Ayco Reviews | Glassdoor

Ayco Reviews

Updated October 11, 2017
136 reviews

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2.6
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Ayco President/CEO Timothy D. O'Hara
Timothy D. O'Hara
49 Ratings

136 Employee Reviews

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Pros
  • very good working environment and gain the knowledge of Goldman Sachs (in 15 reviews)

  • Opportunity to learn a lot the first two years (in 7 reviews)

Cons
  • Long hours, especially during tax season (in 16 reviews)

  • Tax season is brutal and your ability to work through it will make or break you as an Ayco employee (in 11 reviews)

More Pros and Cons

  1. Featured Review

    "Good Company"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Ayco full-time

    Pros

    Good place to start out of school, great environment and people working at the company. Very good benefits for associates as well.

    Cons

    Salary and promotional path could be better. Can sometimes take a while to get a meaningful pay raise.

    Advice to Management

    Provide more opportunities for advancement and alternate career paths to employees. Otherwise you are doing a good job.


  2. "Great Learning Experience"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Approves of CEO

    Pros

    Training Program
    No Cold Calling
    Changing/Flexible Culture
    Caring CEO
    Integrity
    Smart People
    Client Focused
    Service Oriented
    Collaborative
    Team Oriented
    Technical Experts

    Cons

    Long Hours
    Slow Technology
    Slow Hiring Practices
    Still a growing organization, needs to keep up with the industry and technology

  3. "Director"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at Ayco full-time

    Pros

    Learning opportunity. Mobility. Client focus.

    Cons

    Internal politics can limit opportunities if you are not part of the in crowd.
    Technology still needs upgrade.

    Advice to Management

    Embrace diversity, not just in the traditional sense but also in opinions, approaches, etc.


  4. "good starting job but has declined"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at Ayco full-time

    Pros

    Good training and coworkers. Full benefits and opportunity to grow within the firm

    Cons

    A lot has changed in the last two years. Leadership has changed and it feels a lot more corporate. Numbers matter more than the workers.

    Advice to Management

    Remember the people working and not just the numbers


  5. Helpful (3)

    "Struggling Industry"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Analyst in Saratoga Springs, NY
    Current Employee - Financial Analyst in Saratoga Springs, NY
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    If you are interested in working in Financial Services, this is a great position to learn about financial planning and taxes. Depending on who your manager is, this role can be a positive experience.

    Cons

    The industry in general seems to be slowing down. Recently the company has been cutting costs and have been very tight with bonuses. Most analysts in our office did not receive a bonus almost none received a cost of living adjustment. There tends to be a mass exodus of analysts every 2 years. F

    Advice to Management

    The industry seems to be in a period of transition. A strategy needs to be put in place that will allow Analyst to grow their careers and pay in different ways.


  6. Helpful (1)

    "Analyst"

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

    I have been working at Ayco full-time

    Pros

    Reimbursement for educational expenses, and access to GS resources can make for a great learning experience.

    Cons

    It is an interesting experience to start as a young professional working under the umbrella of one of the most venerable firms in the United States, but to do so for such a terribly run subsidiary. Working here can be a good learning experience if you are willing to teach yourself, and seek out useful GS resources. It can also be a good learning experience toward learning from others' mistakes throughout the rest of your career. Low-level employees are underpaid and treated poorly, but moreover, are given very little opportunity. The company is strangled with a combination of archaic technology and terrible communication between departments. I would say if you are very self-motivated, Ayco can be a great place to teach yourself what you can using the resources at their disposal, and the GS name can look good on one's resume, but ultimately, it would not surprise me to see the company dissolved/spun-off by GS in the near future.

    Advice to Management

    There is very little transparency to management, and there appears to be no upward mobility for younger associates, partially because of the constantly looming threat of layoffs, and generally lacking opportunity across roles that are not entirely remedial/operational. Also, the company is crippled by outdated technology.


  7. Helpful (3)

    "Sinking Ship"

    StarStarStarStarStar
    Former Employee - Senior Financial Analyst
    Former Employee - Senior Financial Analyst
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I worked at Ayco full-time (More than 5 years)

    Pros

    There are some very nice people in your office that you will work with on a daily basis. They work hard and are always willing to help.

    Cons

    The management is extremely poor and the compensation is laughable for the amount of work that is expected. You will be micromanaged and treated like a 5 year old. "Jean days" and quarterly "birthday lunches" are provided in an attempt to mask the fact that the compensation is not competitive. I was afraid to leave because of the "grass is always greener" idea; believe me, the grass IS greener.

    Advice to Management

    Listen to managers who have expressed their concerns about the direction the company is going in and the people who have been put in positions of leadership that they cannot handle.

  8. Helpful (2)

    "Sinking Ship"

    StarStarStarStarStar
    Former Employee - Senior Financial Analyst
    Former Employee - Senior Financial Analyst
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I worked at Ayco full-time (More than 5 years)

    Pros

    There are some very nice people in your office that you will work with on a daily basis. They work hard and are always willing to help.

