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Message
re: Northwestern Mutual
Posted on 10/18/22 at 8:39 am to tgrmeat
Posted on 10/18/22 at 8:39 am to tgrmeat
quote:
Northwestern Mutual
I have some investments with them and term life. My agent was very persistent about whole life but I know better. Not sure if he's just out for a buck or not, but he sure seemed to believe in it.
1
Posted on 10/18/22 at 8:45 am to tgrmeat
The only benefit he will get is a great lesson on how to Sell. Which is one of the most important things someone can learn.
Posted on 10/18/22 at 8:52 am to REB BEER
quote:
Wait what? Don't these guys make mostly commission? I assume they get hired to make the company money; I doubt they were hired as a charity case.
I assume they are 100% commission.
Gumbo would know.
Are you implying that it is better to be unemployed than to work a commission job? Lol
That makes as much sense as Gumbo implying that trying to schedule an appointment is hassling someone.
I don't understand a lot of these takes.
I assume that northwestern spends good money training and licensing the agents. At least I hope they do.
Posted on 10/18/22 at 9:01 am to tgrmeat
If your son is from a non target school , he would be better off interning at a bulge bracket bank’s smaller office in their operations/back office/analysts rotational program. Just gets his foot in the door
Down the road , If he’s good enough and makes enough connections, he could get moved up to a front office role and really make a lot
Down the road , If he’s good enough and makes enough connections, he could get moved up to a front office role and really make a lot
Posted on 10/18/22 at 10:32 am to meansonny
quote:
I assume they are 100% commission.
Gumbo would know.
100% minimum, actually
quote:
Are you implying that it is better to be unemployed than to work a commission job? Lol
That makes as much sense as Gumbo implying that trying to schedule an appointment is hassling someone.
The problem is that once you give them the list of all your family and friends, they keep it because it becomes their proprietary information and they then market to them constantly for a while. I would be pissed if someone in my family or a friend did that to me. My family and friends know what I do and know I'm there if they need anything. I don't have to hassle them.
quote:
I assume that northwestern spends good money training and licensing the agents. At least I hope they do.
I'm not 100% sure because when I tried out NYL I was already licensed so it wasn't an issue for me but if I had to guess, the cost of licensing is the agent's responsibility since they are not employees of the company - they're 1099. Training is usually free, though, and fantastic. They're going to focus on whole life and Universal Life products, though. Those suck arse for most people. Most people are much better off with term.
This post was edited on 10/18/22 at 10:33 am
Posted on 10/18/22 at 10:45 am to TDsngumbo
quote:
100% minimum, actually
I don't know what that means.
How is 100% commission different from 100% minimum?
quote:
The problem is that once you give them the list of all your family and friends, they keep it because it becomes their proprietary information and they then market to them constantly for a while. I would be pissed if someone in my family or a friend did that to me. My family and friends know what I do and know I'm there if they need anything. I don't have to hassle them.
You seem to forget how privacy policies work.
Every email has an opt-out. If it doesn't, northwestern is opening itself up to serious fines.
And that's it. It is that simple to be removed from northwesterns list.
I understand your sentiment about ownership of the book. But it is a hypochondriac outlook when reality is so, so simple.
I'm a little confused by the relationship. Every employer owns the production/work of the employees. Not just financial services. But you are saying that they aren't employees. There are a bunch of lawsuits (nationwide, All-State, and state farm) about what constitutes an employee and 1099 contractor when the parent org owns and controls so much of the business (including quotas). I'd be curious if there have been recent changes in the industry.
quote:
I'm not 100% sure because when I tried out NYL I was already licensed so it wasn't an issue for me but if I had to guess, the cost of licensing is the agent's responsibility since they are not employees of the company - they're 1099. Training is usually free, though, and fantastic. They're going to focus on whole life and Universal Life products, though. Those suck arse for most people. Most people are much better off with term.
Interesting. Agreed about poor products being pushed out of ignorance by noob sales reps. There are good UL products out there. But their benefits are still specialized and not for everyone.
This post was edited on 10/18/22 at 10:47 am
Posted on 10/18/22 at 10:58 am to meansonny
quote:
I don't know what that means.
