Skylight Financial Group

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

Skylight Financial Group Reviews

Updated Feb 7, 2014

Be The First To
Add Photos

All Employees Current Employees Only

2.5 4 reviews

50% Approve of the CEO

(no image)

Paul Fox

(2 ratings)

4 Employee Reviews
Relevance Date Rating
in
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

     

    My career choice

    Financial Planner (Current Employee) Cleveland, OH

    ProsYou set your own schedule and conduct business how you want. Your client base is built on those who you want to do business with.

    ConsYou work mostly on commissions only. If you do not put in very hard work your first few years you will not get anywhere. Additionally If you are a hard worker, but are not willing to prospect/call/ meet new people you will also most likely fail.

    Advice to Senior ManagementNeed better communication on first year development.

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    I thought Churning was illegal in Financial Services

    Financial Planner (Former Employee) Columbus, OH

    ProsGreat training, great office space

    ConsThere are two positions at SFG: producer or manager. If you don't want to be in management, prepare to spend 30 years chasing people around for their money in production. Even though the training is great, there is very little accountability by management to practice the skills, probably because most of the management has risen up the ranks by being handed most of their clients anyway and was never held accountable themselves. Favoritism runs rampant inside the firm, and the bigger producer you are the more management seems to turn a blind eye to any problems the large producer may cause. At the beginning, they force you to run your cases with senior advisors and give up 30% of your commission to the SA. If you are one of the unfortunate ones that doesn't find a senior advisor that can pass clients off to you (because they don't have time for their lower net worth clients, they will pass the people they can't make much money from off to new associates), it will be a bumpy ride for any recent college graduates. Oh, and the only way to find a senior advisor to help is to have something to offer (multiple high net worth clients, connections in large companies, etc.) the him that will motivate him to help you. The bigger producers command all the support from the staff and newbies are quickly forgotten or completely ignored. SFG requires monthly travel to training without reimbursement. Extremely high fees to operate your business in, especially for someone new to the business. They seem to nickel and dime you every where you turn including charging for long distance phone calls and color copies. They will rope you in during the recruiting process with the allure of being a financial advisor and turn you into a glorified life insurance salesperson. The initial "salary" of near $40,000 in the first year ends up being closer to $20,000 (not including taxes) and then all the office fees, travel and training fees quickly turn the $20k into $10k. The huge discrepancy is a result of the deceptive way management paints the compensation package during the interview process. Basically, if Skylight pays you something they will find any way possible to claw it back. Management will also try to lure you with the hopes of upward mobility and the chance for bigger office space, however they are merely trying to fill offices so the place doesn't look empty and charge you increased rent.

    Advice to Senior ManagementStop promoting unqualified individuals into management. Stop squeezing every cent you can out of your advisors in order to avoid paying any overhead.

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    1 person found this helpful  

    Everyone gets used for their personal network then drops out"

    Financial Planner (Former Employee) Columbus, OH

    ProsCompetitive insurance offerings and whole life products. Decent office locations in Columbus and Cleveland. MassMutual home office is a great company, this office is far from it. At least you will depart with a MassMutual affiliate on your resume.

    Cons100% commission, apathetic management, high turnover, no company leads, fees (yes you have to pay fees to work there), never get paid on time, no training for paperwork, commission structure primarily benefits management. You have to pay all the FINRA fees yourself. Tiny offices where 4-5 people squeezed in a room.

    Advice to Senior ManagementStop obviously using your employees for their personal network. Invest in your employees by giving them leads. Stop acting like this job isn't anything more than a sales job. Management acts like its a big cool financial firm when really this level is nothing more than sales (asset gathering as they call it). Management needs to stop focusing on just getting more sales and really investing in the core asset of the business: its people.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

  1. We want your feedback – Are these company reviews helpful to you?  Yes | No
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

    1 person found this helpful  

    Beware new to the business candidates

    Financial Planner (Former Employee) Cleveland, OH

    ProsSkylight is set up for experienced financial planners who want to take their business to the next level. You will see your business excel.

    ConsSkylight is not for new to the business people. It is a revolving door for new people and they are dishonest about potential success. I saw many people give up good jobs for the chance at the carrot they dangle in front of them only to be gone within a month. The few people who have made it make only $18,000-$20,000 their first year. Few meaning 2 out of 50. There systems are set up for failure for new people. Don't be fooled by the image they present. Do your homework.

    Advice to Senior ManagementDon't be dishonest about the realistic potential for new people. You are affecting peoples lives and families when they leave a secure job for a job that you mislead to them. Have the "Best Places To Work" speak to all the people who have been victims of your dishonest words.

    No, I would not recommend this company to a friend

Worked for Skylight Financial Group? Contribute to the Community!

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