New to biz - hello and advice needed

[prw240]

Hello

I am currently in talks with Metlife to join them as a Financial Advisor and I am wordering what you all on the forum think of this move.

They pay a salary for 19 weeks and then its commission only. I already have my L&H license, so I can start with that right away and study for my series 6. They have asked me to develop a list with 100 names in my natural market and they will help me with a marketing plan. The background check is currently underway.

Any thoughts on Metlife and the deal they are offering? The idea is to help me transition from a salary to commission. Any insight to culture and products???


Thank you so much for your help and advice!!!

 

[Crabcake Johnny]

Never EVER sell your friends or family any life or financial products until you're an absolute expert. Why should you be playing guinea pig with your friends and family? And by the way, they will be quite put off for you contacting them about buying insurance and financial products. This is a pure abuse of your friendships.

MetLife is a multi-billion dollar company. What...they don't have any leads for you?

 

[prw240]

I do not want to sell to my friends and family. Its my understanding this list is a requirement. Are they all not like this???

 

[Crabcake Johnny]

A requirement for who - them or you? If any job I took required me to compile a list of my best friends and family I'd walk straight out the door.

Again, MetLife is worth billions. They don't have leads for you? Then walk. What could be even worse is them wanting you to hand your list over to one of their managers who proceeds to call your list and hard-close your family and friends while you stand by and watch in pure horror and embarrassment.

I have never worked for them but over the four years I've been in insurance I have heard very little postive about them.

 

[Guest]

Hello

I am currently in talks with Metlife to join them as a Financial Advisor

Met, the company, if fine. But you won't ever deal with the 'company' you will be dealing with the local agency so make sure you like and trust the folks you are talking to.

If Met is interested in you than I assume you have passed those assinine online tests (LIMRA?) If so than NYL and MoO and MassMu and NELife and a whole bunch of other captive companies will want to talk to you.. and you SHOULD interview with them as well. You may get a better salary deal from one of the others... and when Met finds out (make sure you TELL them) that you are talking to other carriers THEY may give you a better deal. 19 weeks of financial assistance is bullshit. You can get an offer of two years salary plus commision from M. of Omaha. I did. But there are significant strings... you better produce or you will be out on your ass in no time at all... which is fair... they are not paying you to sit at home and watch soap operas.

I didn't take any of the offers from the major captive life companies because they NOT ONLY wanted me to sell to my friends and family and I refused to hand over that information.... but they wanted me to get a Series 7 to sell what I think are high-risk investment products not suitable for the clients they wanted me to approact. They dropped me like I was poison when I told them I only wanted to sell 'safe' WL.

{editorial} No one ever lost a penny buying WL. It's a good product for most people and while a lot of folks disagree with me, they are far younger and have not seen 55 year olds who are approaching retirement without a dime in savings. WL is forced savings and it works. No you can't retire on it, but it is better than having $25,000 in credit card debt!{/editorial}

If you are a young guy or gal and have zero business experience, joining Met or a similar outift would not be the worst thing you could do. They WILL teach you a lot of stuff and you CAN earn some money.... but you will also be under a lot of stress to produce.

I assume you are young. Most of these companies don't take a close look at anyone over 45 unless they come to the table with a lot of sales and biz experience (as I did.) Still, they like young people (25-35) whom they can 'mold' and turn into career agents. NOTHING WRONG WITH THAT. (Read that again.) It all depends on what YOU want for YOURSELF. Tell us that, and we can better advise you. (And when I say "we" I mean guys like John P., STI, Sonoraco, and a whole bunch of others. I don't know what I don't know about insurance, but I'm almost 60 and have been self-employed for the past 30 of those years so I've seen a few things and know even more.)

Al
http://www.InsuranceSolutions123.com

 

[fla2cali]

Listen, you're going to get the same story no matter where you go. The benefit of a career shop is for you to get some training, learn the products, and get your feet wet. Learn as much as you can. Listen and get advice from the big producers, try to even find a mentor, and when you feel you're ready go indy. Or possibly even stay, some career companies might be worth the stay. Some agents stay at a career shops and do very well. As for the whole get a list of 100 people you know, they all ask that. It doesn't really matter, just make up some names. All they care about is if you produce. It doesn't matter from who.

f2c

 

[Crabcake Johnny]

Good Lord, who the heck knows the names and numbers of 100 people! I have my parents and three siblings. Aside from that I could possibly round up 15 more friends who I'm in touch with. After that you're just dealing with acquaintances - and won't they be happy to hear from you and that you want to sell them insurance.

 

[Crabcake Johnny]

And by the way, I'm not saying that if you're an insurance agent or financial advisor you shouldn't be helping out your friends and family. I'm just saying that you want to be an expert first. MetLife may or may not even offer competitive products. You want to offer your family and friends the best products on the market. And you won't know what that is until you're highly trained and experienced.

 

[fla2cali]

Good Lord, who the heck knows the names and numbers of 100 people! I have my parents and three siblings. Aside from that I could possibly round up 15 more friends who I'm in touch with. After that you're just dealing with acquaintances - and won't they be happy to hear from you and that you want to sell them insurance.

LOL, thats funny. Next thing you know, you'll have a lot less friends, maybe in family, lol.

But seriously, I would just play along, make up some names and go here, there is my 100 names. Its not like they are gonna verify anything. You're basically just going through the motions. I think it would be worth going through the BS just so you can learn the business. Especially if you've never been in the biz. But Al, was right, the agency that you choose is just as important as the company. There are a lot of managers out there that could never do half the things they suggest. You can tell who they are are when they give you that suprised look like "WHA!!! That really worked?!?!"

Also, that salary that they mentioned, it usually starts after you've submitted a certain amount of business. Maybe 2-5 apps. They do that to make sure you're ummmm "serious."

 

[somarco]

The only referrals I've received are from people I've done a good job for... even if I've not written them.

And this, is worth paying attention to.