New York Life

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5 people found this helpful  

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

Financial Services Professional (Former Employee) Austin, TX

ProsBrand 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 Senior ManagementStart 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.

No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

    1 person found this helpful  

    Good place for the EXTREMELY hard working go getters!

    Anonymous Employee (Current Employee)

    I have been working at New York Life


    Pros: You can make a ton of money here. Cons: Guess what?? It's not easy! More
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

     

    Misleading at recruiting employees

    Anonymous Employee (Current 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… Advice to Senior Management: Base pay More
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