[quote=ExPropTrader]If I am an independent contractor does that neccesarily make me "indy" of the larger mutual comapny or am I just working for an "indy" while not classified as an employee?[/quote]

MassMutual, is an insurance company. Not Indy at all.

[quote=AllREIT]

MassMutual, is an insurance company. Not Indy at all.

[/quote]

I understand that MassMutual is a life insurance company but that is not who I would be working for/with.  The firm I have interviewed with is affiliated with MassMutual and share common offices but it is not one and the same.

I am wondering the same thing. A general agent from MassMutual offered me a job. I thought that I would be selling mutual funds and other securities, but after doing some research I found that MassMutual deals mainly with life insurance.

Anyone familiar with MassMutual and understand exactly how the “independent” general agents are affiliated with the parent company?

and my contract (not yet signed) states I would be an independent contractor. 

Has this contract been read?  I ask because usually the way that these things work with the Mutuals is that you are both an employee and an independent contractor.  The business that you write through the insurance company (life, di, annuities, etc) will be treated as w-2 income.  The business through the B/D and outside insurance business is 1099 income. 

Often, you may start as an independent contractor until they sign you to a full time contract.  You won't get any financing until you sign this second contract.

The subsidy is because you won't be independent.  You will be an agent of the insurance company.  These subsidies are based upon New York insurance laws and are limited to about $55,000 paid over a 3 year period.

Closer, the large Mutuals all focus on insurance.  That does not mean that insurance has to be your focus.  However, there will be a minimal amount that you will have to sell.

My post is not specific to MassMutual, but to any of the large Mutual companies.

[quote=ExPropTrader]

I have been through several interviews with a large Mutual company but have interviewed with someone who would be my team leader, he operates under a totally different company name "affiliated" with the larger company and my contract (not yet signed) states I would be an independent contractor.  They have secured financing for a 60k "subsidy" during my 3 year training program (which I do not understand either but thathas been asked on another thread).

If I am an independent contractor does that neccesarily make me "indy" of the larger mutual comapny or am I just working for an "indy" while not classified as an employee?

[/quote]

Ask THEM.

[quote=anonymous]

and my contract (not yet signed) states I would be an independent contractor. 

Has this contract been read?  I ask because usually the way that these things work with the Mutuals is that you are both an employee and an independent contractor.  The business that you write through the insurance company (life, di, annuities, etc) will be treated as w-2 income.  The business through the B/D and outside insurance business is 1099 income. 

Often, you may start as an independent contractor until they sign you to a full time contract.  You won't get any financing until you sign this second contract.

The subsidy is because you won't be independent.  You will be an agent of the insurance company.  These subsidies are based upon New York insurance laws and are limited to about $55,000 paid over a 3 year period.

Closer, the large Mutuals all focus on insurance.  That does not mean that insurance has to be your focus.  However, there will be a minimal amount that you will have to sell.

My post is not specific to MassMutual, but to any of the large Mutual companies.

[/quote]

You hit the nail on the head, the focus in the MassMutual meetings has been mainly life & DI & LTC, while the firm meetings have used insurance as a base and the push has been toward fee-based, HNW clients.

The employee/contractor mix fits very well, I get the best of both worlds, I dont have to worry about rent or phone, but I can still deduct a lot of my expenses.   

I have been with them since February and I have to say I am very happy I went with them over EDJ.  The support has been great and there have been some very unexpected leads provided for us newbies.

And we dont have kool-aid....we got rum punch.

ExProp, how is MassMutual working out for you?

[quote=Closer]ExProp, how is MassMutual working out for you? [/quote]

I really like my agency and they really try to help us out any way that they can.  I have figured out however that this is not neccessarily true of ALL the agencies as I have talked with others who are not receiving the same support that I am.

I guess like alot of other companies it all depends on the branch.

Have you positioned yourself as an “investment advisor”, etc. or do you feel like you have the stigma of an insurance salesman? This is the only concern I have with MassMutual. Thanks.

[quote=Closer]Have you positioned yourself as an "investment advisor", etc. or do you feel like you have the stigma of an insurance salesman? This is the only concern I have with MassMutual. Thanks. [/quote]

I initially had the same concern, we market ourselves under the agency name which is not automatically associated with insurance.  The push here is for fee-based financial planning, everyone is required to have their 7 and 65 or 66, of course they suggest insurance as the foundation but it is viewed as a way to establish a relationship in order to get to the big $$$.  Some of the producers treat the insurance as an afterthought and go after the AUM right off the bat.  Either way is o.k. just a difference in styles.

Again I have seen this can vary widely at different agencies so it's kind of hard to make a blanket statement.  I have found that selling insurance is a quick way to put food on the table while you go after the assets, but like you I don't want to be seen as an insurance salesman.

Your concern of an insurance stigma is unwarranted.  Everyone and their mother is a "financial advisor".  If you really wanted to differentiate yourself, you might try positioning yourself as "insurance salesman".  It seems like no one is willing to do that.

MassMutual agents as a generality really do a good job of being well rounded reps.  This may be truer for them than reps of any wirehouse, indy company, or insurance company. 

I attended a local insurance association breakfast where the old guys were complaining about a missing generation of new producers. " Insurance salesman" may be the right positioning at the right time.

Anon and Rollin

Haven't really thought about it that way, probably my ego more than anything else that keeps me from pushin the insurance side of it.  It's nice to hear a different viewpoint.

When I ACAT $1,000,000 for one of my clients, I have probably made a bigger impact in my life than his.  When I have my client buy an insurance policy, I have made a bigger impact in his life than mine.

Help your clients achieve their goals and you can call yourself anything that you'd like.

I do call myself a financial advisor.  However, I make it clear to my client that we need to handle their insurance issues first.  The only reason for this is that insurability is very fragile.  Someone is insurable until the day that they are not.  With investing, as long as they can sign a check, they can invest.

[quote=ExPropTrader]

Anon and Rollin

Haven't really thought about it that way, probably my ego more than anything else that keeps me from pushin the insurance side of it.  It's nice to hear a different viewpoint.

[/quote]

What town are you in?

Also, how good of an opportunity is MassMutual? Is it in the same class of companies like Northwestern Mutual where they take you and get your contacts and then it’s over?

[quote=WiAdvisor][quote=ExPropTrader]

Anon and Rollin

Haven't really thought about it that way, probably my ego more than anything else that keeps me from pushin the insurance side of it.  It's nice to hear a different viewpoint.

[/quote]

What town are you in?

[/quote]

Wonderful city of Las Vegas

[quote=Closer]Also, how good of an opportunity is MassMutual? Is it in the same class of companies like Northwestern Mutual where they take you and get your contacts and then it's over?
[/quote]

I looked at MS and EDJ, didn't really know a lot about Mass but liked the team environment here and it has been as promised in my initial interviews.

I must stress however that each agency has it's own feel and levels of "teamwork". 

I have yet to be pushed to contact friends or family and unlike Northwestern we are not limited in the insurance or funds that we can use.

[quote=ExPropTrader][quote=WiAdvisor][quote=ExPropTrader]

Anon and Rollin

Haven't really thought about it that way, probably my ego more than anything else that keeps me from pushin the insurance side of it.  It's nice to hear a different viewpoint.

[/quote]

Funny, I just got back from Vegas on Sunday, was down for a wedding. It was 105 when I left Las Vegas and 43 when I got back to Milwaukee. I might as well been dropped off at the North Pole it felt so cold.

Oh, I have MML as my broker dealer. What is your take so far?

What town are you in?

[/quote]

Wonderful city of Las Vegas