MassMutual - Career Agent
Thoughts about becoming a Career Agent with MassMutual?
It appeals to me due to the wide assortment of potential clients. Firms like ML, for example, seem to be extremely targeted. I've weighed out some pros/cons, but before I get into that, I wanted to get some general feedback on MassMutual.
Your success is more dependent on the local agency than the company. With that being said, MM is definitely one of the companies to explore.
In terms of clientele, you will have no problem working with the affluent, but much more importantly, you can make a very nice living working with people who aren't affluent.
That's exactly what I was thinking in terms of clientele. With ML, which I anticipate to receive an offer from, my focus is limited to those with $250K+ to invest. Being new to the area and the business, I think it will be difficult to build strictly this client base.
With MM, I already know of a handful of people who could probably use my help. The problem is, there's no training salary or base wages at MM. They have some sort of "financing" they call it, where you get 90% additional in commissions in addition to your normal commission on items you sell your first year, spread over time.
Your commission is $1,000, you get $1,000. You also get 60%/20%/10% of that 1K spread over the year. I asked if this money had to be paid back and was told no, even if you leave, but obviously they explore this option very seriously with those that it's offered to. I guess that is SORT of re-assuring, but I guess I won't fully know until I'm in the role.
MM seems much more laid back (the agency I visited anyway). Office morale seems good, they flat out said they don't want you working 60-80 hours / week, and the support seems to be there.
Having said all that, should I be worried about no base?
That's fair. I think I would have the discipline to do that. I technically DO have some money set aside, but I'm trying to save for a down payment on a house. Tapping into that during a bad month will be extremely difficult emotionally.
The interviewer mentioned that they did once put someone on a salary that merely covered his monthly expenses, but it didn't end up working out in the end and cost them money. He asked me if I knew what my monthly expenses were. I figured he was trying to feel me out. I said I had an idea, but "didn't crunch the exact numbers," as I didn't want to give up that information, quite frankly. I hate talking numbers period, especially early in the game.
As I mentioned, there's also their "financing" option.
Should I push for one over the other? Give them my "monthly expenses number" in hopes of working out a salary?