New York Life Sales Training
Does anyone have any experience with the sales training program at New York Life, specifically compensation structure, attrition rate, average production etc.
How successful are college grads with this program.
I interviewed there. The guy was a real gem. It was the first time I saw hair plugs. At least, such obvious ones.
NYL is a good company, but, like all the insurance companies, your success is much more dependent upon the local agency than the company.
I can help, post a picture.Does anyone have any experience with the sales training program at New York Life, specifically compensation structure, attrition rate, average production etc.
How successful are college grads with this program.
AITOW- You aren’t the only woman.
I would say the local branch advice applies to any channel of this business. Ron may agree with me, I think a bank would be a great place to start. Chase as a decent platform banker program, and you can move into an FA position fairly quick.
It depends on what you are wanting to achieve.
Whichever route you choose, don’t be concerned with the average. I always made it my goal to be #1 in my district at the bank and now that I’m at EDJ, I want to be #1 out of my KYC class.
Compensation structure? Write business and you will get paid. Write more business and you get paid more. Write no business and you starve.
College grads? You have to be willing to make mistakes and make yourself look foolish at times to be successful. You have to be willing to risk your ego. It is my impression that a lot of college grads want a job to help them satisfy their ego. When prospecting is your number 1 job, it can feel like menial labor. It's the best activity to get business. Ask them who they expect you to contact for sales during your first 12 months. If it's friends and family (project 200), keep a careful eye out. Ask them who you are expected to contact after that? If they say "referrals"... run. Keep in mind that even if you're successful with friends and family, always ask yourself "what now?" Just because you happen to know someone doesn't mean that they are your best prospect in your first year. Your friends and family know you too well. They're not going to trust your "advice" until you've been in the business for a while and have proven that you have staying power. Sure, you might sell a policy or three, but you're not going to do much comprehensive work with them in your first year. Learn to prospect on your own without the crutch of friends and family. If you will do that, you will never want for prospects or money.Just an FYI, NYL wants you to pay money upfront (an investment in your career) for training costs, even if you’re already licensed.
Really?? Doesn't Jones sue you for $75,000 in training costs if you leave to go to another financial firm in your first couple years? That can't possibly be close to what NYL makes you pay for training. My firm made me pay like $900 before starting for background check and license costs, but I'm sure the training costs a lot more than that.Just an FYI, NYL wants you to pay money upfront (an investment in your career) for training costs, even if you’re already licensed.
If you have to pay to work for a company, it’s either MLM, or a scam.
We were reimbursed immediately after passing the exams. Quite certain after 4 years I’m not in an MLM.
[quote=3rdyrp2]We were reimbursed immediately after passing the exams. Quite certain after 4 years I’m not in an MLM.[/quote]
Good for you, the recruiter made it very clear lots of money upfront with no reimbursement. This was 2008, maybe something has changed.
That’s what I’m asking. How much is NYL asking from people. If EDJ is asking guys to pay back $75k if they leave in order to recoup training costs, how much is NYL asking beforehand to prepay the training costs. I can’t imagine they require people to pay more than $1,000 just for the privilege to say they are a NYL rep.
Maybe they just didn't think that you had what it takes and they didn't want you to take the job? NYL has been around for 150+ years. They are Fortune 100ish in terms of size. They always have the most MDRT members. They have great 3rd party ratings. My point is simply that they are legitimate and certainly not a scam.[quote=3rdyrp2]We were reimbursed immediately after passing the exams. Quite certain after 4 years I’m not in an MLM.[/quote]
Good for you, the recruiter made it very clear lots of money upfront with no reimbursement. This was 2008, maybe something has changed.
[quote=Gordon Ramsey]Compensation structure? Write business and you will get paid. Write more business and you get paid more. Write no business and you starve.
College grads? You have to be willing to make mistakes and make yourself look foolish at times to be successful. You have to be willing to risk your ego. It is my impression that a lot of college grads want a job to help them satisfy their ego. When prospecting is your number 1 job, it can feel like menial labor. It's the best activity to get business. Ask them who they expect you to contact for sales during your first 12 months. If it's friends and family (project 200), keep a careful eye out. Ask them who you are expected to contact after that? If they say "referrals"... run. Keep in mind that even if you're successful with friends and family, always ask yourself "what now?" Just because you happen to know someone doesn't mean that they are your best prospect in your first year. Your friends and family know you too well. They're not going to trust your "advice" until you've been in the business for a while and have proven that you have staying power. Sure, you might sell a policy or three, but you're not going to do much comprehensive work with them in your first year. Learn to prospect on your own without the crutch of friends and family. If you will do that, you will never want for prospects or money.[/quote] I can't disagree with you more as it pertains to friends and family for someone working at one of the big mutuals. We don't get paid for degree of difficulty. "Successful" with friends and family doesn't mean getting them as clients. It means getting referrals from them. It is so much easier to get a referral from a referral than to get a referral from a cold call. F&F are much more apt to give referrals than anybody else. My typical phoning #'s: Cold Calls: 40 dials, 5 reaches, 2 appts. Referrals: 5 dials, 3 reaches, 2 appts. Friends will give referrals. Referals will set appointments much easier. It's easier to sell to a referral. Referrals will give more referrals. The bottom line is that it seems to me that one would be absolutely foolish to not call on F&F with an insurance company. My advice would be completely different at a wirehouse.so…to get back to the original question…I was told that they will pay for my training costs. Will they pay a salary while i"m in training and what happens after training – base+ commissions for a period of time as i build my business or am i out on my own immediately?
