New York Life Reviews

Pros

Offers a pension.
401k matching.
Good vacation/holiday/sick day policy.
Good relationships with people you work with.

Cons

Conservative compensation once in a position.
Certain Culture changes to look at employees as numbers and cost, than valuable contributors.
Lack of communication. Keeping big changes private too long resulting in numerous rumor mills.
Lack of advancement for top performers.

Advice to Senior Management

There was quite a large hierarchy in management that ended up taking a long time to make decisions. With the organization flattening, this should help in decision making. Time will tell.

Pros

The people were nice for the most part. Good work life balance and around 40 hrs. per week. My situation was probably unique because it was for an internship.

Cons

They didn't seem to be ready or organized for the internship, so there wasn't much to do. I mostly just sat there trying to find things to do.

Advice to Senior Management

Be more open with communicating to employees so employees see the big picture. Be prepared for interns so it is not a waste of the interns time or the company's money.

Pros

TASP is pretty darn good if you are proactive
You are also allowed EAP for the 1st year
There are so many opportunities to make council and ultimately MDRT
Travel to Dallas for 5 days after being there for a year

Cons

Commission only job
People in the field feel as though they don't need insurance
Term life sells, but management pushes Whole life
It's a lot harder to get prospects besides family and friends to buy from you, even family and friends are hard to sell at times

Advice to Senior Management

Wishes there was some sort of base salary for 1st yr agents just to get by and a book of business for new agents so that they can be accustomed to being in front of people

Pros

-The people are amazing and great to work with. Anyone is always willing to help.
-Great pay
-Outstanding training

Cons

-Some people do not take the time out to really understand what it truly means to have a career with New York Life.

Advice to Senior Management

Keep up the great work, and continue to support agents and staff. It creates the positive atomosphere that I work in and makes me want to be that much more successful

Pros

Good commissions and benefits when you make high sales

Cons

Have to find people myself

Advice to Senior Management

Very good training system.

Pros

Great name to stand on. Decent training, if you have a Development Manger who relates to agents (versus trying to prove he's worthy of being in the front of the class). Great schedule (you make it however you .like)

Cons

Low commission rates (50%-55% vs 80% with other companies), although the commission cut is what funds the pension and trips that you earn (do the math -- 30% less commission to win a trip to a seminar filled with insurance agents in a U.S. state ---- you pay for your spouse's way).

Advice to Senior Management

Become 1 team. Way too much competition between partners, and limited EOE opportunities (in Richmond). Some agentsd are paraded around to senior agents, and offered the senior agent's effort (without commission split), while others are thrown against the wall and stay if they stick. Ironically, most of the agents who are paraded, get the commissions and run to NW Mutual, Mass Mutual, and Guardian. Heck, a couple of partners have already led a Moses-like movement to NW Mutual.

Pros

Best Training in the Industry. They did exactly what they said they would do.

Cons

Training after you are established is lacking. Favoritism in office, seen as an impediment to success. Good leads, on existing clients go to the chosen few.

Advice to Senior Management

If you do well, you will be recruited to Partner postion. The only problem is that this position has the highest turnover, or failure rate in the entire company. Only do it, if your goal is to become a Managing Partner, and you are willing to move.

Pros

Flexible schedule. No micro-managing from the managing partner; however, this is also a "con" because there is no "managing" taking place. I don't like micro-management, but I do like to have access to a manager for guidance/advice.

Cons

New agents should be informed during the interview process that they will be expected to pay a monthly fee for: "IT support" ($75/mo); "Office supplies" ($15/mo) & "printer toner" fee ($10/mo). Also, disclose the fact that long-distance calls are to be paid by the agent, monthly trips to the general office (120 miles away) are to be made on the agent's dime. There was training, but it consists of basic components of the products - no practical application training.

Advice to Senior Management

It's bad enough being on 100% commission, but to withhold commissions for sales already made before "triggering" a contract is foolish.

Pros

laid back environment since it's a private company

Cons

very conservative, must wear suit and tie regardless of position. DOES NOT like change and learning new technologies. Must always beg

Advice to Senior Management

Allow your employees access to tools that will help benefit the company. Employees should not have to beg for these tools, the company should beg us to learn them

Pros

- Hard work and self-determination leads to promotions.
- Management team are very encouraging and provide great constructive criticism.
- Teamwork feel, despite individual responsibility.

Cons

- Other insurance agents are not always qualified.
- Insurance sector itself is affected by government.
- Must use self-discipline in order to get on payroll.

Advice to Senior Management

Select more qualified individuals for insurance agents, even if it is just an entry-level job. There were some people on the team who just did not possess the personality qualities suitable for a career in services.