Considering A Career With Northwestern Mutual

[rs73976]

I am coming from a retail sales background and am considering a career with Northwestern Mutual. At this time, I have very few financial obligations, so I can afford to take my time learning the business. I don't have the best "natural market" and I don't really want to call my friends and family anyway. From my previous sales experience, I am good at closing and working with clients, but I am nervous about having to go out and find clients.

My big question is if Northwestern is the best place to start or if I should look for an independent firm. I have also talked to Farm Bureau, but they said they want you to push life insurance even though they are mainly in auto, home, and health insurance.

I want to eventually move away from just insurance and do investments, etc.

 

[Full Throttle]

Re: Northwestern Mutual

With NML you will be up and running quickly or shown the door. That's both good and bad. I would take a serious look at Mass Mutual along with Guardian and Met Life as well.

 

[VolAgent]

For life, New York Life and Metlife are worth a look as well.

That said, if you want to do primarily investments, you'll be happiest at Mass, and you'll still be unhappy there. These are all life insurance companies, who require you sell insurance, preferably life, to keep your contract.

An insurance career will not necessarily lead to an investment career. Odds are, you'll fail at insurance, or be unhappy and quit before making the transisition. Also, you might just decide you like insurance better. If you really want to do investments, skip insurance and look for a local Raymond James, LPL or independent RIA office and see if you can start out with them. Also, you can try Edward Jones and the wirehouses. Edward Jones is always hiring and will teach you to prospect. Not everyone agrees with their philosophy and investment methods, but they do have a system that works for them and helps their new guys build a book of business.

 

[coachd]

I started with them. I did well and did not call family and friends. I never have. I market to people that are looking to solve a problem. For that reason I left NML to offer more.
This all being said. I had great training and learned the business. I know other companies do the same, but I would not have traded that in for anything. Now a days you can find a mentor to do the same if you look.

 

[sonofthetis]

I too am leaning towards NMFN, but they want me to bring in a friend and family list of 200, few of whom I wish to directly sell life insurance to, but maybe I will call them for referrals. I have prospecting experience, so I don't see this as an issue, but they may.

The reason I'm going to NMFN is everyone who works there is "extremely confident" that I will do well there, and during their Mutual Fit, they showed how I can make money hand over fist. The Managing Director is going to train me himself, but the first thing I thought was this sales guy is trying to sell me.

Do they really have a training system equivalent or better than the next company?

 

[VolAgent]

I too am leaning towards NMFN, but they want me to bring in a friend and family list of 200, few of whom I wish to directly sell life insurance to, but maybe I will call them for referrals. I have prospecting experience, so I don't see this as an issue, but they may.

The reason I'm going to NMFN is everyone who works there is "extremely confident" that I will do well there, and during their Mutual Fit, they showed how I can make money hand over fist. The Managing Director is going to train me himself, but the first thing I thought was this sales guy is trying to sell me.

Do they really have a training system equivalent or better than the next company?

The training depends on the mentor you work with.

The funny thing is, unless they have finally added a bonus, Mass Mutual, Guardian and New York Life will pay you almost twice as much on life business.

I should also add, what recruiter isn't going to tell you that he is "extremely confident" that you'll do well? I wish you the best success and I hope you do well, but recruiters are paid to say things like that, who says he is sincere?

 

[sonofthetis]

I should also add, what recruiter isn't going to tell you that he is "extremely confident" that you'll do well? I wish you the best success and I hope you do well, but recruiters are paid to say things like that, who says he is sincere?

Oh, without question, you take that info from a recruiter with a grain of salt, hence the quotations, I wish I woulda made them blue for sarcasm.

They have what seems to be a standard compensation package, TAP Program (enhanced commissions up to 82.5% of FYC) for life and what appears to be a bonus program where you are credited for certain production. Good business, senior business, x amt in FYC. They want you to focus on life policies until you get 40 in, then go for your Series 6 and expand your services.

From reading the board, I may want to back away from them and look harder at MOO and selling Med Supps and FE with the area I'm in (SW Florida). I'm so confused.

 

[VolAgent]

They have what seems to be a standard compensation package, TAP Program (enhanced commissions up to 82.5% of FYC) for life and what appears to be a bonus program where you are credited for certain production. Good business, senior business, x amt in FYC. They want you to focus on life policies until you get 40 in, then go for your Series 6 and expand your services.

Ok, so what happens in year 4, any more bonuses?

Just for example, after year for with Mass you get 55% on whole life, and a AAA bonus that starts at 48,000 FYC. I believe at 66k it is around 20-25% of FYC as a bonus. Also, at 50 lives and 66k, you get another bonus. Then there is a third bonus for keeping business on the books and adding new business.

NYL has this crazy renewal schedule on WL, but it can be quite substantial. I understand you can get some insane renewals at Guardian if you do the right things.

I was told by experienced NWM reps, that they just got FYC. Also, you have to pay your own way to Milwaukee, in August no less! That is a punishment if you ask me.

 

[sonofthetis]

Ok, so what happens in year 4, any more bonuses?

Just for example, after year for with Mass you get 55% on whole life, and a AAA bonus that starts at 48,000 FYC. I believe at 66k it is around 20-25% of FYC as a bonus. Also, at 50 lives and 66k, you get another bonus. Then there is a third bonus for keeping business on the books and adding new business.

NYL has this crazy renewal schedule on WL, but it can be quite substantial. I understand you can get some insane renewals at Guardian if you do the right things.

I was told by experienced NWM reps, that they just got FYC. Also, you have to pay your own way to Milwaukee, in August no less! That is a punishment if you ask me.

Yeah, buying my own tix to Milwaukee in August was not discussed. I did not hear any of the bonuses that you speak of with Mass or NYL.

What appears in their distributed compensation package discussing bonuses is similar to what you are saying. Based upon a % of eligible commission (FYC or renewal), average payout on the most distributed bonus (half the agents-production) is $8,800 with highest payout at $220,000. I guess you need a whole lot of $200 bonuses to even that out.

NMFN says year 4 and beyond 55% on WL, Term 50%, 40% VL, renewal commission on a sliding scale down in single digits

 

[VolAgent]

Yeah, buying my own tix to Milwaukee in August was not discussed. I did not hear any of the bonuses that you speak of with Mass or NYL.

That is surprising. Maybe the manager needs to brush up on their pitch, or for some reason they don't see much potential in you (Not judging, just saying might be why).
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NMFN says year 4 and beyond 55% on WL, Term 50%, 40% VL, renewal commission on a sliding scale down in single digits

55% on WL, 45% on Term, 50% of target on UL/VUL at Mass.

But that is what I was talking about, no bonuses with NWM after year 4. Mass wants you earning AAA bonus by year 2, plus what is left of your training subsidy/bonus. They have a lowered AAA production requirements for 2-4 reps.

But I will say this, many don't like NWM because of the culture there, myself included. Go where ever will give you the training you need to succeed. If that is NWM, you can always leave later on if you feel you'll do even better elsewhere.