New York Life

U.S.Bank cyounan
Oct 8 37 Comments

I'm currently in a management position at a bank and I was recruited by New York Life to be an agent, with a possible fast track into management because of my experience. At first I was flattered, but it appears as though recruiting is a requirement to break in to management. Anyway, does anyone have experience working as an agent at NYL? In the interviews they talk the company up like it's the best in the industry. Their track record seems to support that, but any insight from within would be appreciated.

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TOP 37 Comments
  • Citibank tMCV54
    You just got scammed!
    Oct 8 0
  • Wells Fargo iydknyk
    I'd stay away from New York Life.
    Oct 8 2
    • U.S.Bank cyoulater
      Elaborate?
      Oct 8
    • Goldman Sachs pokoloco
      Yeah I'd like to hear more as well. I'm considering moving there
      Oct 8
  • BNY Mellon 4321abcd
    They will ask for a list of 20 friends and family, you will sell proprietary products to them first, earning commission only, while paying rent fees. Once you fail to hit increasing quotas, you get fired or quit, then the seasoned agents divide your clients up and keep the revenue. They keep churning and burning unsuspecting agents this way and lure them with the promise of riches. Beware!!
    Oct 8 3
    • U.S.Bank cyoulater
      This is incorrect. They ask for a list of 200 people. They do NOT charge rent.
      Oct 8
    • BNY Mellon 4321abcd
      Thanks for the correction, but why would you want to work under that model? I'd rather go work for a firm like select quote where you can work with multiple carriers (not just NY life) so you can offer better solutions/more choice AND get sales leads. Do you really want to pimp your friends and family for life insurance, especially when you are a new agent and still learning the business?
      Oct 8
    • U.S.Bank cyoulater
      Good question. All things to consider.
      Oct 8
  • Morgan Stanley / Finance
    goinvgo

    Morgan Stanley Finance

    PRE
    Merrill Lynch
    goinvgomore
    Pure sales, period. Nothing has to do with management at all.
    Oct 8 2
    • New York Life Insurance RgaL44
      Untrue, for the role they are speaking of it’s pure sales until you hit certain metrics, then you manage sales agents
      Oct 8
    • Morgan Stanley / Finance
      goinvgo

      Morgan Stanley Finance

      PRE
      Merrill Lynch
      goinvgomore
      For career path I agree. However, I just want to point that whoever recruiting him definitely is not looking for someone who can manage, just pure sales to expand his business at this moment. The management part just a sugar coating talk, nothing is promising to him.
      Oct 8
  • UBS / Finance nMQg64
    "a possible fast track into management" lol
    Oct 8 0
  • Merrill Lynch / Finance gopro17
    Have never worked there but my understanding is it's pure sales and you have to bring in significant business/ national level numbers for 3-5 years to be considered for management
    Oct 8 0
  • American Express / Data ohRu46
    Also frankly speaking, if you're already in mgmt at a bank, don't move to Life Insurance, it's even slower processes there lmao
    Oct 8 3
    • U.S.Bank cyoulater
      My main concern is income. I'm working really hard for a crap salary and a terrible incentive plan.
      Oct 8
    • American Express / Data ohRu46
      I get it, but just be sure you have a realistic expectation for salary #s for this new role.
      Oct 8
    • American Express / Data ohRu46
      As others have said, this salary is pretty much entirely reliant on what YOU do with it -- but it could take time to find your groove.
      Oct 8
  • Chase banker85
    If you have a good track record at US Bank there’s always another line of business. Try commercial banking or their advisor platform. Bonus is you still get walk in traffic referred from your retail partners. Another option is hop banks. Steer clear of insurance sales...the turnover is extremely high for a reason. The incentive to those companies is policy owners you sell to keep paying long after you leave.
    Oct 8 2
    • U.S.Bank cyoulater
      Well, yes. But the plan would be to be successful and not to leave. If you hit certain targets in 2 consecutive years and recruit 2 new agents to the firm they will transition you to management which is essentially supporting your team and recruiting, however your comp becomes based on the production of your team. So, if you bust your ass for 2 years, and make it to managment, it seems worthwhile.
      Oct 8
    • U.S.Bank cyoulater
      My biggest concern is making it in those 2 years.
      Oct 8
  • New / Finance
    kingax

