NYL TAS Contract to Independent

[DHK]

Here's another thing: Will Ohio National keep their mouth shut on your performance? (I don't remember about this one either). Basically, even though you're allowed to do business with other companies... you might not want your name to show up in their sales rankings when you put "just enough" through NYL to keep your contract. It would still leave a bitter taste in your NYL office. Yes, it's allowed, but you don't want that feeling in management.

Now, if you're a TOP NYL producer AND a top producer in 2-3 more companies, that's different. Everyone is getting a proper proportion of your business. Just be aware that if you're doing $100k in premium to ON and you just do $30k to NYL... someone might take notice... and they might not like it. Legally, they might not do anything, but you may start to feel the bad vibes with those who know.

 

[BatonRougeChicken]

Thank you so much DHK. I don't know if you remember, but about 1+ year ago when I was deciding to go insurance or wirehouse route, you along with a few other posters were the ones who helped me decide otherwise. I owe a lot of my success to posters like you and people from other forums as well.

 

[DHK]

Thank you! I don't remember because you've changed identities on the boards you frequent.

It's just so nice to have "the light" shown to me and now I can see the financial services for what it really is... and I can help point others in the same way.

Make sure that you take full advantage of the career agency system - get those designations I listed: LUTCF, CLU & ChFC. If I remember my NYL recruiting CD, you can't do fee-based business with NYL until you have your 7/66 AND CLU/ChFC or CFP. So let NYL pay for all that while you're there. Then move as many clients as you can to a fee-based platform so you can move it to your own RIA firm in the future.

 

[BatonRougeChicken]

Yep! I am already a part of their fee based planning program, they have paid for my Series 7/66 licenses. I take the CFP in November (target date).

 

[LGilmore]

I don't understand the idea of Ohio National in your situation. That's like rubbing it in the nose of NYL.

While NYL has many "offical" policies, there are many unoffical ones. They rarely dismiss an agent for selling other companies if NYL doesn't offer or is not competitive in the situation. I do think selling somebody else's par whole life would piss somebody off.

Term, GUL, UL not so much. Whole life would be a different story. You'd be snubbing them on their signature product.
That would be hard for a Sales manager to defend on your behalf.

In my years with them, they never really cared that much if you sold term or UL from somebody else. You just didn't make a big deal of it.

Good Luck.

 

[scagnt83]

I don't understand the idea of Ohio National in your situation. That's like rubbing it in the nose of NYL.

While NYL has many "offical" policies, there are many unoffical ones. They rarely dismiss an agent for selling other companies if NYL doesn't offer or is not competitive in the situation. I do think selling somebody else's par whole life would piss somebody off.

Term, GUL, UL not so much. Whole life would be a different story. You'd be snubbing them on their signature product.
That would be hard for a Sales manager to defend on your behalf.

In my years with them, they never really cared that much if you sold term or UL from somebody else. You just didn't make a big deal of it.

Good Luck.

I agree. Im not sure why your so hung up on ON if your staying with NYL??? It doesnt make sense.

You should be looking to UL and term companies to add to your sales portfolio, not WL companies. (although ON does have great term rates..)

Also, (at least at my old office) NYL has a dont ask dont tell policy on selling EIAs....

 

[VolAgent]

I agree. Im not sure why your so hung up on ON if your staying with NYL??? It doesnt make sense.

You should be looking to UL and term companies to add to your sales portfolio, not WL companies. (although ON does have great term rates..)

Also, (at least at my old office) NYL has a dont ask dont tell policy on selling EIAs....

That has been my take on this all along. Why stay on an agent contract with NYL if you are going to sell ON's WL. Whole Life is about so much more than just the premium, I don't see how you can really sell both and believe in both of them.

 

[LGilmore]

"I don't see how you can really sell both and believe in both of them. "

It's not so much that, I understand and also desire the need to show more than one choice to a client.

However, I know NYL will not keep you on a agents contract if you do that with their signature product. They will simply give you 30days notice and cancel your contract. Then you'd have to find a new broker dealer too as while you can keep your book (they don't tell you this), they stop being your BD.

If ya really gotta sell somebody else's WL, then you should be making plans to wing walk so your E&O is square, your transition to another BD is moving (takes a while) and you've got your office set up working.

Once you decide to move from NYL, they don't give you advice anymore and don't go out of your way to help you with anything. So if that's what you're going to do, plan for it.

 

[BatonRougeChicken]

Can NYL look into carriers and see which products and how much I sell of it?

 

[Norwayguy]

Can NYL look into carriers and see which products and how much I sell of it?

That info is not on the DOI website. I would also think that information would be private....however if it was my contract on the line I would be concerned of relationships your Managing Agent has with higher ups as ON.