David Lerner Associates Reviews | Glassdoor

David Lerner Associates Reviews

Updated September 1, 2017
33 reviews

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3.1
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John Dempsey
14 Ratings

33 Employee Reviews

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  1. "Vice President"

    StarStarStarStarStar
    • 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 David Lerner Associates full-time

    Pros

    Family firm with a family feel. The people are great and the camaraderie makes for a comfortable workplace.

    Cons

    Limited product mix, not enough flexibility

    Advice to Management

    Let the new generation lead more.


  2. "Investment Consultant"

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

    Pros

    Base salary depending on time of employment and skill.

    Cons

    Horrible training techniques, pushing proprietary products. Antiquated sales material, literature, training, and trainer. Limited to no marketing material. Bad reputation.

    Advice to Management

    none

  3. Helpful (2)

    "Great place to start!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President of Investments in Boca Raton, FL
    Former Employee - Vice President of Investments in Boca Raton, FL
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at David Lerner Associates full-time (Less than a year)

    Pros

    Great company to start out working for as a financial advisor. They give you the opportunity and a good salary with low quotas to get up and running as a financial professional. DLA has a nice office in a central location in Boca Raton, FL. The office manager was great (Brandon Byington) he was always ready to assist and take time to listen and respond with good advice or go the extra mile for you. The owner of the company David L. and brother Marty L. will do everything they can to help you spread your wings to get started and up and running. (Sometimes a little overbearing) But they truly want you to be successful and make it in the business.

    Cons

    No matter what firm you join, when you are in sales, you have to sell, period. Your efforts hopefully dictate your income. I thought people would be much more open to allow me to manage their investment portfolios, however I just couldn't pull through enough sales to justify staying on with the effort I gave.
    *Limited investment product selection.
    *Compensation is great, however I found the Health Insurance coverage was expensive with high deductibles, so that is why 3 star rating.

    Advice to Management

    Great job!


  4. "Investment Counselor"

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

    I worked at David Lerner Associates full-time (More than 3 years)

    Pros

    Nice guys at the branch level.

    Cons

    A financial company that's only interested in selling its own products which are few and which carry risks.

    Advice to Management

    Allow your investment counselors to be just that, not product pushers


  5. Helpful (1)

    "Great Company"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Investment Advisor in Springfield, NJ
    Former Employee - Investment Advisor in Springfield, NJ
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at David Lerner Associates full-time (Less than a year)

    Pros

    I've worked with plenty of firms and David Lerner was by far the best because they actually care about their clients. They like to focus on products outside of the market and the philosophy is always.....income.....get paid from your investments. Joe and Rande treat you like family, they care about your personal health and your work health and want to see you making money even if they have to give you business to pursue.

    Cons

    Limited product selection in your first year.

    You will work.....a lot!(Required to build a sustainable business)

    Advice to Management

    As long as Joe and Rande are running the place, it should be smooth sailing. Keep it up gentlemen.


  6. Helpful (1)

    "Financial Advisor / Vice President role review"

    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
    Disapproves of CEO

    Pros

    Good-hearted, family-owned and operated business. Tenured Financial Advisors with mature books of business. Base ($40-80k depending on experience) for the first year, with commission payouts .45-.70 plus residuals. No office fees or expenses and the firm pays for (or will split costs) for promotional events - Seminars, etc.
    In addition to proprietary products - Spirit Of America mutual funds, APLE reits, Energy 11 MLPs - there is access to other firms investment/insurance products.

    Cons

    Family owned and operated business, Proprietary Mutual Funds (Spirit of America), APLE Reits, and Energy 11 MLP.
    No assistance building business, despite lots of available accounts (which are sit on and not worked by the old-timers). Management insists on door-to-door prospecting to Business Owners (similar to Edward Jones' model of knocking on residential homes) -- it's grueling, ineffective and very time consuming.

