New York Life Sales Training

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Sep 25, 2009 8:24 pm

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.

Sep 25, 2009 8:42 pm

I interviewed there. The guy was a real gem. It was the first time I saw hair plugs. At least, such obvious ones.

Sep 25, 2009 8:48 pm

NYL is a good company, but, like all the insurance companies, your success is much more dependent upon the local agency than the company.

Sep 25, 2009 8:53 pm
amitheonlywoman:

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 can help, post a picture.
Sep 25, 2009 9:01 pm

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.

Sep 26, 2009 11:23 am

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.
Sep 26, 2009 4:08 pm

Just an FYI, NYL wants you to pay money upfront (an investment in your career) for training costs, even if you're already licensed. 

Sep 26, 2009 4:22 pm
someonewouldntexpect:

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.
Sep 26, 2009 5:29 pm

If you have to pay to work for a company, it's either MLM, or a scam.

Sep 26, 2009 5:35 pm

We were reimbursed immediately after passing the exams.  Quite certain after 4 years I'm not in an MLM.

Sep 26, 2009 5:53 pm
3rdyrp2:

We were reimbursed immediately after passing the exams.  Quite certain after 4 years I'm not in an MLM.



Good for you, the recruiter made it very clear lots of money upfront with no reimbursement. This was 2008, maybe something has changed.

Sep 26, 2009 5:59 pm

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.

Sep 26, 2009 6:13 pm
someonewouldntexpect:
3rdyrp2:

We were reimbursed immediately after passing the exams.  Quite certain after 4 years I'm not in an MLM.



Good for you, the recruiter made it very clear lots of money upfront with no reimbursement. This was 2008, maybe something has changed.



 
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.
Sep 26, 2009 6:25 pm
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.

 
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.
Sep 26, 2009 6:52 pm
We don't get paid for degree of difficulty. 
 
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. 




 
I took too long to figure this out.  As of late I simply have made referrals a process for me and it's made a big difference.  I simply state receiving introductions as a part of my compensation and have them agree to it upfront when a case is opened, then I have a "formal referral process" on the back end.  Cold calls absolutely work, however, referrals are the ticket and least costly in terms of time spent generating prospects.  As Anonymous said, if you are a wirehouse broker and very few people qualify for your services, that's another story entirely.
Sep 26, 2009 7:12 pm

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.

Sep 26, 2009 10:10 pm
amitheonlywoman:

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?
Sep 27, 2009 3:00 am
anonymous:
someonewouldntexpect:
3rdyrp2:

We were reimbursed immediately after passing the exams.  Quite certain after 4 years I'm not in an MLM.



Good for you, the recruiter made it very clear lots of money upfront with no reimbursement. This was 2008, maybe something has changed.



 
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.



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.

Sep 27, 2009 9:19 am
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.

 
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.
Sep 27, 2009 9:23 am

"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.