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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- 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!!
- 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?
- Pure sales, period. Nothing has to do with management at all.
- 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 1
- 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
- Chase banker85If 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.
- 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.
- 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?
- 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.
- 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.
- 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.
- Would also be more inline w your experience and what you're saying you want long term
- 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.