Hello,
I am considering becoming an insurance agent and am in the middle of due diligence. Thus far most of my research has been via the net and talking with a few people from NYL and Metlife here in NYC. I will be interviewing with both companies next week.
The NYL office is in the top 10 in performance it has 240+ agents and is located in the Wall Street area in New York City.
The Metlife office has been around for less than 2 years, has 13 agents and is located in the outer borough of Queens, NY.
I have not conducted much research on NWM I became aware of the company only recently.
Based on my research thus far I have a few questions
1.Regardless of which company I choose is it better to work in an office with 240+ agents in a busy city or a smaller regional office?
2.From what I have observed Metlife appears to have a much stronger marketing campaign, is this one of the things that I should consider when deciding on a company?
3.From the limited research on NWM it appears that they have a smaller base in NY in comparison to the NYL and Metlife, could this be considered as an advantage or disadvantage?
Thanks in advance for the answers.
Kaye
Last edited by msting22 : 11-12-2008 at 03:19 PM.
Reason: entering spaces
"1.Regardless of which company I choose is it better to work in an office with 240+ agents in a busy city or a smaller regional office?"
As a new agent you might want to ask "do they have time for me?" How much attention will my situation get? It may be great as chumps said "10 agents to look out for you" or so busy and impersonal they don't care if you're there or not...
How does it feel there? Can you talk with some newer agents and ask them?
"2.From what I have observed Metlife appears to have a much stronger marketing campaign, is this one of the things that I should consider when deciding on a company?"
NYL is not a big advertiser, usually ads were coop pieces when I was there. But people know who NYL, Met and NWM are. All are good companies. You might want to look at what market each is spending money on and does that match your target market?
3.From the limited research on NWM it appears that they have a smaller base in NY in comparison to the NYL and Metlife, could this be considered as an advantage or disadvantage?
YES
Look each one of these companies are solid well known and respected. You can succeed at any OR fail at any. Go with your gut feelings after you've looked them over.
It reads like you are smart and are doing your homework. Just know this, all offices are not the same, personalities either ruin the place or make the place great. Find the personality that fits yours.
That's probably my biggest mistake when I started 20 years ago. I didn't take the time to see if my personality matched the office I joined.
LGilmore- Thanks for your response to my questions! If you don't mind me asking. Why did you leave New York Life and are you working independently or with another agency?
Xrac- Thanks for the info I will look into these companies as well.
Chumps- I will be sure to ask to speak with a few new agents.
Any one else out there have any in put?
Thanks for all the answers it's greatly appreciated
"LGilmore- Thanks for your response to my questions! If you don't mind me asking. Why did you leave New York Life and are you working independently or with another agency?"
I was apart of the great pruge in the late 90's that nyl had. Since I don't use a internet "name" here I can't really say to what I believe the "why" was, but I am not alone, thousands shared my fate and the settlement.
NYL has a much different retirement plan today than they did back then....
I've been independent since and as I enter my 20th year 10 each side of the coin, there are good and bad to both options career vs. independent.
The problem I had with the career side were having to meet product quotas and being told what to sell, rather than meet the client's need. I also did not respect the first two managers I had (neither did the company, as they were gone before I was) as they lacked personal ethics in my opinion. Nothing worse for me than having a weasel hold power over me.
That is why I keep saying over an over get a feel for the office before you commit. trust your spidey sense.
As an independent I can work with a variety of companies to meet the clients needs first. Rather than a production quota. For me, that was and is important.
That said, it might be better to cut your teeth in a career agency where you can get moral support and training. Being independent isn't for everyone, especially those new to the business. Had I started in a different environment within the same company, I could very likely still be there. trust your gut.
.....The problem I had with the career side were having to meet product quotas and being told what to sell, rather than meet the client's need. I also did not respect the first two managers I had (neither did the company, as they were gone before I was) as they lacked personal ethics in my opinion. Nothing worse for me than having a weasel hold power over me.......
Re: Help newbie W/ NYL, NWM, Metlife UpdateGo to Top
Hi Again,
I had my interview with NYL in New York area today. The staff seemed friendly I did not see any agents for they were in a training. The partner I met with has been with NYL for 6 years. Her unit has 12 agents and is only 2 years old. She claims her unit is #3 in the company...I am not sure if that's true? The retention rate thus far for her unit is close to 50% and a little over 30% for that office. She also mentioned that there is a "rumor" that New York Life is looking to buy Metlife again not sure how true this is.
Are the numbers presented retention etc. realistic of a bit inflated? Any possible truth to that rumor?
I interview with Metlife tomorrow and am looking forward to the the differences in style.
"Are the numbers presented retention etc. realistic of a bit inflated? Any possible truth to that rumor?"
Well if you have two newbies and one leaves that's 50% retention.
#3 in the company with just 12 agents, I'm impressed, especially if true. There should be some sort of company recognition she can show you. Back in my day it was the nylife newsletter. If she's producing the third best in the country there should be stuff all over the place. Not to mention trips up the wazzu...
The cream of the crop at NYL back in my day were individually churning out 3-4million in first year commissions. Is that what she's saying? Or does she mean the office?
I've seen nothing in the trades as far as the rumour goes.
Just my opinion, but these are all good companies with good name recognition and big branding campaigns. However, I explored all of these plus some others a few months ago when my position was eliminated in the mortgage business and here was my experience:
You first have to pass the wonderful standardized personality test either before or after the initial interview. I passed it with some and I assume I did not with others because I never heard back which surprised me. The next part of the equation (with MassMutual only) is they test you with some marketing exercise - they were going to send me out to do "surveys" in a public place to see if I was comfortable with talking to people and hearing "no". Not sure what the other companies do (if anything) as I never got to that point.
