First Investors Corporation

  www.firstinvestors.com
  www.firstinvestors.com

First Investors Corporation Reviews

Updated October 20, 2014
Updated October 20, 2014
181 Reviews
3.9
181 Reviews
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First Investors Corporation President & CEO Bill Lipkus
Bill Lipkus
39 Ratings

Review Highlights

Pros
  • New Training Program: It used to be straight commission, but has since changed to a base (in 17 reviews)

  • Good training program, high energy, potential to make a lot of money (in 7 reviews)


Cons
  • No benefits because you're an independent contractor (in 17 reviews)

  • You have to sell to your friends and family which is not the best feeling (in 9 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    Get what you give

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Representative in Albany, NY
    Current Employee - Financial Services Representative in Albany, NY

    I have been working at First Investors Corporation full-time (more than an year)

    Pros

    I wanted to work at a company where my success both in income and helping others is directly related to the amount of effort and work I put in. I've been here for two years now and that is exactly what this is. When you first start, you are given salary and commission. You also get your overhead and your licensing paid for. They provide all the tools and know how you would ever need to make your goals happen. We have a work hard, play hard attitude. The management here are not only always available, but they are passionate about providing any support needed. It is amazing to know the only ceiling I have is up to me!

    Cons

    The only con I could see someone having is the fact that when you start any business you have to invest your effort and time into it to really get a good foundation. Because of that, the work-life balance is off for a while. To me however, I will give up that time gladly for the life doing so will provide me later.

    Advice to ManagementAdvice

    My advice to management would be to get more on the management team to support our companies amazing growth.

    Recommends
    Positive Outlook
    No opinion of CEO
  2.  

    Thick skin is a must-have

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Representative
    Former Employee - Financial Services Representative

    I worked at First Investors Corporation full-time (less than an year)

    Pros

    Great support team and incentives to thrive in the business. You start out with a base salary to give you somewhat of a safety net.

    Cons

    It just wasn't the right fit for me. You have to be a maniac (in a good way) on the phone to set up as many appointments as possible.

    Advice to ManagementAdvice

    The STC study material is not the best help on the variable licensing tests. I used Investopedia to study for my tests and it was a far greater resource.

    Recommends
    Approves of CEO
  3.  

    sales representative

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Sales Representative in Greenbelt, MD
    Former Employee - Sales Representative in Greenbelt, MD

    I worked at First Investors Corporation full-time (less than an year)

    Pros

    easy to get the job

    Cons

    the pay is too low

    Doesn't Recommend
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  5.  

    Reap what you Sow.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Representative in Pittsburgh, PA
    Current Employee - Financial Services Representative in Pittsburgh, PA

    I have been working at First Investors Corporation full-time (less than an year)

    Pros

    Working out of the office, genuinely helping people, flexible hours, you get paid to train, you are in complete control of your career, knowledge acquired is beneficial both professionally and personally.

    Cons

    Fluctuating pay based off of commissions, long hours,

    Advice to ManagementAdvice

    With a company growing so fast managers can be spread pretty thin. While it's an exciting time to become a part of First Investors, new representatives will find themselves having to rely on themselves in some new situations.

    Recommends
    Positive Outlook
    Approves of CEO
  6.  

    It was a good experience that could have been a lot better if corporate would review their training process.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Representative Trainee
    Former Employee - Financial Representative Trainee

    I worked at First Investors Corporation full-time (less than an year)

    Pros

    Paid for all licenses.

    Liked my co-workeres and the managers were very accessible and not intimidating.

    Cons

    The training period is 13 weeks long. In this time they expect you to get 4 different licenses and do a certain amount of business. This goal is unrealistic. Many people I trained with did not meet requirements due to not passing tests, which I blame on the substandard study materials provided. Those that did make it to become a financial representative quit because of unrealistic goals they were supposed to meet or they could not leave the office until 8:00 at night. Burn out is definitely a problem this company has and they should reevaluate this to become a more known company. They also pay you while you are training, but you only get minimum wage which is ridiculous for the amount of time and work you are expected to put in not only during normal office hours but after work hours as well.

    Advice to ManagementAdvice

    Reevaluate your training program and you could have a lot more success.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7.  

    If you are prepared to work a lot of hours, you can make a lot of money here

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Representative in New York, NY
    Current Employee - Financial Services Representative in New York, NY

    I have been working at First Investors Corporation full-time (more than 3 years)

    Pros

    Company is changing with the times, more products are being offered, flexibility once you are established, high payouts on investments, many successful people to learn from

    Cons

    It seems that your flexibility is hindered by the company wanting to keep tabs on you no matter how 'independent' you want to be, however this tight structure is the reason for many people's success at the company. Investment options are slightly limited.

    Advice to ManagementAdvice

    Upper mgmt. does really care about your success and they offer many incentives, rewards, and other goodies to the reps that can meet certain qualifications.