We havent had that dicussion yet. Does anyone know the answer and does any one know the attriion rate for this program?
If you all had to chose an insurance co to train with, which one would it be?
thanks for your help.
pay = reimbursed Salary? No. Perhaps a draw against future commissions. Perhaps a bonus on placed business. Company doesn't matter. Local agency, manager, mentor and you are what matters. The only time the company matters is when you decide to leave the agency. Can you take your clients with you or not. NYL and Northwestern Mutual typically don't let you continue to service policies. Guardian and MassMutual both allow brokered business, so they would. Again, local agency matters first. If you can't produce, why would the rest matter?so…to get back to the original question…I was told that they will pay for my training costs. Will they pay a salary while i"m in training and what happens after training – base+ commissions for a period of time as i build my business or am i out on my own immediately?
We havent had that dicussion yet. Does anyone know the answer and does any one know the attriion rate for this program?
If you all had to chose an insurance co to train with, which one would it be?
thanks for your help.
Maybe they just didn't think that you had what it takes and they didn't want you to take the job? NYL has been around for 150+ years. They are Fortune 100ish in terms of size. They always have the most MDRT members. They have great 3rd party ratings. My point is simply that they are legitimate and certainly not a scam.[/quote][quote=someonewouldntexpect] [quote=3rdyrp2]We were reimbursed immediately after passing the exams. Quite certain after 4 years I’m not in an MLM.[/quote]
Good for you, the recruiter made it very clear lots of money upfront with no reimbursement. This was 2008, maybe something has changed.
So, Lehman was around 150 years, that didn't mean anything. All I said was that they expect you to pay them upfront, even if you're already licensed.
I would counter that your success with ANY FIRM stands squarely on your shoulders. Training and a little seed money to get you going is a necessary thing unless you have a nice chunk in the bank, unlike myself, but in any and all cases the best training in the world wont do a thing for you if YOU don't put it to good use.NYL is a good company, but, like all the insurance companies, your success is much more dependent upon the local agency than the company.
“Learn to prospect on your own without the crutch of friends and family. If you will do that, you will never want for prospects or money”
I flat out refused to use my family and friends as prospects as it would have !!KILLED!! me to know some other vulture would have gained from my failure had I washed out. I can't agree more with learning to prospect without them. The entire family and friends thing is just another version of the ML model and the firm trying to get the money they spent on you back if you did wash out.Gaddock, you are missing the fact that calling on F&F has nothing to do with getting them as clients. It’s about building a referral based business. Many people have quick success by selling stuff to family, but the one who survive are the ones who can learn to get referrals from F&F.
It's almost impossible to succeed in the beginning using referrals if one makes their money by being an asset gatherer. Yet, getting referrals almost guarantees success if one is working with an insurance company.I hear you, I’m sure that helps just something I didn’t do.
I'm sure this is correct in your personal situation, but I have a tough time imagining that someone would definitely get more referrals by selling insurance than investments. Stuff like life insurance and disability insurance is more personal to most people, and I wouldn't think people are more likely to bring that up in conversation w/their friends than they would their 401(k) and other investments. Everyone knows someone that is unhappy w/their current investments, but how many people have a friend who has complained that they don't have enough disability coverage? I'm probably off base, but this is just how I would see reality playing out.It’s almost impossible to succeed in the beginning using referrals if one makes their money by being an asset gatherer. Yet, getting referrals almost guarantees success if one is working with an insurance company.
It’s not the product. It’s the minimum requirements set up by firms.
Most wirehouses have a firm minimum of $100k to open an investment account. Life insurance and disability have no such requirements. All they have to do is be able to pay the premium. This opens the doors to more people who may want to own such insurance products.[quote=Gordon Ramsey]It’s not the product. It’s the minimum requirements set up by firms.
