pace, and any upward swing would only improve on that. The thing is, I don't care about the $. I'm in a position where I can live well on 35 or 40k year. Its not about the money. I want my life back. My daughter is 5, I split custody with her mother (whom I don't get along with), and I'd like to be able to enjoy time with her. I want my life back, but I'd like to be able to have the opportunity to make big $ if I work hard at it. I'm genuinely interested in this field of work, and I believe that, with my personality and intellect, I'd be very successful at it.


Thoughts?
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First off I want to preface this response with the fact that I have been gone from NYL for 9 years and my information may be dated or different offices may work differently. But here is goes this career can give you some of the things you want. Need to take time tuesday afternoon to see your daughter in a gymnastic performance fine just don't schedule appointments around that time. So it will give you freedom yes you can set your own hours but also expect to work hard. When I was with NYL they offered a training subsidy which was extra commission on sales you made the only tricky part was you had to hit your numbers or no subsidy and you'll need that subsidy because commissions for new agents in my opion were low and on the security side you start out at a low percentage of GDC which can grow during the year and you can get paid retroactivly on that growth but it doesn't help you much in the begining. What I liked about NYL was I was taught not just about there products but how to also sell other companies products as well which has helped me immensly as I moved on to become an independent agent. NYL does have some solid WL products and that is what you will be incentivised to sell there term products really were not competetive only having a 5 year term when I was with them however you are allowed to sell outside term companies (NYL gets a cut) and this business if I remember correctly did not recieve subsidy but did count a percentage towards your numbers.

Selling Friends and family is a double edged sword. What has worked for me is that all my friends and family know what I do...I do not chase them for business (you'll quickly become like a leper if you do) but if they have questions I'm always there to help them and make recommendations and this has worked great for me. It also helps if you look long term many people start out captive and move on to being a independent agent and it might be a problem if as a newbie you sell friends and family NYL products only to leave and they can't stand the person that inherits your accounts.

This can be a great career, NYL can be a great company only you will know if its right for you.

 

[insuranceexec]

Re: Yes, I Used the Search Feature...Looking to Make a Career Change; Interviewing at

We are glad to have you on here twizz; knowing that you have done your homework tells me that you are eager to be prepared and that you want to learn.

The insurance business is a good place for some, and a wake-up call for many. In the beginning be prepared to put in a minimum of 55-60 hours a week to reach the 35K-40K range. You could get lucky and stumble on some big accounts out of the shoot, but do not count on it.

 

[twizz]

Re: Yes, I Used the Search Feature...Looking to Make a Career Change; Interviewing at

Thanks for the insight so far guys. The office seems to be well ran, and the partner I'm dealing with has told me that 4 of his agents have been promoted to partner in the past year (sounds like an accomplishment to me).

I'm just curious what to expect as far as office time, requirements, etc. They do offer a 'training allowance' (salary), as well as expense $, and I'm comfortable with those amounts.

Thanks again, and keep anything coming.

 

[insuranceexec]

Re: Yes, I Used the Search Feature...Looking to Make a Career Change; Interviewing at

and the partner I'm dealing with has told me that 4 of his agents have been promoted to partner in the past year (sounds like an accomplishment to me).

I'm just curious what to expect as far as office time, requirements, etc. They do offer a 'training allowance' (salary), as well as expense $, and I'm comfortable with those amounts.

Thanks again, and keep anything coming.

While working for a captive organization; a promotion to manager/partner in most situations is actually a "demotion." More hours and less focus on personal production and more focus on team building.

It sounds like it may be a good way to get your foot in the insurance door. One question I would ask is:

1. Do I have to pay my "salary/draw" back if it does not work out?

 

[twizz]

Re: Yes, I Used the Search Feature...Looking to Make a Career Change; Interviewing at

While working for a captive organization; a promotion to manager/partner in most situations is actually a "demotion." More hours and less focus on personal production and more focus on team building.

It sounds like it may be a good way to get your foot in the insurance door. One question I would ask is:

1. Do I have to pay my "salary/draw" back if it does not work out?

i very much gathered that the promotion is a 'demontion' in terms of earning ability, etc. In speaking with the partner (who is either a very honest and upfront person, or a total bullshitter; still trying to put my finger on it), I would be happy with his career path with the company, including schedule and pay.

This absolutely seems like a good foot in the door, and while I do have a few business associates with p&c agencies, I'm not confident I would find the training and salary guarantee elsewhere. Aside from that, being a young guy and having to sell such a product, I feel that having the backing of a company with a consumer rep like NYL is a valuable asset.

I will absolutely ask that question, but it has only been described as a salary and training allowance. One would assume that means no, but we know what happens to those who assume. Being from the car business, I know how draws work. Aside from that, without it being a salary, I'm not at all interested.

I'm also concerned with the ability to keep my clients should I leave the company. Also, what about non-compete agreements? Any former or current NYL agents who can provide some insight?

Thanks again.

 

[Norwayguy]

Re: Yes, I Used the Search Feature...Looking to Make a Career Change; Interviewing at

This absolutely seems like a good foot in the door, and while I do have a few business associates with p&c agencies, I'm not confident I would find the training and salary guarantee elsewhere. Aside from that, being a young guy and having to sell such a product, I feel that having the backing of a company with a consumer rep like NYL is a valuable asset.

I will absolutely ask that question, but it has only been described as a salary and training allowance. One would assume that means no, but we know what happens to those who assume. Being from the car business, I know how draws work. Aside from that, without it being a salary, I'm not at all interested.

I'm also concerned with the ability to keep my clients should I leave the company. Also, what about non-compete agreements? Any former or current NYL agents who can provide some insight?

Thanks again.

First I wouldn't count of consumer recognition of New York Life, You wouldn't believe how many people think its a magazine

I am a former NYL agent and things might have changed but when I was there there was no salary it was commission and training allowance to recieve the training allowance you had to hit certain numbers every month if you missed your numbers no allowance and to get the allowance back you had to not only hit the next months numbers but catch up any missed months.

You Clients belong to the company you need to check out what your non-compete will be..It may state you can not contact for x months to sell a product NYL sells...and since the are also a GA for other products that could mean no contacting of clients.

 

[insuranceexec]

Re: Yes, I Used the Search Feature...Looking to Make a Career Change; Interviewing at

Non-competes are not worth the paper they are written on. It is a companies attempt at "scaring" an agent into inactivity.

Most states will not enforce a "NON-compete" because it limits the ability of the individual to make a living in their respective career.

 

[Norwayguy]

Re: Yes, I Used the Search Feature...Looking to Make a Career Change; Interviewing at

Non-competes are not worth the paper they are written on. It is a companies attempt at "scaring" an agent into inactivity.

Most states will not enforce a "NON-compete" because it limits the ability of the individual to make a living in their respective career.

I meant non-solicitation of your clients...ergh actually as a captive they are the companies clients.