    Cons

    The management is extremely poor and the compensation is laughable for the amount of work that is expected. You will be micromanaged and treated like a 5 year old. "Jean days" and quarterly "birthday lunches" are provided in an attempt to mask the fact that the compensation is not competitive. I was afraid to leave because of the "grass is always greener" idea; believe me, the grass IS greener.

    Advice to Management

    Listen to managers who have expressed their concerns about the direction the company is going in and the people who have been put in positions of leadership that they cannot handle.


  9. "Good not Great"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Analyst in Latham, NY
    Current Employee - Analyst in Latham, NY
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Smart people and clients allow you to grow.
    A lot of different departments allows you to find the right place.

    Cons

    Incentive structure lacking for new associates.
    Low pay for amount of hours.
    Work hard but not always play hard atmosphere.

    Advice to Management

    Fix your incentivize structure for employees and you will find the company will grow


  10. Helpful (12)

    "Run far away from this place. You can do much better."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Latham, NY
    Current Employee - Anonymous Employee in Latham, NY
    Doesn't Recommend
    Disapproves of CEO

    I have been working at Ayco full-time (More than 8 years)

    Pros

    Most of the people are nice. The place is clean and you get to wear jeans once in a while. If you like to daydream about what it might be like to finally get a decent raise, you'd love working for Ayco!

    Cons

    Morale is so low, it's becomming a joke around the office. Most of the employees I know are either looking for a different job or they're starting to think about it seriously. We all know we're getting a raw deal. A lot of people have been quitting, and these are people from all the different levels (admins, FPs, Account Managers, SAMs, even senior management) and it's been happening in several offices around the country. A bunch of people have gotten fired too and sometimes it happens during tax season when everyone is overloaded and stressed out with too much work to do anyway, and then they have to pick up even more work because we lost more staff.

    There is no career path for the admins. You might get a "promotion" from admin to senior admin to administrator, but it's really just a different title, there's no pay increase. This is the first place I've worked where the employees are given more work and responsibility, but NOT more pay to compensate for it. A promotion for an admin at Ayco only means more work and more stress.

    Things aren't much better for the FPS and Account Managers. The compensation structure changed recently, so the FPs and Account Managers get paid less now. But they still work just as many hours and grind away during tax season, and the Account Managers are under pressure to bring in more clients and grow their book of business, even though many of them already have too many clients to begin with. Also, when you change from hourly pay to salary pay, you actually end up earning LESS. If you read the other reviews on this website, you'll see lots of talk about favoritism and nepotism. You'll see lots of people complaining about how much work you do and how you're not really compensated well for it - and they're right about that. If you want to climb the ladder or make more money, look for a different company to work for. They'll tell you there's room for advancement, but what's really going on is you have 30-50 people trying to advance into one or two open spots (which sometimes are filled by outside hires anyway). Not much room for advancement, but lots of room for grunt work and frustration without any pay-off. It seems the way to get any meaningful promotion is to go along with the Ayco culture of working tons of hours, not taking vacation time, not complaining or sticking your neck out, keeping a smile on your face while you suffer, say only good things about the company, do this for years and hoping something will change one day. They give lip service to work life balance and valuing their employees, but they don't do much to back that up.

    The technology is old and doesn't work well. Lots of times this creates problems for the clients, which is embarassing for the employees who have to talk to the client and apologize to them and help them find a work-around for the problem. A lot of time is spent in the office dealing with problems with the computers and printers and fax machines and scanners. There's better technology out there, but the company always gives a reason for why we don't adopt that technology.

    There's not much diversity but they say they're trying to improve it. The managers tend to be secretive about upcoming changes (there are always changes), and they give different bits of information to different people at different times, so rumors get started while everyone talks to each other trying to figure out what changes are really going to happen and how will it affect everyone. More transparency would be nice so that we all know what is going on. I've been with the company for about 7 years and the same complaints I heard in year 1 are still happening. People tell the managers about their complaints in their exit interviews when they leave the company, but I haven't seen anything done to address these complaints. It feels like the company is trying to squeeze as much work from us as they can, while pinching the pennies and stringing us along, until we quit, then they hire more people who have high hopes, until they see how things really work here, then they leave too. It's really depressing.

    Advice to Management

    The entire management team needs a paradigm shift and the work culture needs a complete rehaul. Working 50-70 hours a week for years and not getting any real raises or promotions, is not a good way to retain good talent, and it's not going to inspire excellent customer service either.

    The HR people who conduct interviews should give truthful answers to the questions they get about compensation. Don't tell the job applicants what you think they need to hear in order to get them to sign the employment contract. Actually be honest with them so they can make an informed decision that will have a huge impact on their life.

    Be honest and transparent with the employees so they know what to expect. Hire and promote from within before looking outside the company. Treat your employees with respect. Pay your employees better. Give them REAL raises and promotions, help them improve their lives, don't just milk them for every last drop until they quit. Reward the employees who work hard and do a good job. Get some managers who we can trust and have some faith in. Start making decisions with your priority being the Employees, not how much you can increase your profits. Get current with the technology. Actually listen to the complaints of all these employees who are leaving the company, and take action to improve things in your company so you stop losing good talent. We have good suggestions that could really improve things around the company, but they're not taken seriously.


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