EDJ vs NYL
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I think a lot of people in both wirehouses and insurance companies suffer from “propriatoritis.”
“our companies product/service/insurance/ball-point pens are the best because when I was trained that’s all I was ever told about. Everything else is crap because all of my company’s in-house research department tells me so. Etc., etc., etc…” The fact is we are all just storefronts to the financial/insurance market. If you are limited to a few products then guess what? Your clients are limited too. I’m not saying my backoffice is the best on the planet (LPL) but they don’t push crap on me just because they have some deal and if they started to, I’d go and get a new backoffice. They present the information and allow me and the client decide what is best for their entire plan (investments, insurance). NYL is a good insurance company. Would I use it for everyone? Probably not. Mainstay funds? Sorry, there are better products out there.
deekay,
You can lead a horse to water, but you can't make him think. That's okay. We help people retire based on promises, protection and guarantees for pennies on the dollar. They are stuck with the dollar for dollar concept and to make it grow each and every year. I like leveraging those guarantees for a better lifestyle! (And in THIS market, who wouldn't?) Rankstocks, You've never INTERVIEWED at NYL, right? I have. I could sell any major mutual fund company's products at NYL. They are more stringent during your first 3 years in the types of INSURANCE you can sell (only NYL) but investments are all available. American Funds, Franklin, Hartford... you name it, it's available. Guess what? Mass owns Oppenheimer. Not a bad fund company, but they're not my favorite. Do you think every Mass producer only sells Oppenheimer? C'mon.[quote=Ominous] deekay,
You can lead a horse to water, but you can’t make him think. That’s okay. We help people retire based on promises, protection and guarantees for pennies on the dollar. They are stuck with the dollar for dollar concept and to make it grow each and every year. I like leveraging those guarantees for a better lifestyle! (And in THIS market, who wouldn’t?)
This is precisely the wrong time, IMHO, to pay for the “benefits” of your guarantees. Summer 2007 it may have made sense.
Rankstocks,
You’ve never INTERVIEWED at NYL, right? I have. I could sell any major mutual fund company’s products at NYL. They are more stringent during your first 3 years in the types of INSURANCE you can sell (only NYL) but investments are all available. American Funds, Franklin, Hartford… you name it, it’s available.
Guess what? Mass owns Oppenheimer. Not a bad fund company, but they’re not my favorite. Do you think every Mass producer only sells Oppenheimer? C’mon.
I believe you mean “mutual fund options that NYL has a dealer agreement with” - not ALL INVESTMENTS. How about Riversource funds? How about GMAC bonds? How about BAC @ $50? - 3 of the highest performing investments you can’t sell with a 6 at NYL…
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[quote=Ominous]deekay,
You can lead a horse to water, but you can't make him think. That's okay. We help people retire based on promises, protection and guarantees for pennies on the dollar. They are stuck with the dollar for dollar concept and to make it grow each and every year. I like leveraging those guarantees for a better lifestyle! (And in THIS market, who wouldn't?) Rankstocks, You've never INTERVIEWED at NYL, right? I have. I could sell any major mutual fund company's products at NYL. They are more stringent during your first 3 years in the types of INSURANCE you can sell (only NYL) but investments are all available. American Funds, Franklin, Hartford... you name it, it's available. Guess what? Mass owns Oppenheimer. Not a bad fund company, but they're not my favorite. Do you think every Mass producer only sells Oppenheimer? C'mon.[/quote]Hello, Mr. Blaine.
[quote=iceco1d]Who’s Mr. Blaine?
[/quote]He's the lunatic that runs topgunproducers.com
[quote=skippy]Still outing people huh?
It’s nice to know that some things never change.[/quote]
Hello, David.
[quote=rankstocks]deekay,
It's obvious you are new to the industry, or simply ignorant. NYL owns Mainstay. That's why if you ever transfered a NYL brokerage account, or ran into a NYL variable annuity, that is all you will find. I'm trying to figure out why you would suggest they sell other funds, other than you must not have done enough prospecting to ever run across a NYL account, or simply are too new to the business to know proprietary products when you see them.[/quote] He's suggesting it because they do. He's right. You're wrong.I think that this is a pretty smart move on their part.NL will make you sell only insurance. Later, much later they may let you start getting other licenses and do financial planning.
“This is precisely the wrong time, IMHO, to pay for the “benefits” of your guarantees. Summer 2007 it may have made sense.”
2007 was a good year to buy life insurance and now it doesn't make sense? People are going to stop dying?