First Investors Corporation Reviews

Updated April 17, 2015
33 reviews filtered by
  • Any Location
  • Any Job Title
1.0
33 Reviews
Rating Trends
Recommend to a friend
Approve of CEO
First Investors Corporation President & CEO Bill Lipkus
Bill Lipkus
6 Ratings

33 Employee Reviews

Sort: Popular Rating Date
  1. Financial Representative

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at First Investors Corporation full-time

    Pros

    There was freedom in how you chose your prospects and allocated your time

    Cons

    There was not a clear communication on payment

  2. If you need a steady job or income, avoid this company.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Service Representative in San Antonio, TX
    Former Employee - Financial Service Representative in San Antonio, TX

    I worked at First Investors Corporation

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    The people (trying to) work there were very nice, and for the most part, everyone got along well.

    Cons

    They do not offer you any compensation or salary during their "training" process. By "training," I mean memorizing long scripts and sales pitches to use when cold-calling and prospecting for clients. The training process can also be long, as it only ends once you pass the Series 6, Series 63, and Life Insurance exams. Most of the people working there (over 90%) were all recent college graduates who were fooled into accepting a position, just like me. During the interview process, in which they interviewed applicants in groups of 10 or so, they were explicit in there only being 1 available position. When I got hired and started working, I immediately noticed 2 other people from my "interview group" also got hired...so fishy. Also, throughout the hiring process, FI gave applicants a very inaccurate and misleading overview of the job itself. They acted like everyone working there was averaging about $90K a year in commission. Everyone that was hired along with me all quit/resigned within the first 6 months of being hired.

    Advice to Management

    Be less deceptive. Be more accurate and less misleading in your job descriptions, and maybe you'll reduce your extremely high turnover rate.

  3. A damn joke!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at First Investors Corporation

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    People generally get along. That's it.

    Cons

    Revolving door for sales reps. You're sold a pipe dream about how much money you can make and how fast. Completely unattainable. One rep has worked there 3 years and doesn't even make $30,000!! The receptionist has something negative to say about EVERYONE and she dresses extremely inappropriately. Managers barely speak to you. The few reps that make a sustainable living are always bragging about money they've spent or are about to spend. They don't realy care about clients who don't have a TON of money. The office is dingy and smells-I can't believe they let clients visit. There are no benefits. Lots of cold calling people who don't want anything to do with the company. Christmas party consists of people competing for an award for who gets wasted and acts the craziest. It's practically mid February and I still haven't received my W2. Steer clear. Avoid like the plague.

    Advice to Management

    Tell people how difficult the job really is. Be more friendly during interviews. The manager didn't even smile when he talked to us during the interview. He was very militant. Bring the systems up to date.

  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5. Helpful (3)

    Dont do it

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Representative in Atlanta, GA
    Former Employee - Financial Services Representative in Atlanta, GA

    I worked at First Investors Corporation full-time (Less than a year)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    The only pro is for FI after all your friends invest in their subpar funds

    Cons

    Everything the company stands for

    Advice to Management

    Go jump in a well you shysters

  6. sales representative

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Sales Representative in Greenbelt, MD
    Former Employee - Sales Representative in Greenbelt, MD

    I worked at First Investors Corporation full-time (Less than a year)

    Doesn't Recommend
    Doesn't Recommend

    Pros

    easy to get the job

    Cons

    the pay is too low

  7. Unlimited Opportunities

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Representative in Rockland, NY
    Current Employee - Financial Services Representative in Rockland, NY

    I have been working at First Investors Corporation full-time (Less than a year)

    Recommends
    Positive Outlook
    No opinion of CEO
    Recommends
    Positive Outlook
    No opinion of CEO

    Pros

    Competitive 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.

    Cons

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

    Advice to Management

    No changes I can think of at this point.

  8. Helpful (2)

    All commission jobs are no fun

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at First Investors Corporation

    Pros

    They were very supportive while studying for the 6.

    Cons

    It is 100 percent commission

    Advice to Management

    pay your employees

  9. Helpful (8)

    Billed as Financial Job: entirely sales based

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Registered Representative in East Hartford, CT
    Former Employee - Registered Representative in East Hartford, CT

    I worked at First Investors Corporation full-time (Less than a year)

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    Pros

    You 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.

    Cons

    Where 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 Management

    Be 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.

  10. Helpful (3)

    What a disaster

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Registered Representative in Atlanta, GA
    Former Employee - Registered Representative in Atlanta, GA

    I worked at First Investors Corporation full-time (More than a year)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    You know what NOT to look for in an employer

    Cons

    Everything...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 Management

    Stop lying

  11. Helpful (3)

    Would not recommend this job

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Representative in Atlanta, GA
    Former Employee - Financial Services Representative in Atlanta, GA

    I worked at First Investors Corporation full-time (More than a year)

    Pros

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

    Cons

    They 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.

First Investors Corporation Photos

Work at First Investors Corporation? Share Your Experiences

First Investors Corporation

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.