Advice for Newbie EDJ, AXA, NWML, MetLife?
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I’ve been in sales for over 20 years but am new to the insurance / brokerage/ financial services world, and I would appreciate some advice, especially from you veterans.
I’ve been offered a " pre-employment " contract with AXA which is basically non binding but is enabling me to move forward with the required training and licensure. I just passed the NYSLH and will be starting the Series 7 course via the STC online “school”.
I’m starting to realize the differences between the companies I’m interviewing with but would like to know the best way to rank them as they are not apples to apples comparisons.
I’m leaning towards Edward Jones because of the training and reputation; how are their investment / insurance products? I locked in Clarence NY as my target market with the recruiter…
NWML wants me too but you have to earn the right to sell investment products over a couple of years, although I know they are a great insurance company…
At AXA, I could sell both insurance and investments, and the local office is #4 in the US for production
The local MetLife office has been pursuing me - I think they have strong management
Guardian has also been calling but I have to call them back as well.
Thanks for your help
I’ve been with EDJ for over 10 years and am very pleased. In comparing apples to oranges, it comes down to what kind of business you want to have. If you want to be an insurance man who dabbles in investments, met life and NML are good firms. If you want to be an investment guy who dabbles in insurance go to EDJ. Skip AXA under any circumstance.
EDJ is a good company. Realize who your target market is, and what you will be marketing.
I think their model is good, but it’s only good for the right people.
With the insurance companies, like Northwestern Mutual, much of whether it will be a good place is the local agency. Definitely check out Mass Mutual and Guardian before accepting another job offer. It’s hard to imagine that AXA would be a top place to work.
I had a negative experience with one of these insurance companies
because of the office manager. Basically, he was a former Bally’s
salesperson who was willing to promise me anything I asked for (as long
as I didn’t ask for it in writing). I believe his goal was to get my
contact list then take me on dual sales calls so he could pitch my
family & friends for his book.
I suggest reviewing the
Jones offer/outline and asking your other prospective companies to
provide a similar outline with regard to training, salary &
commissions. I walked out of my second interview with the insurance company when the ex-Bally’s guy said, “isn’t
it funny that the way you get paid is the last thing you learn…but I
promise, the pay is really really good! I just don’t have anything in
writing”. He still calls me trying to get me on board.
i never never met any advisor who has been a home run success at edward jones, met life, or axa. i do know several people who are monsters at northwestern mutual who are cfps. i have not heard anything good about axa.
[quote=tmoney47]
i never never met any advisor who has been a home run success at edward jones, met life, or axa. i do know several people who are monsters at northwestern mutual who are cfps. i have not heard anything good about axa.
[/quote] That's because most big ones leave after 3-5 years and go wire or indy.. Had a guy in my training class who left after 3 years, then went to UBS for 2 years, now is indy and does $1.75M in production...[quote=Squash1][quote=tmoney47]
i never never met any advisor who has been a home run success at edward jones, met life, or axa. i do know several people who are monsters at northwestern mutual who are cfps. i have not heard anything good about axa.
[/quote] That's because most big ones leave after 3-5 years and go wire or indy.. Had a guy in my training class who left after 3 years, then went to UBS for 2 years, now is indy and does $1.75M in production...[/quote] tmoney: You must not have ever worked at Jones. Because of the region I was in I know several, million dollar producers. All of them 25+ years with the firm. I guess I'd classify a million dollar producer as a home run success but that's just me.I have been with MetLife for 2 months and it has been great. It has a great training progam and I have an unlimited potential for income. MetLife has been around since 1868 and it is growing. No TARP Money and every paper will tell you that we are positioned for the economy if it goes up or down and I can tell a client that and feel good about the company. There are top producers in every company to learn from just make sure that the company fits you.
"I have been with MetLife for 2 months and it has been great. It has a great training progam and I have an unlimited potential for income. MetLife has been around since 1868 and it is growing. No TARP Money and every paper will tell you that we are positioned for the economy if it goes up or down and I can tell a client that and feel good about the company. "
What paper is that? Is it the MetLife Gazette? As the saying goes, "Don't drink the Kool Aid."[quote=anonymous]"I have been with MetLife for 2 months and it has been great. It has a great training progam and I have an unlimited potential for income. MetLife has been around since 1868 and it is growing. No TARP Money and every paper will tell you that we are positioned for the economy if it goes up or down and I can tell a client that and feel good about the company. "
What paper is that? Is it the MetLife Gazette? As the saying goes, "Don't drink the Kool Aid." [/quote]LOL, your reply was hilarious. MetLife Gazette, lol.
[quote=wind3574] [quote=tmoney47]
i never never met any advisor who has been a home run success at edward jones, met life, or axa. i do know several people who are monsters at northwestern mutual who are cfps. i have not heard anything good about axa.
[/quote]I smell BUUUUUUUUULLLLsh*t.... I know 4 off the top of my head who are million dollar producers...One who grossed $700,000 in one month...Dropped 2.5 Million on a home, dropped $95,000 on a new driveway so we could have valet parking at our christmas party....and just went on a $24,000 moose hunting trip in Alaska......
buuuuut, I guess thats debatable thats its successful....[/quote] I believe he said he never met anybody at Jones who was a homerun success. Not that there weren't any. So that guy who dropped all of that money... I know guys like that. Makes a ton of money. Probably going to die broke or his wife will use it to get some nice plastic surgery, take all of his money and run off with the pool boy. No fiscal discipline.
In all reality none of the companies you have been looking at are places you will want to be long term. Of course, there are successful individuals at every company that everyone speaks of, but if you want to have a good product mix and build a long term business you can be proud of there are many other options to look at. I agree that the challenge in this environment is finding one who will hire you without a book of business though. I would look to some of the local brokerage houses and maybe a couple of regionals because they still get what the business is supposed to be like. Not sure what is in your area, but there has to be a good local company that has some strong long term reps that can mentor you.
On the other hand, you might get into one of those places (cough…cough…EDJ…cough) and find out that you’ve found the place you want to retire. Local brokerage houses get bought out by bigger brokerage houses. Regionals, same deal. These days even the big guys have been bought out.
I think it's premature to tell him he won't want to stay at any of those companies long term.If your just starting out, you might also wish to consider going the RIA Route either by establishing your own RIA firm or considering joining as an Investment Advisor Representative under an existing RIA firm. Going the B/D Captive Insurance route isn’t the only game in town. Look at all of the options available to make an informed decision.