Fairly new to the industry, spent less than a year with Farmers and now looking to jump back in. I interviewed with NYL yesterday and was pleasantly surprised at how excited I was when I left the office. I am just looking for any opinions of current and/or former agents of them. Here is what I think:
- I was happy that they didn't come across with the "your going to make six figures the first year." He was very up front and truthful about this not being easy, it would require a lot of work and determination (which I know) and that this could be a lucrative and rewarding career for the right person.
- I believe that having the NYL name on your business card could only help in the sales process. As Herb Brooks once said, "The name on the front of the jersey is a hell of a lot more important than the one on the back." Oh, come on, we gotta have some hockey fans here.
- The training program seemed to be set up to get you out selling as quickly as possible, not going to make any money sitting in a classroom. and the incentive based training pay is a nice feature, as long as you're prodicing.
- I geuss the only negative that I can think of right now, but I'm sure I'll come up with more is if selling strictly life insurance at the current time can get me off my feet.
Well, that's the short list. I'm looking at this opportunity with eyes wide open and looking for any feedback, good or bad.
"not going to make any money sitting in a classroom." Today. Tomorrow?
Don't knock the educational opportunities NYL provides. I spent a decade with them and the classroom helped me make money by simply making me a smarter agent. It sounds like you interviewed at a good office. The only real bit of advice is LOOK around, are people happy to be there? What's the atmosphere like? A good sales manager and trainer can help make a great agent. NYL can be a great place to have a great career, but the same could be said at alot of places, just depends on the people you surround yourself with.
Your flag says you are in CA but you don't say what part.
Your success will depend in part on the manager and/or trainer. NYL has good managers and training... but they also have tons of terrible managers as well. Of course YOU have to be coach-able, but they have to be good coaches.
Another thing to consider is your market. NYL is hardly ever a rate-leader or innovator. What NYL mostly has to sell is their image and their financial stability. Those are important, but again you need to look at the market you are in, the price and offerings of NYL and see if there is a match. In my experience, NYL has appeal to upscale people and if you don't have education, cultural awareness, and general intelligence to sell to highly educated, cultured people, it may not work for you.
If you are looking to go the captive route... which has its pros and cons, you should also look at MassMu, Northwestern, and perhaps MoO.
There is no wrong decision. If you go with NYL and you don't like it (be prepared to bleed blue!) you will at least learn something from the experience (and training) and maybe make a few friends as well.
If you are excited about it and you are 100% convinced that the manager and you are on the same page about EVERYTHING, than I'd say that you should go for it. Good luck.
.....If you are looking to go the captive route... which has its pros and cons, you should also look at MassMu, Northwestern, and perhaps MoO......Al3 InsuranceSolutions123 Agency
I would do what Al says and talk to all the big career companies including Guardian.
Fairly new to the industry, spent less than a year with Farmers and now looking to jump back in. I interviewed with NYL yesterday and was pleasantly surprised at how excited I was when I left the office. I am just looking for any opinions of current and/or former agents of them. Here is what I think:
- I was happy that they didn't come across with the "your going to make six figures the first year." He was very up front and truthful about this not being easy, it would require a lot of work and determination (which I know) and that this could be a lucrative and rewarding career for the right person.
- I believe that having the NYL name on your business card could only help in the sales process. As Herb Brooks once said, "The name on the front of the jersey is a hell of a lot more important than the one on the back." Oh, come on, we gotta have some hockey fans here.
- The training program seemed to be set up to get you out selling as quickly as possible, not going to make any money sitting in a classroom. and the incentive based training pay is a nice feature, as long as you're prodicing.
- I geuss the only negative that I can think of right now, but I'm sure I'll come up with more is if selling strictly life insurance at the current time can get me off my feet.
Well, that's the short list. I'm looking at this opportunity with eyes wide open and looking for any feedback, good or bad.
Thanks
Craig
Craig,
I am basically in the same situation as you. I interviewed with NYL and I'm trying to decide if this is the right place and time for me. What part of california are you in? I interviewed at the Oxnard office. Anyway, I have a lot of the same thoughts as you do. I've pretty much come to the conclusion that you have to just go for it.....or not. If you are confident about the manager/office and about yourself there is only one way to find out if this is for you. I guess my point is that nobody can really tell you, and you can read a book to find out if it is right for you. You have to go do it.
I'm dragging my feet a little bit though as I am trying to build up some cash reserves for the first year. The training subsidy is nice but I still need some cash to get me through the slow production months.
Let me know what you decide or if you have questions I can answer.
"not going to make any money sitting in a classroom." Today. Tomorrow?
