Leaving Northwestern Mutual to Go to Where?

[scout]

Please listen carefully to this advice. The grass is not always greener on the other side of the fence. I have made some good moves and some bad moves in the past 17 years of this career. What I discovered is that you can make just about any place a home when you start considering yourself your own business, rather than relying upon who's name is on the shingle outside. It's easy to look for the bad things. Look for the good things, like product, benefits, etc.. Do not get into the routine of jumping from one company to the next. Those agents very seldom put down any roots and always seem to have a story about why they left the last company. Once I figured that out, my life became more prosperous with some peace of mind as well.

Thank you for the insight. Great way of looking at it.

 

[scout]

I went and spoke to the MP at NYL today and will post this info here in hopes that it may help someone else. The initial meeting went well and I appreciated his candor. I'm going to meeting with him again next week and will prepare to ask him many more questions pertaining to differences in culture, philosophies and additional benefits.

NM - After 1 year pay for your own office. NYL - After 3 years pay for your own office.

NM - 0 for marketing. NYL - Pay 1/2 of marketing costs.

NM - 0 Training allowance after initial training. NYL - Training allowance of $3k/month for 1st year and steps down after that for first 3 years.

NM - 0 for additional designations (CFP, CLU, etc.). NYL - Pays for additional training and designations.

NM - 11% retention. NYL - 41% retention.

 

[HomeService]

"The location I am at is filled with hate & discontent for starters"

Read more: Leaving Northwestern Mutual to Go to Where?​

 

[trustandadvice]

This depends upon the office. A friend of mine in Minneapolis was fined by his Managing Partner for selling a client a MassMutual policy. In general each office says that you can sell an outside product if NML doesn't offer the product (30 year term for example).

 

[magnusblack]

This depends upon the office. A friend of mine in Minneapolis was fined by his Managing Partner for selling a client a MassMutual policy. In general each office says that you can sell an outside product if NML doesn't offer the product (30 year term for example).

It's funny that you say that. The Bohannon Group in Minnesota has a few good producers and I meet up with them periodically at the Central Regional meeting here in Chicago every January. I hear that the Managing Partner there is pushing everyone to only sell Northwestern Mutual products, even though it clearly states in our contract that we can sell outside products a) if the client wants that product, b) if Northwestern Mutual doesn't offer the product (such as 30 year term), and c) if the outside company will offer the client a better rating / premium.

99% of the Northwestern Mutual guys have no idea what is outside of their company because they gobble up the company Kool-Aid (never mind that the people who are telling these guys what the deal is have a financial incentive to be telling them what to do) and because they don't take the initiative to go out and learn about the alternatives.

 

[VolAgent]

It's funny that you say that. The Bohannon Group in Minnesota has a few good producers and I meet up with them periodically at the Central Regional meeting here in Chicago every January. I hear that the Managing Partner there is pushing everyone to only sell Northwestern Mutual products, even though it clearly states in our contract that we can sell outside products a) if the client wants that product, b) if Northwestern Mutual doesn't offer the product (such as 30 year term), and c) if the outside company will offer the client a better rating / premium.

99% of the Northwestern Mutual guys have no idea what is outside of their company because they gobble up the company Kool-Aid (never mind that the people who are telling these guys what the deal is have a financial incentive to be telling them what to do) and because they don't take the initiative to go out and learn about the alternatives.

Just to play Devil's Advocate: Why are you in a NML office if you aren't going to sell NML, first, last and always?

 

[magnusblack]

Just to play Devil's Advocate: Why are you in a NML office if you aren't going to sell NML, first, last and always?

I want to be fully vested in my renewal account before I leave. Also, there are some good products at Northwestern Mutual. Your average Northwestern Mutual guy believes that 100% of the products 'are the best', there are two or three products that I have never lost on and in some situations two other products are a category killer. Maybe 20% of the time, for me, NML is the best choice.

What I do not like is how the company has changed systemically and their pushing everyone to only do NML is not the best thing for the client.

I do a lot of outside business because it is the right thing to do for the client.