Massmutual
14 RepliesJump to last post
I've recently been contacted by massmutual. I would like to become an FA and have 2 years sales experience but no industry experience and was wondering if this might be a good place to get my feet wet.
I've seen people in my position advised to try insurance first on past forums. Has anyone dealt with them or worked for them?
[quote=ctf2]
I’ve recently been contacted by massmutual. I would
like to become an FA and have 2 years sales experience but no
industry experience and was wondering if this might be a good place to
get my feet wet.
I've seen people in my position advised to try insurance first on past forums. Has anyone dealt with them or worked for them?
[/quote]An excellent choice--great name recognition and a reasonable effort to be full service, moreso than most life companies.
MassMutual is a decent company. Just be sure you understand your contract. You will be asked to focus on life insurance sales. You will pay for almost all of your licenses and expenses. If your expenses exceed your commissions you will owe them money.
In summary, if you can work straight commission and pay all your expenses, you will enjoy MassMutual.
[quote=Coag]
MassMutual is a decent company. Just be sure you
understand your contract. You will be asked to focus on life insurance
sales. You will pay for almost all of your licenses and expenses. If
your expenses exceed your commissions you will owe them money.
In summary, if you can work straight commission and pay all your expenses, you will enjoy MassMutual.
[/quote]In short, if you want opportunity they're for you--if you're afraid of opportunity and want security you should consider going to work for the government.
[quote=Put Trader]
…–if you’re afraid of
opportunity and want security you should consider going to work for the
government.
[/quote]
…or just follow Put Traders posts and follow his career…
Ah, life insurance. Must be a fun job doing nothing but selling life insurance…
[quote=inquisitive]Ah, life insurance. Must be a fun job doing nothing but selling life insurance…
[/quote]
Whatever you sell it’s the same thing again and again and again.
Your view of the life insurance industry is antiquated–those guys are branching out into all sorts of areas.
Your client is being wooed by his life insurance professional–and many are professionals.
He is also being wooed by is CPA–they have huge training classes for
the Series 7 exams and gigantic gatherings hosted by fund families and
the like.
Lawyers are starting to get their Series 7 licenses so that they can control their client.
Banks and credit unions are competiting for their attention.
The list is endless.
MassMutual does not have a research department. Therefore, they do not sponsor agents for series 7 or allow them to sell equities. The only license they require for contract is a state life and health. They are hardly a threat to most successful brokers.
[quote=Coag]
MassMutual does not have a research department.
Therefore, they do not sponsor agents for series 7 or allow them to
sell equities. The only license they require for contract is a state
life and health. They are hardly a threat to most successful brokers.
That is curious because when we ask rookies who took a cram course
about who else was in the class we hear all the time, "…about a
dozen guys from Mass Mutual…"
I don’t disagree that they don’t have a research department, so they
are getting their folks Series 7 licensed so that they can handle the
liquidation of client’s holdings rather than turn them over to a
traditional broker and run the risk of losing them.
It’s going to get real scary for you know-it-alls when the estate
attorney types tell their client, “My associate is a licensed
investment professional–we can handle your needs right here in
house…”
Put:
I was told face to face by a general agent of MassMutual that they do not sponsor for the series 7. I don't believe your statement that there are large numbers of their agents taking the series 7 exam. Also, I don't see any Massmutual agents disputing my statement.
I wish I was an authority on every company in every profession as you claim to be. But then if I was, I don't think I would spend my life trolling internet forums. LOL
Mass Mutual guys have series 6's for the most part, if they're securities licensed at all.
Put wrote: "It's going to get real scary for you know-it-alls when the estate attorney types tell their client, "My associate is a licensed investment professional--we can handle your needs right here in house......"
I guess you were also yelling "fire" when discount firms came along and then yelled it again when internet trading came. Both were almost non-events for full-service brokers. Actually I'll personally be glad should attorneys cross the line into our business to a greater degree. CPAs have been doing it for some time and I've established some great "professional partnership" arrangements as a result. I've become their "investment professional", get their referrals, and share revenues back to them. Lawyers have been much more reticent to do this (and many state bars restrict them from doing doing so), so I'll be glad should they become more open to offering investment services.
[quote=Coag]
Put:
I was told face to face by a general agent of MassMutual that they do not sponsor for the series 7. I don't believe your statement that there are large numbers of their agents taking the series 7 exam. Also, I don't see any Massmutual agents disputing my statement.
I wish I was an authority on every company in every profession as you claim to be. But then if I was, I don't think I would spend my life trolling internet forums. LOL
[/quote]If your job required that you keep up on industry trends you'd know.
Or if you interviewed people coming from other firm's you'd know.
Or if your duties involved meeting with peers from other broker/dealer's you 'd know.
I just called a friend at Mass Mutual in Springfield administration. Their attitude is that rookies are able to do the job with a Series 6, so get them licensed and out there writiing policies.
If they last long enough to realize that the Series 7 is what they need they will eagerly sponsor them for the Series 7 because they want to keep them.
I asked if they would never sponsor a rookie for the Series 7 and the comment was, "Well, if we think they're smart enough we would. It's up the the local manager."
It's actually not a bad idea--it's what I've always said, you're not ready for prime time until you're pushing forty years of age.
It's actually not a bad idea--it's what I've always said, you're not ready for prime time until you're pushing forty years of age."
Put, in past posts you stated that 30 was the MAGIC AGE for success. Now its age 40. If you are going to be a complete boob and make general statements, at least try and keep it consistent. Again, that spreadsheet idea may work for you... Keep the bull$hit straight my man.....
So, MassMutual offers no starting salary? Great. I am a bit put off by this. First because I do not have a large nest egg to live off of for the first year or so. Second, it seems that companies that offer even a minimal starting salary are willing to put a bit more effort into training and making sure their reps, and the company are successful. If I have to work a second job to get by I think that will have an adverse effect on building a book.
I will still talk to them and see what they have to say.