There are newer employer reviews for New York Life

Good company to work for, particularly in tough times

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - Project Manager in New York, NY
Current Employee - Project Manager in New York, NY

I have been working at New York Life

Pros

Stable company that cares about employees. Less backstabbing than in many other large companies.

Cons

Difficult to get a promotion; many managers care mostly about themselves and managing up. Not a meritocracy.

Advice to ManagementAdvice

Reward managers based on how they manage talent and based on job satisfaction of their employees. Provide 360 evaluations to managers.

Recommends
Approves of CEO
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  1. Great Company. Great Opportunity for the right person

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Financial Services Professional in Rochester, NY
    Current Employee - Financial Services Professional in Rochester, NY

    I have been working at New York Life

    Pros

    Best life insurance company in the US.

    Cons

    Commissioned based pay can cause some talented people to leave because of a slow month or quarter

    Advice to ManagementAdvice

    Need to be more hands on in the General Offices. Management at the local level seems to tell home office whatever they think they want to hear.

    Recommends
    No opinion of CEO
  2. 7 people found this helpful

    High risk job. 10% chance of success, but unlimited possibilities.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Financial Services Professional in Boise, ID
    Current Employee - Financial Services Professional in Boise, ID

    I have been working at New York Life

    Pros

    Opportunity to make a lot of money if you have a good initial market, have a strong money motivation. You work for yourself, independent. Set your own hours. Great training program, company pays for life/health and 6/63 securities test (not books). Competent management and support team for product training and sales advice. Free in class and online training courses. All of management are former agents and can relate.

    Good structured sales pitch. Makes you sound like you are a real financial advisior. You become involved in the community and do what you want. You are working for one of the strongest companies in the industry.

    Cons

    No base salary. Other companies have a signing bonus whereas with new york like you get about 85% of the first year commission (vs. 50% with others). You pay for all of your own overhead: gas, health insurance, Error & omission insurance, phone, copier, internet ($50/mo.!), software ($50/mo.), stationery, personal marketing materials, computer...and the list goes on; the only thing they don't charge you for is your "stable" (desk), and the lights. It is all a business write off but you cant write much off if you dont have an income! After a year, I profited $2000 after 12,000 in business expenses. I left the company owing them $250.

    Little opportunity for advancement from being an agent. If you are not the #1 sales person you can kiss any promotion goodbye. Senior management plays favorites with agents that do well.

    High competition with other new agents. I dont recommend this job to people that like to work in teams.

    Ethical dillemma of selling a less appropriate product to a client in order to get a better commission. For example, selling an expensive variable annuity when a mutual fund is more appropriate.

    Possibility to "crash and burn"....spend more than you make when investing in your business and winding up in serious debt. In your first few months your commission goes into escrow until you do $3000 in comission (and 8 sales). during this time they recommend you to not be scared to use your credit card to get through the tough months. After you get that big check you are motivated and have a false sense of security.

    Advice to ManagementAdvice

    Don't play favorites with successful agents and let the rest leave. 2 managers for 30 agents is not enough.

    Approves of CEO
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