First Investors Corporation
3.0 of 5 168 reviews
www.firstinvestors.com New York, NY 500 to 999 Employees

First Investors Corporation Reviews

Updated Jul 6, 2014
All Employees Current Employees Only

3.0 168 reviews

                             

74% Approve of the CEO

First Investors Corporation President & CEO Bill Lipkus

Bill Lipkus

(34 ratings)

43% of employees recommend this company to a friend
28 Employee Reviews Back to all reviews
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    Unlimited Opportunities

    Financial Services Representative (Current Employee)
    Rockland, NY

    ProsCompetitive compensation structure along with supervision of management. Some of the most competitive products in the industry. Vision of growth. Unlimited compensation and practice growth. Training program is great with online program, weekly sales meetings and conference calls and webinars.

    ConsInitially the work/family life balance is tough. You need to develop your own business plan.

    Advice to Senior ManagementNo changes I can think of at this point.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    All commission jobs are no fun

    Anonymous Employee (Current Employee)

    ProsThey were very supportive while studying for the 6.

    ConsIt is 100 percent commission

    Advice to Senior Managementpay your employees

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    4 people found this helpful  

    Billed as Financial Job: entirely sales based

    Registered Representative (Former Employee)
    East Hartford, CT

    ProsYou eventually get reimbursed for the licensing fees, note that you must keep a paper trail of all expenses that you incur. You get extremely numb to rejection, considering most of your prospecting for new clients is done by cold calling. There's nothing quite like being rejected 50+ times a day to really harden your skin.

    ConsWhere to start? The hours are long, I routinely worked longer than 50 hours, and even under the new, supposedly "more competitive" training program they instituted, you are only compensated up to 50 hours. So I was leaving typically 5-6 hours a week of overtime pay on the table. They only compensate you $9. The baristas at the coffee shop down the street that I frequented when I worked there probably made more money an hour than I did. They tell you that there is a "flexible" schedule, which is a lie, because they hold the fact that they are paying you over your head, because all of the other employees did not have a base salary when they started since the training program is so new. They bill it as a training program, but other than giving you rudimentary phone and sales skills, there really is no training involved. Training meetings where routinely scheduled, and blown off by the branch management. Because of this lack of hands on training, they have you do online based training, which is not only moronic and seemingly designed for Middle School age children, is extremely generic in nature and wildly uninformative. As a result when you got out on client meetings, which is not frequent in your first few months, you generally end up looking like a fool. Not only that, but you are constantly driving around "promoting your business" at your own expense, putting wear and tear on your vehicle, paying your own gas etc.
    They "encourage", read badger and threaten your job to shame you into doing trade shows, which are always on the weekends, to help build your client base. Because most of the people in my office were also prospecting at the trade shows, I, being the most junior, would typically get to work the hours that were least likely to bring in quality leads. So, in essence, I would be wasting my leisure hours, which considering I averaged 50 hours every work week plus, were scarce enough. Your prospecting is made infinitely more difficult by the fact that First Investors does not advertise meaning that most of the people you contact have no idea they even exist, a fact they are weirdly proud of, and is kind of a lie anyway, for I spent untold hours "advertising" for them via cold calling.
    Because of this lack of exposure, one of the first things they do is make you make a "bank book". This is a list of everyone that you know, knew, had contact with, etc. They start your "controlled radiation" with having you contact your family and friends to try and sit down with them, which they agree to, because they want you to succeed. You sit down with them, supposedly as a learning experience, and at least in my case, I ended up doing absolutely no talking. I did not practice any of the skills I learned, my assistant manager simply pitched my parents, friends and personal contacts until they were so confused they decided to do business with us. The worst part is that if my personal contacts did not initially agree to sit down with me, management would have me badger them via the telephone until either they sat down with me or stopped answering my phone calls. I stopped working there a month ago and still most of my friends will not pick up my telephone call, even considering I now call exclusively from my cell phone. They make you leverage your personal contacts to the point that they often do not want to have anything to do with you.
    This doesn't even address the most egregious thing they do, which is sell you on the notion that "it's possible, nay likely, that you will make $100k after a few years". What they fail to tell you is that most people average less than $30k their first year, and the vast majority of the people, myself included, leave the company in less than 6 months because they simply cannot afford to live on such low wages. To put it in perspective, I was more or less on pace to hit their rather arbitrary benchmarks in the training program, and I would have made $18k in my first year. There were maybe 3-4 people on pace to make $100k in my office, and all of them were senior reps with many years, if not decades, of experience. If they had been honest about the details of the job in the interview process, I would not have wasted 6 months of my time, and gotten deeper into debt than I was in the beginning of the process.
    In summation, stay away. It's a telling stat that First Investors has been around since 1930, and has a paltry 8 Billion dollars in assets under management. Most other investment companies have funds that are many times that.

