AXA Advisors Reviews | Glassdoor

AXA Advisors Reviews

Updated July 16, 2017
125 reviews

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Pros
  • You can make a lot of money doing very good work by working for AXA (in 19 reviews)

  • Ability to make A LOT of money (paid for what you do) (in 18 reviews)

Cons
  • Lying to clients, friends and family that trusts you (in 22 reviews)

  • No base salary until you make 15 applications and/or 3,000 PCs (production credits) (in 21 reviews)

More Pros and Cons

  1. Helpful (1)

    "Terrible company"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Cleveland, OH
    Current Employee - Financial Advisor in Cleveland, OH
    Doesn't Recommend
    Negative Outlook

    I have been working at AXA Advisors full-time (More than a year)

    Pros

    Can make a decent amount of money.

    Cons

    Expenses are all on the employee, nothing is reimbursed
    Management is awful
    New hires are expected to pay to do their own job

    Advice to Management

    Train and support new hires more.


  2. "Financial Review"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Dallas, TX
    Former Employee - Financial Advisor in Dallas, TX
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    Taught sales techniques
    Descent products
    High income opportunity

    Cons

    Recruiters mislead on realistic compensation
    AXA compliance is so restrictive that there is 10 times more that you CANNOT do than can.
    They drive captive products even though they tout access to everything
    You NEED to have a strong natural market to get in this business with AXA

    Advice to Management

    Quit the whole ivory tower appearance BS.
    Help incoming advisors find their niche, even if it is not an equitable product

  3. Helpful (5)

    "Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in New York, NY
    Current Employee - Financial Advisor in New York, NY
    Doesn't Recommend
    Negative Outlook

    I have been working at AXA Advisors full-time (Less than a year)

    Pros

    Plenty of opportunity to make money
    Great location in Midtown Manhattan
    Good leadership among upper management

    Cons

    As a first year financial advisor, I expected a little bit more guidance
    Cold calling all day every single day


  4. Helpful (2)

    "Not A Good Choice If Not Interested In Marketing/Selling"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend

    Pros

    Maybe some advisors are professional. If you like to work in a huge office with many tables, then maybe it is a good fit.

    Cons

    Some advisors look desperate and even cannot manage their time. In this case, supervisors will be like a joke to interns. The supervision and internship is very unorganized.


  5. Helpful (11)

    "Read this for honesty. Not "entrepreneurial" -- it's just sales"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Professional in Los Angeles, CA
    Current Employee - Financial Professional in Los Angeles, CA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at AXA Advisors full-time

    Pros

    -Technically uncapped earning potential

    -Total scheduling freedom

    -For someone with little technical ability, no novel ideas, but a desire/ability to grind through repetitive, unstimulating tasks, it can be a lucrative career (it's just a numbers game at the end of the day, and you have to stick around long enough to throw lots of darts at the board)

    -If you have a warm market of family or ethnic connections, you can make decent money selling reasonably competitive products.

    -You can learn a lot about the insurance industry, and then leave to go apply it somewhere more technical.

    -You will get some access to a house book of orphaned accounts, which can be a decent way to get your income and referrals started in the beginning (but don't expect miracles).

    -AXA is one of few insurance companies to do international underwriting on foreign nationals. If you are lucky enough to have access to such people, you can make great money in that market. Chinese advisors are in especially high demand right now.

    -A good way to get pure sales experience, which you can take elsewhere (my recommendation would be tech sales)

    Cons

    Dont get AXA Equitable, which is the insurance company, confused with AXA Advisors, which is the wholly owned subsidiary you are working for (where all your problems stem from). Aside from the fact that your experience will partially depend on which branch you get hired in (some provide way more support than others, another fault), here is the truth about AXA and the industry:

    -The industry is contracting. Individual sales are less lucrative than they used to be, so now you are making up for it in volume

    -The general public has little faith in your profession or your industry

    -There are no legal definitions for terms like "financial advisor", so you are lumped in with fly-by-night insurance salesmen (in the public's eye, at least)

    -Technology is gradually automating more of the products you sell, making them cheaper to deliver to the customer directly. People can now buy property/casualty/liability/health/term insurance online. You can get mortgages online. What makes you think permanent life insurance is so sacred it can't be sold online, allowing companies to cut out their commissioned sales forces? AXA managers will assure you permanent life products and annuities are too complex and special to sell online, but at one time the same was said about brokerage accounts and managed money (now being threatened by ever evolving robo advisors).

    -The average middle class client will soon have little need for you; they will be able to get on demand advice online from a fee-based advisor anywhere, and that will rapidly devolve into a price war between thousands of registered "advisors" competing for the same piecemeal business. Do you want to wade into that arena? No. Which means:

    -You will eventually try to target a much smaller pool of wealthy, complex clients who have a legitimate need for a financial advisor, except they will be flooded by solicitation from agents just like you.

    As far as AXA Advisors goes:

    -Salary is worthless and untenable for someone who doesn't have a big cushion of savings or family support, especially if you have student loans / bills. (24k year one, 12k year two, that's it)

    -You will be actively discouraged from soliciting managed money business and from spending time learning in depth market trading concepts (the excuses will sound something like "It takes forever to make money doing that, why not sell insurance, which has bigger commissions?" Or "Just give me (your manager) the managed money and I'll put you in on an insurance or annuity case"). Would you trust an "advisor" who has such little understanding of trading that their excuse is "I don't pretend to know the market, I'm just here to help you manage your risk"? Because that's someone who only knows insurance.

