New York Life - Good place to work | Glassdoor
There are newer employer reviews for New York Life
There are newer employer reviews for New York Life

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"Good place to work"

StarStarStarStarStar
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Anonymous Employee
Current Employee - Anonymous Employee
Recommends
Positive Outlook
Approves of CEO

I have been working at New York Life full-time

Pros

The environment is professional, pay/benefits are good. Many co-workers have known each other a long time, which contributes to the community feel. Company is financially strong.

Cons

Recent reorganization has been hard on those who stayed, harder on those who didn't.

Advice to Management

Keep the work/life initiatives strong. Employees really value them.

Other Employee Reviews for New York Life

  1. Helpful (5)

    "Nickels and Dimes, til Death Do Us Part"

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

    I have been working at New York Life (More than 5 years)

    Pros

    Good Product in LTC and WL/VUL. But that's about it.

    Cons

    Nickel and Dime Agents to death. Keep reading, I will list off the "Nickels & Dimes" it cost just to be so "privileged” to work with NYL. I came in with high hopes. In fact I loved NYL at the beginning, I bought and will continue to own several NYL policies, I believed so much in them. I believed they cared, and I had high hopes, that is until l the end of my 3rd year and into my 4th. At that point the signs began to add up. I was the last of my class of 20, still standing. In 3 short years I was the last one still there. I was proud to be there, even though I disliked my Managing Partner with a passion. But… then the contracts changed, (something insurance companies are famous for). New fees got introduced, Agents got fined to use free services like LinkedIn to promote themselves and their practice. In fact if money could be made, NYL invented a fee and charged for it. Mind you the commissions are only 50% to begin with (industry avg is around 75%). Never the less. When you go in you are told that you “Run your own business.” DO NOT BELIEVE THAT for one second..you’re working FOR New York Life for the first 3 years. The company's agency model, which everyone in the NYL Management ranks will deny, is to get agents to come in with little to know experience, under the promise that they will become a Financial Advisor within a few short years. They will mold you to "Advise" clients, even though the most tenured of partners usually has 3 or less years as an agent. They’re going to mentor you. All one has to do is make the NYL Council in 2 consecutive years to qualify. Unfortunately it isn't so easy, especially when you only get to use Life Insurance and Annuities in your first 3 years. In fact it’s very much a struggle. In the financial world, that’s like having a machine gun with only 2 bullets. Sure your “in the fight,” but are you really? Here's my tale. I have a tremendous work ethic, far greater than most people, as I said, “I was the last in my class still standing”. Not only did I struggle after making Council in my first year, but I received no support other than, "Make more calls, see more people," regardless of how many times I approached my Partner to teach me more. Management's motto to everything is, "New York Life is the best company out there, people need more life insurance, go sell MORE." Now in my first 2 years I was a top 10 producer in my office. Many large policies I could list off. Something to understand if you are considering a career here, NYL is a LIFE INSURANCE COMPANY, do not make the mistake of thinking they are anything but that. They will talk about being a Financial Advisor, but Financial Advisors work at Investment companies, Life Insurance Agents work at LIFE INSURNACE COMPANIES. I wish someone had told me that when my "Partner" lied to me in the interview process. But nevertheless I gave it a valiant effort for almost 5 years. I am currently working my way out the door, because of the fees associated with working with NYL. The company rapes its agents, especially after the first 6 months. The whole intention is making them leave after writing all of their family and friends, so they never have to pay the pension. It’s a genius system, very pyramid-esk. But my final straw was because NYL takes and takes and TAKES from its agents. I cannot stress that enough. You’re literally nickel and dimed out of business. Here is a TRUE list of monthly costs: Technology $75, (that’s right, to sell their product you have to pay for their technology). Telephone $3.25, Long Distnce Calls $7.50, Cubicle $65 (office space $400+), Copies $20, (Free services like) LinkedIn/Facebook $5, Internet $50, (if you want to get a personal website it HAS to be NYL’s Emerald site) @ $40 hosting fees, Sales Meetings $12, Registration for non council agents $1,500 (annual), MAP selling system $50, policy wallets $2/each, E & O Ins ($1,000/yr), remember you also pay for your gas, vehicle, and cell phone each month, and the list goes on. I would only recommend NYL to an established agent leaving his other firm, who want to focus on LTC and likes the limited offerings. They suck people in with the promise of a pension that is impossible to grow (only WL and Annuity can grow it) and they literally squeeze agents out. And for what, a lousy trip to Disneyland that I gave up $60 grand to earn. This is one agent on his way to an investment company, 5 years behind schedule.

    Advice to Management

    Don't be greedy. That's what use to seperate you from what you have become. Expand your offerings to include a wider range of investment products. Perhaps grade the commission structure to help out new agents.


  2. "Company that treats employees like family"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Specialist in Westwood, MA
    Current Employee - Senior Specialist in Westwood, MA
    Recommends
    Neutral Outlook

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

    Pros

    Flexible work arrangements, volunteer opportunities, good location, good salary

    Cons

    Financial industry is not always stable

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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