| New York Life Insurance Company is large and | | | | representatives and planners. New York Life |
| successful. If you think life insurance careers are | | | | Insurance Company mentions on their website |
| easy, think again. If you think personal financial | | | | regarding new recruits the opportunity to provide |
| representatives are entry level careers, you are | | | | vital insurance protection and financial advice. Be |
| doomed. Want the true facts about life insurance | | | | honest here. An agent trainee is barely able to |
| careers and personal financial representatives? Read | | | | properly perform prospecting and life insurance sales |
| this article. | | | | effectively. This explains why industry turnover is so |
| I remember that years ago 15% of the women | | | | great. Selling life insurance to cover death expenses |
| entering life insurance careers were women. Today | | | | or pay off a mortgage is a far cry from providing |
| with some career life insurance companies like New | | | | the accurate financial advice of a professional. |
| York Life Insurance Company that figure is now | | | | Likewise obtaining a variable contract license to sell |
| approaching close to 50%. Moreover, in a business | | | | investment products does not mean an agent has |
| already flooded with far too many male and female | | | | the ability to do so properly. |
| life insurance agents, their recruiting figures are up. | | | | A true financial representative must be very qualified |
| This is a marketing scheme. Change the name to | | | | to give advice. This often means meeting |
| possible applicants from life insurance agents to | | | | semi-wealthy to wealthy prospects and advising |
| financial representatives and suddenly an image of | | | | them how to lay out their entire financial situation. |
| prestige and easy money appears. However, ask | | | | The planning could involve rearranging hundreds of |
| yourself why the insurer's name is New York Life | | | | thousands of dollars of assets. Given the economics |
| Insurance Company and not New York Financial | | | | of the near past, even some of the best financial |
| Company. It is just a name game. | | | | planners have been given the cold shoulder by clients |
| FACTUAL INFORMATION Recruiters of insurance | | | | seeing their wealth accumulation slashed in half. New |
| agents or so called personal financial representatives | | | | York Life Insurance Company certainly has some of |
| have hardly been able to increase their retention rate | | | | the best experienced financial representatives in the |
| during the first year and a half of the new recruit's | | | | business. However, most of these pros average 10 |
| career. 10 years ago, 86% of newcomers left life | | | | years of continued education and specialization while |
| insurance selling during their first 18 months, now that | | | | earning various designations as proof of their abilities. |
| figure is 85% leaving, 15% remaining. After four full | | | | An agent trainee is in the wonder years. Just selling |
| years of gaining experience, only 7% remain, and | | | | enough insurance to survive the critical beginning |
| gender is not a factor. | | | | years is a challenge few can master. Taking agents |
| Why does a highly respected company like New | | | | living in a $45,000 income area environment and |
| York Life Insurance Company hire over 3,500 reps in | | | | getting them in front of million dollar clients is truly |
| 2008? Their figures show appointing around 3,200 in | | | | throwing them in the furnace to be burned. All |
| 2007, and expecting 2009 to produce 3,500 new | | | | salespeople have a comfort level of selling starting |
| financial representatives to train. To me that adds up | | | | with prospects close to their own level. After sales |
| to 10,200 inexperienced reps in 3 years. Does anyone | | | | skills and product knowledge, this level gradually |
| logically look at the numbers? This financially solid | | | | increases. Few new agents comfortable with clients |
| company founded in 1845 has a total agency force | | | | making $50,000 a year can quickly adapt to working |
| numbering slightly over 11,500. 90% of these are | | | | in the $200,000+ yearly income bracket clientele. |
| certainly are not newer financial representatives. The | | | | Ordinary middle class Americans do not need a |
| common interpretation of new hires retaining a lasting | | | | financial representative, the service of a hard working |
| career is False. My analytical studies of New York Life | | | | life insurance agent will do fine. |
| Insurance Agents indicate slightly elevated retention | | | | Can a new financial representative make it? Although |
| than others. A similar insurance provider loses at least | | | | New York Life Company provides quality training, it |
| 70% of their first year agents. | | | | cannot guarantee success. My previous insurance |
| New York Life Insurance Company still has poor | | | | career and 25 years as an insurance advisor analyzing |
| retention rates. However, during the past 10 years | | | | mountains of agent data says NO. However if a rep |
| they have implemented a strategy few of their | | | | already has most of the following qualities or |
| competitors have not been as successful at imitating. | | | | characteristics I could be convinced to say a 50/50 |
| That strategic method means recruiting agents, | | | | chance at best. You must enter the business in good |
| "financial representatives" with a keen emphasis on a | | | | financial condition, no loaded up credit cards, and |
| wide diversity of cultural backgrounds. This a rapidly | | | | hopefully a decent nest egg. If you have the ability |
| expanding area underserved by agents possessing | | | | to speak fluently a second language and are going to |
| the same nationality and ability to speak the language. | | | | concentrate on your ethnic group that is a plus. |
| This strategy involves personal representation into | | | | You must realize the average insurance agent earns |
| Chinese, Korean, Vietnamese, India, Asian along with | | | | around $25,000 yearly in the early stages, so you |
| Hispanic and African-American and other cultural | | | | have to view this career as a step building process. |
| residents. | | | | Very few insurance agents or financial |
| Even though New York Life Insurance Company | | | | representatives, percentage wise, earn $100,000, |
| recruits excessive numbers of agents, to result with | | | | especially during their initial four years. While product |
| the skilled few, this is the same numbers game | | | | knowledge and most selling skills are learned over |
| practiced by competitors. Factually, it is a profitable | | | | time, other career makers must already exist. An |
| tradition for the insurance provider, as departing | | | | extraordinary dose of never-ending determination to |
| agents sacrifice 100% of premiums collected to the | | | | break the odds, backed up with phenomenal |
| company. To the credit of New York Life Insurance | | | | self-confidence, plus a lack of fear and rejection are |
| Company is this distinction. For many years, they hold | | | | required prerequisites. Add to this the ability to take |
| the prestigious recognition of having the most MDRT, | | | | everything you are initially taught as a grain of salt |
| million dollar roundtable members. This does not mean | | | | and then revise it to perfection. |
| making anywhere near a million dollars. However | | | | Never are you in the business as a company |
| MDRT selling principles and premiums are adjusted | | | | representative, you are in business for yourself. |
| yearly and strongly enforced to make sure qualifying | | | | Financial rewards only come to those that separate |
| is left to many of the best of the best. | | | | themselves quickly from the failing masses. IF you still |
| A new agent is not a financial representative. This is | | | | really feel you have what it takes after reading this |
| where calling a new agent a financial representative | | | | article, a New York Life Insurance Company Career |
| or financial advisor, hurts all the truly experienced and | | | | could become a reality. |
| knowledgeable professional personal financial | | | | |