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In Reply to: Re: Re: nml in trouble posted by TVO on August 20, 2001 at 10:51:17:
Thank you for your reply, TVO. I'd been recruited by NML while still in college and upon reading your post, began doing more research into the negative side of things. It's very difficult to find a downside when they flash success in your face and tell you to 'stick to the program.' On top of that, most agents don't appear to be financial planners, as there are minimums that must be met as far as life sales are concerned, though most have their CFP, what's the deal?
I'm interested in the whole package and I don't want to be pressured because I didn't sell enough WL one month. I'm much better with investments and have a much deeper interest in them, though I do realize the value of insurance.
I also dislike the expensing of various items to your account, such as the phone bill, salary (draw), marketing materials, and any other thing you use while there. Recently a 22 year old was let go because he hadn't sold anything in 2.5 months and they felt he wouldn't make it now. Plus, he was $5000 in debt to the company through his testing, draw (325/wk) and other expenses incurred. This is a significant amount, especially when he hasn't had a job right out of college.
My biggest concern happens to be that I'm in debt to my college as it is, I don't need to be in debt to NML, too, if something doesn't happen to work out. Is it possible they inflate income by not excluding expenses, the typical expenses of day-to-day operations? They estimate average income to be roughly 120k or so after 10 years, while I only know of 3 or 4 really successful agents making over 250k. Two had been at it for 10+ years and the other transferred from a radio station.
They tell us the first 5 years are the worst, and then by year 10, taking time off isn't a big deal. After that, you've essentially attainted a level of success and financial independence unattainable anywhere else.
On the flip side, I was golfing with my dad and struck up a conversation with his friend on what I was doing. Come to find out he is heavily into financial planning in the area I'd like to work out of. He peaked my interest by mentioning that his FP's don't pay any expenses. In addition, he brought a long his 22 yo golf partner, whom I happened to know, that was doing quite well. I believe the firm is affiliated with American General (now also AIG) and has been located in the area for quite sometime. There's also no quotas as far as insurance sales are concerned, at least not as stringent as those imposed by NML.
I still have 1 more year left to decide, but at the same time it is assumed I'd work 2 days a week. My market happens to be 45 minutes away, at least, so I don't want to leave school to develop a market during school. At the present time, a direct marketing campaign has been started for the area in which I intend to work, but as a result of this posting and the nmlcomplaints website, I have been very hesitant to finishing it off.
I'd be interested in emailing you or corresponding to learn more about it and other options available. Essentially, I'm fairly good at sales, though getting used to NML's format, and made 3 appt's in my first 40 dials (which beat all other young guys). I'm very good with financial products and talking about them, so I do want to be involved in the field, but ethics are very important as well as quality. Ultimately I'd like to have freedom down the road, but in my first few years, I don't have a problem devoting 40+ hours as long as I'm getting paid for them. Many young agents I work with still work off the draw and no sales, and still work evenings. I can't find that worthwhile.
Thanks. Look to hear from you soon, TVO.