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Mark Pfaff"s Presentation


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  • 1. Recruiting and Training Talent: Growing our Operation Mark W. Pfaff, Executive Vice President in Charge of Agency New York Life Insurance Company Presenting Sponsor: Produced By: Presenting Sponsor: Produced By:
  • 2. Who we are and what we do 25 GOs 29 GOs 32 GOs 33 GOs Presenting Sponsor: Produced By:
  • 3. General Offices 116 General Offices divided into 4 Zones  59 Sales Offices  18 Satellite Offices  ~50% of Agents are detached (in their own offices) Agent Breakdown  New Org………6,240  Established….. 6,027  Total………….12,267  Average Proactive 1st Year Commission 65,000 Presenting Sponsor: Produced By:
  • 4. Some things we’re proud of: Agency System that dates back to 1892 58 years of MDRT Leadership Strong Home Office/Field relationships Numerous Multi-Generational NYLIC families Annually “Refreshed” Field Force Robust Cultural Market Presence Robust Woman’s Program Presenting Sponsor: Produced By:
  • 5. What we’ve accomplished For Insurance and Financial Presenting Sponsor: Produced By:
  • 6. Our Core Beliefs… Life Career Insurance Agency Financial Mutuality Strength For Insurance and Financial Presenting Sponsor: Produced By: 6
  • 7. Our Core Beliefs… Commitment to Career Agency Distribution Focus on underserved markets Focus on basics and things we can control Divide and Drive; Divide and Develop Insurance is sold, not bought Market is insatiable For Insurance and Financial Presenting Sponsor: Produced By:
  • 8. The Need for What We Do Has NeverBeen Greater 35 million American households now have no life insurance – the highest level in nearly 50 years 62% agree it is “more important to have life insurance than it was 2 years ago” Four in 10 U.S. households with children would have trouble paying their bills if the primary breadwinner died today 8 in 10 American families have no financial advisor Presenting Sponsor: Produced By:
  • 9. Customers Need Us More Than Ever 50% of the population is uninsured. 80% with insurance, likely don’t have enough. Studies show the need for trusted personal planning is greater than it’s ever been! Presenting Sponsor: Produced By:
  • 10. Economic Updates for Customers Presentation showing customers: Where we’ve been Where we are now Where we’re headed and …. how it impacts them Presenting Sponsor: Produced By:
  • 11. Presenting Sponsor: Produced By: 11
  • 12. Developing Agents Meticulous hiring practices  Minimum of three interviews, including with significant other Strong Agent development  NYLIC U: Agents have a clear curriculum and path to follow  Dedicated support for Agents / full-time trainers in every office  Development continues throughout Agent’s career  Multiple career paths for Agent  Agent path  Management track  Agency Associate and Management Associate Presenting Sponsor: Produced By: For Insurance and Financial Industry Use Only
  • 13. What we’ve done to grow Agents Raised Bar on Agent full-time trigger Redesigned New Agent Curriculum Intensified focus on name flow Heightened Accountability Incorporate “WIN” Strategies with “Divide and Drive” Presenting Sponsor: Produced By: For Insurance and Financial Industry Use Only
  • 14. Developing Field Managers Invest in strong management development  Partners’ training never ends  Opportunities to exchange best practices  Partners have clear sense of best practices and goals to meet  Recruiters are given incentives to remain: Those who do are more likely to retain the Agents they hired Heightened Accountability Presenting Sponsor: Produced By: For Insurance and Financial Industry Use Only
  • 15. What we’ve done to grow Managers Redefined Partner Position Shifted Partner Sourcing from External to Internal Revised Dallas Schools (PFCS, PICS, PACS) Raised Bar for Partner Promotion Established Managing Partner “Fast Start” Honed in on Leadership Skills – Chartered Leadership Fellow Initiated Senior Partner Home Office School Designed and Implemented Entire Partner Curriculum Executed 1st “Established Partner” Training Program Enhanced Managing Partner “Fast Start” with Mentors Presenting Sponsor: Produced By: For Insurance and Financial Industry Use Only
  • 16. Why Career Agency is Relevant Today Today’s circumstances  In new economy, people are going back to basics  Safety nets are less reliable  Can’t count on pensions, Social Security  Savings rate is climbing  People are living longer and worrying more  Consumers are told to take personal responsibility for finances  People are still making Financial Decisions Presenting Sponsor: Produced By: For Insurance and Financial Industry Use Only
  • 17. Why Well Continue to Grow1. People need our advice2. Agents are needed to guide them3. We have solutions for today’s needs4. Managers facilitate the process5. New York Life is Built for All Times Presenting Sponsor: Produced By:
  • 18. Presenting Sponsor: Produced By:For Insurance and Financial Industry Use Only