Northwestern Mutual Interview

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Still@jones's picture
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Joined: 2009-03-22

voltmoie wrote:I think that is as well put as I've heard it.  I dislike door knocking but know it puts money in my pocket.  Do I like money more than I dislike door knocking? My shoe should answer the question...With those size 7 1/2 Keds, no wonder housewives are willing to talk to you...They don't feel like they need to have their guard up!Zzzzzzzing!!!!

anonymous's picture
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Joined: 2005-09-29

svm21 wrote:They'll hire you w/o the surveys, don't worry.

 
That may be true, but the idea isn't to get hired.  The idea is to succeed.  If something holds someone back from doing the surveys, they may not have what it takes to succeed. 

svm21's picture
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Joined: 2009-05-07

How insightful. He already got 175 surveys. That says enough. He'll do fine.

voltmoie's picture
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Joined: 2008-11-05

Still@jones wrote:
voltmoie wrote:I think that is as well put as I've heard it.  I dislike door knocking but know it puts money in my pocket.  Do I like money more than I dislike door knocking? My shoe should answer the question...With those size 7 1/2 Keds, no wonder housewives are willing to talk to you...They don't feel like they need to have their guard up!Zzzzzzzing!!!!I wish, I've got boat like 12s.

Lionheart's picture
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Joined: 2009-08-08

svm21 wrote: How insightful. He already got 175 surveys. That says enough. He'll do fine.

I appreciate the vote of confidence but I have 175 people in my natural market. I only completed 7 surveys and got 9 referrals. They want me to have 250 names or people in my natural market before sales school in October. So that means more surveys, or just making a list of names. I will do both.

BerkshireBull's picture
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Joined: 2009-06-10

That looks like a rough alley, Voltmoie, don't flash your expensive camera phone around in those parts or some high school kids will likely beat you up and take it as well as your American Funds pens and keychains. 

Lionheart's picture
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Joined: 2009-08-08

If this is going to work I have to get some sort of 2nd job, or my wife will have to go back to work part time for a while. Either way, I need to understand the hours expectation of this job to find the appropriate side gig. What I know so far is that you come in in the mornings around 730am, dial and set up appointments for the day. Then you're out on your own seeing clients and all that which could be scheduled for any time. Is this accurate?

The 20-something fresh out of college HR girl I interviewed with was probably way too forthcoming. She just came out and told me that not everyone follows Granum or does any of that 10-3-1 stuff that I have read about. She said that some guys go home, go see friends, etc and just generally slack off. Everyone has to hit their goals, but it sounded like it wasn't too strict there whereas everything I read made it sound like Granum was the 11th commandment.

Maybe they just aren't big on accountability, but it seems like you make your own schedule after the morning meetings and morning calls. Is this the norm?

What can I expect hours-wise in this job? I need to know so I can get/find an appropriate side hustle.

anonymous's picture
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Joined: 2005-09-29

DO NOT get a side hustle.  It's true that not everybody doesn't follow Granum which is why most people fail.  The number one thing with Granum is his "Rule #1".  If I recall correctly, it is, "From 9:00-4:00 do nothing except see people or fight to see them."
If you want to succeed, make Granum the 11th commandment. 
 
If you follow "Rule #1" and do most of your work jointly, you'll be pulling in decent money within 100 days.
 
Why can't you have a 2nd gig?  This job is a little strange.  The more work that you do, the more work that you create for yourself.   Compare someone who meets with 4 people a day to someone who meets with 2 people a day.  When you meet with someone, a successful meeting creates follow up work for you to do.   That means that someone who sees 4 people has twice as much work to do, but only half the time to do it since he can't do the work when he has an appointment.
 
Following Rule #1 will very quickly lead to a packed schedule.  This will leads to lots of work that needs to be done.  The only time that you have to get the work done is after 4:00 (but you'll probably have some evening appointments) and weekends.
 
What happens if you have a side gig?  If you try to follow "Rule #1", you can't get your work done.  Therefore, you will spend during the day doing work instead of seeing people or fighting to see them.  This will most likely lead to failure.  The best case scenario is that this will lead to success that is much delayed.

Lionheart's picture
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Joined: 2009-08-08

I believe that in order to be successful, you find the most successful guy and emulate what he does. Granum works and has worked like clockwork for many from what I have read (this article is what sold me on Granum). I most definitely intend to make it my 11th commandment.

