NY Life

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Feb 11, 2006 8:06 pm

Considering an offer from New York Life.  I worked for a short
time in the retail side (wirehouse)  and decided it wasn't my cup
of tea.  Has anybody here been through their training program or
know much about their products.



Thanks

Feb 12, 2006 2:37 pm

I know little about New York Life, but I do know that their product offering is far more limited than that of most wirehouses. So, you have to honestly ask yourself: Can I sell?


The reason for asking this is, if you can't sell from a wide array of product offerings, you're not going to do well with a limited array of financial products.


To get a sense of what it would be like to sell for New York Life, imagine limiting yourself (at your current B/D) to selling only insurance products. If you haven't sold any insurance products to your current client base and you haven't found any prospects who would qualify for any insurance products, you'll have sense of what you'll go thru at New York Life.


Also, imagine that you're limited to selling only New York Life products. (Although, that is just conjecture on my part. I don't know if they require you only sell their "stuff".) I like the freedom of choosing from several insurance companies, myself.


If you've done well as a broker, so far, a change may be good. However, if you've been struggling to bring in assets, maybe sales itself isn't your "cup of tea".


Good luck soul searching!

Feb 16, 2006 8:50 am

I work for NYLife right now. Doberman is right in that they have very few products to choose from. I was told that I would be able to sell anything I wanted before I started. That isn't true. About 95% of what you should be selling at NYL is life insurance and annuities. The rest should be long term care insurance and they will tell you that after you get onboard. If you have a series 7 it will go to waste at this company. They will not allow you to trade or make any recommendations on individual equities, bonds, and options. They do allow you to sell Mainstay Funds which are pretty solid. However if you want to be a broker or full Financial Advisor then look elswhere. I have a 7, 66, and Life&Health, but now I'm known as the Insurance Guy. If you can live with that then NYL may be a good fit.