Principal Financial Group

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Dec 6, 2006 3:23 pm

I am looking for personal experiences and/or your opinions about them. Your brutal honesty is much appreciated :)



Best fit I could find for me, being that my primary source of business derives from property/casualty insurance and employee benefits. They offer competitive payouts, products, support, and have a low minimum production requirement. 

Dec 7, 2006 12:41 pm

I think you have your reply in the number of views with no reply.


This is a broker forum.

Dec 7, 2006 3:42 pm

True. However, I have seen numerous posts about New York Life in here. To the best of my knowledge, I believe the two to be very comparable. I am just fishing for information.


I am aware this is a "broker" forum. I too am a "broker". I may not deal with exactly the same products or clients you or the majority of individuals who post here do, but I feel I still fall in the same category. Besides, I have learned a lot being here, and hopefully I have contributed to others as well.

Dec 9, 2006 7:31 am

insurproducer, as a general rule, registered reps know very little about

insurance. It's not their fault. Often, their insurance production needs to go

through their grid. Therefore, on an insurance sale, they end up making

about 25% of what an insurance producer makes on the identical sale.

Additionally, everything seems to be about AUM these days. The end result

is that although proper insurance is a critical part of one's complete financial

planning, it gets almost completely ignored by registered reps who are

forced to put it through their grid.

I love this fact because it means that I can take the business away from a

wirehouse financial advisor every time.



Website deleted

Dec 9, 2006 11:45 am
anonymous:

insurproducer, as a general rule, registered reps know

very little about insurance. It's not their fault. Often, their insurance

production needs to go through their grid. Therefore, on an insurance sale,

they end up making about 25% of what an insurance producer makes on

the identical sale. Additionally, everything seems to be about AUM these

days. The end result is that although proper insurance is a critical part of

one's complete financial planning, it gets almost completely ignored by

registered reps who are forced to put it through their grid.

I love this fact because it means that I can take the business away from a

wirehouse financial advisor every time.



Website deleted


nice plug....

Dec 9, 2006 1:16 pm

"I love this fact because it means that I can take the business away from a wirehouse financial advisor every time."


Lets clarify what type of business you are taking away every time. Is it the $3K premium into a U.L business? Or the $1.5M fee based account that kicks off about $20K per year in recurring fees?


I'll let the life insurance go in order to have the latter type of business. And the thought that someone at say Met Life or Mass Mutual can sell an affluent client on term life or a VUL and use that as a stepping stone into their millions simply doesnt happen too often.


Does it happen? Sure, but that concept is what life insurance cmoapnies preach to their reps. "Sell them the asset protection, develop the relationship with that product, then you can get the entire relationship..." I know this because I used to work for a glorified insurance company and that was the schpiel they always used.....

Dec 9, 2006 3:11 pm

When I talk about taking away business, that is precisely what I am talking about...taking business away.  Selling a DI policy to a wirehouse client isn't taking business away since the wirehouse rep completely ignores the subject.    Taking business away is moving the entire account.  Of course the nice thing about the 1.5M fee based account is that my payout is double that of a typical wirehouse rep.


When one presents themselves as a financial advisor and then ignores protection issues, it is easy to drive a giant wedge between the client and the advisor. 


For what it's worth, I've never sold a VUL policy in my life.  I do sell a ton of term insurance and whole life insurance.