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    Posted: Jul/26/2017 at 1:24am
Hi

I'm new to the forum. I'm a licensed life & health agent and I have series 6 & 63 studying for the 7.

I'm at NYL for almost 3 years, undecided where to go next.

Option 1. Stay with NYL and eagle strategies, however they're not built for investment side.

2. Find a other insurance company who has better support for advisory business.

3. Go to EJ or Merrill, Wells Fargo etc whichever is best.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Jul/26/2017 at 2:50am
Do you see yourself continuing to sell life insurance and annuities?  If so, I'd probably avoid EJ, ML, WF, etc., because (I believe) all of your insurance commissions would be put through your payout grid... and your payout grid would maximize at 50% with 7-figure production.

NYL won't let you service your insurance customers if you leave.  What don't you like about Eagle Strategies?  (If I remember correctly, I recall NYL requiring either a CFP or CLU/ChFC before you could join Eagle Strategies AND meet your NYL contracting requirements.  However, this was some time ago.)

The other ways to consider would be to join another captive insurance company (MassMutual, Guardian, etc.), or be an independent insurance agent and join an RIA as an IAR with a Series 65.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote NYC Financial Quote  Post ReplyReply Direct Link To This Post Posted: Jul/26/2017 at 8:36am
Thanks for responding, some good perspective.

I don't know if I want to focus on insurance and annuities.

If I join EJ or whoever is best for that, maybe I would focus on assets side. The problem I see with that is I could only make decent money on big minimums like 250k or more, how many people have that money sitting around? Plus today people use vanguard and robo advisors. Maybe give me the basics of the business?

Eagle requires series 7 & executive council production, not CFP.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jmhalvo Quote  Post ReplyReply Direct Link To This Post Posted: Jul/26/2017 at 8:46am
That's why it's tough! There is a definite Sales side- gotta get clients! Many people don't have the time, inclination, or ability to be fully self-directed--- you need to find them. They are out there for those tough enough to work thru it. Then you are eventually paid well....which would NOT be the case if it was remotely easy or simple.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote NYC Financial Quote  Post ReplyReply Direct Link To This Post Posted: Jul/26/2017 at 9:32am
Thanks jmhalvo.

The truth is obviously everything has pros and cons. I have another few options also.

I'm thinking of brokering p&c together with life. Another idea I have, is becoming a sales manager at a company where you can be a recruiter and sell as well, or maybe even opening a general agency.

I'm very entrepreneurial..

In other words I'm looking for something to do besides life, and I imagine I'll get less objection from a HNW individual if I offer a broader spectrum of Services.

To boil down the question, what insurance companies are best for supporting the advisory side and marketing to the public that they also are a investment company.

Number 2. If I go to a wire house or investment company which are best in today's market, solid training and best products and services to offer? Best support for marketing a DBA etc?

A interesting anecdote I see in the Life Insurance business is, no matter how many times I tell someone that I want to speak to them about Investments and retirement all they hear is oh New York Life sorry not interested. So my question is, will that be better at a Investment Company, are people more interested in hearing what a real financial advisor has to tell them as opposed to a life insurance agent who is also a financial planner? Or is it just a myth and we all have to work the same hard and get the same bad objections?
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Originally posted by NYC Financial NYC Financial wrote:

Thanks jmhalvo.

The truth is obviously everything has pros and cons. I have another few options also.

I'm thinking of brokering p&c together with life. Another idea I have, is becoming a sales manager at a company where you can be a recruiter and sell as well, or maybe even opening a general agency.

I'm very entrepreneurial..

In other words I'm looking for something to do besides life, and I imagine I'll get less objection from a HNW individual if I offer a broader spectrum of Services.

To boil down the question, what insurance companies are best for supporting the advisory side and marketing to the public that they also are a investment company.

Number 2. If I go to a wire house or investment company which are best in today's market, solid training and best products and services to offer? Best support for marketing a DBA etc?

A interesting anecdote I see in the Life Insurance business is, no matter how many times I tell someone that I want to speak to them about Investments and retirement all they hear is oh New York Life sorry not interested. So my question is, will that be better at a Investment Company, are people more interested in hearing what a real financial advisor has to tell them as opposed to a life insurance agent who is also a financial planner? Or is it just a myth and we all have to work the same hard and get the same bad objections?

Let's cut through the bull****.

You're not "entrepreneurial".  You're exploring other options on how to make this job a bit easier because you're having a hard time with being branded/labeled as a life insurance agent.  If you were making $25,000 per month as a life insurance agent, you wouldn't be looking at other options on how to market yourself and earn a living.

