There are newer employer reviews for New York Life

 

Opportunity for the right person

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

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

Pros

Excellent training program. Dedicated, caring leadership team. The POTENTIAL to earn $100k/yr total compensation. Your schedule, your hrs, but you have to earn it.

Cons

Not for everybody. Needs a self-motivated, people person with some financial cushion for the initial transition. Can be a frustrating career field if "no" gets you down. However, if you can roll with the punches, keep following the management's counsel, and not quit when the first bump in the road happens, there is a huge opportunity here.

Advice to ManagementAdvice

Sustain the mentorship and quality training. The team in OKC is first-class and arms you for success. Keep it up!

Recommends
Positive Outlook
Approves of CEO

728 Other Employee Reviews for New York Life (View Most Recent)

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  1. 3 people found this helpful  

    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 for more than a year

    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 ManagementAdvice

    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.

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  2. 3 people found this helpful  

    Wouldn't do it again.

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

    I worked at New York Life full-time for less than a year

    Pros

    Unlimited income potential (note: potential). Set your own schedule. Good insurance company and good products. Financially strong company. If you want to work in this industry, this is the company to work for. Decent training available.

    Cons

    No salary, commission only (this is not something that is clear before joining), they nickel and dime you for everything, (you have to pay for copies in your own office, pay a $100 fee to bring clients to seminars, use in house wifi), no warm leads provided, management often leaves you directionless, pointless Monday morning Kool-Aid meetings where you are forced to clap and cheer for how much your co-workers are making. Company is cheap with everything. There are mid-year and new year kickoff meetings where you are provided a "continental" breakfast at a local hotel or at the mothership in NYC. Its embarrassing that a fortune 500 company and one of the richest companies in the world simply provided coffee, cold bagels, and muffins. Super conservative dress code at all times. Jacket and tie required.

    Advice to ManagementAdvice

    90% turnover is a problem. Fix it. Explain the commission and pay structure thoroughly with potential new hires. I've had new agents who were there 2 weeks ask me what our base salary was and when we got paid. Instead of the nonsensical "Training allowance subsidy," which is nothing more than extra commission for 3 years, offer a small base salary for new hires. No one likes working and going to trainings and meetings for a week for no money. Have some type of mentoring program with established agents to help new hires. Hire less people. Give new hires warm leads. Don't pressure new hires to reach out to family and friends to get business and referrals. Its a tough industry to begin with and to have new hires making no money have to go out on their own and find insurance business doesn't help anyone. They have an entire website set up for potential clients to ask for an agent to call them about insurance. Those leads are given to people with 2+ years of experience. You would think at that point, they wouldn't need them anymore. I was one of the top new agents in 2013 in my office and my total income? $26,000.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
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