However, a series of unfortunate events has made it so that my savings are all but exhausted and I don't know if I can survive the "ramping up" period. I have been told more than once by a great many people that I should not expect to make crap for 90 days due to the natural sales process, underwriting, etc.

So after my wonderful $4k during sales school, I would be essentially broke for 90 days after that. Broke is not an option. So either this opportunity is shelved until I can build back my resources, or I take a job at night or on weekends to make it through.

anonymous's picture
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Joined: 2005-09-29

By the way, 10-3-1 isn't something to follow.  It is simply a fact of life.
 
It seems like you have a few choices. 
1) Your wife can go back to work for a little while.
2) You can tell your wife that you aren't going to see her for 100 days.   Get a side job and plan on working very long days EVERY Day.
3) Talk to your GA.  He may be willing to work something out in terms of a loan or a draw for a short period of time so that side work isn't necessary.
 
Warning:  If you put in long hours, but don't follow "Rule #1", you won't be making decent money in 100 days.  It can take years.

Leverage's picture
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Joined: 2009-09-22

Anonymous, sounds like you've worked for NML/NMFN?  Most of your information is pretty accurate.  However, I'll add a bit just to clarify.  The compensation works as follows:
 
1st year - 82.5% on WL  & 75% on term
2nd year - 71.5% on WL & 65% on term
3rd year - 60% on WL & 60% on  term
4th year and beyond - 55% on WL & 50% on term...
 
That's basically it on life insurance and believe me that's all you'll sell anyway.  As far as the upfront bonuses go, the home office gives the managing partner anywhere from 8K to 4K to each new recruit contracted depending on business and your part of the country.  However, its up to the MP to funnel that $$ down to the recruits.  In many instances, that money never sees the recruit and stays neatly snuggled into the MP's pocket. 
 
This is just the tip of the TIP of the iceberg with this outfit.  I could type all day and night about this company but I won't bore you.  One good thing though, the WL insurance is awesome.  Hope this helps.
 

anonymous's picture
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Joined: 2005-09-29

The mutuals are all pretty similar.  I have lots of friends at NML.  They all pay enhanced commissions of some sort and they're based on the NY insurance laws.  The maximum extra commission that can be earned is the same with all of them. 
 
Whether someone will only sell life insurance is very dependent on the local office.  Personally, I think that it's good to restrain the new guys to some extent.  It helps the new guys learn to sell. 

BerkshireBull's picture
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Joined: 2009-06-10

anonymous wrote:The mutuals are all pretty similar.  I have lots of friends at NML.  They all pay enhanced commissions of some sort and they're based on the NY insurance laws.  The maximum extra commission that can be earned is the same with all of them. 
 
Whether someone will only sell life insurance is very dependent on the local office.  Personally, I think that it's good to restrain the new guys to some extent.  It helps the new guys learn to sell.  All good stuff here.  New agents will get diffused trying to do too many different things and at the end will do none of them well.  I thought I knew everything right out of the gate and wanted to do it all as well, it took me 2 years to figure out that I wouldn't get far as a 24 year old "financial planner" but I could be a 24 year old insurance agent who dabbled in mutual funds mostly with clients under 45.  Two years later looking back it was a great decision to arrive at.If you can focus on needs based products such as life and DI the first couple years and get up and running and really hone your skills, then when it comes time to move your business to a higher level and enter new markets you'll be very good with your systems and selling and should transition smoothly.

PeteB87's picture
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Joined: 2011-08-22

There was a job opening posted on CareerBuilder for a Financial Rep. in Boston for the Boston Financial Group, and I sent my application in through there.  I got a call from NMFN soon afterwards to schedule an interview. I went in for an interview last week and learned a great deal about the company, and I believe I can say the same for them about me. The man said that he will send me a second link to an assessment that I need to complete. I completed that within two days of the interview. It has been a week, and I have not heard back from NMFN. Would anyone happen to know if this is normal? How does advancement in the interview process work? Or did the assessment knock me out of the running for a Fin. Rep. position?

adgo1@aol.com's picture
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Joined: 2013-03-28

The job is garbage pitching life insurance. Go buy a business you can expand. If you sell insurance you are a sucker slave for the company.

adgo1@aol.com's picture
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Joined: 2013-03-28

The only life insurance that makes any sense is DIRECT private placement variable life that is a wrapper around hedge fund profits.

For the consumer it is the best and cuts out the brokers!

BigNavy's picture
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Joined: 2013-10-06

Resurrected a post from 2009 because....?

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