New York Life - A reasonable opportunity in a field that wasn't for me. | Glassdoor
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There are newer employer reviews for New York Life

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Helpful (8)

"A reasonable opportunity in a field that wasn't for me."

Star Star Star Star Star
Former Contractor - Agent
Former Contractor - Agent
Neutral Outlook
No opinion of CEO

I worked at New York Life as a contractor

Pros

- Decent training (outstanding outside sales process, BTW)
- Good income POTENTIAL
- Passionate people around you
- If you're searching for drive, NYL will help you find it . . . or they'll help you find the door. (Nothing wrong with that, BTW. For sincere success in life insurance, you'd best be driven.)
- Scheduling flexibility. You are your own boss, provided that you're hitting the numbers (Nothing wrong with that, either)

Cons

- Recruitment isn't upfront and direct about costs. There is much "talking into the hands" when it comes to what costs will be incurred. The big shocker will come at about the two-month point when the agent finds out the cost of the mailers they'll be sending to all the people they've approached about being on the mailing list. Granted, it IS your own business, but I often felt that management was using that as camouflage for not being upfront. I would suspect that the whole truth scares away recruits, so it's best to "ease them in." Truth be told, I figured something was up when I was given the full-court press on how much money I could make (in fact, that seemed to be the go-to topic of discussion whenever morale would flag)!
- Beware the prospecting. The typical agent burns through their warm market in a hurry. The focus on prospecting was non-existent. Referrals, yes . . . but you'll find client push-back on referrals, until you actually accomplish something for them. Develop some strategies, and FAST!! Voice the concern early and often with management/training. Just asking won't cut it. Keep in mind that the sweet spot for life insurance is late twenties/early thirties, starting families, and asset accumulation. If your warm market is past that, they probably have planning in place; doesn't hurt to ask, you might be able to help, but don't rely on it!!
- Compliance is on the agent. Learn the rules, and learn to file . . . efficiently!!! You won't have time to fix it!!
- Management is spread thin. If you're looking for a mentor, try an established agent. But don't be surprised if they don't have much time for you, as they have their own business to run. Also, they might charge you for the privilege (keep in mind that the primary recruiting tool is money). Don't count on your manager/partner; they're often too busy recruiting to give you much time. In fact, much of the admin associated with hiring will be handled by the new agent. Again, nothing wrong with that, I just wish management would set proper expectations. They're actively recruiting independent, entrepreneurial spirits that can handle it, just be upfront. I was particularly frustrated that my manager/partner double-, and even triple-, booked appointment times with me; I wasted much time waiting (not to mention doubted his commitment to my success). At first, I thought that it was a mystique/rarity tactic during recruiting, but it proved to be commonplace.
- Lots of meetings -- which led to lots of homework -- which made appointment scheduling a challenge. Again, nothing wrong with that . . . it's a tough business!

Advice to Management

- Be upfront. Nobody wants to waste time. Lay it all on the table . . . if it's not a fit, it's not a fit. If an agent followed a similar approach with clients, he'd be in a LOT of trouble!!
- Schedule appointment time appropriately. Punctuality is a virtue!!
- Start with prospecting. The low-hanging fruit will be there AFTER a solid prospecting effort. Prospecting skills lead to long-term success. Emphasize them!!
- Throw the agent a bone on office supplies. If it doesn't work out, the agent probably doesn't need boxes of file folders, file tags, two- or three-hole punches, and a case of copier paper.
- On the other hand, NYL is a solid, proven company. They must be doing something right in their process. I just feel that there could be a few less "dead bodies" on the path.

Other Employee Reviews for New York Life

  1. Helpful (2)

    "Bad Management Practices"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Intern - Sales Assistant in Bakersfield, CA
    Former Intern - Sales Assistant in Bakersfield, CA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    Laid Back Atmosphere, work your own hours (average 50 hrs per week), earn your own income (if you have a good boss),

    Cons

    The entire management is a joke. These are want to be professionals. They dress up professionally and play the part, hoping to lure people in, but often are learning themselves. The company changes forms constantly and wastes thousands of papers, only adding to the impact on the earth not lessening it. The management that I saw were rude, demeaning to those below them, and took advantage of those working for them. I would not recommend this company unless you truly want to sit at a desk and make cold calls daily. It is a job that never sleeps. I saw too many agents stressing out and their personal life suffered because of it. The recruiter who hired me on promised many things but did not follow through, and let me go because of bad management practices. I was not happy with how I was treated. The agents are not given the technology or equipment they needed to be successful. Shame.

    Advice to Management

    You need to update your software. Its wonderful to want to stay classic, but this is the technology age, and there should be no room for constant error. Also mismanaging those who work for you with little payoff for recruiting officers is wrong. The stress load alone can wreck havoc on all those in the group if the wrong type of boss is employed.


  2. "One of the best environments to grow professionally."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Life Agent in San Francisco, CA
    Current Employee - Life Agent in San Francisco, CA
    Recommends
    Neutral Outlook
    No opinion of CEO

    I have been working at New York Life part-time (Less than a year)

    Pros

    Excellent training and mentoring programs. Solid benefits.

    Cons

    Commission based job. Stressful during times of low business production.


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

See Most Recent

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