Is this an Indy firm?

[quote=ExPropTrader]If I am an independent contractor does that neccesarily make me "indy" of the larger mutual comapny or am I just working for an "indy" while not classified as an employee?[/quote]

MassMutual, is an insurance company. Not Indy at all.

[quote=AllREIT]

MassMutual, is an insurance company. Not Indy at all.

[/quote]

I understand that MassMutual is a life insurance company but that is not who I would be working for/with.  The firm I have interviewed with is affiliated with MassMutual and share common offices but it is not one and the same.

I am wondering the same thing. A general agent from MassMutual offered me a job. I thought that I would be selling mutual funds and other securities, but after doing some research I found that MassMutual deals mainly with life insurance.

Anyone familiar with MassMutual and understand exactly how the “independent” general agents are affiliated with the parent company?

and my contract (not yet signed) states I would be an independent contractor. 

Has this contract been read?  I ask because usually the way that these things work with the Mutuals is that you are both an employee and an independent contractor.  The business that you write through the insurance company (life, di, annuities, etc) will be treated as w-2 income.  The business through the B/D and outside insurance business is 1099 income. 

Often, you may start as an independent contractor until they sign you to a full time contract.  You won't get any financing until you sign this second contract.

The subsidy is because you won't be independent.  You will be an agent of the insurance company.  These subsidies are based upon New York insurance laws and are limited to about $55,000 paid over a 3 year period.

Closer, the large Mutuals all focus on insurance.  That does not mean that insurance has to be your focus.  However, there will be a minimal amount that you will have to sell.

My post is not specific to MassMutual, but to any of the large Mutual companies.

[quote=ExPropTrader]

I have been through several interviews with a large Mutual company but have interviewed with someone who would be my team leader, he operates under a totally different company name "affiliated" with the larger company and my contract (not yet signed) states I would be an independent contractor.  They have secured financing for a 60k "subsidy" during my 3 year training program (which I do not understand either but thathas been asked on another thread).

If I am an independent contractor does that neccesarily make me "indy" of the larger mutual comapny or am I just working for an "indy" while not classified as an employee?

[/quote]

Ask THEM.

[quote=anonymous]

and my contract (not yet signed) states I would be an independent contractor. 

Has this contract been read?  I ask because usually the way that these things work with the Mutuals is that you are both an employee and an independent contractor.  The business that you write through the insurance company (life, di, annuities, etc) will be treated as w-2 income.  The business through the B/D and outside insurance business is 1099 income. 

Often, you may start as an independent contractor until they sign you to a full time contract.  You won't get any financing until you sign this second contract.

The subsidy is because you won't be independent.  You will be an agent of the insurance company.  These subsidies are based upon New York insurance laws and are limited to about $55,000 paid over a 3 year period.

Closer, the large Mutuals all focus on insurance.  That does not mean that insurance has to be your focus.  However, there will be a minimal amount that you will have to sell.

My post is not specific to MassMutual, but to any of the large Mutual companies.

[/quote]

You hit the nail on the head, the focus in the MassMutual meetings has been mainly life & DI & LTC, while the firm meetings have used insurance as a base and the push has been toward fee-based, HNW clients.

The employee/contractor mix fits very well, I get the best of both worlds, I dont have to worry about rent or phone, but I can still deduct a lot of my expenses.   

I have been with them since February and I have to say I am very happy I went with them over EDJ.  The support has been great and there have been some very unexpected leads provided for us newbies.

And we dont have kool-aid....we got rum punch.

ExProp, how is MassMutual working out for you?

[quote=Closer]ExProp, how is MassMutual working out for you? [/quote]

I really like my agency and they really try to help us out any way that they can.  I have figured out however that this is not neccessarily true of ALL the agencies as I have talked with others who are not receiving the same support that I am.

I guess like alot of other companies it all depends on the branch.

Have you positioned yourself as an “investment advisor”, etc. or do you feel like you have the stigma of an insurance salesman? This is the only concern I have with MassMutual. Thanks.

[quote=Closer]Have you positioned yourself as an "investment advisor", etc. or do you feel like you have the stigma of an insurance salesman? This is the only concern I have with MassMutual. Thanks. [/quote]

I initially had the same concern, we market ourselves under the agency name which is not automatically associated with insurance.  The push here is for fee-based financial planning, everyone is required to have their 7 and 65 or 66, of course they suggest insurance as the foundation but it is viewed as a way to establish a relationship in order to get to the big $$$.  Some of the producers treat the insurance as an afterthought and go after the AUM right off the bat.  Either way is o.k. just a difference in styles.

Again I have seen this can vary widely at different agencies so it's kind of hard to make a blanket statement.  I have found that selling insurance is a quick way to put food on the table while you go after the assets, but like you I don't want to be seen as an insurance salesman.

Your concern of an insurance stigma is unwarranted.  Everyone and their mother is a "financial advisor".  If you really wanted to differentiate yourself, you might try positioning yourself as "insurance salesman".  It seems like no one is willing to do that.

MassMutual agents as a generality really do a good job of being well rounded reps.  This may be truer for them than reps of any wirehouse, indy company, or insurance company. 

I attended a local insurance association breakfast where the old guys were complaining about a missing generation of new producers. " Insurance salesman" may be the right positioning at the right time.

Anon and Rollin

Haven't really thought about it that way, probably my ego more than anything else that keeps me from pushin the insurance side of it.  It's nice to hear a different viewpoint.

