MetLife Raises the Stakes
Details about MetLife Inc.’s restructuring are now coming out after it placed several of its divisions under MetLife Premier Client Group. This new name now encompasses MetLife Securities Inc., New England Securities Corp., and MetLife Resources.
MetLife aims to do more with less as it is reducing its financial adviser corp by 300 to 600 representatives. It is also requiring its advisers to carry more weight. Paul LaPiana, senior vice president of Metlife Premier Client Group, hopes to have “4,700 to 5,000 advisers with an average of $185,000 in production.” In comparison, last year saw 7,600 advisers with an average production of $127,000 in production. MetLife is putting the pressure on its representatives by raising the minimum production from $60,000 to $90,000.
Although stringent, MetLife has shown signs of success in being able to decrease representative counts and increase production. It is currently at 5,300 representatives with an average of $165,000, but only time will tell if they are pushing efficiency’s limits.
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