How is 100% commission different from 100% minimum?
I meant the commission is likely at minimum 100%. Chances are those agents are earning 110%, 120%, maybe even as high as 140% commission on each sale.
I understand what you're saying with privacy policies and being able to opt out of marketing but are you really willing to force 200 or more of your family and friends to have to opt out of marketing so they won't be bothered by the company? I know I'm not. I'm a good agent, I can sell the product given the right kind of leads. Find a good lead source and dump marketing money into it and the sales will come. I don't need to pester my family and friends because if I do, I become the cousin/friend who's always trying to sell something. I like to keep my personal life separate from my work life.
Posted on 10/18/22 at 11:06 am to meansonny
quote:
Hiring someone is one of the most noble things a person can do (especially when that someone has zero experience). It is extending dignity to that individual.
Acting like hiring someone is where the story ends is weird. Hiring someone and paying them a wage commensurate with their ability/potential, treating them with dignity while on the job, setting realistic expectations and goals- that is noble. I'll leave it up to those who have worked or interviewed with Northwestern Mutual to define whether those things apply or not- but simply hiring someone is not a noble act.
quote:
And all they asked you to do was to let your sphere of influence know what you do to give you some t ball level at bats.
Do we think that most new NW Mutual reps/interns are simply "letting someone know what you do" when calling/meeting with friends, family, and acquaintances?
That sounds like something out of a sales training manual. There are a variety of factors that complicate matters to a much larger extent.
Posted on 10/18/22 at 11:20 am to TDsngumbo
quote:
I meant the commission is likely at minimum 100%. Chances are those agents are earning 110%, 120%, maybe even as high as 140% commission on each sale.
Yeah. We were talking about 2 different things. That is on me because I don't know their thing. I was asking if they had a base pay or if compensation was only commissions.
quote:
I understand what you're saying with privacy policies and being able to opt out of marketing but are you really willing to force 200 or more of your family and friends to have to opt out of marketing so they won't be bothered by the company? I know I'm not.
If I call someone and it isn't a fit, I can remove from the list myself (I presume customer management systems allow the agent to apply Do Not Call). 1 call and done. Or, one email and the prospect can do it him or herself.
quote:
I can sell the product given the right kind of leads.
Ahh. The Glengary leads.
quote:
Find a good lead source and dump marketing money into it and the sales will come.
Marketing and sales aren't the same thing. I understand taking care of a great center of influence. But you still have to make that cold call (i.e. hassle them) to start that relationship. We aren't eye to eye on this. No biggie.
quote:
I don't need to pester my family and friends because if I do, I become the cousin/friend who's always trying to sell something.
If your Aunt goes somewhere else because she doesn't know what you do, then that is on you. And if she pays that company a front load fee, shame on you (I'm being hyperbolic, but you understand the point that you could be a better fit and take better care of her than someone marketing on a grocery store buggy).
quote:
I like to keep my personal life separate from my work life.
Fair enough. And that may keep things simple. But if you are paid to help people, I struggle to see the hesitation to help people that you know.
Posted on 10/18/22 at 11:36 am to REB BEER
REB BEER
DallasTiger45
Lol. Why does it feel like a communist party new member orientation.
Sales is the most pure form of capitalism.
I only get paid if I help people.
No help. No compensation.
There are bad sales managers out there. But they don't last long (no sales, no compensation). There are also bad sales reps out there. And likewise, they don't last long (no sales, no compensation).
My mind doesn't quite comprehend the attitude towards sales. If you don't like a rep, don't buy from him/her. They will either grow or quit. It isn't your problem. But you can appreciate the job. Have respect for honesty, integrity, and work ethic.
If I hire someone... take a chance on them and allow that person to pay their bills, feed their family, and grow wealth, I do strongly believe that is noble. I do strongly believe that is promoting dignity for the individual.
As a manager, my success depends upon their success. How they become successful is less important (to Gumbo's point about keeping personal life separate from work) so long as they are ethical.
quote:
Wait what? Don't these guys make mostly commission? I assume they get hired to make the company money; I doubt they were hired as a charity case.
