Northwestern Mutual Interview
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I was told that I would be paid a salary plus commissions but the girl from my 1st interview said that salary and such will be explained in my next interview (interview 2 is about marketing). Is the salary thing only through training? I’m 100% commission now and it doesn’t bother me, but learning something new and starting from scratch will be a challenge at straight commission.
It's 100% commission, 70% payout on first year life insurance premiums. When I went in the manager told me the average person makes $35k a year, 24k on the low end, 50k on the high end. But, it really just depends on how hard you work, your natural market, etc. If you don't have a natural market then I wouldn't even try unless you have a lot of money saved up for those dry weeks/months. [/quote][quote=Lionheart]I just had my first interview with them on Thursday. My second interview is on Tuesday. I am coming from a Commodities background and this stuff is Greek to me. If anyone has any insight, it would be greatly appreciated.
Nope.
Its 85% payout and $8,000 grand up front. Alot of reps take/took out loans their first year. You will only be selling insurance your first three years. In fact they won't sponser you for your 7 unless your Four years+. Good luck.
Lionheart, there won’t be any real salary, unless the GA feels like it. If there is a salary, it will come at the expense of commissions. What happens with most of the career agency systems is that they have to follow the laws of NY state. These laws limit the commissions that can be paid. I don’t remember what the limits are, but companies are allowed to pay enhanced commissions for a few years. There is a cap on this, and it is probably between $25,000-$30,000.
This means that first year reps can get a commission bump. This is usually a % of first year's commission. If the typical sale of a NW product has a 55% commission, a first year rep, might get a 50% bump on this for a payout of 82.5%. (I don't know if these numbers are correct.) Once the limit has been hit, there won't be any additional payment. Getting sponsored or not sponsored for the 7 has nothing to do with the company and everything to do with the GA. If a rookie is doing very well, there's no doubt in my mind that almost any GA will allow them to take the 7. Lot's of time, agents need to play, "Let's Make a Deal." "Hey, GA, I'd rather take the 7 than the 6. Will you allow me to take it if I produce 10 lives a month for the next 3 months."[quote=anonymous] Lionheart, there won’t be any real salary, unless the GA feels like it. If there is a salary, it will come at the expense of commissions. What happens with most of the career agency systems is that they have to follow the laws of NY state. These laws limit the commissions that can be paid. I don’t remember what the limits are, but companies are allowed to pay enhanced commissions for a few years. There is a cap on this, and it is probably between $25,000-$30,000.
This means that first year reps can get a commission bump. This is usually a % of first year’s commission. If the typical sale of a NW product has a 55% commission, a first year rep, might get a 50% bump on this for a payout of 82.5%. (I don’t know if these numbers are correct.) Once the limit has been hit, there won’t be any additional payment.[/quote]
Thanks for the info. The woman that I interviewed with told me that 1st year Reps make about $55,000 which isn’t a heck of a lot more than the salary that she had mentioned. Also, I was told that I would have to get my Series 6 and 63 in addition to the life insurance license, so I guess that I am being groomed for investments as well.
I really have no clue what I am getting myself into and/or how all of this works. It’s all very mysterious. I am told that I will interview 4-5 times. This first interview was short and sweet, and I didn’t get to ask very many questions. She asked me a lot about me and my current job like what I like and dislike, but products, services, and pay were not really discussed. The next interview is my marketing interview. I guess that is to see who I know and where I can potentially sell to.
Anonymouse is correct, universally NWM pays enhanced commissions, but some GAs throw extra "compensation" just to get your feet wet. For example, when I interviewed with them, it was around an extra $4000 for the first couple months. NOT $4000 per month, but $4000 disbursed over the course of the next few months (even if you don't produce and just sit on your behind). However, that GA also charged for office fees which pretty much offsets the "beginner's salary."
The simplest way to understand the offer is a ZERO base salary job. In the end, career agencies are all the same in that they pay bonuses IF and ONLY if you produce. Otherwise any money they're throwing at you is paying for the fees they have yet to mentioned in the interview process.Zero base doesn’t bother me as long as the payout is good. There is no base salary where I am now either, but we do pay a salary while you train, get licensed, and such.
I was told that I would get a $4000 stipend, but I guess that is only through the training program. I assumed that the $4000 would be paid monthly. If it’s $4000 over a few months I think that I will stay where I am. I can’t wait to find out exactly how they payout.
IMO, I can sell anything. My main concern is that my circle of friends and family are not “big money”. Judging by these interview materials it seems as if they really want you to focus on friends and family contacts. I have no problem cold calling or even pounding the pavement, so I might have to rely on that.
It does not matter if your family and friends have big money. They do want you to focus on them, but the key with these people is referrals and not sales.
There are a couple of reasons for this. 1) You probably won't be a good insurance salesman in the beginning. When you get referred to somebody, they will typically meet with you or not meet with you based upon the respect that they have for the person who gave you the referral. If there is a lot of respect, they are going into the first meeting looking to think highly of you. 2) It's often a much longer sales cycle when one makes cold calls. I'm experienced and I make cold calls. If I would have made cold calls in the beginning of my career instead of working on referrals, I would have failed.You should be very careful before signing anything.
