Merrill Lynch and Insurance

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BigRed's picture
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Joined: 2007-04-15

I am about to join Merrill from Northwestern Mutual. I was wondering if anyone in here has any insight on what the payouts are like for insurance at Merrill and how they compare to NMFN if possible. Specifically, what percentage commission could I expect and are there any renewals?garmond

deekay's picture
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Joined: 2007-05-15

BigRed wrote:I am about to join Merrill from Northwestern Mutual. I was wondering if anyone in here has any insight on what the payouts are like for insurance at Merrill and how they compare to NMFN if possible. Specifically, what percentage commission could I expect and are there any renewals?garmond
 
Why don't you ask?
 
FTR, commissions at a wire will get put through the grid.  You are not paid by ML to do insurance.  You are there to gather assets.  Remember that.
 
Just curious, why are you leaving NWM?  From what I gather, they're a top-notch firm. 

anonymous's picture
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Joined: 2005-09-29

BigRed,
 
Are we not getting the whole picture here?  How does someone take the job without asking?   Is it safe to assume that you were either failing at NWM or that you never really got started?
 
At NWM, if you sold a $1000/month whole life policy, you'd probably make about $9000.  This assumes that you are a decent, but not great producer.  This includes FYC of 55% + overrides. 
 
At ML, you'll probably make about $2300 on the same sale.  The commission will still be 55%, but it will go through your grid and you'll get no override. 
 
In short, assume that your commissions at ML will be about 25-30% of what they would be at NWM for the identical sale.
 
It becomes pretty easy to see why wirehouse guys ignore insurance issues. 

troll's picture
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Joined: 2004-11-29

Do you go to a podiatrist when your tooth hurts?
 
Do you go to a CPA to draw up a living trust?
 
You need to watch some "Delta Dental" commercials because sometimes it's better to be good at 1 thing, and not try to do too much.
 
If it were me, I'd pick one:  insurance or investments.
 
But here's a hint:  Investment guys rarely do well with insurance.  Insurance guys can and will get the investment assets!
 
The nice thing about insurance is that once you learn it, you just need to keep up on small things every year.  It's not like investments where you need to have an opinion on the market every day.  (Not TRACK the market --- just have an opinion.)
 
Have fun at ML!

pretzelhead's picture
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Joined: 2007-03-23

Damn I did go to the podiatrist when my tooth hurt.  No wonder it's not better.

Jwilso12's picture
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Joined: 2014-08-17

I am curious to know what you found out.
I currently work with northwestern mutual and am looking at moving to Alaska. I am kicking around the idea of switching to ML when I move.
What was your experience?

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