Controlled business question

[DHK]

I have it on good authority that *I* was the last agent to use controlled business at MassMutual to qualify for new agent financing there. That was 10 years ago and they shut that loophole down quick.

I WISH their training was good and regimented, but it wasn't. The captive shop had a new manager, but was used to bringing experienced agents on, so they didn't have to have a thorough training program. It truly is an "office to office" issue.

Read between the lines here:


"Allows their general agents, in their portion of the country, to do the business as best as they see fit. They aren't dictated the same way of doing things as the other 95 agencies around the company." This means that each office will work differently, and your success is determined by the training of THAT office.

However, back in 2012, all the MassMutual General Agents in California were fired and new blood was brought in. Things may be different at Mass now, but I wouldn't know first hand.

 

[scagnt83]

However, back in 2012, all the MassMutual General Agents in California were fired and new blood was brought in. Things may be different at Mass now, but I wouldn't know first hand.

Based on history, I would not expect any Captive system to be uber loyal to the managers.

 

[Shakray]

Mass is not captive you can sell other products and your business doesn't stick with them if you leave you still get renewals. Most carriers do pay on controlled but if you lapse they will haunt you kinda like what the other person said. They have money to come after and blacklist you

 

[Shakray]

(I dont make sense?)

If you go into the interview asking if you get an advance on controlled biz, they will show you the door asap. Ive worked in Captive shops, I know people who run Captive offices. You might see my post as me being an ass, but its the brutally honest truth. Captive shops dont want to hire financially desperate people.

I understand, if you do sound desperate they won't, and if you don't sound desperate they will I've seen it

 

[scottstreet]

Mass is not captive

Mass is a captive career shop that offers indy contracting
The folks on the career side would strongly disagree with your claim that they are not captive. They however, will not chime in because the compliance dept won't allow it on a public forum.

 

[DHK]

Mass is not captive you can sell other products and your business doesn't stick with them if you leave you still get renewals. Most carriers do pay on controlled but if you lapse they will haunt you kinda like what the other person said. They have money to come after and blacklist you

The term normally used for Mass and Guardian is "semi-captive". It's semi-captive because you still have a contract to meet based on your years in business.

If you can't meet leader's club metrics (or rather, if they can't teach you how to achieve leader's club metrics), you've got some serious problems. You should have a good idea whether you're in a good agency within the first 30 days of being there.

If not, just get out. It's not necessarily your fault that they didn't deliver what you needed to be successful, so stop wasting time there. (I wish someone would've told me that when I was at Mass. I learned a lot, but it was a pure failure and a waste. I should've left within 30 days, but I stuck with it for 15 months.)

 

[DHK]

MassMutual Leader's Club requirements:
First-year commission thresholds by class year
Year 1: $30,000 FYC
Year 2: $40,000 FYC
Year 3: $50,000 FYC
Year 4: $60,000 FYC
Year 5+: $65,000 FYC

Keep in mind that MDRT membership requires only $94,000 FYC... and I would suggest that if you're barely earning that... then you're barely earning enough to live, survive, and thrive... particularly in California.

If you can't see yourself hitting MDRT levels in your first year, you're in the wrong agency.

 

[Shakray]

MassMutual Leader's Club requirements:
First-year commission thresholds by class year
Year 1: $30,000 FYC
Year 2: $40,000 FYC
Year 3: $50,000 FYC
Year 4: $60,000 FYC
Year 5+: $65,000 FYC

Keep in mind that MDRT membership requires only $94,000 FYC... and I would suggest that if you're barely earning that... then you're barely earning enough to live, survive, and thrive... particularly in California.

If you can't see yourself hitting MDRT levels in your first year, you're in the wrong agency.

Can you pm me please

 

[DHK]

I'm not going to answer your PM, because it's not personal, and it also shows that you didn't understand and comprehend what I originally wrote.

I WISH their training was good and regimented, but it wasn't. The captive shop had a new manager, but was used to bringing experienced agents on, so they didn't have to have a thorough training program. It truly is an "office to office" issue.

"Allows their general agents, in their portion of the country, to do the business as best as they see fit. They aren't dictated the same way of doing things as the other 95 agencies around the company." This means that each office will work differently, and your success is determined by the training of THAT office.

However, back in 2012, all the MassMutual General Agents in California were fired and new blood was brought in. Things may be different at Mass now, but I wouldn't know first hand.

Now, you asked in your PM about career agent "signing bonuses". THOSE ARE NOT SIGNING BONUSES. They are additional compensation on new business up to certain limits. It is new agent financing. (And this compensation would have to be PAID BACK if you leave the company too soon.)

However, NONE of that matters if you don't get the training from that office that will help you to maximize your contract. Your contract means NOTHING if you can't get the training to produce.

Now, to show that I'm not a complete ***hole, I'm going to refer you to my sticky thread (the one at the top) of the Getting Started Selling Insurance. There's a LOT in there and a LOT of inexpensive resources.

https://insurance-forums.com/community/threads/guidance-for-new-life-agents.29999/

 

[WinoBlues]

Now, to show that I'm not a complete ***hole,

Dave, could define "complete" please?