Selling P&C as a "loss leader" to get in the door to then "cross-sell" insurance... well, I think you'll find that P&C will end up being a distraction.  Also, being a "sales manager" who can take a salary but become a professional babysitter - WHEN YOU HAVEN'T FIGURED OUT THE PROFESSION YET YOURSELF - would be an exercise in futility.

You'll notice that I asked you if you wanted to sell life insurance and annuities... not if you were having a hard time doing it.  Those are two different questions.

This guy was on here, but decided to post his own prospecting accountability thread in another forum.  You might get some ideas there.  Oh, and after he figured everything else out... he earned about $50k in about 2 months time selling primarily life insurance and a variable annuity or two.

Note that a traditional broker/dealer will NOT support a DBA unless you're with an independent B/D or affiliated with an insurance company that would allow an approved DBA (Mass & Guardian come to mind).

Your branding is your own fault, but you don't know it yet.  If you allow yourself to be labeled as a life insurance policy peddler rather than as a person who helps people to solve problems using today's insurance products... well, we'd have to blame your training.  Once you break away from the mutual insurance company brain-washing - thinking that "NYL" will open doors for you - you'll begin to see the insurance industry for what it is, how ineffective training is, and what you can do differently.


You should read this one too:


Edited by D.H.K. - Jul/26/2017 at 10:56am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote NYC Financial Quote  Post ReplyReply Direct Link To This Post Posted: Jul/26/2017 at 11:38am
Dhk thanks for the constructive criticism.

Obviously I'm not earning 25k a month. However I'm making over 50k each year last 3 yrs, so I'm pretty successful, as per 90% wash through rate.

"Once you break away from the mutual insurance company brain-washing - thinking that "NYL" will open doors for you - you'll begin to see the insurance industry for what it is, how ineffective training is, and what you can do differently."

Exactly, that's why I'm thinking of leaving mother mutual and looking for advice on which path/company/ firm to go to next?
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If you're not hitting at least MDRT levels (which for 2017 is $94,000 in commissions)... you're suffering.  Don't fool yourself thinking that $50k per year is acceptable.  It might be okay for hitting your contract... but NYL contract levels are not an indication that you're having a thriving career.

Your company will not make you successful.  It's up to you.

If/when you leave... what would be different?  What would make it different?  Here's a hint:  It's all about the same... except for you, the problems you help people solve, and how you communicate your value proposition - regardless of whether you're selling insurance or investments.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Jul/26/2017 at 11:48am
My advice, secret option #4...quit before you fail out.
I sort of give a fuck.
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Lol
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Dhk you have a point, but that's like saying don't get any license any knowledge any certifiaton just present yourself as if you're helping ppl and go sell. Why don't you want to accept there are tools and companies that can help you?

Guess you're a mother Mutual partner in some old dark mafia cult Office.

Why should I continue for example with a Nyl contract where I don't own my book if I leave? Why shouldn't I go to company that let's you sell IUL? Why shouldn't I go to a place where I can recruit and build a positive real good team, and sell as well? Or why shouldn't I consider my options of joining EJ or WF or similar?

Who said I have to be stuck?
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Btw your hero door knocking like a idiot was with NYL and went independent so...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jmhalvo Quote  Post ReplyReply Direct Link To This Post Posted: Jul/26/2017 at 12:19pm
IUL means forget Ed Jones. You will need an Indy BD. When I looked around, most require about 200k in production or they won't talk to you. What you're describing does not sound entrepreneurial, because management would be sheer hell for any of us here. Would never contemplate it.
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Originally posted by NYC Financial NYC Financial wrote:

Btw your hero door knocking like a idiot was with NYL and went independent so...

He made $50k in two months... so I wouldn't call him an idiot.

And being independent allows him to have a contract that pays him twice the money of NYL.

Oh, and if that's your attitude about door knocking... then you've already failed and forget about joining Edward Jones.
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Originally posted by NYC Financial NYC Financial wrote:

Dhk you have a point, but that's like saying don't get any license any knowledge any certifiaton just present yourself as if you're helping ppl and go sell. Why don't you want to accept there are tools and companies that can help you?

Guess you're a mother Mutual partner in some old dark mafia cult Office.

Why should I continue for example with a Nyl contract where I don't own my book if I leave? Why shouldn't I go to company that let's you sell IUL? Why shouldn't I go to a place where I can recruit and build a positive real good team, and sell as well? Or why shouldn't I consider my options of joining EJ or WF or similar?

Who said I have to be stuck?

Because there AREN'T.

Memorize this:  Hire 'em in masses, teach 'em in classes, sell all their family and friends, and fire their ***es.