Most wirehouses have a firm minimum of $100k to open an investment account. Life insurance and disability have no such requirements. All they have to do is be able to pay the premium. This opens the doors to more people who may want to own such insurance products.[/quote] If I have a client that has $500,000 with me, chances are if they give me a referral it will be someone of relatively similar stature. People with money hang out with people with money.I'm sure this is correct in your personal situation, but I have a tough time imagining that someone would definitely get more referrals by selling insurance than investments. Stuff like life insurance and disability insurance is more personal to most people, and I wouldn't think people are more likely to bring that up in conversation w/their friends than they would their 401(k) and other investments. Everyone knows someone that is unhappy w/their current investments, but how many people have a friend who has complained that they don't have enough disability coverage? I'm probably off base, but this is just how I would see reality playing out.[/quote] I don't think that I'm succeeding in getting my point across. Chef Ramsey gets it. I am not saying that someone would get more referrals selling insurance than selling investments. Whoever asks the most will get the most referrals. I am saying that a newby can run a referral business when they are new in the insurance business, but can't in the investment business. Let me try to give an example. Joe is a new rep with ML. He is 25 years old. He does not come from money. His manager wants him opening accounts that are $100,000 +. He calls on F&F. None of them are qualified prospects. He gets 5 referrals from all of them. The vast majority of these also won't be qualified prospects. By this time he realizes that he's better off cold calling and qualifying for assets before setting up meetings. He has wasted tons of time talking to unqualified prospects. Jim is a new rep with Big Company Mutual. He calls on F&F. The majority of them will be qualified prospects. They don't do business with him because they know he is new. He gets 5 referrals from all of them. The vast majority of these will be qualified prospects and many will become clients and they will refer him to others. He has the start of a great referral based practice. It simply comes down to the fact that with insurance one doesn't need a lot of investable assets to be a decent prospect. A young attorney/CPA/etc. makes an excellent prospect despite not having any real money to invest. People don't complain about things like not having enough disability coverage. They don't know that they don't have enough coverage. For instance, I'd be willing to bet that 3/4ths of the people on this board would be financially screwed if they got sick tomorrow and couldn't work again. Here's a rough guess for you. Ride the elevator tomorrow and look at the 5 people on it with you. If all 5 of them were willing to have an open and honest conversation, 4 of them would generate a commission of at least $1,000 for someone who sells insurance. At most, 1 of them would be a decent client for an asset gatherer. More likely, none of them would be. A referral business is easier for insurance simply because the majority of people are qualified prospects. I'm not trying to make a point that this is a better way to go. It's just different.[quote=anonymous]It’s almost impossible to succeed in the beginning using referrals if one makes their money by being an asset gatherer. Yet, getting referrals almost guarantees success if one is working with an insurance company.
Anonymous: “Iceco1d, thanks for meeting with me today. I completely understand and can appreciate that you’ve been doing business with your friend for the last 20 years. I have no desire to get in the way of your relationship with him. As I said on the phone, I was looking for nothing more than a quick introduction today.”
Iceco1d: "It was my pleasure." Anonymous: "There are three people in your firm whom I will be trying to get together with in the next few weeks. How well do you know 3rdyrp2?" Iceco1d: "I know him pretty well. I was just at his baby naming. He's a good guy. blah blah blah." Anonymous: "When I call him, do you have any objection to me mentioning that we spoke?" Iceco1d: "That's fine." Anyway, the way to get referrals from someone who is almost a complete stranger is to drop names. The best part about this is that some of those people will become clients which makes it much easier to turn the original person into a client.The one thing that strikes me when getting a referral from a family member just out of the gate is the person knowing/finding out that you are right out of training. Seems to me to be a double edged sword.
I’d have to agree with you Gaddock. I personally have a hard time thinking that I’d have to rely on referrals from friends and family who they are willing to let me “experiment” on them for my income.
It's not something that I've ever felt comfortable about. Now, once I have my own practice being built and it's beginning to sustain itself and my family... THAT is the time to ask those I know. Why? We've always been told not to "sell" to our friends and family - to use them for money. I'd rather offer my help because I know that they need my help MORE than I need them to buy something.[quote=anonymous]Anonymous: “Iceco1d, thanks for meeting with me today. I completely understand and can appreciate that you’ve been doing business with your friend for the last 20 years. I have no desire to get in the way of your relationship with him. As I said on the phone, I was looking for nothing more than a quick introduction today.”
