AXA Advisors Vs MassMutual... Working for AXA offer from MM
So I have been at AXA not long enough to even really be done with training. I obtained the Life and Health License, Series 7/63/65, I paid for all the testing fees. Before I started there was just something that were really glossed over in interviews that came to light when I started Very minor and not worth the detail, but it was the fact these were hidden from me, and seemed so on purpose. EX: Never was told I need to pay to go work charity events, pay to read self help books (i hate reading).
I read all over the internet pretty much confirming my ill feelings. Things like "turn and burn employees", pushing you to sell to family then never even get contracted, etc etc.
I got an offer from MassMutual and it is solid. They pretty much match my commission up to 32k/21k/11k on 1st year/2nd/3rd. So basically 40k in commission year 1 = 72k fresh out of college.
From what I can tell both positions are pretty much similar besides pay structure, contract, and benefits; here MM beats AXA in all these areas by a landslide. When trying to quit AXA today they sale pitched the shit out of me how at AXA your so much more independent to do what you want and have the freedom to shop around different products from different companies, and at MM your REQUIRED to sell their 3 products of Fixed Annuity, Whole Life, and Term life (MM 4 core products are actually VA, Whole Life, DI, and LTC). That you have to please the policy holders who own the company and your basically forced to sell MM products to hit min commission marks to stay hired.
After leaving I pretty much felt I was fed so much bullshit to get me to try and stay. Thankfully, MM prepares a 50 page document outlining everything from A-Z for new employees. I look over the MM packet and realize that yeah I have to sell atleast $12,000 worth of MM products for in the first year, and it increases slightly over time, but it did not seem unreasonable. Also looking I realize that 25% of my production from outside of MM products applies to that minimum.
I talked to the manager at MM about what AXA told me, and how I felt like I was deceived a little because this packet tells me otherwise. He pretty much confirmed everything I read in the packet and said something along the lines of "yeah obviously if you sell a MM product your commission is going to be a lot higher and is going to give you frivolous bonuses like going on trips to Hawaii if you sell enough MM products, but at the end of the day you have to do whats right for the client for not only moral and ethical reasons, but for compliance purposes too."
I have pretty much made up my mind and am going to MassMutual, but wouldn't mind seeing if there were some other opinions to people who have insight on either company. I want to be able to have freedom to build the book of business my way, and not forced to slang insurance to people who are looking for investments instead. My 23 year old friends making 60k a year with no gf, kids, mortage, etc want things like growth mutual funds, not whole life insurance. Of course getting insurance this young would be smart due to the excellent health, but you can't get many 23 year olds to think like that. All about suitability of the client ;). Long term I would ideally like to start my own producer group.
" freedom to build the book of business my way, and not forced to slang insurance to people who are looking for investments instead"
Remember when you go to work for an insurance company you will have an insurance company quota,(sell Life to all ) and a manager that is paid by an insurance co
your still young but
go to work for an independant advisor, helping them manage there C clients, and make sure you have a deal in writing that you can build your own book and if you leave you can take it with you....IN WRITING
don't sell comission products...sell advisory products in an advisory financial planning relationship ...
Remember training allowances equals you don't own the book
Lastly own your data... Companies will change and if you rely on "The company"
for software THEY OWN IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I am an AXA guy but certainly do not tow the company line. I'll give it to you straight.
So you are in an insurance based firm, you know how PCs work and you know that at AXA you do not have a mandate to sell Life Insurance to Everybody. Oh sure they are going to pimp it hard, but you choose where your production comes from.
EVERYBODY is going to make you sell to friends family and natural market until you come up with another market.
At AXA you manager's comp is affected much more than yours if you write through Network. The guy that started me had a three part rule. First--do what is best for the client. Second--be prepared to prove at any time that you ran the numbers on the AXA products and gave AXA products a shot. Third--do what is best for the client.
The issues you had with what you were not told appear to me to be more based in a manager being clumsy and disorganized more than having a lot of Malice. I guess I don't understand how they made you pay to volunteer at a charity event?
The thing I really don't like at AXA for new guys is there is so much push to produce now rather than build assets under management and build it slow & steady. Can't imagine that being better at Mass though
If you are going to stay in the industry long term, AXA is going to be much better for you financially long term...not up front.
By the way did you ask Mass if that "match" of your production is recoverable if you leave? I don't know if it is or not. But be aware if you are actually running up some debt for yourself if you ever leave.
Has anyone told you about the share plan at AXA yet? that thing is AWESOME I've made a really nice chunk just from that.
I guess my main concern for you is you are getting recruited from sales guys (in both firms) they know how to make the other guy look bad. But the concerns you have at AXA are not things I would expect to be better at Mass.
At AXA what branch are you in?
Be wary of anyone that speaks in absolutes (always never, must, only).
Take my comments with a grain of salt. Was with AXA for 4 years, left the industry and going back with an indy. Have friends that work(ed) for MM. In a certain sense the companies are similar as they are both insurance based companies. Not sure if AXA still has the same rules that you can sell non-AXA products but they do not count for your production for benefits. MM is the same.