First Investors Corporation

  www.firstinvestors.com
  www.firstinvestors.com
There are newer employer reviews for First Investors Corporation

5 people found this helpful  

Great Starting Point For Financial Services

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

I worked at First Investors Corporation full-time (more than an year)

Pros

The training was amazing and provides you with everything from licensure, product knowledge, and sales training. There is a lot of support and great ideas that are passed around the company to help you build your business. Also compensation for mutual fund sales is the best in the business.

Cons

Too many meetings, full commission, no benefits, too many expectations from management to hit your goals. Certain managers may try to take advantage of you.

Advice to ManagementAdvice

Stop taking advantage of your reps. The young reps barely make enough money as it is.

Recommends
Positive Outlook
Approves of CEO

184 Other Employee Reviews for First Investors Corporation (View Most Recent)

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  1. 7 people found this helpful  

    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 an year)

    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 ManagementAdvice

    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.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  2. 5 people found this helpful  

    Good company for the right person

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

    I worked at First Investors Corporation full-time (less than an year)

    Pros

    Truly limitless income potential.
    Opportunity for success for the right person.

    Cons

    Conflict of interest between selling propietary funds and outside company funds with more options and sometimes better performance.
    Management totally pitches all the positive things that "could" happen by working for this company. These things are likely not to happen, at least within the first 3 years

    Advice to ManagementAdvice

    Finish program design before implementation. The current training program is still being ironed out, while trying to squeeze new trainees through an ambiguous pipeline.

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
There are newer employer reviews for First Investors Corporation

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