Freedom 55 Financial

  www.freedom55financial.com
  www.freedom55financial.com
Work in HR? Unlock Free Profile

Freedom 55 Financial Reviews

Updated August 13, 2014
Updated August 13, 2014
34 Reviews
3.6
34 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
(no image)
CEO
0 Ratings

Employee Reviews

Sort: Popular Rating Date
  1.  

    A difficult way to make really good money

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

    I have been working at Freedom 55 Financial full-time for more than 3 years

    Pros

    The training is impeccable, and the diminishing training salary was very helpful - only self-employed finance company in Canada that offers such a great introductory package.
    The tools for success are there, you get benefits, and lots of ongoing support.
    Training is usually very well done
    Management is often high quality
    Opportunity to educate your peers on financial independence - an extremely valuable and satisfying service
    Pay can be absolutely incredible

    Cons

    So far, this position is extremely difficult - but it really depends on who you are, who you can do business with, and what your personal drive is.
    Disorganization in head office has led to several delays in pay for me, and unnecessary fires to put out that cost time, money, and focus.

    Advice to ManagementAdvice

    Tighten up procedures at head office

    Recommends
    Positive Outlook
  2. 2 people found this helpful  

    Unless you already have 10 yrs of industry experience at a bank, brokerage, mutual fund or insurance - forget about it.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Fsa  in  Toronto, ON (Canada)
    Current Employee - Fsa in Toronto, ON (Canada)

    I have been working at Freedom 55 Financial full-time for more than 10 years

    Pros

    This is a great company if you are one of the top advisors. (Achieving this level is tough) Lots of recognition and freebies (Trips, trainings, gift cards, jewellery & TV's.) You set your own schedule and answer to yourself or your wife (when she sees your paycheque). The kind of people who survive and thrive at this company are generally high quality individuals; Hard working, salt of the earth. You will make life long friends in this organization. Those who join and stay are truly exceptional.

    Since the company owns the client relationships end of day, if you are in the good books of management, you will do very well. If you are good at office politics, you'll thrive. Understand what is required of you and deliver, and you'll be handsomely rewarded.

    This is one of the few places where anyone with the right personality and drive can make a huge income regardless of their level of education. Where else can a grade 12 educated individual earn seven figures? The sky is the limit.

    Cons

    This company has really changed since GWL took them over in the late 1990's. Back in the good old days this company was very Advisor friendly. Now, it is every man for himself. Management is chalked full of folks who couldn't make it as Advisors, and they are responsible for training the brand new advisors. Since most of their compensation is paid on the sales generated by new Advisors in their first 2 years with the company, be prepared for reasonable support during that time and then to have a little less in years 3 & 4. Once you are in year 5 and beyond, you are dropped like a hot potato, even higher production Advisors. In many regions the Directors have been hiring their wives and then when Advisors on a Director's team fail, magically the wife becomes the new Advisor on all of the leaving Advisor's clients (friends & family). This means there are fewer and fewer 'seeded clients' available to new Advisors. This paired with the senior management's objective of Directors (who have 15 to 20 Advisors under their guidance) is to spend 30% of their time with their team and 70% prospecting for NEW HIRES. No wonder the support is so fleeting.

    Head office isn't much better. Most of the folks in the top positions wouldn't last 2 years in the field. Their focus is in selling more proprietary products especially the more profitable mutual fund family. Check out the performance of their funds and make sure you can stomach it's mediocrity. Strive for average is the apparent motto. Don't fool yourself this is an insurance company that can sell investments and not a wealth management firm.

    Costs are excessive. Between $1000 $ 3000 per month is about average in the first 5 years. (I currently am running around $6000/m overhead which is average for an Advisor of my tenure) In the beginning, when you realize that no one is helping you transact the business you are writing up and you are forced to get a 'marketing associate'. These ladies mean well, but are for the most part lazy and incompetent. In my office they are allowed to refuse to call clients and request additional under the table funding if they grace your business with phone calls to existing clients at a rate of $20-25 per call. They report to none and essentially end up costing you huge money both from their incompetence (mistakes which you are fully on the hook for) and unused time. You buy their time in 4 hour/week blocks that don't carry forward. Go one hour over and you are forced to take an additional 4 hour/week time block. Sounded great in the beginning to have a team, but really is just another large expense that will increase your likelihood of a ZERO pay in your first few years.

    You are also forced to sign up for their health & dental & drug plan. It is outrageously expensive. (Due to an average advisor age of 58yrs) My benefits cost me over $6000 per year and were locked in for 3 years in the beginning. Plus due to a timing discrepancy of two days, didn't cover a 1500 orthotic brace. No flexibility and costs that seem to be designed to generate additional profits for GWL (the parent company) shareholders is what this looked like.

    When you start, directors in my office say you can set your own hours and vacation time. They say you can do this job Monday to Thursday and take Friday off. Sounds great. But that is just to make the company set minimums, which are below the poverty line for pay. What they should say is be prepared to work half a day, meaning 12 hours 6 days a week for 5 years or you probably won't make it. Have excess funds set aside for lean months - you'll need about $25-50K (whatever you live off in a year.)

    You are better off starting at a salaried position at a Bank, Discount broker or mutual fund company to gain experience in the industry and achieve at least one of your licenses before you begin here. Until these things are addressed and the entire system revamped, I will not recommend this company or career to anyone I know. The chances of success are too slim in the current structure.

