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NEF IXP: The Inexperienced Agent Finance Plan

our investment
          in your future.

 New England Financial is committed to providing you with everything you need to succeed in the financial services industry – whether you are a recent graduate or changing career paths.  We view our investment in you as a partnership in growth: for you, professional and personal development opportunities second to none; for us, retention of a top notch, fully-trained financial services representative.

When we say investment in you, we mean it. Here we will outline just how our NEF IXP Plan works and what it will mean to you, both in income and in training.

The BIG PICTURE

When you join the New England Financial team, you’ll find the tools and hands-on experience you will need to sell our diversified portfolio and discover your market niche.  You will work with a wide variety of products including life insurance, investment products, disability insurance, annuities, and group plans.  Whatever your preference, once you are licensed and begin the plan, you will enter a profession that stimulates the entrepreneurial spirit and offers you financial independence from the start.

Here’s HOW It Works

The NEF IXP enables New England Financial to pay you up $71,000 over the 3-year plan period – the maximum allowed by New York State Insurance Department regulations. This, combined with production-based FY GDC, enables you to generate income.

The Ultimate GOAL

When you have successfully completed the plan, you will be a fully-trained and self-supporting financial representative.  To prepare for this goal, you will be required to earn a gradually increasing share of your income during your 3-year training period to become a financial representative.

What this means is that you must generate FY GDC in order to receive an NEF IXP subsidy.

The NEF IXP plan is designed to help you achieve your success, both financially and professionally.  Your hands-on training and access to mentoring will build confidence in your insurance and investment product knowledge.  What’s more, we will teach you how to build a career while you are earning an income. The NEF IXP plan promotes consistent, steadily increasing production through periodic reviews and validation requirements.  Validation requirements are monitored at specified intervals throughout the plan.

We believe that participation in the NEF IXP plan is the catalyst for the development of our most successful representatives.  These representatives not only gain from significant production-related income but also benefit from working with New England Financial, a company that offers it’s representatives a wide range of products to sell, industry recognition programs, and “best in the industry” field meetings for leading producers.

intern phase

At the discretion of our Managing Partner, you may begin your new career as an intern.  Internship gives you an ideal opportunity to begin learning the insurance and investment business under the guidance of your Sales Manager and other professionals available at our firm.

During your internship you will learn the basics of the financial services business, start to build a client base, and accumulate FY GDC credits to prepare you to start the plan.  Our most successful NEF IXP candidates choose this route to reach their professional goals.  Working at your own pace, you will discover the daily responsibilities and procedural methods of a financial representative’s work.

We view 90 days in the Intern Phase as a benchmark.  Many of our candidates choose to devote full-time to their internship phase to accelerate their enrollment in the NEF IXP plan rather than work at another job.

The INTERN PHASE is designed to give you momentum that helps you to launch your career.

incentive phase
               It's product driven!

New England Financial recognizes that many representatives have had experience in a sales environment and want to get started right away.  To this end we have developed a plan that allows you to have more flexibility in the amount of income you earn from your first week.

The NEF IXP plan enables you to exercise more control over what you earn.  It is completely production-driven. Your success will be determined by how quickly you can begin to build your client base and maximize production income. Payments, as determined by our managing partner, will be paid form a Reserve Account established as a result of your production. At NEF, our approach is “do more, get more”.

While we encourage prospective representatives to be Interns, some candidates may not have the opportunity to participate in this industry program.

For those who do begin as interns – any FY GDC generated in the Intern Phase is credited to a reserve account that becomes available during the Incentive Phase.

You have the potential to earn unlimited monthly income.  However, your income in any month will need the approval of your Managing Partner and New England Financial’s Home Office and may be subject to New York State Insurance Department regulations.

Here’s How It WORKS!

As soon as you become a full-time representative of New England Financial, all of your eligible FY GDC production is multiplied by a factor beginning at 68% and decreasing to 48% over a 3-year period, and the result is added to your Reserve Account (see Factor Table chart).

In addition, a minimum of $800 a week will be added to your Reserve Account for the first 19 weeks.

The RESERVE Account

This reserve is established on Week 1 of the plan, giving you more flexibility in the amounts you earn from early in the plan.

The Reserve Account provides you with a stable source of income during the program. Note: In order to earn payments, money must be available in the Reserve Account and you must meet quarterly validation requirements.

The Reserve Account is replenished by your future production activity.

 
NEF IXP factoring

 The NEF IXP plan applies a factor to your FY GDC production in order to calculate a subsidy that contributes to the $71,000, 3-year legal maximum, as described on page 3.  The more you produce, the more subsidy you generate – creating even more of an incentive to sell.

Why A DECLINING Factor?

The goal for successful completion of the NEF IXP plan is for you to support your lifestyle with your production earnings.  While you learn the business, the subsidy declines over time as you generate more and more FY GDC.

Remember, maximizing the Intern Phase opportunity will help you to build your Reserve Account.

Why is
         validation so important?

 Throughout each validation period you must generate enough FY GDC to reach the end-of-period validation requirement in order to receive payments in the following period.

As a reminder, payments are made from the Reserve Account according to your agency policy, as approved by the Home Office.

As you can see, it is really up to you. The key to success in NEF IXP is to consistently find new clients, close new cases, earn new business, build client relationships – and thereby build the Reserve Account.  Generating new sales will bring you success in the NEF IXP plan.

Validation Schedule

For more detailed information, please see your sales manager.