    -Another refrain you will hear is that you are here to counsel people against their worst behaviors and impulses (like buying high and selling low). Are you looking to become a behavioral therapist or a technical professional?

    -AXA is an insurance company first and foremost. And when you are a hammer, every problem looks like a nail. Despite everything you hear about the "open architecture" you supposedly have available to you, an AXA product or service is somehow magically the final answer almost every time.

    Additionally:

    -All the products you sell are commoditized, so it is much more difficult to differentiate yourself from the other solid products out there. So now you are selling uphill / with one arm tied, since you can't rely on the strength or novelty of your products to pique people's interest into meeting with you.

    -You can't control or change the products you offer

    -You can't control the pricing or competitiveness of your products

    -You will encounter tooth and nail resistance if you leave and try to take your clients with you.

    Does any of that sound "entrepreneurial" to you? What entrepreneur in their right mind would enter into such an arrangement? At best you can be considered a franchisee--you are expected to adopt someone else's brand and products as your own, with no control. And no equity.

    If you are a true "entrepreneur", find a way to efficiently fund your living expenses while developing your idea. If you are a good salesperson, you could do well here, but you are better off finding a company with a more specialized / differentiated product that you will be able to leverage more clearly and effectively.

    Ask a long-time AXA producer (preferably in a producer group), who isn't a partner or in management, what the industry was really like "back then" and how much better it used to be. You will continually hear the party line from management about how much easier you have it because of the tools available to you, but the reality is that 20 or 30 years ago the general public was much more open to doing business with you and you would have been paid way more for doing it.

    If you are totally set on a career in financial services, and you are going in "cold" (i.e no connections in the industry or very warm, wealthy markets to sell to) do whatever you can to get into another company that has an actual hands-on advisor "track". They will groom you over a period of a few years to learn the business, support established advisors, learn techniques, get your CFP / other credentials, all while obtaining an actual livable salary (which allows you to focus on learning and frees you of low-end ethical dilemmas, like selling something to people who don't need it, or selling a higher commission product). Make sure the company you choose will allow you to learn insurance AND investing, and you will become a true, well rounded "advisor".

    Advice to Management

    The classic agency model is dead. Focus on hiring bright, qualified candidates that you can groom, instead of farming the churn and burn


  6. Helpful (3)

    "employees churn and burn"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Consultant
    Former Employee - Financial Consultant
    Doesn't Recommend
    No opinion of CEO

    Pros

    I had a great manager that really took his time to teach me everything he could. He was by far the best part of the job. His name was Marc and I can't stress how great of a guy he was.

    Cons

    Each division operates under its own manager and its own way of doing things. The head of the office was an old school Life insurance guy and thats eventually how he wanted the office to be run. The company first said that Salary and bonus or commission and bonus were options. After I go hired they then told me that Salary and bonus really didn't exist. To make a long story short. They will hire you and you pay to take your exams, then they will want you to sell to your family and friends, you will pay all expenses, phone, computer, etc. then if you don't hit your quota they will let you go. It doesn't matter to them because they don't have any skin in the game. If you do sell a life policy you get 55% of the first years premium however i had to get leads from older employees so I then did all the work and had to give them 1/2 of the 55% - Don't work for them you can have a happier life do something else.

    Advice to Management

    Stop the revolving door of employees- if your employee turnover is high that means you don't care about them and they don't want to work for you. pretty obvious


  7. "Average place"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    they have good life insurance rates

    Cons

    Variable annuities are bad investments

    Advice to Management

    stop selling VA's

  8. "Intern"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Asset Management Intern in Union City, NJ
    Former Employee - Asset Management Intern in Union City, NJ

    I worked at AXA Advisors (Less than a year)

    Pros

    It was a learning experience.

    Cons

    Hard to start your own book straight out of college.


  9. "Good people, questionable business model"

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

    Pros

    Independence on the job, uncapped commission, decent training, sponsorship for certifications, weekly meetings for guidance,

    Cons

    No base salary until certain sales met, RBG doesn't have much business outside sep-dec, heavily push annuities, don't pay for certifications,

    Advice to Management

    Be more honest upfront, tricky language and conditions may be effective short term but long term it leaves employees feeling cheated


  10. Helpful (3)

    "Not for Entry Level"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Professional in Bala Cynwyd, PA
    Former Employee - Financial Professional in Bala Cynwyd, PA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    -Ability to obtain Series 7, Series 63/66, and Insurance Licenses relatively quickly
    -Gain immediate exposure to clients
    -Fairly independent process with meetings and organization--you are your own boss
    -Young environment with lots of flexibility and free time

    Cons

    -Poor compensation and no benefits for new employees
    -Little support from senior management
    -Environment characterized by favoritism and immoral business practices
    -Essentially no training in investment advisory--each training session emphasized teaching us about poorly structured AXA products that benefits the advisor far more than the client
    -Way too much emphasis on selling their own insurance products (biased) rather than focusing on the clients interests
    -High-pressure marketing job with significant cold calling

    With the newly passed Dept of Labor laws concerning commissions from this type of work, it is likely that most of the advisors will get out of the business--AXA Advisers works completely off of commissions. The DOL passed this law to get rid of scumbags like this.

    Advice to Management

    Have a program that actually emphasizes helping out clients rather than lying to them.


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