Mass Mutual "Career Agent" or Independent?

[DRJCBPA]

Thank you to all who patiently led me through the process of NML vs. MML; now the question is, what is the down side to starting as a career agent with Mass Mutual as opposed to starting as an independent. I can get health benefits from my wife's employment, at a reasonable cost, about equal to the 1/3 it will cost be at Mass. I am attracted to the pension contribution Mass makes, the seemingly generous over ride for maintaining my own office and the assistance available for "inside" agents from the various specialists (at no cost to me-- unlike NML which requires a split). I've been with a private BD before and I know the payouts are more lucrative to start, but with Mass they at least go back to first dollar when you hit various breakpoints-- in the past I consistently did about 100K of GDC, but my guess is it will take me a year or two to get back there and then I assume I will surpass that. So, what think thee o men of great wisdom? Mass let's you start in house and then go brokerage if it is suitable. What is the down side? The upfront "financing" the first 3 years seems difficult to turn down. The GA is a quality guy and the in house experts are quite amiable. What am I missing other than my mind for going through a career change in my late 50's. Please, no mid life crisis jokes, I've already had 3 midlife events and I'm way past midlife.

 

[xrac]

Based on you description of the local office I would go as a career agent with MM.

 

[Stonewall]

Me too! You'll should have some support if needed and the sky's the limit. You'll have a VERY SMALL production requirement and can always write business outside if needed. You'll also always be able to look your client in the eye and know that you're giving them one of the best financial products available.

My advice is to go with MM and max out your contract as quick as possible and really take advantage of the first three years!

 

[BNTRS]

Doesn't Mass vest renewals for career agents rather soon? Meaning you could make use of Massmutual's support to get up and running, and if you decide later to go indy, there isn't much to loose, besides the future pension benefits.

MMLISI (I believe it's called) isn't a half bad B/D, probably one of the best at a career insurance company. 100k GDC isn't bad, it's not amazingly awesome either. What's the max out on the GDC grid? And what kind of production do you need to get there?

 

[DRJCBPA]

Max is 82.5 at 440,000! Now that is a number... but it is 80 % at 193,000. It will take me a few years to get back there, but it will happen. What I like is, it is back to dollar one when you hit the next level. The "other" company starts at 35%, keeps you there for the entire year. Next year you start where you left off... very unproductive and not conducive to helping agents grow-- clearly benefits the agency not the producer. Amazing how things change. When I left the business, I had BD's clamoring for me at 90%-- Okay it was a long time ago.

 

[crimsontideagent]

Agree on MM - I'm career. Feel free to PM me with any private questions...

I am detached office and the extra is nice.

MMLISI is a good b/d overall, not just within the insurance world.

 

[CFP83]

Because of your desire to do fee-based and managed money I think MMLISI is probably one of the most forward thinking "big mutual b/d's" you could choose. The Corporate RIA provides you with the tools it sounds like you want.

 

[DRJCBPA]

CFP83 thank you for your advice.

 

[mvanwert]

I'm also interested in learning more about using Mass as a BD.