Only YOU are keeping yourself stuck where you are.  I could easily suggest that you go be an independent producer... but you'll still have the same problem in prospecting, marketing, and selling.  Why be independent until you can solve those things for yourself???
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Post Options Post Options   Thanks (0) Thanks(0)   Quote NYC Financial Quote  Post ReplyReply Direct Link To This Post Posted: Jul/26/2017 at 9:07pm
Listen you all have good points, but I disagree that there aren't some companies who can train you better to have a real planning practice and market better. Automatically if you have better tools you're more confident to prospect and sell better. Obviously you must still sell your head off, however it could be alittle easier with the right tools. DHK you sell the same well if I'll give you a torn suit and a dirty shirt vs if you're wearing a nice suit? There are tools that can help.

Anyway let's phrase the question differently, let's say I was never at NYL. What's the best Insurance company to choose if I want to be a advisor as well. Prudential, guardian, AXA, Mass, penn, or you name it?

Or is it better to go to EJ Merrill WF UBS Chase, and the like, and which is best?

Think it's a pretty simple question.
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Again, Ed Jones is out. Absolutely no way to sell IUL. Any BD will frown if they perceive any over-use of permanent insurance for investment purposes.
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Originally posted by NYC Financial NYC Financial wrote:

Listen you all have good points, but I disagree that there aren't some companies who can train you better to have a real planning practice and market better. Automatically if you have better tools you're more confident to prospect and sell better. Obviously you must still sell your head off, however it could be alittle easier with the right tools. DHK you sell the same well if I'll give you a torn suit and a dirty shirt vs if you're wearing a nice suit? There are tools that can help.

Anyway let's phrase the question differently, let's say I was never at NYL. What's the best Insurance company to choose if I want to be a advisor as well. Prudential, guardian, AXA, Mass, penn, or you name it?

Or is it better to go to EJ Merrill WF UBS Chase, and the like, and which is best?

Think it's a pretty simple question.
e. None of the above.

I was about to read this whole thread and saw you and DHK were writing your life works in an unabridged version so I just skipped to the last post. There is no secret sauce other than a personal thirst for information and a desire to do what is best for your clients. NO BIG NAME FIRM WILL PROVIDE YOU ANYTHING OTHER THAN THEIR SELFSERVING TRAINING, PERIOD.
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Originally posted by NYC Financial NYC Financial wrote:

Listen you all have good points, but I disagree that there aren't some companies who can train you better to have a real planning practice and market better. Automatically if you have better tools you're more confident to prospect and sell better. Obviously you must still sell your head off, however it could be alittle easier with the right tools. DHK you sell the same well if I'll give you a torn suit and a dirty shirt vs if you're wearing a nice suit? There are tools that can help.

Anyway let's phrase the question differently, let's say I was never at NYL. What's the best Insurance company to choose if I want to be a advisor as well. Prudential, guardian, AXA, Mass, penn, or you name it?

Or is it better to go to EJ Merrill WF UBS Chase, and the like, and which is best?

Think it's a pretty simple question.

NYL has the most standardized training because of their managerial agency system.  Not much is known about Pru or Axa.  Mass & Guardian... your training will be heavily influenced by your local agency.  Mass has partnered with LEAP Systems and their selling methodology while Guardian has their version of it that is an "add on" to e-money.  Both are expensive ($2,500/year for LEAP and $300/month for Living Balance Sheet), and a STEEP learning curve.  At least with Guardian and Living Balance Sheet - it's supported company wide, whereas LEAP is done by "LEAP Agencies" and your local agency might or might not.  These are long and drawn out processes lasting up to 6 meetings, so it's not the best way to prospect the masses.  As far as Penn Mutual, most of the people I hear about being with Penn are independent agents.

Btw, regarding tools - your mind is your most important tool you have in this business.  I've been around over 15 years in various capacities and I have my ChFC designation.  And I'll tell you that I position myself quite differently from what you think I do.  My product/company is NOTHING compared to the value that I bring to the table.  

This article will help you just a bit - even though I don't charge planning or consultation fees:

Since you think door knocking is done by idiots (referencing your prior post), you will automatically not want to be at Edward Jones as that is part of their company culture and training.  Consequently, they are also considered the #1 training firm.  

What will be your marketing and prospecting plan - regardless of which firm you go with?

Most people believe it's more of an 'honor' to fail out of Merrill Lynch and go elsewhere, now that ML is on your resume.  You'll have high AUM hurdles to achieve, but it can be done.

If you can learn how to sell and work with investments, you might do fine at a bank... once you know what you're doing with investments.  Banks only hire people who are previously licensed at another firm, or are promoted from within.  You'll generally sell mutual funds, variable annuities, and managed money.  Of course, the bank bureaucracy will be hard to stomach.  Been there, done that.

If you would like to sell life insurance and annuities as an agent, and want to have your success NOT be dependent upon which company you happen to be with, I'd check out the Insurance Pro Shop.
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And this is a fun website that is worth reviewing:
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