financial Service Rep at Metlife?

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ME in Wyoming, Michigan

87 months ago

can anybody give me the scoop on this posiotion, is it commision only, is it challanging? please let me know i am supposed to gat back to a recruiter obout this position, which he says i'm great for.
thanks.

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Yanni in Brooklyn, New York

87 months ago

The insurance industry has moved into the "Franchise" business. Every office is "a franchise", the MD is the owner, so you work for them. Forget about all the crap they tell you: this is your own business, freedom to take time off, flexibility. All lies.
I worked as FSR, they expect you to prospect 7 days a week. In my office they charged you for everything: classes, books, license applications (on line), leads, marketing material, brochures, (Metlife Corporate produce a lot of marketing material to sell it to you!) webpage, appointment license with Met, holding license (series 6, etc), error and omissions insurance (yes, they charge you for it around $25 WEEKLY!). After 3 years they will charge you rent by square feet.
You have to buy your own office supplies: stapler, staples, scotch tape, pens, folders for clients, etc.
The commissions and awards are based on the number of life insurance applications you bring in.
Managers were a bunch a crooks and liers, willing to convince clients to surrender policies just to get the commissions for the new reps.
No wonder life insurance reps have such a bad reputation.
I wasted my time there.

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Gino in Emmaus, Pennsylvania

86 months ago

MetLife is a great Financial Service company to work for. The Financial Service Position is great for a person who has a background in Financial Services and who is very outgoing and does not mind calling people. You do own your own business so like the other person said you have to pay for stuff. Of course you do if not they would pay you a salary. You will get a salary for 19 weeks then go on commisson which go into a pool. You will get paid 10% of the pool each week. MetLife branchs are good and bad depending on which one so I would look around, but It is a great place to start a career. ALl Financial Service positions where you can earn a good income are based on commisson IE. Ameriprise, Janney Montogmery Scott, Lincoln Financial, Smith Barney , Meryl Lynch, Morgan Stanley. The bottom line is if you are hard working, like talking to people, and like sitting down in front of people you will do great.

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zak in Chicago, Illinois

86 months ago

i have to take a personality test with metlife before i get accepted to the second round of interviews for FSR position.
Does any one know about pesonality tests? examples? Please reply.

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PERPLEXED in Syracuse, New York

82 months ago

Yanni in Brooklyn, New York said: The insurance industry has moved into the "Franchise" business. Every office is "a franchise", the MD is the owner, so you work for them. Forget about all the crap they tell you: this is your own business, freedom to take time off, flexibility. All lies.
I worked as FSR, they expect you to prospect 7 days a week. In my office they charged you for everything: classes, books, license applications (on line), leads, marketing material, brochures, (Metlife Corporate produce a lot of marketing material to sell it to you!) webpage, appointment license with Met, holding license (series 6, etc), error and omissions insurance (yes, they charge you for it around $25 WEEKLY!). After 3 years they will charge you rent by square feet.
You have to buy your own office supplies: stapler, staples, scotch tape, pens, folders for clients, etc.
The commissions and awards are based on the number of life insurance applications you bring in.
Managers were a bunch a crooks and liers, willing to convince clients to surrender policies just to get the commissions for the new reps.
No wonder life insurance reps have such a bad reputation.
I wasted my time there.

I LEARNED FROM A "PRIOR" INS. REP. FOR MASS MUTUAL, SHE SAID THEY MAKE THE SAME CHARGES...WOW...HOW'S A PERSON TO MAKE A LIVING THESE DAYS. I BELIEVE LIFE INS IS A GOOD THING...WISH I KNEW 30 YRS AGO WHAT I KNOW NOW, BUT ALAS.

ANYWAY I'VE LEARNED YOU HAVE TO GO THRU ALOT OF INTERVIEWS TO GET TO THE BOTTOM LINE OF WHAT IT'S GOING TO COST YOU TO TRY TO HELP OTHERS SECURE THEIR FUTURES. IF IT ISN'T UNETHICAL INS CO'S IT'S THE ENDRONS AND WORLD COMS MAN WHAT'S THIS LAND COMING TO.

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khanh420 in houston, Texas

80 months ago

I too got a call from metlife for Financial service rep. the guy that called me said base is 500-800 a week base depending on experience for the fist few week then it can be altered to base/commission in Houston. i just wanted to know more about this position and what it entitles before i make any commitments since i already do financial sales at a bank. i have an interview on friday, please contact back if you have any prior experience with this or am i just wasting my time.

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a1 in Rowland Heights, California

79 months ago

khanh420,
in regards to the base salary; it depends on your past 3 years' average income, (i.e.) average of $45,000 annual, qualify for $800 a week. However the minimum is $500 a week for 19 weeks. All the sale you generate as commission in the 19 week, will pass down on a specific grid that transfer the pool into 10% a week to you. for example, 20,000 GDC (roughly $1,400 premium a month) will provide $2,000 in week 20 and in week 21 you will receive $1,800 (20000-2000*10%)and so on

as far as the company goes, it great to work for however the residual income will be significant less compare to wirehouse.

