First Investors Corporation

  www.firstinvestors.com
  www.firstinvestors.com
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First Investors Corporation Reviews

Updated September 8, 2014
Updated September 8, 2014
178 Reviews
3.9
178 Reviews
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First Investors Corporation President & CEO Bill Lipkus
Bill Lipkus
38 Ratings

Review Highlights

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

  • Good internship where I learned much about the Financial Services Industry (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.  

    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 for less than a 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
  2.  

    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 for less than a 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
  3.  

    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 for 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
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  5. 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 for more than a 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
  6. 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 for less than a 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
  7. 1 person found this helpful  

    More of a facilitator than an employer.

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

    I worked at First Investors Corporation as an intern for less than a year

    Pros

    Build your own business. It is up to you to succeed; some thrive in this environment. You have freedom to go to lunch with clients when and where you want to. The office is more of a dedicated work space than a clock in/out type of deal.

    Cons

    It is really rough starting out and takes a lot of work to overcome the hurdle to be successful. As an intern, I did not receive much hands-on experience and spent the majority of my time doing office work.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  8. 3 people found this helpful  

    A great career path for the highly motivated

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

    I have been working at First Investors Corporation full-time for more than a year

    Pros

    First Investors’ extensive training program is what lured me to the company. To have the system in place with base pay and commissions along with my overhead expenses being paid for was a huge head start for me to help get my career started and something I couldn’t find at other companies. The office atmosphere is another positive for the office. It has a family feel, and there is always someone at the office willing to lend a helping hand.

    Cons

    This position isn’t for everyone. It takes a person who is not only extremely dedicated but also highly passionate about the position and the work that goes into being a successful representative. There is a learning curve that is different for everyone depending on their quick actions and implementation.

    Advice to ManagementAdvice

    I feel that the marketing for the company could take a more aggressive approach in order to create more brand recognition with the public.

    Recommends
    Positive Outlook
    Approves of CEO
  9.  

    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 for less than a 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
  10. 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
  11. 2 people found this helpful  

    Work Hard. Play Hard.

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

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

    Pros

    I have done my research on similar firms. No other company offers the level of support or training. The compensation is better than most firms. Very strong culture from top to bottom of working hard and play hard. The majority of my vacations are with my colleagues from across the country because they have become like family. No other company spoils their representatives like First Investors.

    Career opportunities: We are looking to open offices across the country and aggressively grow in the next couple of years.

    New Training Program: It used to be straight commission, but has since changed to a base+ commission for the beginning of a representative's career.

    Cons

    This is your business and you will reap what you sew. You don't have to worry about a boss breathing down your neck, so you have to be self-motivated or otherwise you will likely not be successful.

    Advice to ManagementAdvice

    With the amount of changes and growth over the last couple of years it has been tough to see what we are pushing towards. Bigger and Better, of course, but a clear image of the future would be beneficial.

    Recommends
    Positive Outlook
    Approves of CEO

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