New York Life

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Sep 7, 2006 5:39 pm

Little is written here about New York Life...So whats the word?

All I have found is that their product selection is limited, but what about the pay? Commission only? what is the reputation compared to other firms such as Ameriprise?

Sep 7, 2006 5:51 pm

Well I'll save some of the regulars the keystrokes - The search function is your friend.



There's a whole lot on NYL.


Commish only.  No salary.  They loan you marketing money that is to be used for marketing only.  It is a loan. 


Search and you will discover  

Sep 7, 2006 6:02 pm

Great reuputation--better among the prospects than among those in the industry.


They had a HORRIBLE experience with NASD licensing exams and got gun shy--for years they didn't have the necessary supervisory layers to make a all out effort--that may still be true.


But if you ran a survey among the American people asking to name great life insurance companies they would come out very close to the top if not at the top.

Sep 7, 2006 8:22 pm

It's a great firm if you only want to be a life insurance salesman and you plan on staying there for your entire career.

Sep 7, 2006 8:44 pm

Commission jobs are BS. Lie, cheat and steal-

Or starve.

No thanks.

Sep 7, 2006 9:27 pm

Slim2None, Aren't all business owners basically on commission?

Sep 7, 2006 10:53 pm
Slim2None:

Commission jobs are BS. Lie, cheat and steal-

Or starve.

No thanks.


No diplomatic way to say this...you sound like someone who failed in this business.  Just because you couldn't cut it doen't mean that it can't be done.

Sep 8, 2006 10:29 am

So they are a pure commission firm, I havent discussed anything with them yet, interview is next week.

Sep 8, 2006 10:44 pm

Amp...


NYL has lead the industry in MDRT membership for 50+ years...in a row.  They are the cream of the crop of the 1900+ life companies in the US.


Once you validate your contract with NYL you will have the opportunity to get your CFP, series 7/66 and join their B/D & Eagle Strategies...and engage in fee based planning


Their product line is as strong as any insurance company's and they have a financiang plan for newbies.  They are the premier career company left in the biz.  Northwestern Mutual is a good one as well.


Yes...you will start out as a life insurance guy...and if you are smart, you will become a good one before you start looking hard at the FA side.  It's just common sense...think about what people need vs. what they want.  They NEED life insurance.  They WANT investments.  You will be positioned to do both, eventually, and you will not have the competition that most FAs will have...since the amount of Life Insurance sold by all the FAs in the USA amounts to next to nothing.


Good Luck.


Sep 9, 2006 7:53 am

That is exactly right--as the life guys keep saying, true financial planning starts with life insurance.


Others are saying that it's far easier to build the relationship with a simple sale--life insurance, or a single stock trade--than the $400,000 401(k) rollover.


Anybody under thirty five, without extensive inroads into the world of the rich and famous, is crazy to try to start in the Wall Street style investment business  instead of the life insurance business.


Sep 9, 2006 5:18 pm

Thanks  for the help guys

Sep 12, 2006 8:30 am

So true!  I interviewed with NY Life.  The only guys I have met under 35 who made a great salary from the get go in this biz are commissioned life insurance guys.  These guys who are making a decent six figure salary in their mid 20s do not have any extraordinary connections either.  They simply had a network of average professionals who can save a few hundred bucks/month into life insurance.  That translates into a few thousand dollars commission when you factor in 1st year commission + bonuses.  Closing 4-6 accounts a month is not a difficult feet.  I don't see anything wrong with being a cash value life junky when you're young. I'm doing it. 

Sep 12, 2006 8:36 am

What is really a difficult feet is having two left ones.

Sep 12, 2006 10:55 am

I have a buddy at Ameriprise selling financial plans to the middle class.  He is also in his 20s.  Commissions on his small roth IRA accounts alone would not put food on the table.  Selling plans is what keeps him in business.  I would have to say that he works twice as hard as I do in selling financial plans.  He also deals with a lot more paperwork.

Sep 12, 2006 11:03 am

Ah, a true slacker raises his hands and begs to be mocked.


Tell us Jimmy The Rocker, what is wrong with working hard if it leads to a better job in ten years.


You're in a dead end career and your constant theme of not working hard is going to be your downfall.

Sep 13, 2006 1:16 am

I admit.  I'm a lazy.  However, I am incredibly good looking.


Sep 13, 2006 1:25 am
NASD Newbie:

Ah, a true slacker raises his hands and begs to be mocked.



Tell us Jimmy The Rocker, what is wrong with working hard if it leads to a better job in ten years.



You're in a dead end career and your constant theme of not working hard is going to be your downfall.





Newbie go take some pictures of poochie, the only dead end career you know about is your own. English professor turned financial mangager wannabe



Was it two big firms or two small ones? Wirehouses or insurance companies? Time to change your screen name like Dirk, are you dirk? Maybe your so psycho you have several different personalities posting here. I do notice you have been posting a lot less Putsy... No google gains to speak of.