Working for Massmutual?
I have been interviewing at Massmutual for 2 weeks now. It seems as if the job is mine as long as I pass the Series 6 and 66 ( I beleive ). Is Massmutual a good company to work for as a Financial Service Advisor? I was told that Massmutual has a 33% success rate for FA's they train, while the industry in general is at 10%. They have an established training program for new hires that will be beneficial as I have 0 experience in this industry. I do know that they use the Project 200 method of creating a book, and that they offer zero leads. The hiring manager told me that I should expect to make $100k+ after about 5 years or so. I know that it is a numbers game and that it is possible if I can generate that type of business. Does anyone know people at Massmutual who have/are hitting these numbers? This is a Massmutual located in the North East.
Thanks for the great advise. I know they primarily sell insurance, which I am fine with. I think its better to learn on one type of product and become confident with it before jumping into all the different type of investments. Do you have any strategic advise on handling project 200? I think instead of asking my friends and family directly if they want WL or TL insurance, I will ask if the can refer me to someone who may be interested and hopefully get some sort of snowball effect. Also, about coldcalling...I have read that its best to call people with money, Dr.'s, Lawyers, Small business owners, is this true? I was also thinking of cold calling / cold walking local fire departments, and those who have jobs that risk their lives everyday. If I choose to call out of the yellow pages, I will first need to run their numbers through the Do Not Call list, correct?
Once again thanks for any advise, I am just trying to put a plan of attack together in order to get the ball rolling right away.
Un00, Mass Mutual has a reputation of being OK with their agents doing a significant amount of work in investments but in order for the GA to view you as profitable (early on anyways) he/she is going to be wanting you to focus on insurance. The good news is that there are more good prospects for insurance than there are good prospects for investments. The payout at MM is probably about twice that of being at a wire but you will find that the b/d at insurance companies are... well intentioned... but are not close to being as competent as a wire house or good indy.
That being said, if you can make it at MM you will have more freedom of movement than the typical FA at a wire.
MM also accepts brokered business more freely than NYL or NML. So, if you walk you have a better chance of taking your insurance book with you. IMO when dealing with friends and family as you are just starting off -- stay away from investments -- and focus on life insurance. You will be doing people a tremendous service by pushing them to get themselves properly covered.