NML targets an upscale market, but I have seen many Financial Reps who lived anything but upscale lives. You might want to see if your prospective agency has an orphans program. Chances are that the agency has a block of business which has not been called upon in years. See if you can get some names of orphan policyowers. That will give you some folks upon whom to call. The downside is you will be forced to share some of your commission with the General Agent. If your cash flow is precarious, you might want to get a part time job evenings and weekends. One producer in our agency drove charter buses and limos while building his business. Another worked receptions at Ridgewell's Caterers back in the 1990's. What ever you do, learn by heart the Granum language. You can use it in any business.Interview went very well and I am already scheduled for a second interview. Overall, I was very impressed with the quality of their training program and how things were organized.
I’m not sure I am the right person for their initial prospecting/business building strategy (I don’t want to make dual sales calls to my family); but I would guess that since I am already licensed, they may be flexible with this.
I have an interview with Guardian tomorrow, so it will be interesting to compare.
[quote=NML Rep 2003]You should be very careful before signing anything.
NML targets an upscale market, but I have seen many Financial Reps who lived anything but upscale lives. You might want to see if your prospective agency has an orphans program. Chances are that the agency has a block of business which has not been called upon in years. See if you can get some names of orphan policyowers. That will give you some folks upon whom to call. The downside is you will be forced to share some of your commission with the General Agent. If your cash flow is precarious, you might want to get a part time job evenings and weekends. One producer in our agency drove charter buses and limos while building his business. Another worked receptions at Ridgewell's Caterers back in the 1990's. What ever you do, learn by heart the Granum language. You can use it in any business.[/quote] Sorry, but I have reading garbage like this. NML reps, like most reps, start by targeting qualified prospects. In the beginning, they do the "mirror test". If they can fog a mirror, they are a qualified prospect. Going upscale happens over time. Some of the best reps realize that they can make tons of money without going very upscale. A good GA won't force you to share commissions. Is the GA even allowed to earn commissions? I don't know about NML in this regard. The GA has a vested interest in your success. Taking commission dollars away leads to failure and not success.[quote=Still@jones]Interview went very well and I am already scheduled for a second interview. Overall, I was very impressed with the quality of their training program and how things were organized.
I’m not sure I am the right person for their initial prospecting/business building strategy (I don’t want to make dual sales calls to my family); but I would guess that since I am already licensed, they may be flexible with this.
I have an interview with Guardian tomorrow, so it will be interesting to compare.
[/quote]
What were your thoughts on Guardian?
NML was saying your first few sales calls are dual calls. I would just need to be there and watch another Rep do the talking. They said it would be a 50/50 split on commission.
If I was right out of college, I might go along with something like that for the experience…but I have enough experience to know I’m qualified to pitch a insurance policy by myself.
They gave me the “survey” forms (interestingly similar to EJ). I’m beginning to wonder if they even looked at my resume.
Your resume doesn't matter. They're willing to throw you agains the wall to see if you stick. You have a serious attitude problem and don't even know it. Are you so qualified with "pitching" insurance that you can't learn from seeing others in action? Here's some great advice. At least one time, you should do joint work with every experienced rep in the office. You'll learn something everytime. Sometimes, you will learn what not to do. By the way, if you do the first few sales on your own, you are guaranteed to screw something up even though the prospect agrees to buy.NML was saying your first few sales calls are dual calls. I would just need to be there and watch another Rep do the talking. They said it would be a 50/50 split on commission.
If I was right out of college, I might go along with something like that for the experience…but I have enough experience to know I’m qualified to pitch a insurance policy by myself.
They gave me the “survey” forms (interestingly similar to EJ). I’m beginning to wonder if they even looked at my resume.
I was very impressed with Guardian. I think their “living balance
sheet” shows that they’ve made a solid investment in technology (which
I believe is important). There’s also no satellite dish and I didn’t
see anyone looking up bonds on green screens!!!
ps: Of course I know I have an attitude problem…I know everything!
I’ve been to three interviews so far. The 4th is Tuesday. With this next step, I am interviewing/surveying friends, family, and a couple of strangers as part of a “Market Information Survey”. Of course this will help me to identify, recognize, and build my target markets which seems to be a very large part of the interview process, and of the business itself.
The strangers part of the survey I guess eludes to the door knocking aspect of the business. I figured that I would mostly be setting appointments over the phone via referrals and such. Am I mistaken? How much door-knocking should I expect to do at NWM should I get the job?
I’m in the same process and have a week to do my surveys. I was told these “stranger” surveys are just people I don’t know, but get referred to. I never was told door-knocking. Just referrals.
I’m in the same process and have a week to do my surveys. I was told these “stranger” surveys are just people I don’t know, but get referred to. I never was told door-knocking. Just referrals.
Okay, but I am just wondering what to expect. Once I set up my marketing plans, after I solicit those 100-200 people in my target market(s), where do I go from there besides the obvious referrals? It seems that everyone I meet makes the job sound easy, but taking this job will change my life. I imagine it will be positive for the long term, but extremely negative (second/side job, possibly losing friends) in the short term. I’m trying to find out all I can so that I can make a smart decision.