Northwestern Mutual or Ed Jones
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I don’t know why this forum has so much focus on NMFN and Jones. In searching for a position in this business, I would think that a wirehouse would be more attractive in many positions as there is a salary for a while. If I were you I would look at other insurance firms like MAss Mutual, NY Life, and Guardian as well as Smith Barney, Merrill, UBS, Morgan Stanley, etc.
perhaps if you read my ENTIRE post first and then await a response you'd find out why only Northwestrn and EJ were being considered. If they are the only "game in town" then the decision is simple. schmuckI don’t know why this forum has so much focus on NMFN and Jones. In searching for a position in this business, I would think that a wirehouse would be more attractive in many positions as there is a salary for a while. If I were you I would look at other insurance firms like MAss Mutual, NY Life, and Guardian as well as Smith Barney, Merrill, UBS, Morgan Stanley, etc.
Guys I have been going through lot of the same issues as the original poster. I have been on a ton of interviews and have final interviews where an offer will be made by Jones, Metlife, and JP Morgan Chase. I have had great interviews at all and I did like the cultures at all of them.
Jones' study program is the best from what I have heard and read and they pay you a bit while you study as well as pay a starting salary during the first 12 months after you graduate. It has been mentioned to me that a possible GK program with a very successful guy in San Diego is most likely as the advisor really liked me during our face to face interview. I really like the idea of my own office and I actually like the business model where you create your own market by door knocking. It doesn't scare me as I did door to door knife sales for 3 years. Metlife has been pushing fee based the whole time and has not even mentioned insurance in 3 out of 4 interviews. the Managing Director met with me and he is actually the President of the Financial Planning Board in San Diego,and The President of the College of Financial Planning in SD as well. I worked it out with Metlife so that they will pay 500 a week while I study for the tests and work for them part time 25 hours a week. Then when I am Licensed, 20 weeks of 800 a week. JP Morgan Chase was really the first firm I interviewed with and the operations manager is a friend of the family. I can sympathize with the posters anxiety and need for the most possible advice as I still have not made my decision. Any Help/Advice is great.... who should I go with?Hahaha they were heavy thought. But knocking on doors carrying knives is not the easiest thing to do. Try pulling out a 12 inck chefs knife on someones doorstep and see how fast they close the door.
Can anyone tell me what the standard Northwest Mutual compensation package is for new, not licensed trainees?
I took the EJ route, but I did interview with NWM.
At least at our local office: It is all commission (no salary or anything similar) from the beginning. If I remember the numbers right, the first year's commission is 82.5%, second year is 75%, and third and following years is 55%, or something similar to that. They didn't mention benefits in depth (probably because I wasn't far enough along to bother), but I would imagine that they probably give you insurance. ;) You get follow-up payments for a number of years with each premium you get, so your first year, if you do XXXX amount, you get a portion of the client's policy's renewal cost each year. Sorry I couldn't help more!there is no true “package.” you get the higher payout as mentioned above. you don’t get any benefits for free, unless things have changed since i was there. and the follow-up payments are simply trails, which are outlined in your agent contract.
Wow! Such a big decision in your life. So many good comments already.
About 19 years ago, I was in the same position...the change in the industry since then has been incredible. I started with the Equitable, now AXA Advisors and stayed with them for 15 years and now at Commonwealth for 4 years. I think that I have had the wonderful opportunity to see the best of both worlds. AXA, in my opinon, is the best insurance owned broker dealer in the business. Their training is fantastic. Salary or bons commissions to start and get you over the hump. They provide assistance in most areas of your business life. The downside....they produce financial products...that means they expect/demand you to recommend/sell their products. That equals your being biased. Commonwealth and LPL give you the ability to be unbiased, but they expect you to be a producer, right off the bat. I do not know EJ that well except what I hear and see. They seem to have their own typ of bias. Good firm, but cookie cutters. Big downside? Seem that the advice has been to use Ed as a training ground. No problems right. Maybe not so easy....advisors who leave have seemed to have a hard time in taking their clients with them. Bottom line....no place is perfect. Try to find a place that you can align with them philosophically. Try to stay there as long as you can and still be yourself. William Shakespeare knew alot about the advisor's world...."to thyself be true." Take your time and make a great decision. Do not settle, just to get started. You interview the companies, not in the reverse order. Hard work is the key to success. Have fun with the business. I am 44 and love going to my business every day.[quote=rexy]Wow! Such a big decision in your life. So many good comments already.
