American Portfolios - It depends on who your boss is. | Glassdoor
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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.

Other Employee Reviews for American Portfolios

  1. "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.


  2. "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.

There are newer employer reviews for American Portfolios
There are newer employer reviews for American Portfolios

See Most Recent

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