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a1 in Rowland Heights, California

79 months ago

davepark in New Brunswick, New Jersey said: Thank you for this. This was very helpful. I have been offered a FSR position. I have also been offered the same position at Prudential, which pays for all your licensing. Which would you choose? Thank you

davepark,
It all depends on the branch you work for. One thing for sure is MetLife will not pay for any of your series license; in contrast to Prudential.
Both company are great, don’t know much about Prudential. however, MetLife had introduced numerous financial service as of last couple years, (wealth management, financial planning, disability insurance for business, alliance with Dickerson for heath- this is particularly interesting, due to the fact individual no longer need to present to customer for health insurance all the FSR need to do is call the agent in Dickerson they will do everything, best part is no commission and fee is paid to them.) Starting fall in 2008 P&C for auto coverage will also be added in, making it more comprehensive.
As far as the advancement goes, MetLife can probably give an individual a weekly base of $800 + commission as a specialist if they achieved leader award roughly equals 95,000 GDC, two leader awards will qualify an individual for an ASD position, (around $150,000 annual encompass base + commission). Again, don’t know much as Prudential, my guess is pretty much the same.
The bottom line is when dealing with customer as a sales rep, which company you believe will have a bigger impact as a brand in the eye of the customer.

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davepark in New Brunswick, New Jersey

78 months ago

Thank you again.

I think I am leaning towards Metlife. A few questions about your reply:

1. What is a leader award and how is it achieved?
2. How good is the support from the company?
3. Do you have to go into the office everyday? If so, what are the hours?

Thank you in advance for your time.

Davepark

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a1 in Rowland Heights, California

78 months ago

davepark in New Brunswick, New Jersey said: Thank you again.

I think I am leaning towards Metlife. A few questions about your reply:

1. What is a leader award and how is it achieved?
2. How good is the support from the company?
3. Do you have to go into the office everyday? If so, what are the hours?

Thank you in advance for your time.

Davepark

1, a leader award is achieve by obtaining roughly $6,500 month payment from aggregate customers including 50 life cases or $9,000 monthly payment without 50 cases - again all number is roughly and will probably change every year. The number might be shocking at first, but definitely doable (average $120 payment per case for every week, $120*52week = $6500)

2, majority of the support depends on who your manager is, he/she will assist you alot initially; however the longer you stay with the company the more knowldege you will gather, and in no time, you will find your self as an expert in the industry. Probably able to teach your manager a thing or two. Supports from the headquarter is also provided to every FSR via phone line, webminar, conference, classroom(various from annuity, life, estate, etc)

3, you don't need to go office everyday, but the branch is likely to set up a manadatory schooling for every new FSR cosist of 2 hours a week all in Friday morning. Also depends on your manager, he/she might set up a schedule meeting to discuss progress (metlife called it, "E-scoreboard")

Good luck with the business, might be really tough duing the firs couple years, particually with the economy we had today.
Also, be aware, this ia a sales environment, don't expect to make many friends at work, it might disappoint you.

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Joyce7 in Casper, Wyoming

78 months ago

ME in Wyoming, Michigan said: can anybody give me the scoop on this posiotion, is it commision only, is it challanging? please let me know i am supposed to gat back to a recruiter obout this position, which he says i'm great for.
thanks.

You will be selling insurance & probably be getting your series 6 license. It is vey challenging, but can also be very stressful at times. you might have to get your own leads they will tell you they will give you leads but they are old leads. I sold insurance & I loved but did not sell for a company. I was a broker so I could sell the best product to the consumer. When you are with a compnay like Met Life or Prudential etc. You have to sell only there products. I enjoyed selling LTC more than anything. It sia product that can be very useful as all the baby boomers are getting older. But each LTC product has so many variables & is different in every state. I walked away from sales if it was not right for them LTC is not foir everyone. Also another thing to look into which is growing daily is Identity thief. You jsut need to check things out thoroughly & have to remember what you sell to people you have to live with it it the rest of your life. I always wanted to have a good memeories of what I sold. Yes it is commision you might be able to borrow from a draw. But becareful of that. Also when I first started out it was months before I got my first pay check. Because first you give the presentation & find out what they are looking for, You can find some info out on the phone But I always felt better sitting down face to face. Just do a lot of research & talk with other employees there & try to find out others who did work there. If you have other questions you can e-mail me at paths3@aol.com. GOOD LUCK

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Yanno in Rockledge, Florida

77 months ago

ME in Wyoming, Michigan said: can anybody give me the scoop on this posiotion, is it commision only, is it challanging? please let me know i am supposed to gat back to a recruiter obout this position, which he says i'm great for.
thanks.

