(Springfield, MA) – Massachusetts Mutual Life Insurance Company (MassMutual) is recruiting record numbers of financial professionals as the American public’s need for personal financial help grows.
The increase is driven in part by the company’s record-breaking financial performance, reputation and agent retention, as well as insurance products that answer renewed consumer interest in stability and guarantees.
According to the U.S. Bureau of Labor Statistics (BLS), personal financial professionals are among the fastest growing careers because many Americans continue to struggle to save for retirement. Decreased funds for corporate and state pensions in many cases are leading to benefit reductions and increasing demand for financial education and help, according to the 2012-2013 BLS Occupational Outlook Handbook report.
Recently named one of the top three World’s Most Admired insurance companies by FORTUNE, MassMutual has increased the number of recruits in the first half of the year by 27 percent over 2012. In June, the company posted a historic record, recruiting nearly 300 new financial professionals to its 82 agencies across the country.
In keeping pace with MassMutual’s commitment to diversity and inclusion, the company has significantly increased the size of its sales force over the last five years. This reflects the changing face of the communities it serves by increasing the number of career agents with multicultural backgrounds by 103 percent.
“American families and business owners need reliable and trustworthy financial services professionals to help them make sound financial decisions,” said MassMutual Senior Vice President of Sales & Distribution John Vaccaro. “It is our role as a trusted mutual company to bring on the best and the brightest to help our customers meet their current and future financial goals.”
Some 35 million families have no life insurance protection1 and a recent Pew Research Survey found 57 percent of people have less than $25,000 in their 401(k) plan.
“MassMutual is a leader at bringing on experienced financial professionals who are adept at helping families and businesses with their financial needs as well as ensuring their financial professionals receive exemplary professional development and mentoring opportunities that lead to continuous professional growth and career advancement,” said Ed Pelis, Vice President and National Director of Recruiting for MassMutual.
Prospective candidates undergo rigorous screening to ensure they are well-suited to a career in financial services. They receive extensive training in needs-based analysis and are provided opportunities to participate in specialized training programs in specific markets, including families with special needs and small family-owned or closely-held businesses.
• MassMutual's Certified Family Business Specialist program, developed in concert with The American College is offered exclusively to MassMutual financial professionals, to help broaden a financial professional’s knowledge and insight into the inner workings and challenging dynamics of family-owned businesses.
• Our SpecialCareSM program takes a team approach to help ensure proper life care planning for the future of a person with a disability or other special need. In addition to internal training in helping families with special needs plan for the future. MassMutual took a lead role in designing the industry designation Chartered Special Needs Consultant® (ChSNC) .
The ChSNC and CFBS designations were developed by The American College in Bryn Mawr, Pennsylvania and evolved from MassMutual’s SpecialCare(SM) Program and family business expertise.
For well over a century, MassMutual has placed a great emphasis on a financial professional’s career path allowing for opportunities to continue in individual sales roles, recruiting and leadership management opportunities. The company is also home to the industry’s oldest Agents Association in the industry. The association represents the interest of more than 5,000 agents at the company, sharing insight and expertise about the agent role and their client needs from the front line of the country’s volatile economic environment.
Experienced industry professionals also continue to seek out roles with MassMutual because of the mutual company’s strength and stability. The company, founded in 1851, continued to post record results in a difficult economic environment. In 2012 MassMutual’s results illustrated the power of the company’s long-term focus ending the year with double digit growth and record sales in key businesses and giving participating policyowners their estimated 2013 dividend - $1.39 billion, the largest in the company’s history. And while dividends are determined annually and not guaranteed, it is important to note MassMutual has consistently paid a dividend consistently since the 1860s.
MassMutual has also garnered recent esteemed industry awards and recognition in 2013, including the following:
• The company was once again named to FORTUNE’s “World’s Most Admired Company” list in its industry category (Life & Health Insurance). MassMutual is currently the highest ranked mutual insurance company in this category (FORTUNE, 3/18/2013).
• MassMutual recently won two awards at the 20th Annual Mutual Fund Industry Awards in New York City. The company won Deal of the Year for its acquisition of The Hartford’s Retirement Plans business and Ad Campaign of the Year for its “Who Matters Most” campaign by Fund Industry Intelligence (Euromoney Institutional Investor) (April 25, 2013).
• DiversityInc named MassMutual to its 25 Noteworthy Companies list (April 23, 2013).
• The company was also named a Top 50 Company for Executive Women by the National Association of Female Executives (NAFE), and a Top 50 Employer by Equal Opportunity (February, 2013).
1Facts About Life 2010, LIMRA
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.