New York Life

JustWannaBeHuge · May 31, 2012

Does anyone have any experience working for this company or have friends that have? I went to their employment presentation, and it looks like a very good salary can be made, but when things look too good to be true, they tend to be full of shit. lol

Just looking for any input as I'm trying to make a lot of changes to provide a better life for my daughter and myself. She's getting old on me, and I just want to make sure she has more opportunities than I have had and college is around the corner for her.

thanks fellas.

JW

BillHilton · May 31, 2012

I strongly suggest against it. Several reasons...
With online brokers and insurance so easily available, coupled with the ease of getting information about investments and insurance, it is VERY difficult to earn a living as an agent.

I have a very good friend who left a good paying job that required a lot of travel to become commissioned financial salesman. He nobly wanted to be around his kids while they were growing up, something I strongly support. But I assure you that he would have been better off working a minimum wage job instead.

People just don't have disposable income these days, and if they do, there is a great likelihood that they already have someone that they use. After you sign up your Mom and annoy your friends, the sales will be much harder to get.

Remember, all of your expenses will be out of your own pocket. Who cares if they are deductible? The money is still spent.

I have been in sales most of my 27 years in business. Almost always if the commissions are big, the product is not the best solution for the customer.

If you are feeling entrepreneurial, that is outstanding. I would investigate other options though.

JustWannaBeHuge · May 31, 2012

thanks for the input, my brother's former fiance called me today and gave me the number for her brother as he used to work there, and after speaking with him and reading what you said...

I'm going to pass on it. I had a weird feeling about it since they spent over 40 minutes just talking about how much money can be made, i never had a company try to sell me so hard with joining them. just felt like a red flag but I had to confirm it lol

thanks again.

BillHilton · Jun 1, 2012

No problem at all. Keep looking and thinking -- it will turn up and you will have a good feeling when it does.

gogotren · Jun 1, 2012

I was in the financial services industry for 10 years selling stocks, life insurance, annuities, non traded reits and it is a shit business! New customers are so skidish about doing anything, especially with new people they don`t know. You gotta remember investors have been burned in 2000 again in 2008, will get burned again harder in within the next 2 yrs IMO, and many are still below what they had in 2007.

Selling any kind of insurance you will be told to hit up everybody you know including family, as the first customers. If you take the C option, or trail to get paid it takes forever to have a decent pay check and if you die its gone, it can not be paid to a spouse who is not licensed. I always took option A or the pay me now mutha f`cker option. Then you start each month at ZERO dollars coming in. Plus the whole stock market, commodities is so skewed by what the govt does (which never makes sense) but also by big banks like goldman moving 500M $ in trades a day for their own personal accounts.

oktome · Jun 2, 2012

I am in the industry, but my company has approx an 80% success rate amongst their agents. I make a very good living and I am well above the tax rate of $250000 that Obama wants to target. Companies like NY Life have approx a 25% success rate. Odds are against you!

I do believe for the very specific individual it can lead to a successful career. Great sales people and people who find a niche make it. A niche might be you have a friend who is a successful Dr, pro athlete etc. that refers all of their friends and contacts to you.

Otherwise marketing to the average individual is very difficult and for most it is a difficult way to make a living.

IF you want to take a test, take the KOLBE test. 93% of all MDRT agents, (the very best life agents) have a score within a certain range. If you do not score in this range, forget it.

GGGGGGG-UNIT · Jul 8, 2012

My buddy just finished an internship with NY life. After 3 months, he considers life insurance agents glorified car salesmen. He had to call close to 500 people a week and they start you off by "selling" (harassing) your family and friends. His first assignment was to write down 200 names of people he could think of off the top of his head, the second "assignment" was to call them. lol good luck

tonyk · Jul 19, 2012

I work for a financial advisor and its like this, im trying to go to Ohio State and get my MBA and do the shit I wanna do.

stallone1 · Aug 13, 2012

I am in the indutry and New York Life and many others will hire anybody and give you enought to survive on for a little bit, then you either make it or starve out, it will be no fun, the really skilled guys earn big money, but it is not easy to get there.

2ez · Sep 5, 2012

I have worked with them. Started in the Brokerage and moved on to pricing Annuities. I worked in the Home Office on Madison Ave.

I have my Series 7, 63, 24 and 55.

Agents are required to get a minimum of a Series 6 and 63, with many having their 7 as well.

They do more than sell insurance. Since the downturn, Retirement planning business has grew. As a result the Annuities Business is booming. Chase and other banks sell there Annuities, and they are highly rated.

There are some reps that do well...and there are some that should have never been hired.

Do your due diligence, but one man's experience, may not be your own. I too heard some not so nice things, but I gave it a shot anyway. But this was in the offices and not as an Agent.

Could I be an AGent....Fck No. Dealing with the different personalities and kissing azz to get someone to trust their hard earned money is not my thing. You lose $1 and you will get a call.

I have moved on to the healthcare industry.

Simpllyhuge · Sep 8, 2012

So what position do you guys recommend then?

2ez · Sep 10, 2012

I have one co-worker that made the change from back office work, to an agent in the past year. She's an outgoing, young energetic kind of person and she loves it.

I have worked in the Financial Industry for many years. I can tell you the days when Brokers like Olde Discount Brokers, use to have their new hires sit with a telephone book and make hundreds of calls per day to drum up new business.

IMO NYL has a better training program for new agents, and it is a more reputable company. I am not sure of your circumstance (ie mortgage, kids, wife, bills...etc), but if I had a younger brother/sister fresh out of college and looking for a job...I may advise to look for other opportunities other than an agent.

Back office work yes.....but I am not feeling the agent work unless I was mentored by an agent looking to retire and wants to move his clients over to me.

the cat · Oct 14, 2012

GGGGGGG-UNIT said:
My buddy just finished an internship with NY life. After 3 months, he considers life insurance agents glorified car salesmen. He had to call close to 500 people a week and they start you off by "selling" (harassing) your family and friends. His first assignment was to write down 200 names of people he could think of off the top of his head, the second "assignment" was to call them. lol good luck

sucks