The next phase (while getting licensed if you are not already) is the wonderful "give me a list of 100 people you know". So, if you are comfortable with approaching everyone you know (friends and family - which I was not) to "let them know what you are doing" or to solicit even more people they know, then you should be fine.
Remember though, it is not just how many people you know in this list of 100 people - you need some people with circles of influence - multiple circles also, not just one. I am talking people that can connect you to others in the community and influence those people to, at the very least, give you the time of day if not more. I have maybe 10-15 friends locally, but I would not consider any as having a circle of influence.
I was not comfortable with any of this, so I am going independent and getting my advise from these forums and a family member already in the business - who, by the way went through the 100 name drill many years ago and provided the other side of that equation.
Also, remember, it is no skin off these companies backs if they get you going and get you to sell a few policies to your friends and family then have you burn out 6 months or a year down the road - they still have the policies.
Just my one-sided view, but thought I would at least share.
LGilmore- I saw a few plaques in her office so perhaps this had to do with her teams production not sure. While talking with another person in sales (pharm) today they mentioned that with the "economic times" now is going to be a VERY hard time to sell insurance...has this been your experience?
FLBrkr -Thanks for the information. I took the personality test yesterday they mentioned getting back to me in two days either way. However if I don't hear back by Thursday I will be calling them. What were the steps you took to become an independent broker? How did you go about getting training?
Kaye, This is a ying and yang business... it just depends on how busy you keep yourself and how often you talk to people. For me, sales tend to come in bunches, I guess I fish with a big net, as when I start pulling it in, I have multiple life sales. For others it is one at a time, but still regular.
With life sales you'll start to find that winter is slow good or bad, spring is good, summer not so much and fall good, no matter the market.
Ya just keep working... If you can do that, things take care of themself.
As far as awards on the wall, Always look closely. Somethings aren't what they seem. You can also check industry listings like million dollar roundtable for names. If her crew is third, somebody's there...
You know, I honestly don't know if you should try independent first. You will learn the business best inhouse of a good office. I wouldn't have made it cold out of the box as an independent. What I learned in the first three years at nyl still helps me today.
Think that over a bit more. Also if this nyl office is that big, is there another "group" you could work with, or do you need to be part of a group? You still have some questions to ask.
" You will learn the business best inhouse of a good office. I wouldn't have made it cold out of the box as an independent. What I learned in the first three years at nyl still helps me today."
I wish I would have gotten (truly understood) this info when I started. "Inhouse of a GOOD OFFICE." Being the key statement for me. Finding may be a more difficult task.
My experience at NYL was the same, as far as the training. I learned more the first week with them, than all my time at MetLife. My MetLife office had no training, except for the wholesalers pitching product specific info. Much better sales info on this forum.
I would recommend NYL for the training they provide. You will get a lot from it, and learn new concepts that will help you succeed in your career.
Do you like who your manager will be?
I did not like my NYL managers' style, as much as, I am sure he hated mine. Given my experience, I would highly recommend meeting with more than one manager with whichever company you go with. You should try to find someone who has an understanding of the way you will sell, and that can help you capitalize on your individual skills and personal experience when dealing with clients. This will help lead to your long term success within this company.
If the sales office wants you, I think they will let you see more than one manager to find the best match.
I left NYL, mainly because my manager and I could not really work together because of our personality differences. I learned more from the manager in the office next to my managers, than I did my own.
" You will learn the business best inhouse of a good office. I wouldn't have made it cold out of the box as an independent. What I learned in the first three years at nyl still helps me today."
I wish I would have gotten (truly understood) this info when I started. "Inhouse of a GOOD OFFICE." Being the key statement for me. Finding may be a more difficult task.
My experience at NYL was the same, as far as the training. I learned more the first week with them, than all my time at MetLife. My MetLife office had no training, except for the wholesalers pitching product specific info. Much better sales info on this forum.
I would recommend NYL for the training they provide. You will get a lot from it, and learn new concepts that will help you succeed in your career.
Do you like who your manager will be?
I did not like my NYL managers' style, as much as, I am sure he hated mine. Given my experience, I would highly recommend meeting with more than one manager with whichever company you go with. You should try to find someone who has an understanding of the way you will sell, and that can help you capitalize on your individual skills and personal experience when dealing with clients. This will help lead to your long term success within this company.
If the sales office wants you, I think they will let you see more than one manager to find the best match.
I left NYL, mainly because my manager and I could not really work together because of our personality differences. I learned more from the manager in the office next to my managers, than I did my own. Good Luck to you,
Steve
Good advice. The individual office and the manager and how good a fit it is for oneself is probably more important than the the company itself.
Had the interview with Metlife a few days ago. They were cordial the office was small but I did not do well on the Personality test so that stopped me in the tracks.
I did the same test with NYL I have not been knocked out of the process. I attended the compensation class this week and was signed up for their review class for the Life and Health Exam. From what I understand after the review course we have to take an internal practice exam were you have to score 70 or above before taking the State exam.
As far as Northwestern Mutual I have attempeted to reach out to them however they have not been very responsive. I plan to try another office on Monday.
Yeah, this seems to be matching with what I stated above ... gotta get by the personality test - some of those questions are quite weird .... it also amazes me how you can pass one company's test, but not another - they all seemed like the same questions to me.
I had the same experience with NW Mutual also ... never called me - even after I took their test (online by the way and they give you the score) and did well on it. Ironically, a recruiter called me from there two weeks later, but not re: the test - instead, she saw my Resume online - HA!.
I did not try anything with NY Life, but sounds like you are at least progressing with them.
Just get prepared for the 100 name game - you might as well prep all your friends and family ahead of time ... you may want to have a last get together and take some happy pictures prior to seeing them as an "agent".
Help a newbie with NYL, NWM, Metlife
Re: Help newbie W/ NYL, NWM, Metlife Update
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