New York Life

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New York Life Reviews

Updated Jul 27, 2014
All Employees Current Employees Only

3.3 680 reviews

85% Approve of the CEO

New York Life Chairman, President & CEO Ted Mathas

Ted Mathas

(400 ratings)

56% of employees recommend this company to a friend

Review Highlights

Pros
  • They provide a great training ground for how to sell and scripts to use when selling (in 48 reviews)

  • Their compensation package is excellent and they have a superb I mean superb training program (in 27 reviews)


Cons
  • Be prepared to hassle friends and family to buy useless products (in 32 reviews)

  • No base salary (you will invest in the company before they invest in you) (in 26 reviews)

More Highlights
183 Employee Reviews Back to all reviews
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    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
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    • Approves of CEO

     

    Former Agent

    Anonymous Employee (Current Employee)

    ProsGreat company with great products and services.

    ConsThey let you fend for yourself, little in the area of support and growth for first year employees.

    Advice to Senior ManagementMake it less about numbers and more about growth and development. You will get more in the end.

    No, I would not recommend this company to a friend

    • Culture & Values
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    • No Opinion of CEO

    2 people found this helpful  

    Worst career move of my life

    Agent (Former Employee) Los Angeles, CA

    ProsVery strong company with the strongest financial ratings, one of the best at what they do, they've been in the business for 168 years, good training and compensation (if you are actually managing to get appointments and sell life insurance or other financial products), benefits.

    Cons100% commission. This type of business is not for everyone. A lot of agents are starving, broke, or close to losing a lot of their assets which is quite ironic considering that agents give financial advice for a living.

    Your life is consumed by hunting ALL THE TIME everywhere you go (family parties, social gatherings, etc). EVERYONE is a suspect/prospect for business. Everywhere you go, you are thinking about networking to get those people to become your clients. It can become overwhelming and you reach a point where you're not always being genuine, but just in it to build your business (and help others in the process - because you are really helping others with your services IF you truly know what you're doing).

    Once you lose momentum in this business, you better work twice (or triple) as hard or prepare to be faced with one hell of a challenge to get back on your feet. This business is brutal. You truly have to go hard in this business. No slacking of any kind.

    They essentially own you for the first 3 years of your contract with them. If you have a creative side and dabble in any type of outside business activity, they will decide if you are "hire-able". If you are, you must sign a form that lists what you can and cannot do in your hours outside of work. They dictate how much time you can devote to other activities that could potentially lead to outside business.

    You CANNOT work another job while you work here as an agent. So if you decide to work here, you MUST have enough money saved up to carry you through stormy weather, because YOU WILL go through it. EVERYONE does. If you don't have money saved up, make sure you have another form of supporting yourself.

    Advice to Senior ManagementEncourage new agents to shadow seasoned agents, be open about production requirements from the very beginning, If you see an agent struggling, DO SOMETHING to help!

    Yes, I would recommend this company to a friend

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    Ask lots of questions before you make the plunge to this company or the industry in general.

    Registered Representative (Current Employee) Chicago, IL

    ProsThe hours are somewhat flexible. Compensation in theory has no ceiling. The training is continuous, top notch and always encouraged.

    ConsThe biggest disappointment for me is the lack of any sort of leads from the company for it's sales force.

    Advice to Senior ManagementStop nickel and diming your employees for everything, from desk space to
    I.T. support

    No, I would not recommend this company to a friend

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    • Culture & Values
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    Insurance Agent

    Insurance Sales Agent (Former Employee) Edison, NJ

    ProsYou are essentially running your own business

    ConsThey have you reach out to family members and people you haven't talked to in years when you have hardly any experience under your belt.

    Advice to Senior ManagementDevelop more networking skills and create realistic expectations for new agents.

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

    • Culture & Values
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    • Approves of CEO

     

    100% commission for Agents

    Financial Services Representative (Former Employee) New York, NY

    ProsGreat Training. Great Management. Ability to make really good money.

    Cons100% commission. Unless you know people who have money that want to do business with you, it will be hard to make money at first. It really helps if you grew up around the area where you are working.

    Advice to Senior ManagementPay established agents to help guide new recruits.

    No, I would not recommend this company to a friend

    • Culture & Values
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    • Approves of CEO

     

    Great if you want to sell, but not if you want to be a "financial planner"

    Financial Services Professional (Former Employee) Saddle Brook, NJ

    ProsIf you want little capital investment with a lot of upside potential, this might be for you. If you can spend all your energy into prospecting for new clients 24/7 in the beginning or if you have a built in market from your previous business contacts, you might have a slight chance of staying on. The company brand and name recognition will help and that is what you are trained to sell.

    Conss much as the promising earning potential, the chances of an agent making enough during the first couple of years to sustain a decent income is extremely hard. You have to be smart with how you use the resources and who to ask for help, because you are bombarded with marketing techniques and information, that it is easy to be overwhelmed. You think you can be everything to everyone, but the quicker you find what works for you and hone in on it, the easier it will be to build a list of clients first. Don't over think things. They want you to be a great sales person, and you will survive only if you follow their lead. Regarding the flexibility of being able to make your own hours, it can be a blessing or a curse. The flexibility should not be an excuse for less overall working hours.

    Advice to Senior ManagementIt seems like their management style is a bit superficial. They have a huge system and check lists they go by, but whether it's a matter of not having enough development managers or just hiring anyone that comes through their door, you feel like just another body in an agent conveyor belt. What the agents really need is exposure and mentorship by working with established agents. The commission issue is always tricky, which deters the agents from both ends of the spectrum to not bother reaching out to each other. The more established agents have no reason to bother with the newer ones since they already have enough on their plates, and the newer agents fear that they will lose credibility with their potential clients and sacrifice their commissions which is all the more precious in the beginning.

    Yes, I would recommend this company to a friend

    • Culture & Values
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    • No Opinion of CEO

     

    Sr project manager

    Senior Project Manager (Current Employee) New York, NY

    ProsWork Life balance
    Good benefits and salary

    ConsProjects are small scale and environment has too many people who cannot accept change . very slow paced and growth potential is limited

    Advice to Senior ManagementAllow challenging status quo

    Yes, I would recommend this company to a friend

    • Culture & Values
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    • Approves of CEO

    1 person found this helpful  

    HARD WORK. NOT FOR EVERYONE

    Financial Services Professional (Former Employee) Midland, TX

    ProsAbility to make own schedule, $$$$ can be made, training is excellent, personally rewarding, great brand name and financial standing, and overall good career if you can enjoy it.

    ConsLONG HOURS, need list of people to sell to in order to start off, no base salary, traveling to/from training, EXPENSES add up, other companies have higher pay outs.

    Advice to Senior ManagementStop hiring people to hire them, micromanaging style does not work in this industry, patience....

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

     

    it's just ok

    Anonymous Employee (Current Employee)

    ProsThey provide you with training.

    ConsCommission based Salary. Too much pressure.

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    So far so good

    Intern (Former Employee) New York, NY

    Proscomfortable, diverse, fun, discussing, repectful

    Conshard, unstable environment, easy to quit and busy

    No, I would not recommend this company to a friend

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