    Recommends
    Positive Outlook
    Approves of CEO
  8. 1 person found this helpful  

    A decent place to work until you look at similar firms

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Registered Representative in Richmond, VA
    Former Employee - Registered Representative in Richmond, VA

    I worked at First Investors Corporation full-time (less than an year)

    Pros

    Some of the best training in the industry, you start with a base hourly rate, great support from local management. The company is trying SO hard to head in a great direction, but being an older firm a lot of people just aren't on board.

    Cons

    If you're a very independent person who's used to being self employed there's way too much management. I listed the same thing as a PRO above, it's really just whatever you're looking for. The technology you use is incredibly dated, and the upper management try to manage through threats. The product line is not competitively priced (insurance is really pricey, you'll never win a client who's shopping you on price. Funds are on the high side as well.) and not very diverse. There's an overall culture of a lack of trust and and this "everything is an uphill battle" mentality that's hard to shake when you're required to be in the office too much of the week due to unnecessary meetings. The pay is competitive and they talk a big game about how they're the only ones to support their reps like they do. If you shop around though you'll find better offers elsewhere.

    Advice to ManagementAdvice

    Maybe have 2 different new hire tracks. One with straight commission and have the training be optional, another with the hourly base, hand holding,

    Negative Outlook
    No opinion of CEO
  9. 1 person found this helpful  

    This place is a sham-Do NOT invest your time or money.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Registered Representative in Fort Worth, TX
    Former Employee - Registered Representative in Fort Worth, TX

    I worked at First Investors Corporation full-time (more than an year)

    Pros

    You receive great preparation for your licenses. There is flexibility in your schedule since you set your own appointments.

    Cons

    The general feel is for you to convince people to transfer their money to your care at this firm. Once you have the money-forget that client because it's on to the next. Customer service was not a priority. Also, there was no base salary-the only way you earn money is through commissions. Not many real professionals can live this way. Therefore you have many unprofessional people in this company. These young unprofessionals are often promoted to management in this company.

    Advice to ManagementAdvice

    You need better training for your reps and you need to offer a base salary-even if it is only $20k. This will bring much more success to the company. You need to stress that customer service/relations is a priority-especially when you are working with people's hard earned money.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  10.  

    Work hard and you will succeed!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Services Representative in Lexington-Fayette, KY
    Current Employee - Financial Services Representative in Lexington-Fayette, KY

    I have been working at First Investors Corporation full-time (less than an year)

    Pros

    First Investors’ has a very extensive training program and the upper management are very well educated in this field allowing you to easily succeed in this business. This representative position comes with a base pay salary starting out and commissions along the way which is not offered by most companies for this type of position. I love the atmosphere here in the office, everyone feels welcome and there is always someone available for questions and help, making it a very comfortable environment and the work day easier. I like having the ability to have a flexible schedule and plan around my day. This job is a lot of hard work and requires a lot of dedication and time but the outcome is well worth it.

    Cons

    Not having enough hours in the day, but turns out to be a positive thing in the long run because it makes you work that much harder to reach your goals.

    Recommends
    Positive Outlook
    Approves of CEO
  11. 1 person found this helpful  

    Great Opportunities - prepare to work hard

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

    I have been working at First Investors Corporation as a contractor

    Pros

    Flexibility of scheduling is a very big plus here. Having the autonomy to plan around daytime obligations without "asking for time off" is a great attractor. With the autonomy comes personal responsibility and you must be self-motivated and driven for success to make this work! Although you pay for licensure up front, the reimbursement for all licenses as a new rep is another big attractor. Fund performance is key for successful financial reps and FI has an outstanding battery of funds to meet anyone's profile. The selection of insurance products is also a big plus and helpful in starting your business. Management is supportive and encouraging. My manager invested countless hours in my development and ensuring my future success; after all, their success is dependent upon yours!

    Cons

    Starting salary is VERY meager. Although commissions are attached, you must be prepared to eat some Ramen up front. With reduced commissions while on salary to start, it is difficult to make ends meet at first. Working 60+ hours a week and only compensated for 50 should be re-evaluated. However, the bonus potential in the first 6 months will compensate the reduced commissions up front. No benefits makes your long-term overhead high unless you have a spouse whose job offers benefits. Although the schedule is flexible, requiring non-employees to be "in the office" on certain days of the week and attend meetings is not fair to require. Work-Life balance in the early stages is non-existent, although that is expected in starting one's own business, it's absolutely a huge commitment on the part of the contractor and their family.

    Advice to ManagementAdvice

    Bring the training rep salaries to a level that is beyond McDonald's and reps will be more satisfied in the beginning. A more clear outlook on the corporate strategy would be great!

    Recommends
    Positive Outlook
    Approves of CEO

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