New York Life, MassMutual, or Northwestern

[lilbud]

I just passed my life and health exam. I have an offer from all three firms. My natural market is made up of business owners and large families in Maryland and DC. I'm stressing about making the wrong decision. I don't want to be hopping from one firm to another.

Does one firm have a better training program than the other?

Does one firm offer more products than the other?

The recruiters tell me:
NML - They have the best IRR on whole life. Better Clientele = High net worth clients.

MML - Best paying dividend in the industry. Many NML reps left for MML.

NYL -- Most members of MDRT. Opportunity to become management.

I don't care what they have to say. I do care about which company will teach me and train me to do what is right for the clients. I'm in this for the long haul. Does anyone have experience with these three firms?

 

[walthamny]

There is no wrong decision here. All 3 statements are half true. The NML has the highest IRR so what? What good is IRR if it costs you more to borrow to take your money out? The highest dividend means not much if you understand how a mutual company works. NYL offers you management, so does the other 2. If you can recruit in this business, you are hired almost anywhere.

In almost all cases, the local office and your direct manager are going to give you training, not the company. You have to decide which one is the best for you. I suggest interviewing agents who have been there 1 year and 5 years, and if you can, find someone who has quit after 6 months from each of them and ask them why.

 

[DHK]

I just passed my life and health exam. I have an offer from all three firms. My natural market is made up of business owners and large families in Maryland and DC.

I'm stressing about making the wrong decision. I don't want to be hopping from one firm to another.

Does one firm have a better training program than the other?

Does one firm offer more products than the other?

The recruiters tell me:
NML - They have the best IRR on whole life. Better Clientele = High net worth clients.

MML - Best paying dividend in the industry. Many NML reps left of MML.

NYL -- Most members of MDRT. Opportunity to become management.

I don't care what they have to say. I do care about which company will teach me and train me to do what is right for the clients. I'm in this for the long haul.

Does anyone have experience with these three firms?

"Hire 'em in masses
Train 'em in classes
Sell all your family and friends
And fire their ***es."

Firm name doesn't matter. Office culture and training are all that matter.

The person talking about their dividend being the biggest and greatest or internal rates of return... doesn't understand permanent life insurance if they're selling their dividend rate that hard. There ain't no such thing as a free lunch. If a policy has a higher internal rate of return, it's probably because they have higher premiums and costs within the policy compared to similarly structured policies with other companies.

Misrepresentation and ignorance: A dangerous blend for ethics | LifeHealthPro

As far as NYL having the most MDRT members... I have to wonder if they're paying for their membership fees to join the MDRT.

I'm not telling you to go with them or which to choose. That's up to you. In a way, you can't go wrong with any of them... except when it comes down to training and mentoring.

If you're only going to pick out of those three, I'd lean closer to MassMutual because you can leave their firm and still be a broker for them as an independent. You can't do that with NML, and NYL wants to see 5-figure premiums before allowing brokered business (last I recall).

Just keep in mind that your training will be based on the strength of your trainers. That's your #1 priority.

You might also want to read this too. I'm told it's good:
http://www.insurance-forums.net/for...nsurance/guidance-new-life-agents-t29999.html

 

[Norwayguy]

I just passed my life and health exam. I have an offer from all three firms. My natural market is made up of business owners and large families in Maryland and DC.

I'm stressing about making the wrong decision. I don't want to be hopping from one firm to another.

Does one firm have a better training program than the other?

Does one firm offer more products than the other?

The recruiters tell me:
NML - They have the best IRR on whole life. Better Clientele = High net worth clients.

Better clientele? It is you who brings in the clients.

 

[BNTRS]

The likelihood that any of them will give you the knowledge you seek (how to do right by your clients) is very low. DHK's quote is a sad but true depiction of most career shop's business model.

Learning the business and gaining mastery level understanding of products and how they should be applied to client situations is largely a self initiative.

The one that is least likely to be a burden to doing business is MassMutual. NML does not have highest IRR on whole life products. That's way too broad a statement to make with any truth. MDRT membership percentage at an agency is useless to you. The insinuation is that there is some secret sauce they have since they have so many. This is false.

All of them have opportunity to become management. If you enter this business and think being an agent sucks, just wait until you try management.

 

[DWPCL]

The one that is least likely to be a burden to doing business is MassMutual

Unless you sell an indexed product. Then they terminate you

I do agree with BNTRS however. They also let you keep your clients if you ever decide to leave.

 

[xrac]

All things being equal MML hands down. However, go with office that gives you the most support and training.

 

[lilbud]

Thanks for the advice. I don't want to end up with the wrong company. This business is hard enough as it is. I already know that I will have to work my *ss off. I just don't want to drink the kook aid from these companies.

How would you compare their investment products? I already know that I will be working with primarily insurance products.

 

[DHK]

The investment platforms between all 3 will all be about the same with a similar compensation schedule for both in-house and brokerage products.

Similar families of mutual funds available. While MassMutual owns Oppenheimer funds and NYL owns Mainstay funds, you won't find any additional compensation incentives or payouts to using their own companies.

Similar variable life and annuity contracts available.

Similar RIA wealth management platforms available.

Pretty sure they all have various qualified plan options available for companies too.

MassMutual used to have a RIA product where they used dividends or gains from the wealth management product to buy SPIA income. However, that product/strategy has been discontinued.

All will have some kind of life insurance brokerage firm where you can place outside business and still get sales club credit.

Basically, the investment platform won't be a differentiating factor in choosing which company to represent.

 

[LGilmore]

Really look closely at the office you will be working out of. That will be what matters the most. You're looking at companies with great track records and any avenue would work fine. That said, focus on the people there.

If training is a big deal for you, sit in on a training session at each place. Look and see how many agents are still with the office within the last 5 years. See if you like the personalities there.

It really comes down to the personalities of the local office, until you get out on your own. I moved out of the general office at 6 months, at the end of the second year I was the last of 20 agents who started with me. Although I had excellent training, management was really poor. Always felt like I had to shower after meeting the guy. Same with the second. The third was really good, but by then I was pretty jaded about NYL and really needed to go.

Take a close look near you. That's what is important.