Rookie Seeking Advice

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Sep 11, 2009 10:12 am

First off I want to introduce myself to the forum. Everything on here ( with a few exceptions) has great foundation and has been very helpful.

I started with and indy shop under Mass Mutual and there are a few things I have been questioning. I come from the wholesaling side of the industry with Hartford Mutual Funds so I have a decent understanding of securuities. My first problem is they will not register me with the broker/dealer until I sell 5 life insurance policies and I continue to tell them I have a large amount of 401k rollovers to get my started. My natural market is fairly small and for a new rep I dont not want to touch base with people introducing insurance to them. Thats not the image I want.

Has anyone dealt with a similar situation? Any input would be great.

Thanks

Sep 11, 2009 10:24 am

Simply cold call. You could get 5 policies in 2 days... Term life is cheap, $30-50/month and everyone over 40 is interested in life insurance. Its an easy sell. The guys at Met would close life policies on a daily basis to brokers. I can think of over 10 people who came to me personally asking for life policies. But they knew I was working with Metlife at the time.

Sep 11, 2009 12:48 pm

Personally, I'd find a new B/D.  But that's just me. 

If you're not comfortable with what they want you to do, then it's not a good fit.  There are tons of indie B/Ds out there who'd be willing to take you on, let you roll over your 401(k) business and not require you to sell insurance for them before they let you register with them.
IMHO, that's a bunch of crap.
Sep 12, 2009 7:34 pm
NumbersGeek:

Simply cold call. You could get 5 policies in 2 days... Term life is cheap, $30-50/month and everyone over 40 is interested in life insurance. Its an easy sell. The guys at Met would close life policies on a daily basis to brokers. I can think of over 10 people who came to me personally asking for life policies. But they knew I was working with Metlife at the time.



O i don't know about that...

Sep 12, 2009 8:47 pm

B/Ds are not profitable ventures for the insurance companies except to the extent that they allow them to sell more insurance.   Therefore, although it is an independent b/d, they really don't want you unless you will be selling insurance.


Is your issue that you don't want to be selling any insurance or is your issue that you want to become part of the B/D immediately?  If it's the former, you need to find a new B/D.  If it's the latter, go sell the policies.  5 policies should only be one or two households.  I frequently sell more than this to one household. (term + WL on husband and on wife + DI on both + 2 kiddie policies and there's 8 policies)
 
It sounds as if they want you to become a career agent.  Doing this will mean higher payouts on security sales if you are a decent producer.