When I ACAT $1,000,000 for one of my clients, I have probably made a bigger impact in my life than his.  When I have my client buy an insurance policy, I have made a bigger impact in his life than mine.

Help your clients achieve their goals and you can call yourself anything that you'd like.

I do call myself a financial advisor.  However, I make it clear to my client that we need to handle their insurance issues first.  The only reason for this is that insurability is very fragile.  Someone is insurable until the day that they are not.  With investing, as long as they can sign a check, they can invest.

[quote=ExPropTrader]

Anon and Rollin

Haven't really thought about it that way, probably my ego more than anything else that keeps me from pushin the insurance side of it.  It's nice to hear a different viewpoint.

[/quote]

What town are you in?

Also, how good of an opportunity is MassMutual? Is it in the same class of companies like Northwestern Mutual where they take you and get your contacts and then it’s over?

[quote=WiAdvisor][quote=ExPropTrader]

Anon and Rollin

Haven't really thought about it that way, probably my ego more than anything else that keeps me from pushin the insurance side of it.  It's nice to hear a different viewpoint.

[/quote]

What town are you in?

[/quote]

Wonderful city of Las Vegas

[quote=Closer]Also, how good of an opportunity is MassMutual? Is it in the same class of companies like Northwestern Mutual where they take you and get your contacts and then it's over?
[/quote]

I looked at MS and EDJ, didn't really know a lot about Mass but liked the team environment here and it has been as promised in my initial interviews.

I must stress however that each agency has it's own feel and levels of "teamwork". 

I have yet to be pushed to contact friends or family and unlike Northwestern we are not limited in the insurance or funds that we can use.

[quote=ExPropTrader][quote=WiAdvisor][quote=ExPropTrader]

Anon and Rollin

Haven't really thought about it that way, probably my ego more than anything else that keeps me from pushin the insurance side of it.  It's nice to hear a different viewpoint.

[/quote]

Funny, I just got back from Vegas on Sunday, was down for a wedding. It was 105 when I left Las Vegas and 43 when I got back to Milwaukee. I might as well been dropped off at the North Pole it felt so cold.

Oh, I have MML as my broker dealer. What is your take so far?

What town are you in?

[/quote]

Wonderful city of Las Vegas

Dont know why there is so much wrong information about NMFN out here, but for the last time: We are not pushed to contact friends and family, not limited to northwestern insurance and not limited to one type of funds. Others are prohibited from selling our products but we have no such restrictions from selling theirs.

[quote=trisyn]

Dont know why there is so much wrong information about NMFN out here, but for the last time: We are not pushed to contact friends and family, not limited to northwestern insurance and not limited to one type of funds. Others are prohibited from selling our products but we have no such restrictions from selling theirs.

[/quote]

Technically, your contract states that you must use Northwestern Products first and only if the insured comes back rated can you place outside business.

trisyn, Read your contract.    You really have to justify using outside companies.  Companies like MassMutual give you much more freedom.

ExProp - I understand marketing, but how do you reel in contacts at MM w/o using friends and family? Also, do you have an exit strategy for going indy one day? How long-term is your obligation to MM.

I ask so many questions because I am a younger guy doing an internship with MM and can sign the 3-year contract next month. I am just trying to get another perspective on the company.

No one is going to make you call on your friends and family.  That being said, I'll give you 3 important reasons to call on them.

1) The work that you do is important.  Don't you want to help the ones who you care about the most? 

2) Friends who become clients ALWAYS become better friends. 

3) Your F & F are in the best position to refer you to others.

There are definite appropriate and inappropriate ways to contact F & F.

[quote=Closer]ExProp - I understand marketing, but how do you reel in contacts at MM w/o using friends and family? Also, do you have an exit strategy for going indy one day? How long-term is your obligation to MM.

I ask so many questions because I am a younger guy doing an internship with MM and can sign the 3-year contract next month. I am just trying to get another perspective on the company. [/quote]

Everyone in the office has a different approach, some DO market to friends and family, some cold call, some use telemarketing leads, some (like myself) prefer to do joint work for the time being. I get my team leader in front of HNW people and he closes them, 50% of something is better than 100% of nothing in my view.  It all boils down to personal preference.  It's not that I refuse to market to friends and family I just prefer to do that later down the road.  I don't want to rely on that because you only have so many family members and friends and once you go through those if you havent learned how to prospect you're gone anyway.

The thing I like about Mass is that we can sell Mass products and be W-2 or we can sell any other company and get 1099'ed, so we get the benefits of both employee and independent contractor, just depends on how you want to build your business.

My exit strategy when I want to be truly independent I file some paperwork and I move from a career to a brokerage contract and take all my clients with me without any ACATs or the other agents sniping my business, a BIG reason I went with MM.

okay maybe I havent read my contract word for word, but i guess most in my office havent either or chose to ignore it because it happens quite often (most often when our term products are a little pricier than others)

[quote=trisyn]okay maybe I havent read my contract word for word, but i guess most in my office havent either or chose to ignore it because it happens quite often (most often when our term products are a little pricier than others)[/quote]

I think it comes down to you indiviidaul Managing Partner and how much of a stickler he/she wants to be. Again, it is all about the office you find yourself in.

Have you thought about having a DBA? Might help you get into some otherwise closed doors.

I hope things are going well for you.