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

See Most Recent

Helpful (1)

Good place for the EXTREMELY hard working go getters!

  • 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

You can make a ton of money here.

Cons

Guess what?? It's not easy!

0 reviews filtered by
  • Any Location
  • Any Job Title
  • Any Status
  1. Helpful (3)

    Make sure you understand what you're about to get into

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Contractor - Insurance Sales Agent in Washington, DC
    Former Contractor - Insurance Sales Agent in Washington, DC

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

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

    Pros

    Education of core products Many partners and agents are great people Efforts made to place a high importance on training

    Cons

    BEWARE - get ready spend your money by taking this job! Perfectly fine if you subscribe to the idea that this downside is more than made up for by the upside of a very high potential income. But while you are spending time trying to develop your client base (for which you receive minimal help) you will be spending more and more of YOUR OWN money on things like: office spaces (personal and common areas), office phone monthly charge, communal office supplies monthly charge, a monthly charge for advertising over social networking, expenses for study materials and exams for insurance and securities certifications, and...well you get the idea. No genuine teamwork. Everyone is incentivized to push product and are told to do so by any and all means necessary in order to survive. Sales bonuses are offered as an alternative to a base salary. Management spends most of its time trying to convince you that this an acceptable and preferable alternative. In fact, many times, sales meetings scheduled for product knowledge purposes were quickly hijacked to showcase the present and past incomes (or lack therof) of the agent's attending. Overall, there is a significant degree of hypocrisy that pervades all levels of the office. That environment of course is not unique to NYL, but personally I need more than 0 guaranteed dollars a year to put up with it.

    Advice to Management

    Put some of your own skin in the game like the salespeople you aim to motivate and encourage.


  2. 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.


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

See Most Recent

Work at New York Life? Share Your Experiences

New York Life

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.