Minnesota Life
- Thread starter SamIam
- Start date
- 614
trustandadvice
Expert
- 89
MN Life would be a waste to work for.
- 4,689
And why should I trust your advice?
trustandadvice
Expert
- 89
It's in the numbers. MN Life will direct their agents to sell the MN Life product because they are in business to sell Mn Life product. Clients want a consultative approach where the agent is finding the best product given their situation. If Mn Life was a solid product they would have solid sales numbers and respectable market share.
Even in Minnesota they are a small competitor, on their home turf.
The best place to be for a rep is to be representing the client and understanding the marketplace so he can recommend the product that best fits the client's needs.
Any rep who is with a captive agency is 1) not going to get the information on the products in the industry because that is going to be against his managing partner's income statement and 2) he is going to be incentized to sell the house's product. An agency rep is representing a product first versus representing the client first. Any argument to the contrary is simply putting lipstick on a pig.
- 847
Where did the OP say anything about being Captive? I feel the Minnesota Life has some very good IUL's, are you saying that I would be wrong to sell them? I don't understand your logic. BTW I'm independent.
- 4,689
"It's in the numbers....."
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Minnesota is a very well rated and respected individual and group carrier and you didn't quote any numbers at all. By most metrics, they are very solid.
Minnesota Life and Securian Financial Group affiliates provide financial security to over 13 million people nationwide through insurance, investment and retirement products. Founded in 1880, our record of financial strength and claims-paying ability positions us as one of the most highly rated companies in America. We are proud to protect clients nationwide with more than $1 trillion of life insurance in force.*
Of course, I will trust you since your name literally says I should.
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"Even in Minnesota they are a small competitor, on their home turf."
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More bs from the one I should trust.
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Minnesota is a very well rated and respected individual and group carrier and you didn't quote any numbers at all. By most metrics, they are very solid.
Minnesota Life and Securian Financial Group affiliates provide financial security to over 13 million people nationwide through insurance, investment and retirement products. Founded in 1880, our record of financial strength and claims-paying ability positions us as one of the most highly rated companies in America. We are proud to protect clients nationwide with more than $1 trillion of life insurance in force.*
Of course, I will trust you since your name literally says I should.
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"Even in Minnesota they are a small competitor, on their home turf."
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More bs from the one I should trust.
- 11,277
https://advisor.securian.com/avs/sfnexp/Advisor#Productsservices
I interviewed with them in Newport Beach (known as Tax and Financial Group). Very unique setup with them. The only reason I didn't pursue it... was because they said over and over again that they work with "HNW" clients... and that's not really my market. They also require B/D registrations (series 7 & 66)... and I wasn't sure if I really wanted to do that again.
They're also one of the few companies that I've ever heard of that compensates you for ACTIVITY.
See pages 14-15 of this link: https://advisor.securian.com/public/avs/F72989_Final_online.pdf
The true independent advantage is that you can represent as many or as few companies as you want... with no contract production requirements. When you have a contract with a production requirement... you have to produce that business... or you're gone. Whether they buy or not... has no bearing on your contracts with your companies. This is what gives you the freedom to "shop the product"... or to just pool all your production with as few companies as you want. There may be an impact on the amount of compensation you earn... but not necessarily for keeping your sales contract.
However, with most career contracts, you can only get "production credit" for going through their insurance brokerage... and not all products offer annualized commissions. Therefore, if you want to get a larger commission, you'll have an incentive for recommending "the house" brand.
I interviewed with them in Newport Beach (known as Tax and Financial Group). Very unique setup with them. The only reason I didn't pursue it... was because they said over and over again that they work with "HNW" clients... and that's not really my market. They also require B/D registrations (series 7 & 66)... and I wasn't sure if I really wanted to do that again.
They're also one of the few companies that I've ever heard of that compensates you for ACTIVITY.
See pages 14-15 of this link: https://advisor.securian.com/public/avs/F72989_Final_online.pdf
The true independent advantage is that you can represent as many or as few companies as you want... with no contract production requirements. When you have a contract with a production requirement... you have to produce that business... or you're gone. Whether they buy or not... has no bearing on your contracts with your companies. This is what gives you the freedom to "shop the product"... or to just pool all your production with as few companies as you want. There may be an impact on the amount of compensation you earn... but not necessarily for keeping your sales contract.
However, with most career contracts, you can only get "production credit" for going through their insurance brokerage... and not all products offer annualized commissions. Therefore, if you want to get a larger commission, you'll have an incentive for recommending "the house" brand.
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trustandadvice
Expert
- 89
If you work for MN Life you have quotas they aren't in the business of selling products from other companies.
- 4,689
I never mentioned quotas or selling other companies' products. Your response is directed at someone else.
