Pros
I started back in 1991 and had a 15 year career at NM. It was extremely difficult at first, with the prospecting, cold calling, and referral marketing. Eventually, though, you begin to generate revenue from your activities because you are the best trained financial advisor in the industry and you look like a million bucks with your suit on and all. The turbulence of full commission eventually smooths out as you gain a stronger foothold in the career. Along the way, you have enjoyed trips to Milwaukee, New Orleans, Dallas, Atlanta, and Orlando. These are company meetings. And you no doubt travelled on your own to other far off places because you make an above average income(NM reps outproduce their competitors because the products and training are superior). The company is top-notch. It leads every category that one can measure in financial services....revenue, insurance placed, low expenses, dividend paying history, and the list goes on. The arsenal of facts that you can bring to an engagement is pretty darn impressive and it helps make that sale. It really does. All the people are great, motivated, self starters with goals on their minds. NM is the vehicle that will help those goals to be realized. NM is based out of Milwaukee, WI and you get to go there at leas once a year. However, if you become active in the Advisor association, you can travel up ther quarterly to attend meetings in the Fortune 100 headquarters which happens to be spectacular. You will also get your own financial house in order as you begin to make money and succeed in helping others with theirs. Recognition is also very prevalent at the company. You have local office contests all the time and the company has annual and semi-annual contests that also results in lots of recognition opportunities. The top 20 advisors in the country are recognized each year on stage and at the annual company show which they always book a famous singer such as Brooks and Dunn or whoever. Those are fun shows as is the annual garden party at the Milwaukee Zoo. Lots of free beer and food and walking around meeting the other 7000 attendees.
Cons
The biggest downside everyone talks about is 100% commission income. You basically ‘eat what you kill’. The beginning of the career is the hardest. It has been said that there is a price to pay for success in this business. That price is effort, hard work, tenacity, and fortitude. Everyone in the business will have, or already has, paid that price. The beauty of it is you get to decide when to pay it. It is my advice to pay it in the beginning, right away. Get it over with. This means ingrained yourself in the prospecting activities that you will need to do...work later hours..work weekends initially, this is paying the price. Another negative might be that there is no salary. This is tied to the full commission negative. While this may be the case, your upside is unlimited and, believe me, there is lots of upside. The products are tremendous and the compensation is too, Compliance these days is a big negative in my view. I know why it is needed but it can be a royal pain the butt. Depending on where you locate, management can be a pain also. Always breathing down your neck and requiring the attendance at meetings. Still, management generally knows what they are doing and are trying to help you in the end. The better you do, the better they do.