Me, being a financial advisor at MetLife is very challenging. The challenge comes from management wanting you to sell only MetLife products. That's the only thing that counts towards your goals. You have to service all clients, even if they are not your own, and pay for your own postage to do it. They change their rules every week. GET IT IN WRITING before you start. Our office is a revolving door of new recruits. I suggest looking elsewhere.

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Yanno in Rockledge, Florida

77 months ago

zak in Chicago, Illinois said: i have to take a personality test with metlife before i get accepted to the second round of interviews for FSR position.
Does any one know about pesonality tests? examples? Please reply.

I took the test before I was hired. Another agent took it and did not score very well, but got hired anyway. It's just a requirement and it doesn't seem to make a difference how you score. If you are breathing, you will get hired.

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ikllilpz in Miami, Florida

77 months ago

If you're a Financial Advisor for Metlife. why would you tell someone to look elsewhere. that's like an oxymoron.

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Yanno in Rockledge, Florida

77 months ago

ikllilpz in Miami, Florida said: If you're a Financial Advisor for Metlife. why would you tell someone to look elsewhere. that's like an oxymoron.

All I can say is make sure you have everything in writing. All the new hires seem to be paid differently and have different requirements....it may just be our office, maybe other offices have a system down pat and stick to it.

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Triple Double in New York, New York

67 months ago

What would stop someone from taking the position just for 19 weeks to get the 500 dollars a week and then leave?

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lakers in Buena Park, California

67 months ago

[

Triple Double in New York, New York said: What would stop someone from taking the position just for 19 weeks to get the 500 dollars a week and then leave?

I am currently interviewing with metlife, my third round face to face interview next week. It is a grueling process. They have you take the personality assesment, must interview with four other financial services companies before round two, a project200, and the recruiter also said that I must have all my licensing before I am hired. I am 25 and the recruiting manager at metlife is 29 and been in the business with another company since he graduated college. He also interviewed with many other firms but Metlife was the one that he said has the best overall package to offer. After doing some research he is right with that statement. I feel management is definitely going to make the experience better or worse. I am 25, no wife, kids or anyone to support. I can work my tail for the next 3-5 years before I settle down.

After going through all that it doesnt make sense to work for only 19weeks just for the $500 a week pay. $500 a week isnt much anyways, most entry level young professionals like myself make $800-$1000/week and my interview process wasn't half as intense with my current employer.

Metlife also differs from the other companies in that you need to have your series 7 license right away. Most say the series 7 is just a status thing. No, they say that because insurance is their first and primary product to sell. I want to be the one stop shop for all your investments and insurance needs and from someone who worked with Metlife and other financial firms he told me metlife is the way to go esp because of the potential manager.

I am also interviewing with Prudential (on my project 200 with them), Edward Jones (1st face to face next week) and NY life which is one of my backups. I have made contacts with people that have worked for all

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tom di in edgewater, New Jersey

67 months ago

i have interview with met life few time and was offer a position as FSR.
i heared from competition that met life does not pay residual income on any of thier products - is that right or just copetators giving bad rap ?

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Go PSU in Allentown, Pennsylvania

67 months ago

MetLife pays renewals on all products. Life Insurance, Disablity, Long Term Care, Annuities, Mutual Funds, Wealth Mgmt, and even Bank Deposits with the MetLife Bank. Also you are eligble to see any competitors product through the Enterprise General Agency. Each product has a differenet 1st Yr commisson and renewal.

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Ringeaux in Tuscaloosa, Alabama

66 months ago

Go PSU in Allentown, Pennsylvania said: MetLife pays renewals on all products. Life Insurance, Disablity, Long Term Care, Annuities, Mutual Funds, Wealth Mgmt, and even Bank Deposits with the MetLife Bank. Also you are eligble to see any competitors product through the Enterprise General Agency. Each product has a differenet 1st Yr commisson and renewal.

Can anyone verify for me when your 19 week training allowance starts? I was under the impression that it started as soon as you passed your 6 and 63 and attained all of your insurance licenses.

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mike reing in Greenville, South Carolina

64 months ago

Does anyone know how strict they are on the background check? I've passed the assessment, interviewed twice, done the project. I'm supposed to meet next wk to discuss the test material & to have the background test. On my record I have a dui (4 yrs ago) and a couple minor in possession of alcohol violations (8 or so yrs ago). Do you / anyone think this will disqualify me?

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ystergarde in Ocala, Florida

63 months ago

mike reing in Greenville, South Carolina said: Does anyone know how strict they are on the background check? I've passed the assessment, interviewed twice, done the project. I'm supposed to meet next wk to discuss the test material & to have the background test. On my record I have a dui (4 yrs ago) and a couple minor in possession of alcohol violations (8 or so yrs ago). Do you / anyone think this will disqualify me?