    Advice to Senior ManagementBe honest with prospective representatives. Most of them are directly out of college. Do not lie to make the company more attractive, do not sell some fiction that they have found the magic shortcut to making $100k in a year. I think out of all the people in the office, and there were 15, there were maybe 3-4 people on pace to hit that number. All of them senior reps with many years of experience.

    No, I would not recommend this company to a friend

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    1 person found this helpful  

    What a disaster

    Registered Representative (Former Employee)
    Atlanta, GA

    ProsYou know what NOT to look for in an employer

    ConsEverything...Slimy biz model which helps kids out of college get their immediate family to invest (in their fund family only) and force them to sell insurance b/c of its higher commission structure. Once you burn out, all assets stay with them, even if you do withdrawal your investments, they've already made their fee.(A win-win for them,while you sit there with lint in your pockets)

    Advice to Senior ManagementStop lying

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    1 person found this helpful  

    Would not recommend this job

    Financial Services Representative (Former Employee)
    Atlanta, GA

    ProsThe only con is that you have the freedom to choose your schedule and set it up.

    ConsThey really just want to get new people in and get all of their family and friends as clients. I stayed for about a year and half hit all of my goals and still only made about 30k over almost 2 years. No benefits at all 100% commission.

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    2 people found this helpful  

    Terrible

    Anonymous Employee (Former Employee)

    ProsNone, This was easily the worst work experience I have ever had, and was borderline criminal. The only positive is a class action lawsuit against the company for poor work conditions

    ConsTruly endless cons. There weren't any positives other than greatly valuing any future job experiences as all are an improvement.

    Advice to Senior ManagementTreat "contractors" with more respect and dignity.

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    Boiler Room

    Financial Services Representative (Former Employee)
    Northville, MI

    ProsGreat sales training. Still use some of the skills in my current job.

    ConsHorrible pay structure. Long hours. Rigid management. Tons of driving. Big promises and little results.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    8 people found this helpful  

    Thinly veiled pyramid scheme

    Financial Advisor (Former Employee)

    ProsBasically none; work is entirely commission with no benefits. No remuneration for driving around everywhere in an over-saturated market. You will be cold calling; First Investors has no marking department.

    ConsToo many too list. This company basically hires recent college graduates who don't know any better. Many of the people who work at this company have parents with money; so first investors uses their employees to sell products to their family members. Within beginning work you will be asked to write a list of "connections"; it's basically just your family and everyone you know. They then expect you to peddle to them.

    There's no salary. No health benefits. They recently introduced both, but it's poor. The conditions required for the salary make it redundant. If you can sell as much as the minimum you wouldn't need the salary.

    This is basically a pyramid scheme. Beware of any company that spends more time and effort on hiring new people rather than marketing or market research.

    Most of the managers are simply big fish in a little pond, and made a lot of money by bullying their way into it. They are not helpful at all.

    The interview process was also misleading; unlimited income is almost impossible.

    The managers also try to instill this "make it or break it mentality", which puts much of the blame for lack of success on the representatives. The truth is First Investors spends zero amount of money on marketing or market research. All you get are pamphlets, which you can distribute yourself. Basically they are getting free labor off of their workers. I'm not sure how this isn't illegal.

    Advice to Senior ManagementActually care about your employees; give them a salary or benefits. Spend money on marketing, rather than using unpaid sales representatives to prospect themselves. Horrible business model.

    Stop shaming representatives into thinking "well, if you can't succeed you just can't cut it." Support your representatives.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    5 people found this helpful  

    Over Promised Under Delivered

    Financial Services Representative (Former Employee)

    ProsFlexible work schedule , pay for some licenses

    ConsFirst Investors promises a salary and to pay for your licenses. They want you to build your business from cold calling and basically begging for business. Very controlled from corporate, (can not even use social media) . Pay starts at 8 an hour (not what I was told by the hiring manager, they said 30k for 9 months) I was told the life and health license would be 70 dollars . After buying the study guide and fingerprints I was $500 in the hole.

    Advice to Senior ManagementBe upfront about the job

    No, I would not recommend this company to a friend

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    Multi-Level Marketing Company Scam

    Financial Services Representative (Former Employee)
    New York, NY

    ProsFlexible schedule, allowed to work at own pace.
    Good office location, middle of Midtown.

    ConsPaid out of own pocket for expenses.
    Very little pay, senior management takes cut out of new clients.

    Advice to Senior ManagementChange business model from direct selling.

    No, I would not recommend this company to a friend

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First Investors Corporation – Why Work for Us?

First Investors has been serving the financial needs of people from all walks of life since the Company was founded in 1930. Using a face-to-face approach to investments and life insurance, our team of registered… Full Overview

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Glassdoor is your free inside look at First Investors Corporation reviews and ratings — including employee satisfaction and approval rating for First Investors Corporation CEO Bill Lipkus. All 28 reviews posted anonymously by First Investors Corporation employees.