There are newer employer reviews for New York Life

Great company!

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Agent in Edina, MN
Former Employee - Agent in Edina, MN

I worked at New York Life part-time (less than a year)

Recommends
Positive Outlook
No opinion of CEO
Recommends
Positive Outlook
No opinion of CEO

Pros

NYL is a great company to work for as they do not have the cold approach where everyone is a number. They want to provide great service to their clients, a great atmosphere to their team, and great benefits if you perform.

Cons

No base income, sell or you don't make any money. Even when you are first starting out with them :-(

Advice to Management

Keep up the great work but it would improve retention if you provide a base income, at least for an initial period while your agents get their network established.

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  1. Helpful (3)

    10% retention rate, probably not even that high.

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

    I have been working at New York Life full-time (more than a year)

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

    Pros

    Can make good money on larger deals. The office I am in has decent human beings, just good people who are ethical for the most part. Training is solid.

    Cons

    Starve if not selling and cost of doing business comes out of your pocket. You will certainly need to get registered in order to have a shot at making it. You are not so much in the financial services industry as you are in the insurance industry. In the interview process, if you are polished and have a clean background, management basically sells you the job. This is the case in most 100% commission industries such as insurance and real estate. Once you get on board you have to trigger your full time contract, which isnt too hard....and they give leniency over the time they tell you it has to be done. After you trigger, your contract is set. Then you just continue to work any way you can to meet people. After 6 months the office expenses kick in....you pay for cube, internet, phone, web support, etc....around 250/month. That really starts to hurt when sales stop for a while. If you have a policy cancel in the first year you get charged back. You may end up owing the company money. Then you have gas, clothes, meeting expenses, etc.....basically, this is probably the toughest sales job there is. Also, during the interview they say the expense allowance acts as a monthly salary....they are deceptive with this and I do not know why, Keep in mind....in order to make any money at all, you must sell first. My advice, decide if its for you in the first 6 months before the expenses kick in....that should be enough time to figure if you can make a solid go of it.

    Advice to Management

    Be a little more up front in the interview process, the plan is clearly to hire as many as they can and see who sticks. Also, if you sell some good business and then leave that premium going forward is all money to the house....so dont feel bad because its a net positive for NYL.

  2. New York Life

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Service Professional in Grand Rapids, MI
    Current Employee - Financial Service Professional in Grand Rapids, MI

    I have been working at New York Life full-time (more than a year)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Fantastic training, organized, great tools and platforms for investments and insurance.

    Cons

    You work, you get paid. you don't, you don't get paid.

    Advice to Management

    Keep it up.

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