Foresters Financial - Thinly veiled pyramid scheme | Glassdoor
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There are newer employer reviews for Foresters Financial

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Helpful (12)

"Thinly veiled pyramid scheme"

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

I worked at Foresters Financial full-time (More than a year)

Pros

Basically none; work is entirely commission with no benefits. No remuneration for driving around everywhere in an over-saturated market. You will be cold calling; First Investors has no marking department.

Cons

Too many too list. This company basically hires recent college graduates who don't know any better. Many of the people who work at this company have parents with money; so first investors uses their employees to sell products to their family members. Within beginning work you will be asked to write a list of "connections"; it's basically just your family and everyone you know. They then expect you to peddle to them.

There's no salary. No health benefits. They recently introduced both, but it's poor. The conditions required for the salary make it redundant. If you can sell as much as the minimum you wouldn't need the salary.

This is basically a pyramid scheme. Beware of any company that spends more time and effort on hiring new people rather than marketing or market research.

Most of the managers are simply big fish in a little pond, and made a lot of money by bullying their way into it. They are not helpful at all.

The interview process was also misleading; unlimited income is almost impossible.

The managers also try to instill this "make it or break it mentality", which puts much of the blame for lack of success on the representatives. The truth is First Investors spends zero amount of money on marketing or market research. All you get are pamphlets, which you can distribute yourself. Basically they are getting free labor off of their workers. I'm not sure how this isn't illegal.

Advice to Management

Actually care about your employees; give them a salary or benefits. Spend money on marketing, rather than using unpaid sales representatives to prospect themselves. Horrible business model.

Stop shaming representatives into thinking "well, if you can't succeed you just can't cut it." Support your representatives.

Other Employee Reviews for Foresters Financial

  1. Helpful (4)

    "Very average and uninspiring."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Intern - Intern in Lexington-Fayette, KY
    Former Intern - Intern in Lexington-Fayette, KY
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Foresters Financial as an intern (Less than a year)

    Pros

    It was a very relaxed environment with lots of young and usually friendly people.

    Cons

    There was a lot of menial labor. Management didn't always treat employees properly. LOTS of turnover in the brief period during which I interned there.

    Advice to Management

    Hire robots if you just want to bring in customers. It would be cheaper.


  2. Helpful (8)

    "Over Promised Under Delivered"

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

    I worked at Foresters Financial full-time (Less than a year)

    Pros

    Flexible work schedule , pay for some licenses

    Cons

    First Investors promises a salary and to pay for your licenses. They want you to build your business from cold calling and basically begging for business. Very controlled from corporate, (can not even use social media) . Pay starts at 8 an hour (not what I was told by the hiring manager, they said 30k for 9 months) I was told the life and health license would be 70 dollars . After buying the study guide and fingerprints I was $500 in the hole.

    Advice to Management

    Be upfront about the job

There are newer employer reviews for Foresters Financial
There are newer employer reviews for Foresters Financial

See Most Recent

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