MET Life Financial Advisor

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Dec 16, 2010 7:11 pm

I have a client whose son went to work for MET life as a financial advisor just out of college.

As a result they are moving all their accounts to him...

My question is how does the pay structure work for a first year rep?

Do they get a salary the first year and a commision?

Dec 21, 2010 2:47 pm

First year reps or IXP contracts (Inexperienced) begin with a $500-$1300/week salary for 19 weeks. During this time their production accumulates in a "pool" that they will begin to draw against on the 20th week at 10% per week withdrawl rate. New hires are paid against the grid of 60% and declines on a quarterly basis until they are at 53%. As grid rates decrease, tech fees, office, admin, etc. increase. After almost 5 years of the IXP contract Reps are eligible to go to an EXP contract (Experienced) where they can increase grid rates to a maximum of 73%. Should your client's son decide to leave Met can come after him for the salary that he received.

MetLife uses GDC or Gross Dealer Concession which makes a deal sound more lucrative than it really is, a $20,000GDC policy or sale is really only $12,000. 

Your clients will probably be proud new owners of Annuities with a 9 year surrender schedule. MetLife does have Brokerage accounts, reps can do fee based, wraps, planning, etc. but almost everyone there is concerned with production and the quick hits with front end loaded product. Management ensures it by offering conference trips, awards, etc.

Dec 29, 2010 11:30 am

Northwestern is spot on.  The office focuses are annuities and permanent life insurance.  No one really cares about the investing side.  In this Met-affiliated office, the default investment solution always seems to default to American Funds.