American Portfolios Reviews | Glassdoor

American Portfolios Reviews

Updated May 9, 2017
13 reviews

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Full-time Part-time

3.5
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Lon T. Dolber
7 Ratings

13 Employee Reviews

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  1. "Great place to learn and grow."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Holbrook, NY
    Former Employee - Anonymous Employee in Holbrook, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at American Portfolios full-time (More than 3 years)

    Pros

    Excellent place to learn and gain experience in financial services industry. Staff is extremely friendly and helpful in every way.

    Cons

    Pay is low for industry standards and this causes most younger employees to leave after a few years.


  2. Helpful (1)

    "Truth."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Holbrook, NY
    Former Employee - Anonymous Employee in Holbrook, NY
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I worked at American Portfolios full-time (More than 3 years)

    Pros

    Company is centrally located on Long Island. Some of the employees are very nice, knowledgeable folks who truly work hard. Very involved in the community and does a ton of charity work with various organizations. For the right person, it's a good learning experience. You learn the industry, how to deal with difficult personalities, customer service, etc. Personally, my direct manger was a very nice, caring individual, and I can honestly say a few co-workers turned into friends.

    Cons

    The day-to-day of this company can be so disheartening. For example: Having to show a Director (AKA- someone who makes 6 figures) how to attach an image to his email (seriously). Watching 20-30 employees- out of 80 total- come and go in just 4 years. Promotions handed out to favorites and "squeaky wheels," rather than hard workers. Even worse, promotions handed out to half the company with no pay increases for anyone (FYI: new titles don't pay the rent). I see other reviews discuss the family-run business issues, and yeah when you see Directors stroll in at 2pm, or show up late to mandatory company meetings and they're not reprimanded and/or fired because they're related to the CEO, it can be unnerving. Unfortunately I think that the root of what is wrong with this company is due to HR and their lack of concern and awareness. It's a small department who would rather hire someone willing to take the low starting pay instead of paying a little more for a qualified employee. They often choose to look the other way, rather than dealing with issues, perhaps because they figure employees will leave after 2 years to find a better paying job anyway. Why bother, right? While my manager was a nice person, very understanding and compassionate, they did not know how to actually manage. Deadlines would come and go, decisions were last minute or simply never made (I bet current employees reading this could place these attributes to various managers, actually). There were a few no-nonsense higher ups that took care of business. But mostly there were a lot of ideas and no one to follow through. Lack of trust was a huge issue, which is a shame because some of the really great staff could probably move mountains if just given permission to do it. There's just so much more and not enough room to type it all ... It's definitely an interesting experience working at AP, to say the least.

    Advice to Management

    Stop hiring people (especially psychotic people) just because they'll take a lower salary. Don't give promotions without pay raises. Promote (with raises!) the talented, well-deserving people from within instead of hiring random outsiders, or family members. Instill trust. HR- get it together! Confront the awful employees, and reward the people who have stuck with you for more than the standard 2 years. Become a better judge of character. Send upper management to classes so they're not asking associates how to send emails or print a document (it's insulting).

  3. Helpful (1)

    "Watch you back...rampant nepotism. Best case scenario: Learn & Leave"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Holbrook, NY
    Current Employee - Anonymous Employee in Holbrook, NY
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at American Portfolios full-time (More than 3 years)

    Pros

    CEO has vision and charisma.

    Cons

    People disappear constantly. If your not a family member or friends with the family in some way, their are different rules that will apply to you. This company has grown beyond their abilities, especially the VPs that are related to the very talented CEO. What a shame. Also, the pay is lower than industry standards. Don't waste your time unless you are there to learn and leave.

    Advice to Management

    The CEO needs to look at his VPs carefully. They slow the process down, don't show up for their own meetings and take forever to get to their "part of the process" like approving things. This make others look bad, and at the end of the day they are not worth their salt.


  4. "Independent Financial Planning"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Comp & Benefits
    • Senior Management
    Current Employee - Independent Financial Representative in Lansing, MI
    Current Employee - Independent Financial Representative in Lansing, MI
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at American Portfolios full-time (More than 3 years)

    Pros

    American Portfolios is a company that is continuously increasing their number of Independent Reps. With the growth that they are experiencing they are doing a very good job keeping up their internal staffing to satisfy the needs of the Reps in the field. Supporting our Veterans is a very admirable trait. Kudos to you!!

    Cons

    Being in the Independent Financial Planning world you are pretty much in charge of your happiness. As far as the Cons for this Broker Dealer I cannot name one.