Don't knock the educational opportunities NYL provides. I spent a decade with them and the classroom helped me make money by simply making me a smarter agent. It sounds like you interviewed at a good office. The only real bit of advice is LOOK around, are people happy to be there? What's the atmosphere like? A good sales manager and trainer can help make a great agent. NYL can be a great place to have a great career, but the same could be said at alot of places, just depends on the people you surround yourself with.
"not going to make any money sitting in a classroom." Today. Tomorrow?
Don't knock the educational opportunities NYL provides. I spent a decade with them and the classroom helped me make money by simply making me a smarter agent. It sounds like you interviewed at a good office. The only real bit of advice is LOOK around, are people happy to be there? What's the atmosphere like? A good sales manager and trainer can help make a great agent. NYL can be a great place to have a great career, but the same could be said at alot of places, just depends on the people you surround yourself with.
I agree, I didn't mean it to sound as if the classroom would be a burden. I completely agree that education is key here, especially in an always changing industry. What I meant was that they have an initial 6 day program that gets you up to the point of being able to sell their products. After that there is a mandatory Monday sales/training meeting every week and opitional training meetings scheduled on a regular basis, I think it would be foolish to not take advantage of any training classes offered.
What I meant was that they have an initial 6 day program that gets you up to the point of being able to sell their products. After that there is a mandatory Monday sales/training meeting every week and opitional training meetings scheduled on a regular basis, I think it would be foolish to not take advantage of any training classes offered.
Also do joint work with experienced reps in the office, make the introduction and shut up when in front of a client, then talk the reps ear off in the car on the way to and from the meeting. You'll get even more out of those sessions than in a classroom.
How does the office "feel", have you looked around are there successful agents going back several years? The one thing I lacked at my NYL office was good sales management. The education was excellent, but what was troubling and foretold was there was a gap of about 7 years between established agents and new agents. In other words, no body had made it past a couple years in that office. Should have been a warning light for me. LOOK AROUND, what do you see? how does it feel? I can't tell how important that is.
Would it be beneficial or would they let me attend a sales meeting to get a feel for it? I think this would give me a descent understanding of the office and who is succesful and who is not.
Would it be beneficial or would they let me attend a sales meeting to get a feel for it? I think this would give me a descent understanding of the office and who is succesful and who is not.
I think it would be beneficial to attend a meeting and really see what goes on on a daily basis. I was offered the same thing but I'm not able to attend because of my current work schedule.
Another thing you might ask is to talk to a few agents in the office. They will usually give you a better idea of what they are going through and cut out some of the recruiting BS.
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Originally Posted by DHK
DNK-
Make sure interview with MassMutual in Westlake Village as well.
Yeah I should probably give them a call. see what they have to offer. Do you have any personal experiences with MassMutual in Westlake?
Its a little bit of a longer commute for me but probably won't be too much in the office anyway so I guess it wouldn't matter.
Last edited by DNK- : 10-28-2009 at 05:43 PM.
Reason: Posts merged
I am about to get contract approved after a few snags. I finnaly got a chance to read through the agents contract, and bascially it appears anyone I get to sign with them, upon either termination or resignation, ie starting my own business, NYL, had the right to keep me from selling insurance for 24 months, any changed in sold policies can result in 100% of commissions received having to be paid back. They site restraining orders and injunctions against me or any future employer. I have some good leads and I don't want to sell overpriced product to my natural market and then get fired for some reason and leave all these people committed and myself legally, financially exposed.
I am having serious second thoughts and seriously considering independent route. Everyone in the office seems like they are new and working the phones with little success. I feel I need a good independent solution. Looking at a IIAPA, Compulife and napa for E &O. I have fallen in love with this business, and I appreciate the training opportunity at NYL, but I feel like thye just going to bilk me for my contacts and cut me loose - and I will have no recourse based on contract.
I am about to get contract approved after a few snags. I finnaly got a chance to read through the agents contract, and bascially it appears anyone I get to sign with them, upon either termination or resignation, ie starting my own business, NYL, had the right to keep me from selling insurance for 24 months, any changed in sold policies can result in 100% of commissions received having to be paid back. They site restraining orders and injunctions against me or any future employer. I have some good leads and I don't want to sell overpriced product to my natural market and then get fired for some reason and leave all these people committed and myself legally, financially exposed.
I am having serious second thoughts and seriously considering independent route. Everyone in the office seems like they are new and working the phones with little success. I feel I need a good independent solution. Looking at a IIAPA, Compulife and napa for E &O. I have fallen in love with this business, and I appreciate the training opportunity at NYL, but I feel like thye just going to bilk me for my contacts and cut me loose - and I will have no recourse based on contract.