    New Finance

    PRE
    Goldman Sachs
    kingaxmore
    They offer this to fresh out of college graduates.
    Oct 8 0
  • American Express / Eng joonyeng
    "fast track" with the other people this recruiter scammed
    Oct 8 0
  • New York Life Insurance / Eng cofounder
    Not working as an agent for NYL but I know it for a fact that - Successful career agents at NYL do really good for themselves.
    Oct 8 0
  • Citibank / Mgmt 🐟r🏷️
    You went from management to another company...because they promised to fast track you to management in the future?

    I'm confused, because you present the situation as reaching management level is the payoff, but you're already management where you currently are. So why the jump?
    Oct 8 2
    • U.S.Bank cyoulater
      Well, the income in banking isn't very attractive. A moderately successful agent at NYL is earning triple my current income.
      Oct 8
    • PNC qEoW80
      Don't do it
      Oct 8
  • American Express / Data ohRu46
    As someone who worked on the tech side for NYL (so, take this with a grain of salt--) working as an AGENT for NYL is a contractor-like role. It's very tough, freelance-esque work and most people do not succeed (I've seen the #s, most ppl burn out in 2 years) You need a lot of grit and go-getter spirit to succeed as an agent. If you want a cushy, predictable role, this is not it. But like any sales-type role, the sky is the limit on earnings if you can make a space for yourself. Just my two cents.
    Oct 8 2
    • U.S.Bank cyoulater
      Thank you. I'm worried about burning out myself. I'm great with sales and relationship management, but I'm concerned about the prospecting aspect of the business. I've always worked in a bank, where clients are walking in the door all day. There's no foot traffic in insurance. That makes me nervous.
      Oct 8
    • American Express / Data ohRu46
      Yeah, the lack of foot traffic + the hard sell you have to make to SELL someone life insurance in the first place is nothing to scoff at. However, I don't want to make it sound like NYL is all bad - they're a company who puts their customers first and are very unlikely to do badly in the prospective economic recession (if it ever comes lol) But possible burn-out is something you should keep in mind, because the odds are indeed stacked against you.
      Oct 8
  • Merrill Lynch / Finance gopro17
    Would also be more inline w your experience and what you're saying you want long term
    Oct 8 1
    • U.S.Bank cyoulater
      I've been looking but there are no positions open in my area and I'm not willing to relocate at this time.
      Oct 8
  • Northwestern Mutual Ope!
    I would check out XY Planning Network before making a choice!
    Oct 20 0
  • Pacific Life Corporation bmQt44
    I second what some said above. If you are successful in management, can you get into commercial lending or real estate investing at US Bank?
    Oct 14 0
  • Merrill Lynch / Finance gopro17
    @Op checkout Wells. They're desperate and have offered crazy incentives. They finally have a CEO so maybe the ship is steadying
    Oct 8 0
  • Voya / Finance
    Blind867

    Voya Finance

    PRE
    Voya Financial
    Blind867more
    Ya wanna buy some life insurance?

    Life insurance sales with most companies is less about the customer and more about your numbers. I've always steered clear
    Oct 8 0
  • New York Life Insurance RgaL44
    I’ve worked alongside NYL Agents for years in an operations management role. What you’ve been recruited for is a Sales Management(Partner) role in a sales office. To fast track into a Partner role you need to hit specific sales goals for two years and then you can become a recruiter of new agents. NYL as a company is excellent and Sales Agents/Sales Management positions can be very lucrative but it is a tough job and not for everyone.
    Oct 8 0
  • AQR / Eng nyawe60
    You can definitely be successful there but it won’t happen soon and it will take a lot of hard work. Probably 5-7 years at a minimum.
    Oct 8 0

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