Iceco1d: "It was my pleasure." Anonymous: "There are three people in your firm whom I will be trying to get together with in the next few weeks. How well do you know 3rdyrp2?" Iceco1d: "I know him pretty well. I was just at his baby naming. He's a good guy. blah blah blah." Anonymous: "When I call him, do you have any objection to me mentioning that we spoke?" Iceco1d: "That's fine." Anyway, the way to get referrals from someone who is almost a complete stranger is to drop names. The best part about this is that some of those people will become clients which makes it much easier to turn the original person into a client.[/quote] That would be considered a referral? I'm not trying to seem critical, its just everything I've learned about gathering referrals and considering something a referral has never included mentioning to someone who I was already planning on meeting or talking to that I spoke with one of their colleagues.True, it is a lot easier to get a referral through a friend/family member that you have already sold/helped. But it isn't necessarily a requirement for them to give you referrals. For example, if you are competent, professional and position yourself correctly, your friends/family will send you referrals (as they want to see you succeed).
When I first got into production, I approached a couple of my family members that I knew needed something I was offering. I either got them into a better program or saved them some money. I went over what I did with all my friends (with no intention of selling them) and asked them "who do you know might need my services?" or "who do you know that just got married?" Selling your natural market and getting referrals from them is key to succeeding in this business because it will generate immediate income. In the meantime, I was also doing cold prospecting (cold calling and cold walking) so that by month 2-3, I was making sales off the cold market. After a while, your friends/family will see that you're doing well with your warm AND cold market and begin trusting you more by having you to review their entire plans (insurance and investments). Sometimes it's okay to be new at this industry as long as people like and trust you enough. I work as an insurance rep for a mutual company because I knew I wasn't going to rollover the $1million assets due to my youth and lack of experience in the industry. However, I built and established trust over time and presented myself in a manner where they would feel comfortable investing with me. By the way, it is MUCH easier getting a referral for an insurance case versus a wirehouse case. For example, "who do you know that just got married?"..."who do you know that just had a baby?" versus "who do you know has over $100k in assets saved up?"I'm sure this is correct in your personal situation, but I have a tough time imagining that someone would definitely get more referrals by selling insurance than investments. Stuff like life insurance and disability insurance is more personal to most people, and I wouldn't think people are more likely to bring that up in conversation w/their friends than they would their 401(k) and other investments. Everyone knows someone that is unhappy w/their current investments, but how many people have a friend who has complained that they don't have enough disability coverage? I'm probably off base, but this is just how I would see reality playing out.[/quote] Good point, people definitely like talking about returns on investments a lot more than how their insurance product is so awesome. However, that doesn't necessarily mean that it is harder to get referrals from the insurance side versus the wirehouse side. The insurance prospects would be limitless while only so much of the population have over $100k in investable assets. I have bumped into many households that gross over $200k without even $100k in their retirement accounts. Try thinking about how many referrals can be generated in the insurance world... To get referrals for life insurance, one has to ask "Who do you know that just had a baby?" "Who do you know that just got married?" "Who do you know has young children?" For disability, it can be "Who do you know that is a young CPA?" "Who do you know that is a young attorney?" "Who do you know that just graduated medical school?" "Who do you know is a key player in their business/company/job?"[quote=anonymous]It’s almost impossible to succeed in the beginning using referrals if one makes their money by being an asset gatherer. Yet, getting referrals almost guarantees success if one is working with an insurance company.
I second that. I interviewed with NYL before accepting an offer from another "mutual company" but basically it all boils down to the quote above.NYL is a good company, but, like all the insurance companies, your success is much more dependent upon the local agency than the company.
The only prospects for life insurance are those people who care about what happens when they die.
The only prospects for disability insurance are those people who work because they need income. This makes for a slightly larger prospect pool than "people with $100,000 to invest today".I second that. I interviewed with NYL before accepting an offer from another "mutual company" but basically it all boils down to the quote above. [/quote] Again, you will only have yourself to blame for failure and yourself to thank for success.[quote=anonymous]NYL is a good company, but, like all the insurance companies, your success is much more dependent upon the local agency than the company.
My wife and I have just begun to look into NY Life as a possible career, mainly for her. She's held several sales positions in the past, her last being in real estate so I'm sure she would be fine.
Couple of questions: 1. I understand there's a six month training program. Where does this take place, how many hours per week, etc.? 2. I'm an airline pilot with a pretty flexible schedule and wouldn't mind being qualified in this field along with her. Is this possible with NY Life, or do they want you to be completely devoted to them and do nothing esle? Thanks.The training depends on the specific branch, about twice a week for an hour or so, Regarding you joining as pilot in the first 3 years they do not allow you to have outside business activities, However you can still prospect for your wife and have your wife write the policy, good luck.
amitheonlywoman wrote:
Does anyone have any experience with the [url=https://www.starresults.com/sales-management-training-program/]sales training[/url] program at New York Life, specifically compensation structure, attrition rate, average production etc.
How successful are college grads with this program.
Hello,
Yes , expeirnced but in different category.
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