What’s the Scoop on this firm?
Its a world class financial services firm which offers hot leads and highest
NY Life could be a great place to work...and not just as a stepping stone.
Or, it could suck.
What really matters is the local office.
most mdrt members, most court of the table members, most top of the table members.
I think they are pretty darn good.
[quote=BankFC]Why go to work for a firm you just see as a stepping stone? To me, that sucks...[/quote]
You expect to be sitting in a bank lobby smiling at people who are coming and going from the teller windows for the rest of your life?
My book will be built to the point I will be removed from the branch (with a bump in payout)within 5 years and then I will only deal with clients. You’ll still be thinking about where your next index annuity sale will come from.
You could use it as a stepping stone (transition into an RIA) but why go through the hassle if you already making half-a-mil on insurance alone and god knows how much commission through the referrals to other professionals.
NY Life, is no Merrill Lynch. Having said that, I know a couple of guys
that have pretty big accounts with our local NY Life guy, I’m pretty
sure 1mm+ a peice. Obviously they focus more on insurance, that is
something you might want to think about. If I was going to focus mainly
on insurance I would go with state farm. I know I’m going to get
harassed for saying this but, look into Jones, if you are in a smaller
area. There is no ML here, no MS, no Wachovia and the Jones guys are
dominating. One rep has 190 AUM. I know that is far from the elite, but
he was a 1mm producer during the bubble and he produces about 750k now
and is making plenty of money. Just saying something you might want to
keep in mind. Also maybe Ray Jay.
seriously is it a good stepping stone?
Sure, beg your uncles and aunts to buy insurance policies and step on to something else when you run out of relatives to contact, so that the agency can pocket the trailer income from the policies you sold.
If you’re wanting a career selling life insurance, go right ahead. I did NYLife for 9 months. You will make pretty good money. They offer a monthly training allowance for the first 2 years. First year is about 90% of commisions up to $1900 per month I believe. They teach you how to sell permanent life insurance to anyone in any situation. You will learn a few different scripts and they’ll teach you their “Macro Asset Prospective” approach which is about fooling a prospective client into thinking whole life insurance is all you need to retire on. That’s about it. No training in securities, besides an occasional monthly 2 hour meeting at the branch office with a Mainstay Fund manager. If you do decide to join them, read your contract carefully. They fee you for everything. Stationary fee, cubicle rent, phone and voicemail, etc…
If you have no other avenue to get into the business I guess do NY
Life, but what it might come down to is do you have a passion for the
financial markets. You might be just as happy with selling insurance. I
know several big time insurance guys and they rake in the money. They
make what top brokers make, so the money is there. You might not want
to mess with handling people’s money. You can leave that to me.
I interviewed with them about 2 yrs ago and at that time they offered a "marketing loan"
This was to be used only to market. Not a training allowance or draw.
Questions to ask-
How long has Manager been there?
How many years in field?
# of current rep's he/she hired and average tenure amoung them?
Detailed list of fee's and expenses.
Your interviewing them as it's your savings on the line. With no salary starting out you better hit the ground running.
As mentioned alot depends on the office, Manager and training. The ?'s listed should give you a good sense on the office.
Do a search for old threads as this has been hashed over a few times.