You might want to talk to Mass. Mass will let you keep the client if you leave. Technically the files do belong to them, but with client permission you can take a copy of the file with you.
I don't know about Northwestern or Guardian's policies, but I imagine they are similiar to NYL. But if everyone is new, that can be a danger sign.
You might want to talk to Mass. Mass will let you keep the client if you leave. Technically the files do belong to them, but with client permission you can take a copy of the file with you.
I don't know about Northwestern or Guardian's policies, but I imagine they are similiar to NYL. But if everyone is new, that can be a danger sign.
thank you...
When I brought up being independent in the interview process they really rammed me through the paperwork process. Seems a little fishy...the receptionist was helping one of the managing partners process my paperwork, ie sign documents, and she basically warned me. She was just short of saying, run for your life.
I've been in business for myself too long perhaps to fit in with this type of stringent organization. It is feasible to go independent and have fun with this business?
I've been in business for myself too long perhaps to fit in with this type of stringent organization. It is feasible to go independent and have fun with this business?
Many on here would say go independent from the start. Assuming you have the determination, ability and financial bankroll, you'll succeed either way.
The difference is the proper office can speed up the learning process and help you make more sooner. After all, 50% of something is better than 100% of nothing. That said, nothing will sink you faster than a bad office.
Many on here would say go independent from the start. Assuming you have the determination, ability and financial bankroll, you'll succeed either way.
The difference is the proper office can speed up the learning process and help you make more sooner. After all, 50% of something is better than 100% of nothing. That said, nothing will sink you faster than a bad office.
If you're peddling product and selling by price... then that's probably correct. You can make it if you have the determination, ability, etc.
The problem is that you've limited your potential. A good career agency can ENHANCE your potential. How? Joint work (which is really OJT), firm-paid designations and company sponsored training events. Some firms have linked themselves to a particular selling process and will offer specialized training on that process (ie. LEAP).
If you're selling product on your own from the start and you want to work with business owners... and you don't know the first thing about buy/sell agreements, key man, etc... you can probably contact your home office for help - but you really need to learn from someone who has "been there, done that" on a regular basis.
If you're peddling product and selling by price... then that's probably correct. You can make it if you have the determination, ability, etc.
The problem is that you've limited your potential. A good career agency can ENHANCE your potential. How? Joint work (which is really OJT), firm-paid designations and company sponsored training events. Some firms have linked themselves to a particular selling process and will offer specialized training on that process (ie. LEAP).
If you're selling product on your own from the start and you want to work with business owners... and you don't know the first thing about buy/sell agreements, key man, etc... you can probably contact your home office for help - but you really need to learn from someone who has "been there, done that" on a regular basis.
Thank you for further stating my point. You can learn it all on your own. Just expect to spend a lot of time and effort doing so, and being very frustrated. Or you can find a good agency and learn it all much faster and less frustration. There will be difficult times and frustration either way, the only question is how much of it can you stand.
Thank you for further stating my point. You can learn it all on your own. Just expect to spend a lot of time and effort doing so, and being very frustrated. Or you can find a good agency and learn it all much faster and less frustration. There will be difficult times and frustration either way, the only question is how much of it can you stand.
I am not sure how much I can learn from these people. They only know what home office wants them to know. There is no creativity, and with a limited product line, that equals less options for my clients. And if for whatever reason things don't work out, all my clients are no longer mine and I might get sued for commissions if there is any laspe, conversion or reduction in policies. To add insult to injury, the contract even states that I have to pay for their lawyers who sue me, too.
I feel they are banking on people giving up. Those clauses will have little effect on people who just give up. Just like insurance business as a whole, they count on people lapsing their term policies, it's free money. However, I have a real interest, an honest desire and a strategy to get things going.
The benefit of a big name is handy, the mutual aspect is a great selling point, but for me, private insurance companies scare me a little. Going into the era where baby-boomers will be getting sick and dying there are going to be significant outflows of reserves. Newer clients of these old established insurance companies will be bearing a greater load than ever before, and before I would do business with a old mutual type company, in these low interest environments, I would like some transparency on the books. I think there is an argument for representing leaner, newer companies and it may actually be better for some clients.
Finally, I have to say I am having a hard time deciding what to do. I am concerned there are too many barriers to entry on the independent route and all these independent "opportunities" are just scams themselves. What is the real deal?? I have a bunch of phone calls to make this AM to find out.
Why do people call it an "interview" with these career recruitment shops? You are the one being recruited not interviewed. Mutual companies are the only life insurance companies, yea right.
Interviewed with New York Life
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