New York Life Reviews

Updated July 25, 2015
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New York Life Chairman, President & CEO Ted Mathas
Ted Mathas
59 Ratings

Pros
  • Great Training Programs for new Agents (in 55 reviews)

  • Solid training program and an army of product support (in 32 reviews)

Cons
  • Be prepared to hassle friends and family to buy useless products (in 37 reviews)

  • Sales intensive environment, most training is about sales, limited in products offered, no base salary (in 29 reviews)

More Pros and Cons

119 Employee Reviews

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  1. It's like going to Vegas with all your money & the house always wins

    Former Employee - Anonymous Employee in Ossining, NY
    Former Employee - Anonymous Employee in Ossining, NY

    I worked at New York Life (More than a year)

    Disapproves of CEO
    Disapproves of CEO

    Pros

    I made some really great friends

    Cons

    The head of the agency had a Napolian complex. You were never mentored. Senior agents used you for your money & how you could help them make more money

    Advice to Management

    Your agencies will make more money if you actually take the time & work with new agents.


  2. SharePoint Admin

    Current Employee - Sharepoint Engineer in New York, NY
    Current Employee - Sharepoint Engineer in New York, NY

    I have been working at New York Life full-time (More than 10 years)

    Pros

    Was once a great place to work.

    Cons

    Massive IT outsourcing has ruined morale.


  3. Helpful (3)

    Corporate Vice President

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

    I have been working at New York Life full-time (More than 10 years)

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

    Pros

    Probably a good company for someone just getting started in the industry. Ideal for someone in their early 20's looking to chip their teeth.

    Cons

    A very disorganized company who on the wealth management front is 15 years behind the times. A lot of turnover currently going on within senior management with no clear direction for the future.

    Advice to Management

    You have to learn to crawl before you can walk. Figure out who you want to be before you try building something.


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  5. Be careful

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Professional in Waltham, MA
    Former Employee - Financial Services Professional in Waltham, MA

    I worked at New York Life full-time (More than a year)

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

    Pros

    Training, setting your own schedule, can earn a lot of money.

    Cons

    100% commission, training is unpaid, lots of unpaid driving. Training can be hit or miss; it really depends on which partner is teaching the class. At the Boston GO they had a few great partners who did a good job at training. Unfortunately, it was the partners who were not good at training who did most of the classes. They want you to be in the office for the monthly "phoneathons"; if you're not local pushback and make the calls from home. My office was a considerable distance from my home, so I rarely went into the office without a plan. This career is best for people with a large family and large social circle and you have no financial obligations like a mortgage and car payments. It also helps if you know people who are upper middle class who can afford the higher priced products. There is no assistance in finding leads, do NOT purchase leads or lists. These are very expensive and are generally not worthwhile. Be wary of paying money to have a table at events you need to pay for the privilege. I went to many of these events and many of them we had nothing to show for it.

    Advice to Management

    Do a better job at recruiting. Have more classes at the local sales offices instead of only at the GO. Spend less time talking about Council or trophies at the Monday classes; most agents don't care and it gets old fast.


  6. Get their training, then become an independent

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at New York Life

    Pros

    Make work your own hours.

    Cons

    They pay you 50% commission where independent agents get 85-100%!


  7. Helpful (9)

    Transformation.....Jekyll to Hyde

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

    I have been working at New York Life full-time (More than 10 years)

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

    Pros

    Working with my work colleagues is a pleasure. Salary is nice is you have 15+ years of tenure, the company has a fitness center at no cost.

    Cons

    Current management in disarray through Transformation. Very low morale, and job stability is very risky. Many employees have been told their jobs have been eliminated and outsourced to onshore and offshore companies. Unfortunately, once a fine institution with a strong and considerate senior management team, now current mgmt is bringing in external mgmt consulting to manage and outsourcing many jobs. Not a good place to be at.

    Advice to Management

    Whatever happened to the core values that were part of this institution years ago? What happened to valuing employee commitment and loyalty? Have you sold the Company's soul to improve the bottom line?


  8. Twilight Zone

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Contractor - Anonymous Contractor in New York, NY
    Current Contractor - Anonymous Contractor in New York, NY

    I have been working at New York Life as a contractor (More than 8 years)

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

    Pros

    Lobby, Gym, Cafeteria, location, mass-transit

    Cons

    The Technology Group has been going through a reorganization/transformation/outsourcing/streamlining effort for past five years. Horrific middle management and sad part is that morale is so low I'm surprised any work is accomplished. The middle-management on my Team are all pretty much self-serving bunch of pompous individuals using the company to send themselves to conferences and positioning themselves to survive in the work force. Most of the "worker bees" are at the mercy of their selfishness and small mindedness. Amazing place to work! Tada loves us!

    Advice to Management

    Don't pay yourselves for a year because you are doing a terrible job.!


  9. Helpful (1)

    The best day I had here was the day I said "I quit"

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

    I worked at New York Life full-time (Less than a year)

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

    Pros

    -Working for a fortune 100 company

    Cons

    -Straight commission - Management does do a good job realistically explain job in interview process -Management has you hassle family and friends -They teach you deceptive tactics -No matter what, whole life is always the perfect financial solution since it generates high commissions -Push products -Make you pay for cubicle, office supplies, landline telephone, and a random $75 charge after your 6th month -Older agents will leach onto you and try to steal your business -They make you pay for leads -No parking reimbursement if you work in a city

    Advice to Management

    Actually hire people that understand financial planning and don't hire anyone off the street who doesn't have a felony. Management should work with developing young people with potential rather than hiking a few policies off on their family and friends before throwing them out.


  10. Helpful (1)

    Very tough to make money, all difficult cases get declined

    Current Employee - Financial Planner in New York, NY
    Current Employee - Financial Planner in New York, NY

    I have been working at New York Life full-time (More than 5 years)

    Pros

    Products are excellent, but hard to get approved for

    Cons

    Company only cares about its high rating, not helping customers


  11. Helpful (3)

    pyramid scheme and padded reviews

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Professional in Denver, CO
    Current Employee - Financial Services Professional in Denver, CO

    I have been working at New York Life

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

    Pros

    Make your own hours. Feel special telling people you work in finance. Sales training, not financial acumen.

    Cons

    Its a complete scam, I've been in the industry for 4 years and decided to kick the tires on a new team. If your really are qualified for finance you wouldn't be asked to pay for basic essentials. $7 a month to have a phone. $75 to use a CRM. $$$ if you want a real office. and my favorite, charge backs. so when the client decides he doesn't want to pay $200 a month for thin air. The company has the GULL to ask you for the commission back. Also in your contact is a non-compete for 2 years.

    Advice to Management

    You people are evil. I sat in your training class while you filled people that are desperate for a job with delusion of grandeur. Knowing that after they bamboozle friends and family into buying products with terrible morning star ratings, that you probably will starve you out of the business and than keep every thing you built.



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