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There are newer employer reviews for New York Life

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Helpful (5)

Don't become an agent if you are interested in selling more than JUST life insurance...

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

I worked at New York Life full-time (More than 3 years)

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

Pros

Brand recognition, financial strength, training, flexible hours, noble vocation, experience with NYL is attractive to other employers

Cons

-Compensation: being a "captive agent," you take a haircut on almost everything you sell so your partner (sales manager) can get their cut for hiring you. Selling the same product on the outside broker/dealer channel is much more lucrative. Your whole comp plan is based on traditional life sales, so if you are wanting to make any money on investment products, you better have some good life insurance production. That sweetheart deal of a "training allowance" scales down over three years so if you don't have the life insurance residuals built up at the end, you're back to square one. -Lack of Support: Don't by the spiel in the interviews that you are basically signing up to be a low-cost franchisee. Besides the commission haircut, you have to pay for everything yourself... Office (cubicle), copies, health insurance, marketing materials, some additional training, even your E&O insurance. Besides core training and licensing costs, you're on your own. Don't be fooled! They really don't have as much skin in the game as they claim. If you leave, they retain your book and your residual income. -Management: The "Partners" at this company are basically just sales managers that went the management route because they were successful as agents, not because they know how to manage people. Ultimately, they want to see you do well because they make more money that way. Unfortunately, as a result of their comp structure, they will do things more to their benefit ahead of yours. If you leave it hurts their retention, but they still get paid on the old policies you wrote. If you're looking for someone to mentor you, look elsewhere. The reason someone makes a good manager at NYL is because they know how to sell people. Not all of them are bad, but proceed with caution.

Advice to Management

Start by not selling the position to potential hires as a "financial advisory practice" and look for people that actually want to sell just life insurance. You're selling a bill of goods when you do it this way and those that want to provide more in terms of investments will leave for greener pastures because they are so limited at NYL. Secondly, (I am just speaking from my experience here, not the company as a whole) have some ethics and put your employees above your own interests. They will be much more more motivated to do better if they don't feel like they are getting screwed over by their own boss. Provide a culture of people, not numbers. The company has great values, I just wish I could say the same for local management.

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  1. Helpful (5)

    Great company, great training, hard to make a consistent income.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Sales Agent in San Bernardino, CA
    Former Employee - Sales Agent in San Bernardino, CA

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

    Recommends
    Negative Outlook
    No opinion of CEO
    Recommends
    Negative Outlook
    No opinion of CEO

    Pros

    Training is great and comprehensive. Opportunity to go more into retirement planning/ investments. Top performers can earn trips.

    Cons

    Income is commission, and while you can get draws/advances, if your client drops their policy, you get that (prorated) income taken off, leaving you with a hole to fill before you see income again. As in any sales you have to talk to A Lot of people, and life insurance and retirement planning are resistance sales.

    Advice to Management

    Help keep promising new agents with more leads.


  2. Misleading at recruiting employees

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

    I have been working at New York Life

    Pros

    None that are beneficial to anyone

    Cons

    Misleading, not what they say will happen with compensation, and rent office space

    Advice to Management

    Base pay


There are newer employer reviews for New York Life
There are newer employer reviews for New York Life

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