Prudential

www.prudential.com
There are newer employer reviews for Prudential

 

Industry-leading employer of choice

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Director in Portland, ME
Current Employee - Director in Portland, ME

I have been working at Prudential full-time (more than 8 years)

Pros

Excellent compensation and benefits package, for motivated and driven individuals. Great opportunities for employee growth and development.

Cons

Workloads and work/life balance have been challenging, but management is making the necessary changes to reposition the organization for continued growth.

Advice to ManagementAdvice

Prudential has been a rock solid company for more than a century. Continue and honor the legacy by treating employees, customers, and shareholders with respect and gratitude.

Recommends
Positive Outlook
Approves of CEO

707 Other Employee Reviews for Prudential (View Most Recent)

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  1. 12 people found this helpful  

    Don't, don't, DON'T take this job

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Professional Associate
    Current Employee - Financial Professional Associate

    I have been working at Prudential full-time (more than a year)

    Pros

    Licensing reimbursed
    Flexibility
    Benefits (eventually)
    Not much else

    Cons

    Where to begin... you get hired and start of in the CDP (career development program). You are Givin roughly 5 months to pass all licensing (life/health, series 6, and series 63) which you pay for out of pocket (roughly $1,000). Also a requirement to get out of CDP is to hit a certain level of production ($6,000 GDR/annual premiums AND 5 core products I.e. life policies and annuities). Wrote a huge life insurance case for $8,000 annual premium? Too bad, still need to write 4 more policies in order to get paid for it! Long story short, you'll go through the first 3-5 months without being paid and busting your ass between 40-70 hours per week with absolutely nothing to show for, including any company benefits. What happens if you don't meet the requirements within the given time frame? See you later, and no $$ for you! Also, the veterans in the office will prey on you and try to take you on "joint appointments"with your friends and family to get a portion of your commissions. They aren't stupid, they know that 9/10 newbies will be gone within a year and they want a piece of your pie.

    If/when you do graduate from the CDP program, you finally start getting paid, business cards, and begin to finally feel like a real employee. Keep in mind that you are not a financial advisor, you are a life insurance salesman first and might get lucky and write an annuity or some mutual funds in the process. BUT, anybody who has any money to invest has already done so with an actual advisor from Edward Jones, Merrill Lynch, etc who can actually write the same exact Prudential annuities and mutual funds themselves.

    You will undoubtedly be given huge lists of "orphan"clients (Pru customers whose salesman had left the company so they don't have a servicing rep), which you will call on blindly. You will soon find that about 95% of them either

    -have been contacted within the last year and don't want to talk to anybody from Pru because they've been screwed by somebody in the past.

    -will reluctantly meet with you, which ends up in changing beneficiaries for their $5,000 30 year old policy I.e. No money for you and a lot of wasted gas and 2 hours of your time.

    -want to hear about how you can help them with retirement, only to find out they either have no money or somebody else has done a Pru annuity for them from a different company.

    So, you will probably get face to face with lots of people, and regardless of how great of a salesman you are, people will act interested and ultimately do nothing or go elsewhere for business.

    You will be expected to buy leads, marketing materials, and anything else that will help you to stay from scratch to hopefully survive in this company, and not get reimbursed for any of it. I would say I've spent about half of the money I've earned to just barely stay afloat and keep business coming in. People who need life insurance either can't afford it or are wayyyy too unhealthy to qualify for it. People who can afford it and are healthy enough already have it. People are scared to death of annuities, or they already have one with somebody else. People who are looking to save for retirement or their child's education either will or have already done so elsewhere. People look at Pru as a life insurance company, not a company that will lead them to retirement.

    Before you think to yourself "this guy is bitter/poor salesman/lazy/doesnt produce" let me just say that I've been here 2+years, hit every sales goal and bonus I've been challenged to hit, and networked like crazy working minimum 50 hours/week to barely make $30, 000 a year. Which, like I mentioned, I have spent roughly half of putting money back in to my practice to move forward.

    If you have sales experience, a boatload of patience, a family/friends with tons of money and trust you, and a good amount of money in savings before starting, then MAYBE take this job and pray to whatever god it is you pray to. If you don't have ALL of these things I mentioned, run far far away and don't fall into the traps and lies that management will surely feed you along the interview process. They get paid for hiring people and retaining people who produce at a certain level, so when you sign the contract it's money on their pocket.

    When you do write business, it will be picked through with a fine toothed comb. Cases will surely get rejected, which means money you thought you made will be taken right out of your draw account for the most ridiculous reasons you can imagine. It amazes me the opposing forces within the company of produce produce produce and "oh, sorry, we can't approve this case that you just worked your ass off for and in no way puts the client in a poor situating"

    So, in 2 words, GOOD LUCK!

    Advice to ManagementAdvice

    CDP is a joke, but you love it because it costs you nothing! Put yourselves in a CDPs shoes and think to yourself, would you do this? Also, complience is a joke

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2. 1 person found this helpful  

    Masochistic? This might be the place

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Prudential

    Pros

    The "enterprise" of prudential is very reputable. Brand is strong and products are very competitive and innovative

    Cons

    There is a section of prudential known as agency distribution. It's what most of the common everyday clients of prudential see and know.....and it is evil

    The average financial professional there doesn't make more than 40k and has to work no less than 60 hours a week and put some 30k in unreimbursed mileage on their cars driving everywhere to see clients.

    And the newest of those don't make squat, really they don't pay them at all...nothing for up to 6 months in some cases. So what happens is that quality people with unique talents that actually know something about financial products and could actually help a client won't work for this company because why work for free or for less than a livable wage if you survive the no pay 6 month challenge.

    So instead individuals that should never be advising a client about any type of financial services or products take up these jobs and frankly your refrigerator water filter will last longer than 70% of them because they are hopelessly lost.
    So the next time you replace your filter just know that probably 700 people nationwide have become a fully licensed financial professional with little or no pay and failed BECAUSE if you work a job as complex and intense as this one you NEED to be paid and trained and given a chance to learn how to master a very important and serious profession.

    What you won't see or know until it's too late:
    You pay for licensing
    You pay for gas (as noted above)
    You pay for marketing
    You pay for insurance to protect yourself ( but really its a juicy target for an angry client once the company hangs you out to dry)
    You pay for office space (rent)
    You work from 9-9 most weekdays and sometimes weekends
    You are treated like on unwanted child by management and operations staff
    You have responsibilities far above that of any similarly compensated person in the world
    You only get major religious holidays
    You are expected to write statements for every mistake and meet with 3 people about the same mistake
    You will be hounded day and night by no less than 3 bosses

    And you MIGHT make 40,000 a year.

    Advice to ManagementAdvice

    Nothing, you didn't listen while I was employed there doubt a glassdoor review will change anything.

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