Mass Mutual Information

[sams66]

Can anyone give me some intel on working at Mass Mutual? from what i have been able to find, it seems like a solid firm.

I Had a second interview with Northwestern Mutual they seem very solid, the products seem to offer a great dividend etc. although it is clear you are working for yourself pretty much from the beginning.

what is the Mass Mutual culture like? are you "on your own" from the beginning or is there are kind of stipend or salary for the first year? what are the benefits like? Any info would be great! They called me today (i submitted a resume a month or so ago) and would like to meet to talk.

thanks

Sam

 

[Delta76]

I would give Mass Mutual serious consideration. In the end, it all comes down to the local agency management. However, that being equal, Mass Mutual allows you to own your business if you leave, which NML won't do. If you leave, and you probably will eventually, you could leave alot on the table in terms of clients and term insurance conversion opportunities. I don't and haven't worked for Mass, however, if I was starting over, I would probably use them to launch my career.

 

[sams66]

thanks for the feedback. it appears that they are well regarded.

Sam

 

[James]

Now don't forget about Guardian, another great company to go captive with!

 

[LGilmore]

I think Mass Mutual pulled out of the brokerage side and are going completely captive right now. NW and MM and many others are good to great companies. The big thing for you is going to be fit. Do you fit in with the culture. Hows your sales manager? How is support. Do fellow agents in the office see each other as colleaguse or competitiors?

Look at it this way, if you sold MM or NW your client is going to be just fine. Look at the work environment, culture of the office and make decisions from that. It's the one real regret about coming into this business that I didn't do was look closer at who my fellow agents were and what the sales manager was like.

 

[slushhhpuppie]

Having an intimate knowledge of Mass Mutual, I wouldn't recommend going captive with them (not that I would recommend going captive with any company, lol).

They have heavy proprietary production requirements (you don't get paid on ANY business until you write $25k of MM insurance and at least $5k on A shares of MM-owned proprietary funds). They call this your "5 & 25". After that, you are "allowed" to write through other carriers, but you have to justify it (and "the premium for the client is lower" doesn't fly).

Their payout on insurance starts at 55%, but if you end up going there your "sales manager" will accompany you on your first dozen or so appointments, and they will take a 60/40 split off of you.

There payout on mutual funds starts at 45%, increasing by 10 points with every $25k in production (until you hit the 87.5% ceiling).

On the upside, they will give you $200 a week to come into the office & study (if you aren't licensed).

And no, your book never belongs to you.

No thanks on that... I would rather keep 100% of my insurance production and 92% of my variable business. Oh, the joy of being independently independent.

MM still lets independent producers write their products, only through certain MGA's, though.

 

[LGilmore]

slush what BD do you use for your variable?

 

[slushhhpuppie]

slush what BD do you use for your variable?

Mutual Service Corporation (owned by LPL)

 

[Dave020]

Sams66 - it really depends on what your target market is. Slush has done a good job in providing MM current requirement.

I have been with both MM and NML (NMFN whatever they call themselves now) and they tend to operate in different markets.

MM is better with investments, term and LTCi. Culture is a bit more laid back than NML, of course this always depends on your GA.

NMLs principal advantage is access to major clients. I got tons of appointments with major players in Silicon Valley by being with NML. That name carries a lot of weight with affluent people in the know.

If you want to work Blue Collar and lower white collar markets, Mass is a good fit. If you want to work with CEO, COO and people like that, NML will be a better fit.

 

[sams66]

appreciate the comments. The NWFN client targets may be a little different in Sillicon Valley vs NW Ohio (toledo) and SE MI Detroit but I am sure that there are many well to do individuals and small biz owners in the region.

From the info that I got from NWFN is that they try to maximize the newer agents commission base. and they seem to be pretty supportive etc.

the one thing that I keep taking away from this forum is that it just seems that you can do better being an independent agent.

I have that meeting with MM next thursday and so we will see what they say.

thanks

Sam