New York Life - Fast Track Mgmt Program

I’m assuming it’s similar to Northwestern Mutual? What do you do now?

Do you have moral flexibility for sales? The first year in order to survive you generally have to sell to your friends and family contacts. You have to give it to NYL and work it. You will have to come up with all contacts on your own. You either survive and complete the sales to meet your quota, or you don’t.

Apparently this was a poor joke.

Isn't NYL one of the top tier companies? At least that's my impression from researching and speaking with people I trust.

What questions should I be asking. I am interested in in going into this field, but when the Managing Partner asked me if I would be interested in Fast Tracking to Management, I was thrown off.

Why wouldn't a current agent in the office want this gig or be promoted internally? They have 11 agents in the office now.

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Isn't NYL one of the top tier companies? At least that's my impression from researching and speaking with people I trust.

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It is a solid company. In my mind, you have a group at the top that consists of NYL, Mass Mutual, and Northwestern Mutual. Then a huge drop off to everyone else.

Being a solid company, their products are expensive.

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hat questions should I be asking. I am interested in in going into this field, but when the Managing Partner asked me if I would be interested in Fast Tracking to Management, I was thrown off.

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How much will I need to sell as management? How much time would I need to dedicate managing other agents / the office, vs selling / managing my own book of business?

How am I compensated once I move into management?

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Why wouldn't a current agent in the office want this gig or be promoted internally? They have 11 agents in the office now.

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Most salesmen make terrible managers. Also, in pure sales, you are technically unlimited in your income earning potential. As a manager, because you need to dedicate some time to managing other agents, your income may depend on theirs to an extent, as you are giving up time you could be selling yourself.

I know some people in this field, in the local office of one of those top three companies. The only person that isn't expected to sell currently is the office managing partner. And he still has to maintain his book of business and still sells to his current client list. He's just not prospecting for new clients.

I can also tell you when it comes to annual income... the managing partner wasn't in the top 5 (out of maybe 50 in the office).

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Moral flexibility?

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Yes, because you are selling to your friends and family. The reality as stated is NYL and Northwestern Mutual among others are no where close to being the cheapest products. In some instances they could be as much as 2x the cost.

So you go to your family and try to sell life insurance at an expensive cost because it’s” to you and you will take care of them because we are a great company”. All the while they could go to a broker online and pay considerably less and likely never know the difference.

The basic principles of the companies is to help their customers only get what they ‘need’ but the reality is that you are a salesman working on commission and in order to survive the first 2 years you need to sell them everything you can.

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baldona

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The basic principles of the companies is to help their customers only get what they ‘need’ but the reality is that you are a salesman working on commission and in order to survive the first 2 years you need to sell them everything you can.

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Good stuff. After the first 2 years, what are your thoughts on the actual company and long term prospects of being a NYL agent?

Appreciate everyone's feedback.

Really shows how much of a scam insurance is that they have to pay someone to trick you into buying it

Top agents rake in money. But it's extremely hard to make it to that level. I used to work for NYL but I don't know much about the fast track. When I was there you had to generate approximately $60-70K in first year commissions two years in a row to be considered for management. If you missed in the second year, start over. It's a tough job and not for everyone, but if you're the right person, you can make some serious jack. That's why top agents don't go into management roles.

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The gist was bust arse selling for 12-24 months, move into Management position and no longer have to sell or manage your book (conflict of interest).

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Did they say what the expectations are for those first 1-2 yrs? What if you suck at selling? Do you have to hit specific $$$ goals to make the move to management? If you move to management and stop managing your book, do they have a way of compensating you for that business?

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tigercross

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Did they say what the expectations are for those first 1-2 yrs? What if you suck at selling? Do you have to hit specific $$$ goals to make the move to management? If you move to management and stop managing your book, do they have a way of compensating you for that business?

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If you suck at selling you don't make it through the Fast Track Program There are minimums to meet to stay in the program, discussing that Friday. Yes you are compensated for your book of business if you go into management, discussing Friday. THe biggest takeaway is that none of the Good to Great sales guys want to give up their books and move to salaried.