DallasTiger45
quote:
Acting like hiring someone is where the story ends is weird. Hiring someone and paying them a wage commensurate with their ability/potential, treating them with dignity while on the job, setting realistic expectations and goals- that is noble
Lol. Why does it feel like a communist party new member orientation.
Sales is the most pure form of capitalism.
I only get paid if I help people.
No help. No compensation.
There are bad sales managers out there. But they don't last long (no sales, no compensation). There are also bad sales reps out there. And likewise, they don't last long (no sales, no compensation).
My mind doesn't quite comprehend the attitude towards sales. If you don't like a rep, don't buy from him/her. They will either grow or quit. It isn't your problem. But you can appreciate the job. Have respect for honesty, integrity, and work ethic.
If I hire someone... take a chance on them and allow that person to pay their bills, feed their family, and grow wealth, I do strongly believe that is noble. I do strongly believe that is promoting dignity for the individual.
As a manager, my success depends upon their success. How they become successful is less important (to Gumbo's point about keeping personal life separate from work) so long as they are ethical.
Posted on 10/18/22 at 12:48 pm to meansonny
quote:
Ahh. The Glengary leads.
quote:
Find a good lead source and dump marketing money into it and the sales will come.
Marketing and sales aren't the same thing. I understand taking care of a great center of influence. But you still have to make that cold call (i.e. hassle them) to start that relationship. We aren't eye to eye on this. No biggie.
quote:
I don't need to pester my family and friends because if I do, I become the cousin/friend who's always trying to sell something.
If your Aunt goes somewhere else because she doesn't know what you do, then that is on you. And if she pays that company a front load fee, shame on you (I'm being hyperbolic, but you understand the point that you could be a better fit and take better care of her than someone marketing on a grocery store buggy).
quote:
I like to keep my personal life separate from my work life.
Fair enough. And that may keep things simple. But if you are paid to help people, I struggle to see the hesitation to help people that you know.
All of what you just said reminds me sooo much of my captive days working for captive companies that pounded the whole "you gotta talk to as many people as you can" mantra into my head. I'm here to say that that simply is not true. I haven't made a cold call in three years and make more money now than I ever did before. You just have to find the style you're good at and hone in on it to scale it.
Posted on 10/18/22 at 4:36 pm to tgrmeat
I apologize for the length of this post, but I have some experience. As I've shared here before, over the years I've worked with some of their agents helping them with their accounting, so I've gotten to see some of how this works. Also in full disclosure, I have a DI policy and a term life insurance policy with them.
Let's address this from the start. Despite what their marketing may try to tell you... they are NOT a financial planning / advising firm.
What they are is... a sales company that sells expensive, but very strong, disability and life insurance products. They do have an investment arm and they tend to push their investment products (mainly mutual funds). THey also sell long term care products which are probably better than most in the market... but still Long Term Care products have a lot of issues. But understand they are not a fiduciary or a fee-plan company. They sell their products.
Like many churn and burn companies, the training is outstanding... but definetly packaged. There's a system and everyone is going to follow the system. It's also, as you might imagine, competative.
So here's where the issue is. So they will have you come up with the list of 200 potential clients. But for most college grads... unless they come from a wealthy family or have some sort of extended network... while they might be able to generate 200 names... very few, if any, of those 200 are legit qualifed leads that can have a need for, or afford, their products. So you end up calling people that there is a high probability that you won't complete a sale. You CAN practice your pitch... and there is absolutely value in that. (and if the family/friends care about you... they will listen to the pitch, for no other reason than to help you).
So who can be successful? It's people who have the ability to sell a premium product to a premium client. It seems like a lot of their successful agents are people who are doing this as a career change. Of course you also have the people who are natural high-level salesmen.
But the key... the absolute key... is high quality leads who need their expensive product. This isn't like selling auto insurance or even IRAs where there is a huge market.
If your son wants to go into financial planning... my advice would be for him to visit every financial planner in town and see if they would be willing to take on an unpaid intern. Learn the business and maybe an opportunity will show up.
quote:
He's interested in financial planning/advising when he gets out.
Let's address this from the start. Despite what their marketing may try to tell you... they are NOT a financial planning / advising firm.