    Advice to ManagementAdvice

    Revamp the new advisor training to set newbies up for success. Ensure they are competent to do business (know how as well as what to do). Can the MA program it is a rip off. Find a way to better support the sales process. Communicate better with Advisors and hire more directors - 15 - 20 in a group is too many. Half that would be reasonable.

    Stop the problem associated with hiring the wives by having a requirement for each client they bring on board to have an additional client interview on how they met the 'wife' advisor and ensure it is from a legitimate source not poaching from the seed pool.

    Doesn't Recommend
    Positive Outlook
  3.  

    BE YOUR OWN BOSS

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Security Advisor  in  Mississauga, ON (Canada)
    Current Employee - Financial Security Advisor in Mississauga, ON (Canada)

    I have been working at Freedom 55 Financial full-time for more than a year

    Pros

    If you are looking to becoming a financial advisor, they offer a great training program, as well as paid. They also pay for your licensing.

    Cons

    i find that once you get hired and pass the training, the support lacks. This job is 100% commission, and you are expected to find your own clients. The office fees they charge you are astronomical. You pay rough 300-500 in fees per month. If you are not putting in business, you will end up going in the hole every month.

    Advice to ManagementAdvice

    keep track of your advisor, and support them even after the training is over.

    Doesn't Recommend
    Neutral Outlook
  4. We want your feedback – Are these company reviews helpful to you?  Yes | No
  5.  

    FSA

    Current Employee - Financial Security Advisor  in  Toronto, ON (Canada)
    Current Employee - Financial Security Advisor in Toronto, ON (Canada)

    I have been working at Freedom 55 Financial as a contractor for more than a year

    Pros

    Personal growth. Work-life balance. Bonus structure

    Cons

    100% commissioned sales position, which can result in stressful months when business is slow. Advisors are required to pay for office space even if you prefer to work from home.

    Advice to ManagementAdvice

    Base+Commission

  6.  

    The Successful are rewarded handsomely, the unsuccessful are left in the cold.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Security Advisor  in  Montreal, QC (Canada)
    Former Employee - Financial Security Advisor in Montreal, QC (Canada)

    I worked at Freedom 55 Financial full-time for more than 3 years

    Pros

    Paid training (excellent), help obtaining insurance/investment licenses. Great products in house and you have the ability to attach to a broker to access other products. High commission rates if you remain consistent.

    Cons

    100% commissions. This type of position is not made for everyone. If you don't have a strong network of qualified prospects before beginning this job, you will have a hard time. Getting sales/process support is often difficult unless you are a high producer. If you are a low producer, they don't do much to help. Very low "employee" retention.

    Advice to ManagementAdvice

    Management seems to be very "old school" and are unaware of the new challenges that advisers face in today's world. Also, they should be more knowledgeable about their products and planning.

    Doesn't Recommend
    Neutral Outlook
  7.  

    A great company for anyone considering a career as a financial advisor

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Security Advisor  in  Barrie, ON (Canada)
    Former Employee - Financial Security Advisor in Barrie, ON (Canada)

    I worked at Freedom 55 Financial full-time for more than a year

    Pros

    Great product shelf for all aspects of financial planning. Having the ability to sell London Life insurance products exclusively was an advantage when potential clients are looking at different options. Strong bonus structure, especially for new advisors.

    Cons

    This is a 100% commissioned sales position, which can result in stressful months when business is slow. Advisors are required to pay for office space even if you prefer to work from home and will not allow you to be a "detached" advisor unless you're more than 50km away from the office.

    Advice to ManagementAdvice

    Management was very helpful and great support from product specialists.

    Recommends
    Positive Outlook
  8.  

    It's a great company if you are an expert in selling tangible products as insurance and retirement/investment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Security Advisor  in  Vancouver, BC (Canada)
    Former Employee - Financial Security Advisor in Vancouver, BC (Canada)

    I worked at Freedom 55 Financial full-time for more than a year

    Pros

    Work flexible hours, have your own schedule

    Cons

    Monthly due payments up to $500, self-employed no EI, which makes it worse.

    Advice to ManagementAdvice

    Keeping the cost lower could be better for growth

    Recommends
    Positive Outlook
  9. 1 person found this helpful  

    Excellent team support to help you grow

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Advisor  in  Toronto, ON (Canada)
    Current Employee - Financial Advisor in Toronto, ON (Canada)

    I have been working at Freedom 55 Financial full-time for less than a year

    Pros

    Excellent well rounded experience professionals to help

    Cons

    Commission based pay, could be good or bad

    Advice to ManagementAdvice

    Nothing

    Recommends
    Positive Outlook
  10. 1 person found this helpful  

    A place where your career is only limited by your imagination and work ethic.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Management  in  Toronto, ON (Canada)
    Current Employee - Management in Toronto, ON (Canada)

    I have been working at Freedom 55 Financial full-time for more than 3 years

    Pros

    A stable & progressive company with great training, support and a history of taking care of Canadians.

    Cons

    Like any large corporation sometimes the small details can be forgotten. You have to stay focused on your objective and make sure to stay on track.

    Advice to ManagementAdvice

    Don't forget your roots and support from the lower levels up.

    Recommends
    Positive Outlook
  11.  

    It's a tough sales gig, but those that succeed enjoy above average incomes and a work-life balance that you can design

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

    I have been working at Freedom 55 Financial

    Pros

    Great comprehensive training, and continuing education is reimbursed upon completion (CFP, CHS, CLU)

    Cons

    100% commission, not uncommon to have a pay-period with a big fat 0

    Neutral Outlook

Worked for Freedom 55 Financial? Contribute to the Community!

Your response will be removed from the review – this cannot be undone.