Northwestern Mutual Interview
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By the way, 10-3-1 isn’t something to follow. It is simply a fact of life.
It seems like you have a few choices. 1) Your wife can go back to work for a little while. 2) You can tell your wife that you aren't going to see her for 100 days. Get a side job and plan on working very long days EVERY Day. 3) Talk to your GA. He may be willing to work something out in terms of a loan or a draw for a short period of time so that side work isn't necessary. Warning: If you put in long hours, but don't follow "Rule #1", you won't be making decent money in 100 days. It can take years.Anonymous, sounds like you’ve worked for NML/NMFN? Most of your information is pretty accurate. However, I’ll add a bit just to clarify. The compensation works as follows:
1st year - 82.5% on WL & 75% on term 2nd year - 71.5% on WL & 65% on term 3rd year - 60% on WL & 60% on term 4th year and beyond - 55% on WL & 50% on term... That's basically it on life insurance and believe me that's all you'll sell anyway. As far as the upfront bonuses go, the home office gives the managing partner anywhere from 8K to 4K to each new recruit contracted depending on business and your part of the country. However, its up to the MP to funnel that $$ down to the recruits. In many instances, that money never sees the recruit and stays neatly snuggled into the MP's pocket. This is just the tip of the TIP of the iceberg with this outfit. I could type all day and night about this company but I won't bore you. One good thing though, the WL insurance is awesome. Hope this helps.The mutuals are all pretty similar. I have lots of friends at NML. They all pay enhanced commissions of some sort and they’re based on the NY insurance laws. The maximum extra commission that can be earned is the same with all of them.
Whether someone will only sell life insurance is very dependent on the local office. Personally, I think that it's good to restrain the new guys to some extent. It helps the new guys learn to sell.[quote=anonymous]The mutuals are all pretty similar. I have lots of friends at NML. They all pay enhanced commissions of some sort and they’re based on the NY insurance laws. The maximum extra commission that can be earned is the same with all of them.
Whether someone will only sell life insurance is very dependent on the local office. Personally, I think that it's good to restrain the new guys to some extent. It helps the new guys learn to sell. [/quote]All good stuff here. New agents will get diffused trying to do too many different things and at the end will do none of them well. I thought I knew everything right out of the gate and wanted to do it all as well, it took me 2 years to figure out that I wouldn't get far as a 24 year old "financial planner" but I could be a 24 year old insurance agent who dabbled in mutual funds mostly with clients under 45. Two years later looking back it was a great decision to arrive at.
If you can focus on needs based products such as life and DI the first couple years and get up and running and really hone your skills, then when it comes time to move your business to a higher level and enter new markets you'll be very good with your systems and selling and should transition smoothly.
There was a job opening posted on CareerBuilder for a Financial Rep. in Boston for the Boston Financial Group, and I sent my application in through there. I got a call from NMFN soon afterwards to schedule an interview. I went in for an interview last week and learned a great deal about the company, and I believe I can say the same for them about me. The man said that he will send me a second link to an assessment that I need to complete. I completed that within two days of the interview. It has been a week, and I have not heard back from NMFN. Would anyone happen to know if this is normal? How does advancement in the interview process work? Or did the assessment knock me out of the running for a Fin. Rep. position?
The job is garbage pitching life insurance. Go buy a business you can expand. If you sell insurance you are a sucker slave for the company.
The only life insurance that makes any sense is DIRECT private placement variable life that is a wrapper around hedge fund profits.
For the consumer it is the best and cuts out the brokers!