Big decision time
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Thanks svm. It's amazing how different the details are from what they tell you in the interview process. But, they have been much more upfront than most of the companies I spoke with in the past (waddell & reed, first investors, john hanc***, etc).Wolverine, stop listening to these guys that have never worked at either company.
I have worked at NWM at one our nations biggest cities. You WILL get 8,000 sign on($10 k for interns and more experienced ppl). 85% of Whole life and term and lower payouts for DI and LTC. They will NOT SPONSER YOU FOR YOUR 7 IF UNDER THREE YEARS. I can not make this more clear. THEY WILL NOT. THEY WILL NOT. If has nothing to do with production. We had a guy under three years set company records and he was not able to get the 7. Out of 70 reps, one being the number #3 rep in the country, only 4 had their 7. anyomous has good information but on the Series 7 topic and sign on bonus, he is mistaken. On a sidenote, when you work for NWM, Metlife, etc you make more commision up front when you sell outside companies. NWM avg is 1st year-$48,000, 2nd year close to $60,000. However YOU DO have to pay for everything. I mean everything. Paper, business cards, use of printer, copies, literature, letterhead, mailings etc. After three years you pay rent and your own secetary. These expenses run over $50,000 a year for reps over 5 years. Good luck.
SVM, I know people at Northwestern Mutual who have gotten their 7 in the first year. It's a GA decision on whether someone will get sponsored and not a company decision. I can't argue as to what your GA was willing to do. As for paying for things, with most GA's, it's about production. A small time producer will typically get stuck paying for everything. A big producer will pay for much less and rarely will be paying rent. You have to understand that small producers are an expense to the GA. Big producers are an asset. As an asset, the producer has leverage. I know nothing about sign up bonuses. I was not trying to say that they don't exist. I'm simply not at Northwestern guy and know nothing about these bonuses. Do you really think that with most GAs if they really want a recruit, they would let him walk instead of letting him take the 7?Wolverine, stop listening to these guys that have never worked at either company.
I have worked at NWM at one our nations biggest cities. You WILL get 8,000 sign on($10 k for interns and more experienced ppl). 85% of Whole life and term and lower payouts for DI and LTC. They will NOT SPONSER YOU FOR YOUR 7 IF UNDER THREE YEARS. I can not make this more clear. THEY WILL NOT. THEY WILL NOT. If has nothing to do with production. We had a guy under three years set company records and he was not able to get the 7. Out of 70 reps, one being the number #3 rep in the country, only 4 had their 7. anyomous has good information but on the Series 7 topic and sign on bonus, he is mistaken. On a sidenote, when you work for NWM, Metlife, etc you make more commision up front when you sell outside companies. NWM avg is 1st year-$48,000, 2nd year close to $60,000. However YOU DO have to pay for everything. I mean everything. Paper, business cards, use of printer, copies, literature, letterhead, mailings etc. After three years you pay rent and your own secetary. These expenses run over $50,000 a year for reps over 5 years. Good luck.
Its a great company. But you have to know what your getting into. They don’t like to talk about investments, primarily because they don’t make any money on them. They make you pay for things that should be provided.
But the potential for a seven figure income is as real as it gets. You can make $20,000 your first year or $100,000. I’ve seen both.If you can see yourself selling nothing but insurance for the first three years, then go for it. I mean go for it. NMW products are exclusive, yet they have access to everything else. Plus their stuff is crazy expensive, so if you get someone to buy a policy your set. BTW its an EXTREMELY conservative company, and sort of cult like. Partly because of the few people that still work their love their job, and make a damn good dime doing it.
Our MP said and I quote. “You really don’t need your 7, whats the point of it?.” My office was so anti-investing that I almost puked pr punched them in the face every time I heard them spill their propaganda. Good for your friends. You know the one-two investment specialists that are in every NMW office.
Next time ask them what % of investments make up their biz.
Wolverine: no I did not have a very good natural market.
