New York Life - It was short but not sweet | Glassdoor
There are newer employer reviews for New York Life
There are newer employer reviews for New York Life

See Most Recent

"It was short but not sweet"

StarStarStarStarStar
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Intern - Financial Planner in Los Angeles, CA
Former Intern - Financial Planner in Los Angeles, CA
Doesn't Recommend
Negative Outlook
No opinion of CEO

I worked at New York Life as an intern (Less than a year)

Pros

The New York Life was a very good looking company to work for on paper and the other employees were very intelligent.

Cons

Management was what was the deal breaker for me. The management team was not up to par because they were not as experienced as they should have been and showed in there teachings.

Advice to Management

Educate other managers better.

Other Employee Reviews for New York Life

  1. Helpful (3)

    "Incredible Company"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Professional in Denver, CO
    Former Employee - Financial Services Professional in Denver, CO
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at New York Life full-time (More than a year)

    Pros

    It's an incredible company through and through. Their mutual nature, products, and services are all designed with the long-view in mind. This means they'll be around to keep their promises. Not many financial services and life insurance firms can say that. Great training, great people, and great work.

    Cons

    It's not for everyone. 100% commission with no draw is an incredibly difficult way to make a living. Some people can cut it. Most can't. If you can, you will have an incredible life. And if you can't, you'll know rather quickly, and move on to the next thing.

    Advice to Management

    None. You were all great, and I wish it was the life for me. It just isn't.


  2. Helpful (5)

    "In-Experienced Management, Lack of Marketing Support, and High Employee turnover"

    StarStarStarStarStar
    • Career Opportunities
    • Comp & Benefits
    Current Employee - Financial Advisor in Los Angeles, CA
    Current Employee - Financial Advisor in Los Angeles, CA

    I have been working at New York Life full-time (More than 3 years)

    Pros

    There is a large potential upside if you are well connected in the community and are able to obtain wealthy clients and corporate clients on your own behalf. Corporate, salaried positions provide more income security and career development than fully commissioned positions, especially in the first 3-5 years in the business.

    Cons

    First off, Agents who make a minimum of 40-50k for 3 years can be promoted to Management as Partners. They do not need any Management experience or even prior experience in the Financial Services Industry before employment at New York Life to be promoted to a Partner. This leads to Partners that are in several cases very inexperienced in management, which often times leads to lagged or poor employee development. Many Partners and managers end up treating their employees like clients, who you can often times meet with once a month or less and who do not need mentorship on a constant basis in order to develop professionally in their career. For example, My Partner shadowed me on 3 client appointments and declared I was ready to be out on my own when I definitely needed more guidance and direction in order to be successful in this career. At the same time, if you do not perform well, many Partners will spend performance review sessions focusing largely on what you are doing wrong and are very relentless unless you are a top performer. On top of this, you are forced to pay for all of your marketing and lead generation efforts on your own. This is very difficult unless you knew a lot of people before starting in the business or you have a second income in the family to help cover these costs until you make a decent income, since Agent and Financial Services Professional positions are 100% commission based. Even if you happen to land a wealthy prospect, although the company claims they have several consultants and resources to help you, often times these consultants will be hard to reach and you end up having to meet with the client on your own or splitting commission with another agent. Many Partners who are inexperienced in Management try to make up for their inexperience by pushing you to work with an established agent since they themselves may have sold and done well selling to only a particular market or clientele and selling particular products. For example, some Partners will not be very versed in securities products or in working with business owners since they may have only been in the business for 3 years and have had little experience in these areas, although their sales may have been high by selling only a handful of products to a limited variety of clientele. By and large, if you're looking for outstanding professional development and assistance in marketing your financial planning business, I would think twice about choosing New York Life as a career if you are working in the Financial Planning industry.

    Advice to Management

    Senior Management needs to seriously re-consider the metrics the qualifications that allow an Agent or Registered Representative to move into Management. For example, prior management experience or a higher level education from a graduate institution should be required since some Partners do not even have college degrees or any management experience. In addition, the company should work on providing more support to newer employees (that is on the field support through hiring more consultants and also providing fiscal support to fund marketing efforts).

There are newer employer reviews for New York Life
There are newer employer reviews for New York Life

See Most Recent

Work at New York Life? Share Your Experiences

New York Life
  • Star
  • Star
  • Star
  • Star
  • Star
 
Click to Rate
or