About 19 years ago, I was in the same position...the change in the industry since then has been incredible. I started with the Equitable, now AXA Advisors and stayed with them for 15 years and now at Commonwealth for 4 years. I think that I have had the wonderful opportunity to see the best of both worlds. AXA, in my opinon, is the best insurance owned broker dealer in the business. Their training is fantastic. Salary or bonus commissions to start and get you over the hump. They provide assistance in most areas of your business life. The downside....they produce financial products...that means they expect/demand you to recommend/sell their products. That equals your being biased. Commonwealth and LPL give you the ability to be unbiased, but they expect you to be a producer, right off the bat. I do not know EJ that well except what I hear and see. They seem to have their own typ of bias. Good firm, but cookie cutters. Big downside? Seem that the advice has been to use Ed as a training ground. No problems right. Maybe not so easy....advisors who leave have seemed to have a hard time in taking their clients with them. Bottom line....no place is perfect. Try to find a place that you can align with them philosophically. Try to stay there as long as you can and still be yourself. William Shakespeare knew alot about the advisor's world...."to thyself be true." Take your time and make a great decision. Do not settle, just to get started. You interview the companies, not in the reverse order. Hard work is the key to success. Have fun with the business. I am 44 and love going to my business every day.[/quote][quote=rexy]Wow! Such a big decision in your life. So many good comments already.
About 19 years ago, I was in the same position...the change in the industry since then has been incredible. I started with the Equitable, now AXA Advisors and stayed with them for 15 years and now at Commonwealth for 4 years. I think that I have had the wonderful opportunity to see the best of both worlds. AXA, in my opinon, is the best insurance owned broker dealer in the business. Their training is fantastic. Salary or bons commissions to start and get you over the hump. They provide assistance in most areas of your business life. The downside....they produce financial products...that means they expect/demand you to recommend/sell their products. That equals your being biased. Commonwealth and LPL give you the ability to be unbiased, but they expect you to be a producer, right off the bat. I do not know EJ that well except what I hear and see. They seem to have their own typ of bias. Good firm, but cookie cutters. Big downside? Seem that the advice has been to use Ed as a training ground. No problems right. Maybe not so easy....advisors who leave have seemed to have a hard time in taking their clients with them. Bottom line....no place is perfect. Try to find a place that you can align with them philosophically. Try to stay there as long as you can and still be yourself. William Shakespeare knew alot about the advisor's world...."to thyself be true." Take your time and make a great decision. Do not settle, just to get started. You interview the companies, not in the reverse order. Hard work is the key to success. Have fun with the business. I am 44 and love going to my business every day.[/quote]I am looking for opinions from all members knowledgeable with how AXA Advisors works. A few members have dismissed it with passionate disdain, so I almost relegated it to the "do-not-touch" pile with Ameriprise, Primerica, and the discount brokers. The more I researched AXA, the more evidence I found that painted a picture of AXA as a good global insurance company, but with limited brokerage services and products. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
AXA also uses LPL as their brokerage and research arm. How does this change their product offerings and services (especially compare to the structure when Rexy was there)?
Any former or current AXA Advisors or any members with close associates at AXA Advisors that would like to comment would be warmly received and weighed. Please Private Message me if so desired.
AXA's compliance department is way too strict. I would dismiss them with disdain, too. I know many of their former reps. They left for very good reasons. They make EDJ look like freedom.
Northwestern or EDJ?? Saddam or Stalin?? (too strong for comparison? yeah, I know)
Captive. No freedom to be creative with either.Edward Jones…you will get excellent training good mentoring from veteran FA’s in your area. If you don’t like it after a few years you always have the option to leave and go somewhere else. And when people bash a company try to find out how long ago they were with the company if they were with them at all…alot changes over time ;)