I too know of registered Series 7 license reps at NWM. I also work at a career shop which does not require a Series 7 because we can not solicit individual securities. However I was able to take it under managing partner's discretion. I can not speak for every single scenario out there, but what I do know is this, managing partners CAN and WILL allow you to take the Series 7. As for my local NWM shop that I interviewed with, office fees and expenses were fairly reasonable. Senior reps paid more money for the bigger offices and the rookies paid $600/month for a cubicle. Just make sure to ask your recruitor every single possible detail before signing on board. Also try to talk to one of the relatively newer agents that haven't been fed the kool-aid before signing any employment contract.Age 25? GO WITH FARM BUREAU!!! You’ll be dealing with a product that people want you to be young. You can easily be making 6 figures by the end of year two. Prospect the kind of person you would like as a client in six or seven years. It’s a cake walk shoe in. Give your clients over the top service and by the time your ready they will be happy to give you a chance to compete.
FARM BUREAU FARM BUREAU FARM BUREAU FARM BUREAU FARM BUREAU FARM BUREAUGaddock, thats a strong response in Farm Bureau’s favor I wouldnt expect on the investment boards lol. Only thing to consider is the competition in my natural market/home town from both my uncle @ Allstate and my buddy who is an agent @FB that referred me to them. But everyone is a prospect with P/C.
Chris and anonymous,
Here’s a question for ya. Did those reps get their 7 WHILE at NWM? And how long have they been in the business? Those are huge factors. One of reps that had their 7 was a transfer from merrill. The other were 10+ years in the business.
[quote=anonymous]Chris and anonymous,
Here’s a question for ya. Did those reps get their 7 WHILE at NWM? And how long have they been in the business? Those are huge factors. One of reps that had their 7 was a transfer from merrill. The other were 10+ years in the business.
SVM, I know people at Northwestern Mutual who have gotten their 7 in the first year. It's a GA decision on whether someone will get sponsored and not a company decision. I can't argue as to what your GA was willing to do. As for paying for things, with most GA's, it's about production. A small time producer will typically get stuck paying for everything. A big producer will pay for much less and rarely will be paying rent. You have to understand that small producers are an expense to the GA. Big producers are an asset. As an asset, the producer has leverage. I know nothing about sign up bonuses. I was not trying to say that they don't exist. I'm simply not at Northwestern guy and know nothing about these bonuses. Do you really think that with most GAs if they really want a recruit, they would let him walk instead of letting him take the 7?[/quote] Idiot.
Having been exactly where you are today, looking back over the last 10 years in the biz, I'd recommend that you make your decision based on the people you'll be working with, trained and mentored by. The firm is secondary.
I've worked in a traditional wirehouse for 2.5 years, had an insurance practice at NML for 8 years, later went to a loosely affiliated MassMutual shop that preached "independence" and I'm now exploring the options of going truly 100% independent of any carrier. Here are some thoughts from a guy who's been where you are today. Assuming both places have top notch producers, people with solid values and good management, I'd choose NML. Their training program is very good, the products are top notch, and their reputation is golden. Almost all affluent clients I have come accross own NML life insurance. Don't listen to sales pitches from other carriers...they all try to compete with NML but they simply can't. However, there are two main downsides with building a practice with NML 1. If you decide to leave NML before becoming fully vested in your renewals, you're going to loose the unvested portion and you can't service the clients easily. NML is a non brokered product. 2. If you have aspirations of being involved in other ventures or starting your own financial planning practice, its tougher to do with NML than with Mass, because of various factors that have to do with the overly concervative nature of NML. Mass will still give you the product quality (though 2nd best), but will afford you greater flexibility, higher payouts and a brokered product. However, that being said, though I left a ton of money on the table when I left NML...I'm very thankful for the experience. If you're going to sell insurance...go with the best...#1 NML, #2 Mass...the others are all far behind and don't offer any advantages over these two.If you want to make very good money and not suffer a slow painful death go to FB. When you are a little older and already have a relationship with hundreds of people that are financial and intangible making the move at the time will give you a 70/30% chance of success instead of the 10/90%+ chance. Don't think FB is going to be a cake walk. Again JMHOGaddock, thats a strong response in Farm Bureau’s favor I wouldnt expect on the investment boards lol. Only thing to consider is the competition in my natural market/home town from both my uncle @ Allstate and my buddy who is an agent @FB that referred me to them. But everyone is a prospect with P/C.
Thanks everyone for the feedback! I will take all of this into consideration as I make my decision tomorrow.
Lifeplanner, that was an excellent post.
"However, that being said, though I left a ton of money on the table when I left NML..." This is why I speak highly of NML as a company, but don't think that they should be someone's top place to work. We have to think as business owners. I don't agree that their products are any better, but that's a completely different conversation and not that relevant for this thread.