    Advice to Management

    Mr. Dolber has surrounded himself with very good people.


  5. Helpful (4)

    "It depends on who your boss is."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Holbrook, NY
    Former Employee - Anonymous Employee in Holbrook, NY
    Doesn't Recommend

    Pros

    Sound financial decisions by the CEO, good ethics with declining TARP money and not laying anyone off during the economic crisis. Most of the people are fun to work with, and they are welcoming to new employees.

    There is a decent amount of professionalism--dress code, HR making an effort to create and enforce policies consistently, and an awareness of what is and is not appropriate behavior. The firm seemed to be making an effort to be inclusive and promote diversity.

    Several of the supervisors are extremely dedicated to their jobs, but in a good way in that they give their employees what they need for their work and then get out of the way. Likewise, many of the reps are polite and cordial on the telephone.

    Cons

    It is a family-run business, with all the nepotism that entails, and unfortunately that is where the headline comes in. If you get one of the family members for a boss, you will witness homestyle bickering both in meetings and in front of vendors. Likewise, with at least one manager, DNA counted for more than ability, and her micromanagement, penchant for changing the rules midstream without informing her staff, and special treatment with rolling in mid-morning when other staff would be fired for the same behavior have driven away two bright, talented employees.

    The benefits, at least in 2009, were skimpy, with only 3 sick days per year, none of which could be carried over. That may have changed. Likewise, the salary was lower than that of comparable positions in other firms. Although it is to the CEO's great credit that he did not lay anyone off during the meltdown, there is one staff member to every 10 reps, which is a tough workload for the staff and twice what you will find at other firms. Likewise, the HR staff was overworked and sometimes things fell through the cracks.

    Advice to Management

    It's great to hire young people, but do it because they are gifted, not because they will take a lower salary. It's also great to love your family, but that doesn't mean they are all well-qualified for the jobs they want. Hold family members to the same standards as everyone else, or you risk fostering resentment and turnover in the ranks. Trust the staff to be responsible, as people tend to live up to the expectations you place on them, and nip micromanagement in the bud wherever it crops up.


  6. "Good company, Good people"

    Star Star Star Star Star
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at American Portfolios full-time

    Pros

    Small company that's growing in the independent b/d channel. Good for advisers looking to work independently to choose what is best for their clients not b/d.

    Cons

    Some growing pains as company gets larger.


  7. "Administrative Assistant"

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

    Pros

    Great company. Lots of support.

    Cons

    There are no cons to working here.

  8. "Ugh, nepotism."

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

    Pros

    As someone else said, you will learn to deal with different personalities. This could be a plus if you don't have much work experience because you'll run into difficult people no matter where you work. Would be a good first or second job for about a year or so, then you can move on.

    Also good if you live on Long Island and you want to work for a financial firm but don't want to spend half of your life on the LIRR.

    Cons

    Others are correct about the nepotism. The family gets away with things that other firms would fire them for.

    Overall, people are either there forever or for a couple of years with very little in between.
    There really isn't opportunity to move up. Learn, yes, but take on more responsibilities or climb a ladder, no. Promotions are "business card promotions" only, just title changes without any real increase in responsibility or change in job description or salary.

    Things can get pretty emotional there, but as others have said, it depends on what department you're in. I've seen a few people quit in a blaze of glory, which, while it's amusing to see a supervisor known for being unreasonable or a jerk get told off in a "solidarity" kind of way, really doesn't speak well for the firm because the people who left were all professionals who were good at what they did and they never should have been pushed to the point where they'd rather put in their notice without having another job lined up than stay there, or get up and walk out entirely. But instead of senior management learning from it, of course the problem was with the people who left. There's a lot of buck-passing and backstabbing there.

    Advice to Management

    Hold your family members accountable to the same standards of performance and behavior as your other employees.

    More paid time off would help. Rested employees perform better.


  9. "A Great Time to Grow with the Company"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at American Portfolios full-time

    Pros

    AP is growing firm and has a lot of opportunity for both employees new to the industry and those with experience.

    Cons

    This is a mid size firm,


  10. "Benefits are awful"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook

    I have been working at American Portfolios full-time

    Pros

    It could be a fun place to work if management could get rid of certain people and have more IT help, other than a woman who just goggles how to fix everything

    Cons

    No direction with management. Took away holidays from the staff. No communication and backstabbing amongst employees

    Advice to Management

    Stop rewarding employees to throw other employees under the bus.


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