What they are is... a sales company that sells expensive, but very strong, disability and life insurance products. They do have an investment arm and they tend to push their investment products (mainly mutual funds). THey also sell long term care products which are probably better than most in the market... but still Long Term Care products have a lot of issues. But understand they are not a fiduciary or a fee-plan company. They sell their products.
Like many churn and burn companies, the training is outstanding... but definetly packaged. There's a system and everyone is going to follow the system. It's also, as you might imagine, competative.
So here's where the issue is. So they will have you come up with the list of 200 potential clients. But for most college grads... unless they come from a wealthy family or have some sort of extended network... while they might be able to generate 200 names... very few, if any, of those 200 are legit qualifed leads that can have a need for, or afford, their products. So you end up calling people that there is a high probability that you won't complete a sale. You CAN practice your pitch... and there is absolutely value in that. (and if the family/friends care about you... they will listen to the pitch, for no other reason than to help you).
So who can be successful? It's people who have the ability to sell a premium product to a premium client. It seems like a lot of their successful agents are people who are doing this as a career change. Of course you also have the people who are natural high-level salesmen.
But the key... the absolute key... is high quality leads who need their expensive product. This isn't like selling auto insurance or even IRAs where there is a huge market.
If your son wants to go into financial planning... my advice would be for him to visit every financial planner in town and see if they would be willing to take on an unpaid intern. Learn the business and maybe an opportunity will show up.
Posted on 10/18/22 at 4:39 pm to REB BEER
quote:
My agent was very persistent about whole life but I know better. Not sure if he's just out for a buck or not, but he sure seemed to believe in it.
Whole life is a amazing product for a very small percentage of the population. For most people,it's not at all appropriate. But for a few... it's tremendous.
Posted on 10/18/22 at 4:46 pm to TDsngumbo
quote:
he cost of licensing is the agent's responsibility since they are not employees of the company - they're 1099.
For a number of years they were statutory employes - basically being able to have some benefits of being an employee (such as benefits) but also being able to directly write off expenses.
Now they are all moving toward a 1099 model... especially if you also want to sell for other companies.
Posted on 10/18/22 at 4:55 pm to tgrmeat
I have a frat brother who I was close with back in college who has been with Northwestern Mutual for at least 20 years. I'm not privy on how much he makes but looking at his house, and the yearly vacations he takes abroad, I would think he does very well.
Posted on 10/20/22 at 7:19 am to LSUFanHouston
quote:
Whole life is a amazing product for a very small percentage of the population. For most people,it's not at all appropriate. But for a few... it's tremendous.
That’s true and is exactly what I tell my customers who want to buy $500,000 whole life policies.
That said, I own a few whole life policies for my two children, two of which are with NWM. Those two are performing very well - even better than I expected if I’m being honest. I still wouldn’t advise my kids to buy a whole life product as an adult though.
Posted on 10/20/22 at 8:34 am to meansonny
quote:
Why does it feel like a communist party new member orientation.
I don't think you I got my point across to you. You're acting like a company is doing someone a favor by hiring them. All I'm, saying is that companies hire employees to grow and increase revenue. I certainly didn't say that is a bad thing.
Posted on 10/20/22 at 8:36 am to LSUFanHouston
quote:
Whole life is a amazing product for a very small percentage of the population. For most people,it's not at all appropriate.
I guarantee I'm not in that small percentage that it's a good product for. I'm just an average Joe.
Posted on 10/20/22 at 8:46 am to TDsngumbo
quote:
TDsngumbo
quote:
hat said, I own a few whole life policies for my two children, two of which are with NWM
Are they 20 Yr Pay or straight Whole Life? I have a straight WL on my oldest daughter thru NWM and a 20 Yr Pay on my youngest thru Southern Farm Bureau Life Insurance Company. I kinda wish I would have done the 20 pay on my oldest daughter looking back on it.
Posted on 10/20/22 at 8:58 am to ThatsAFactJack
I did the straight whole life because those grow longer and more. Of course you pay more in the long run but at ~$30/month for each, you can't beat that. That's less than a tank of gas a month.
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