NEF

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frogger's picture
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Joined: 2006-03-07

Anyone know anything or have experience with new england financial or new england securities? (Owned by Met Life) Their offerings, their limitations, good, bad, whatever......

Thanks!

xbanker's picture
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Joined: 2007-01-21

I interviewed with NEF and the a full service Metlife office. Both are (or were two years ago) very similar with the exception that Met has a small initial four month salary and ramp up period. NEF is even more seeing what sticks to the wall once thrown and distributing the flame out brokers books to others in the office. I don't understand why anyone considering a role with no base salary or administrative support to speak of wouldn't just go indie.

theironhorse's picture
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Joined: 2007-03-03

pm me if you want more info.  i worked at nef, was there when met took over, and my best friend still works there.  i am still good friends with the guy who runs the mn/iowa branch.  their initial pay program is spectacular.  3 years base.  i will gladly give you details.  xbanker has no idea what he is talking about.

xbanker's picture
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Joined: 2007-01-21

theironhorse, that may well be the case. I interviewed with a in early 06. Things change and may be different in specific branches. Without "outing" my location, the NEF branch I looked at was a cobranded branch, titled "New England Financial, The So and So Group."

theironhorse's picture
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Joined: 2007-03-03

xbanker- as i pm'd frogger, the biggest determinant with them will be the GA, or whatever you want to call them.  mine was phenomenal.  would frequently pass on overrides/bonuses to reps who were producers.  also negotiated payouts on investment business and allowed us to bring on new reps with overrides from them.  he simply wanted his cut, not the whole pie.  he also saw the future of fee based business and wanted the fieldforce to go that way.    i was in the midwest.  it all depends on the man/woman running the agency.  the met office in my same town was complete grabage, but our nef office was wonderful. 
my recollection of the new agent payout was something like this.  $X for 3 years, paid monthly.  this was negotiated.  if you took larger $X, your minimum requirements were larger than the guy taking a smaller $X.  starting in day 1 your commission was factored at $3.3 for every $1 you earned.  sell an LTC case for $3000 commission, you "earned" $9900 which went into your kitty.  if you produced at an above average rate, you could take "bonuses" from there with manager approval.  as long as you were meeting pre-established goals, you were paid at least a flat $X per month for 3 years.

xbanker's picture
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Joined: 2007-01-21

That sounds a lot better than what was laid out for me. I'd have probably thought more seriously about them under those circumstances.

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