The following is based on 2010 matrix and Met's criterias based on someone who has been with the company for 3-4 years: MetLife's FSR program is good for the first year. Your second year through the third year will be up to you on whether you bring in business. The incredibly bad thing about MetLife's program starts during your third year (around 3.5 year mark). MetLife will start charging you for everything (E&O, Office rent, Admin, Laptop, Phone, Network, Furniture, Chair, Postage--everything). AND on top of this, they will take 58% of your commissions. If you produce higher than 60K, then, they will take 50% of your commissions. This equals to about 11% payout if you produce less than 60K GDC and about 20% payout on your commissions if you produce right around 60K GDC. Absolutely no other financial services company out there to my knowledge pays 11% payout no matter what production bracket you are in. FS companies will either have you pay for everything (like LPL) and give you 90% payout OR they will pay for everything (like Merrill Lynch) and take 50% to 60% of the commissions depending on your production and tenure. In Merrill's case, they also pay you a salary. So most companies will do either of the two. However, not so with MetLife. No matter how you look at it, MetLife has BY FAR the worse deal in the industry. It's so bad, that I truly believe that they are violating the constitution. In summary, MetLife is good if you stay there 1 year (98% of the reviews on here are from people who is brand new or recently quit after less than 2 years of working there, and that's why the reviews are pretty good). Generally speaking, MetLife is o.k. if you stay there 2 years or less. MetLife is worse than a slave trade operation if you stay more than 3 years. I stayed there for 4 years and suffered through very tough times. But now I am with a firm that I really like--a firm that I have alredy mentioned in this post. Grass really IS greener on the other side, because there is NO grass at MetLife after the 3rd year. Also, be VERY careful. Most people quit after exhausting their credit cards while working for MetLife as an FSR. So most people quit the industry after getting in a rut with their credit. Don't do that. Look for another company prior to using up your credit, because otherwise, it will make it that much more difficult for you to find a job with credit issues.
I would like to add one more... This is for those who use the term, "unlimited income potential" in some of the reviews. First off, the national average income for FSRs at MetLife is about $24,000 in 2009. It's probably less in 2010. In the Colorado agency, 60% made less than $20,000 in net commissions this year. And if some are in their 4th year, they made less than $10,000 for the whole year due to $1,300 in after-tax monthly charges. You are welcome to make "unlimited income" at MetLife, but I want to remind you that you can also make unlimited income if you find a boat load of gold underneath the deep blue sea. You could also find a truck load of diamonds while hiking up a mountain. The bottom line is that you must consider the average and go from there.
