Greenie Looking at Pru. Fin. or Independent

[BeyondAddiction]

Hello all. I've been lurking for the past 6 months and trying to learn as much as I can on here. I apologize for the book, but I know everyone is different, so I'm hoping to get as accurate information as possible that might help.

A little background, I'm currently in B2B sales in the manufacturing sector, but travel over night most of the year, so I'm looking into insurance, particularly Life Insurance sales so I can be home more with the family. My significant other is a producer at Allstate so it got me looking into the insurance industry, which brought me here to this wealth of knowledge. I'm currently making mid-50's so becoming a producer for any local P&C agents to learn the industry so far isn't feasible, which is why I'm looking at Life. I've studied on my own to get both my health & life insurance licenses and had interviews at quite a few different companies in the area, but haven't had much luck with anyone that felt good, other than an Allstate agent who couldn't afford me, and now Prudential.

So, I just had my first interview with Prudential Financial. I've been trying to follow the advice of this board with finding good training since I have sales training, but none in insurance. As mentioned earlier, I had just been looking at Life Insurance until I received a call from Prudential recruiter. In the interview I was told I would need to get my Series 6 before getting into the real training with them. They said they don't pay for the series 6 up front, but would reimburse me after passing it, which is better than some other places I've spoke with.

The newest informative thread I could find on Prudential is two years old. I haven't necessarily seen anything negative about them, so I'm just wondering if the general consensus is still the same after two years that they have better training than most. I did like the office, it looked impressive. The manager I spoke with has only been there for 6 years though and said he has only lost 3 people in those 6 years. So it would seem to have a low turnover rate at this office, even though he has been there a short time.

I've also been researching the idea of going with the Insurance Pro Shop and ILIAA to going independent on the side of my current job while I build up experience and knowledge before going full time Independent with it.

So, after my short book, any thoughts on the two different paths between Prudential Financial and going indie? Thank you all in advance for putting up with this terribly long first post!

 

[DHK]

First, your post shows that you've been searching the forums! Great job for that!

The Insurance Pro Shop will help you with an EXCELLENT track to follow - regardless of whether you're at Prudential OR an independent agent. IMO, I would just sign up for the monthly membership and absorb the video training library. In essence, it's the best training that your new agency SHOULD be giving you. If Prudential's training happens to fall short of what they've told you, at least you have another resource.

Prudential is one of the few "captive" companies that offers an IUL. (Don't ask me to review it, but I'm sure it's decent enough.) Also, I *think* they have a variable annuity with a "daily lock-in". (That'll make more sense if you decide to go with them.)

Basically, the choice to go "captive" or not... is totally up to you. However, having IPS training... will help "insure" your training and skills... even if your manager/trainer has none.

 

[BeyondAddiction]

Thank you DHK. With my research on here and what I've read, I definitely value your input. I always learn something positive from your posts. You did not make my decision any easier this time, but as you said, no one really can but me haha.

I'll update as I continue moving forward with Prudential and learn more about how this office operates before I can make my final decision. So far they are looking good though. Thanks!

 

[DHK]

I wish I had a 'hard line' list of things that are absolute "deal breakers" with career agencies, but I really don't.

I always recommend that you ask how much everything COSTS. Some agencies (MassMutual and Guardian in particular) may have costs passed to the agent after a period of time. So, if they talk about their great prospecting methods... always ask "how much will it cost?"

The main thing you want to avoid... are any surprises. Recruiting tactics can be very close to "bait and switch" at times.

Ask about training... knowing that you'll have another resource, if you need it. Always remember: As long as you're doing business legally, morally, and ethically... and you're turning in applications on a regular basis... they'll leave you alone about how you're doing it.

If they ask you how you're prospecting... just say "referrals". Whether it's true or not, they'll leave you alone as long as you are producing new premium.

Of course, I can't be that covert. It's just not in my nature. I'm an open book and I can't keep secrets like that (aside from client confidentiality). I can't even keep a straight face. So, if you're doing business (or want to do business) vastly different from the "prescribed company way"... you'll want to find a different agency or just be an independent agent.

 

[scottstreet]

i worked @ pru from '10 -'12 and found it to be okay. The costs are pretty much waived for newbies, but the old timers are all hoteling their desks because expenses are outrageous on them. So view it for what it is; a learning pit stop en route to independence. Product lineup is adequate, not great. But, they have the most lenient UW in the Fully Underwritten world. They are good about reimbursing expenses. I got them to pay for CFP designation classes (not the test). They will provide you with orphan accounts to work , but these are usually hostile UL accounts sold in the 80's that are about to explode....Still good experience. Your training will come down to your local office, as with all career shops. Because you will be securities licensed, compliance will be a bug up your ass , is what it is, but it means no advertising without prior approval. What state are you located in?.