Just went for my second interview....I had a DUI in 1999 and also disorderly conduct from a fight in 1999. Told the manager, he said it would show up but was not concerned, these are not offenses they're worried about. Stealing money, fraud, etc. are the "bell ringers" I wouldn't worry about it. I have not been told that I have to pay for anything except my series 6, E&O insurance and e relationships he has it broken down by month....am I missing anything?

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always be selling in Orlando, Florida

52 months ago

Yanni in Brooklyn, New York said: The insurance industry has moved into the "Franchise" business. Every office is "a franchise", the MD is the owner, so you work for them. Forget about all the crap they tell you: this is your own business, freedom to take time off, flexibility. All lies.
I worked as FSR, they expect you to prospect 7 days a week. In my office they charged you for everything: classes, books, license applications (on line), leads, marketing material, brochures, (Metlife Corporate produce a lot of marketing material to sell it to you!) webpage, appointment license with Met, holding license (series 6, etc), error and omissions insurance (yes, they charge you for it around $25 WEEKLY!). After 3 years they will charge you rent by square feet.
You have to buy your own office supplies: stapler, staples, scotch tape, pens, folders for clients, etc.
The commissions and awards are based on the number of life insurance applications you bring in.
Managers were a bunch a crooks and liers, willing to convince clients to surrender policies just to get the commissions for the new reps.
No wonder life insurance reps have such a bad reputation.
I wasted my time there.

You are right on the button! Been there almost 3 years. Came upon the time they started taking 'Desk Rent', 10% of the full fee (280.00 week) for first quarter then 20% next quarter...etc. I did not see it on my paycheck? So I went to a veteran who has been there 15 yrs (not sure how he stayed this long), he pointed out the charge per sq. foot of office space (desk rent) comes out of your commission before you are paid! Not on the paycheck. Easily slid out of your pay, before you even see it, hugh? How do you write something off on your taxes for which you are not taxed? You don't. He pays $14,400.00 yr on desk rent! You pay MetLife to work at MetLife! Is it legal? I don't know. Do we have any lawyer's around here?

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always be selling in Orlando, Florida

52 months ago

Yanno in Rockledge, Florida said: I took the test before I was hired. Another agent took it and did not score very well, but got hired anyway. It's just a requirement and it doesn't seem to make a difference how you score. If you are breathing, you will get hired.

The manager and sales director both get a commission when they hire someone. Mine got $1,500.00 the day I was hired. So don't flatter yourself on the test thing, it's a mere requirement for them-not you. If there are not enough people applying and you score low, guess what? You're hired! Cha Ching for them! 6 new recruits =$9k in their pocket each. 2 two new recruits= $3k. How nice is that? It comes down to ethics. How ethical are you and willing to stay?

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FA in Newark, New Jersey

39 months ago

always be selling in Orlando, Florida said: The manager and sales director both get a commission when they hire someone. Mine got $1,500.00 the day I was hired. So don't flatter yourself on the test thing, it's a mere requirement for them-not you. If there are not enough people applying and you score low, guess what? You're hired! Cha Ching for them! 6 new recruits =$9k in their pocket each. 2 two new recruits= $3k. How nice is that? It comes down to ethics. How ethical are you and willing to stay?

You are SO wrong. Managers DO NOT receive $1,500 for a hire. Recruiting is already built-in to theie compensation. Reps receive $1,500 for referring. In regards to the COGS (rent charges), it is a general practice in the sales industry, wheter you work for Insurance, Realty or Investment companies. If your compensation is based on commission, then there will be a charge.

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always be selling in Orlando, Florida

20 months ago

FA in Newark, New Jersey said: You are SO wrong. Managers DO NOT receive $1,500 for a hire. Recruiting is already built-in to theie compensation . Reps receive $1,500 for referring. In regards to the COGS (rent charges), it is a general practice in the sales industry, wheter you work for Insurance , Realty or Investment companies. If your compensation is based on commission, then there will be a charge.

Hello New Jersey,
I am NOT wrong. I asked for my hiring file before I decided to leave the business to read what I actually signed up for when I thought I was being told the 'truth'. Ha! Paperwork in the file showed a form signed by my 'mentor', another salesman, who I had never met before in my life before showing up at this place! The form might have been a 'referral' for the salesman to get paid to 'mentor' me. Call it what you want; 'referral', 'commission', 'compensation', or whatever...he was paid $1,500.00 when I got hired, and we never knew one another in the past. It was an agreement between the director and him in my hiring process. And the Director gets a bonus when a 'newbee' is hired as well.
Get a grip! Are you a director in New Jersey? Sounds like a nerve was hit, and your a defender of the process of hiring at MetLife.

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Sam

16 months ago

Does anyone know what the pay grade 29 is at MetLife

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