New York Life - A life changing career; not just a job. | Glassdoor
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There are newer employer reviews for New York Life

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Helpful (8)

"A life changing career; not just a job."

Star Star Star Star Star
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Manager in Waltham, MA
Current Employee - Manager in Waltham, MA
Recommends
Positive Outlook
Approves of CEO

I have been working at New York Life full-time (More than 10 years)

Pros

-The financial services career is the best career in the country for someone who wants to impact people's lives. One must be coachable, driven, and resilient. The training provided by NYL is the best in the financial services industry; not only in the early years, but the continued development ten or more years later.

-There is a great amount of flexibility in the advisor career and in the management career. This is fantastic for people who take their career seriously and want to be involved in their family, communities, charities, etc.

-There are fewer licensed agents and advisors in the financial business today than there were decades ago.

-Contrary to what many reviewers have said, the income is very predictable. If you do what you are supposed to do (participate in training, use the provided tools to analyze your activities, constantly look to improve, work hard to provide the best client solutions, etc) , you will make a lot of money. If you don’t, you won’t. I’m not sure why some of the reviewers seem so surprised by this. I wasn’t aware that the world was full of jobs where you get paid not to do what you’re supposed to do.

-There is a sense of camaraderie and family within the company

-The company believes in integrity and financial strength. Unfortunatley this is not the norm in all financial companies.

-You will learn skills across multiple disciplins; marketing, sales, relationship management, finance, entrepreneurship.

Cons

-The flexibility can be challenging for some. The company treats you like an adult and nobody calls you on Monday morning to say, “hey, make sure you come to the training sessions today”. Some people will mistake this for the classes being “optional”, or “recommended”. You can fall behind quickly if you adopt this attitude.

-Most consumers don't proactively do financial planning. They do it because someone approaches them. This means there will be rejection. Most can be ovecome with persistence and propper follow up however.

-You will work very hard. I dont think this is truly a con for the people whom the company is looking for. You wont be playing golf every afternoon. If you're opposed to working more than 40 hours per week; stay away from the industry as a whole.

-High standards. For the success advisors and managers this is not a con, but a pro. For the person who may have figured out how to slide by at a previos position, this will be a rude awakening.

Advice to Management

-Seek more input from the field when creating new systems and tools. This has been getting better recently but still has room to improve.

-Bring back disability insurance. This is a key tool in financial planning for families and businesses. We dont have access to the highest quality disability insurance products on the market since NYL stopped making their own high quality product.

-Compliance is very important and NYL has done a good job protecting the company's reputation and good name. However, some compliance regulations are overkill and there can be too much red tape to get through for some simple tasks.

Other Employee Reviews for New York Life

  1. Helpful (2)

    "Agent"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Agent in Waltham, MA
    Current Employee - Agent in Waltham, MA
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

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

    Pros

    There are enough partners or other colleagues around to help you with anything you need. The money can be great only if you find clients, but it's amazing how NYL pays you. I've been here almost a year and I just started feeling comfortable working by myself because I work with only the minority market. I need to definitely practice speaking my language, but I love how my market is untapped!

    Cons

    This job can bring greed in some agents! It's best to work on your own because sooner or later the agent you've trusted will likely take your clients without your acknowledgement!

    Advice to Management

    Personally, my manager is a tough person. He/she puts me down when I collect a small check from the client and he/she praises those who gets the bigger check. By now, I avoid going to him if I need a question to be answered because to him, every question I ask is stupid, yet, he never gives me an answer to my question. Ethically, i think my partner is wrong by telling me to work with certain groups of people and he/she always tell me not to do certain servicing for the clients if I think I won't get any business from them! Luckily, there are enough partners I can go to and sometimes I wish I can just switch partners!


  2. Helpful (1)

    "Great Company Overall, Not So Great To Work For"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Insurance Sales Agent in Downers Grove, IL
    Former Employee - Insurance Sales Agent in Downers Grove, IL
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

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

    Pros

    - Flexible Schedule
    - Great Commissions
    - Many Great Insurance/Investment Products
    - Great General Staff Support

    Cons

    - Some employees have questionable morals/ethics... Think life insurance salesperson....
    - If you don't already have a large network of higher income people, you will struggle and resort to cold calls and maybe even door to door sales.
    - Many of the costs are not disclosed up front. Expect to pay out about $1000 up front. You are not provided with any tools of the trade such as laptops, cellphones, business cards, stationary, "freebies", etc.
    - Can not work part time initially.

    Advice to Management

    Focus on hiring suitable candidates and not simply anyone and hope they work out.


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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