 

[agentinsouth]

Hello all. I've been lurking for the past 6 months and trying to learn as much as I can on here. I apologize for the book, but I know everyone is different, so I'm hoping to get as accurate information as possible that might help. A little background, I'm currently in B2B sales in the manufacturing sector, but travel over night most of the year, so I'm looking into insurance, particularly Life Insurance sales so I can be home more with the family. My significant other is a producer at Allstate so it got me looking into the insurance industry, which brought me here to this wealth of knowledge. I'm currently making mid-50's so becoming a producer for any local P&C agents to learn the industry so far isn't feasible, which is why I'm looking at Life. I've studied on my own to get both my health & life insurance licenses and had interviews at quite a few different companies in the area, but haven't had much luck with anyone that felt good, other than an Allstate agent who couldn't afford me, and now Prudential. So, I just had my first interview with Prudential Financial. I've been trying to follow the advice of this board with finding good training since I have sales training, but none in insurance. As mentioned earlier, I had just been looking at Life Insurance until I received a call from Prudential recruiter. In the interview I was told I would need to get my Series 6 before getting into the real training with them. They said they don't pay for the series 6 up front, but would reimburse me after passing it, which is better than some other places I've spoke with. The newest informative thread I could find on Prudential is two years old. I haven't necessarily seen anything negative about them, so I'm just wondering if the general consensus is still the same after two years that they have better training than most. I did like the office, it looked impressive. The manager I spoke with has only been there for 6 years though and said he has only lost 3 people in those 6 years. So it would seem to have a low turnover rate at this office, even though he has been there a short time. I've also been researching the idea of going with the Insurance Pro Shop and ILIAA to going independent on the side of my current job while I build up experience and knowledge before going full time Independent with it. So, after my short book, any thoughts on the two different paths between Prudential Financial and going indie? Thank you all in advance for putting up with this terribly long first post!

It looks like you are getting some good advice. If you are going w/ Pru, I would recommend also getting licensed for investments.

With your background, have you looked at the large commercial agencies? Not the small general agencies, but the ones that go after large industry. Those guys look for success B2B sales people out side of the insurance industry. ...just my thoughts.

 

[BeyondAddiction]

Thank you Scottstreet, it's good to hear about first hand experience. I'm located in Ohio. Would having my securities licenses make it more difficult to go independent after Prudential since all of my marketing would need approved? I'm currently not interested in being a financial advisor, so the securities licenses are not something I'm really wanting anyways. Also, how quick were they at releasing you so you could work elsewhere?

agentinsouth, do you have some names of these large commercial agencies? I did a google search and didn't come up with any companies other than the same typical big name insurance brands like Allstate, Nationwide, etc.



An update(that I will probably get some flak for): I was contacted by a State Farm agent that said he would be fine with me focusing on Life insurance since it's hard to get P&C producers to actually sell Life. He provides a base $30k salary, plus health insurance. So the perks there would be the salary, health, and cross selling his current book, but also a slightly better work/home life balance while I gain experience as well. He also would cover all expenses for marketing and office as a typical P&C would. The big con would be the lower commissions from State Farm so I wouldn't be making as much while I get that experience. This is the pay structure he provided me with. This is all on top of the $30k salary.

- All Select term products and Return of Premium Term pay 20% first year commission.
- All Whole Life Policies Except limited pay products pay 30%
- Limited pay products (10 Pay, 15 pay, 20 pay) pay 20%
- UL is 26% of primary compensation premium.

Anyone have what a true typical first year premium is for State Farm? All I can find is their "best pricing" on their website for each which was as low as $175 a year on term. I won't want to have to sell 600 policies a year just to match what I'm currently making haha.

I forgot to mention that there are kids at home counting on me, otherwise, I wouldn't even be considering State Farm after everything I've read on here about them.

I'm trying to get Prudential's pay structure as well.

I'm thinking the end goal will be to go independent after 1-3 years depending on how much I feel I'm getting out of the captive office.

 

[agentinsouth]

Thank you Scottstreet, it's good to hear about first hand experience. I'm located in Ohio. Would having my securities licenses make it more difficult to go independent after Prudential since all of my marketing would need approved? I'm currently not interested in being a financial advisor, so the securities licenses are not something I'm really wanting anyways. Also, how quick were they at releasing you so you could work elsewhere? agentinsouth, do you have some names of these large commercial agencies? I did a google search and didn't come up with any companies other than the same typical big name insurance brands like Allstate, Nationwide, etc. An update(that I will probably get some flak for): I was contacted by a State Farm agent that said he would be fine with me focusing on Life insurance since it's hard to get P&C producers to actually sell Life. He provides a base $30k salary, plus health insurance. So the perks there would be the salary, health, and cross selling his current book, but also a slightly better work/home life balance while I gain experience as well. He also would cover all expenses for marketing and office as a typical P&C would. The big con would be the lower commissions from State Farm so I wouldn't be making as much while I get that experience. This is the pay structure he provided me with. This is all on top of the $30k salary. - All Select term products and Return of Premium Term pay 20% first year commission. - All Whole Life Policies Except limited pay products pay 30% - Limited pay products (10 Pay, 15 pay, 20 pay) pay 20% - UL is 26% of primary compensation premium. Anyone have what a true typical first year premium is for State Farm? All I can find is their "best pricing" on their website for each which was as low as $175 a year on term. I won't want to have to sell 600 policies a year just to match what I'm currently making haha. I forgot to mention that there are kids at home counting on me, otherwise, I wouldn't even be considering State Farm after everything I've read on here about them. I'm trying to get Prudential's pay structure as well. I'm thinking the end goal will be to go independent after 1-3 years depending on how much I feel I'm getting out of the captive office.

The large indy agencies are different in each area... Most of them should be in The Book of List that your local business journal puts out each year... Most libraries will have a book of list.