    Advice to Management

    Embrace internet marketing and do not be afraid of this new medium.
    Hold advisors more accountable for their time and production.
    Reduce large accounts of Senior Brokers to under 500 clients and release the remaining accounts to Junior Brokers with a split to the Seniors, (for their mentoring and assistance in closing business).
    Invest in local office promotional events to generate business and get the phone ringing.


  7. "You should know before working there..."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Boca Raton, FL
    Former Employee - Anonymous Employee in Boca Raton, FL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Not much - Receive sponsorship and small income year 1 and Branch level management is good across the board

    Cons

    Their turnover rate is 95% + in year 1, if you don't read anything else that should be enough. In business you can't take the philosophy of high turnover to be efficient and sustain in business. One month they hired a number of people of which a fraction gets through the licensing process during the sponsorship phase to see them all quit within the month. In the Boca Raton office, the management demanded a 9-9 Mon-Thurs and 'make yourself available on weekends too' if necessary work week. You may be subjected to harassment as well so be aware of that.
    Archaic, I mean stone age technology and business model. The training is not good either; it is provided by David's tag-along brother that lost relevance probably 20 yrs ago, focusing primarily on product. No LEADS, NO Marketing, they claim you will make 187K year 2+ thats false just like you will be provided with marketing support also false. The "Benefits" specifically the medical don't kick in until after 5000 out of pocket expenses. The President of the company even stated the firm wasn't making any money to the whole company in an email to everyone.

    Advice to Management

    Nothing, other than this question - what is the difference between a guy that quits or leaves or is let go at the end of year one to a new hire that you pay the same amount for but start with square 1?

  8. "Investment Counselor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Investment Counselor in San Diego, CA
    Former Employee - Investment Counselor in San Diego, CA
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at David Lerner Associates full-time (More than 8 years)

    Pros

    Great product offerings and unique to other brokerage firms.

    Cons

    Takes time to establish a book of business.

    Advice to Management

    None.


  9. Helpful (4)

    "Big Company Perks, Small Company Feel"

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

    I have been working at David Lerner Associates full-time (More than 8 years)

    Pros

    A lot of reviews on here are seem to be from people who worked for the company for a very short amount of time and for the most part didn't make it for whatever reason. I have worked at other brokerage firms before DLA and this is, by far, the best company I have worked for. It's a family run business where you can literally speak directly to the owner, the president of the company, and all of upper management, and tell them your thoughts and they actually listen. You have the support and backing of a large corporation but it really is like a family where everyone knows everyone else. I have never seen that before at any other firm. If you do your work and hit your goals, they let you do what you want. You make your own hours. Lot's of flexibility and your income is only limited by how hard you are willing to work for it. Judging by other reviews, since many of them don't even get the position titles correct, that tells me they weren't there for any reasonable length of time to understand or appreciate these facts or they just weren't cut out for this. It definitely takes a certain type to success in this field.

    Cons

    Starting off a career in this field requires a LOT of work. There is a reason when you are hired, they tell you up front to expect to work 9-9 Mon - Thurs, 9-5 on Friday and at least one weekend day. It takes that much to build your business. For those that don't or won't, they usually fail. Once you do, however, it does get easier but it can take some IC's up to 4 or 5 years to get there. Initially, if you have a family this can be tough. I started before I started my family so by the time I built my business up, this was not a problem but I have seen others struggle with this.

    While management encourages you to offer "core" products, you can offer your clients anything you want. Also, there could be more direct product training as well, not just for the first few months but ongoing over time.

    Advice to Management

    Open up the field a bit to give your investment counselors more options for their clients. Also, provide more training on those products to arm your counselors with every tool they could possibly have to succeed.


  10. Helpful (1)

    "investment counselor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Investment Counselor in Ridgefield Park, NJ
    Former Employee - Investment Counselor in Ridgefield Park, NJ
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at David Lerner Associates full-time (More than a year)

    Pros

    they will give you a small salary and get you licensed

    Cons

    no help from co-workers, very greedy.....

    Advice to Management

    Help new counselors get out there with real opportunity , not old outdated call system with #'s of people whom have been dead for 15 years.


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