New York Life - New York Life | Glassdoor
There are newer employer reviews for New York Life
There are newer employer reviews for New York Life

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"New York Life"

StarStarStarStarStar
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Financial Service Professional in Grand Rapids, MI
Current Employee - Financial Service Professional in Grand Rapids, MI
Recommends
Positive Outlook
Approves of CEO

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

Pros

Fantastic training, organized, great tools and platforms for investments and insurance.

Cons

You work, you get paid. you don't, you don't get paid.

Advice to Management

Keep it up.

Other Employee Reviews for New York Life

  1. Helpful (2)

    "It was an experiance."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Agent in Denver, CO
    Former Employee - Agent in Denver, CO
    Neutral Outlook
    Approves of CEO

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

    Pros

    Flex work schedule. Great people to work with. Great training.

    Cons

    Captive agent. Requires a large network or deep pockets to get started.


  2. Helpful (3)

    "As an agent you feel temporary; production is all that matters."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Contractor - Insurance Agent in Fort Lauderdale, FL
    Current Contractor - Insurance Agent in Fort Lauderdale, FL
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at New York Life as a contractor (More than 3 years)

    Pros

    If you want to be a financial representative and be a detached agent with a small office with the benefit of a large firm behind you this may be a decent opportunity. Once you have all of your licenses and at least three years in with the company you will options.

    Cons

    Prior to achieving the licenses and time-in you may have a difficult time making ends meet.

    NYL pays a very low commission percentage in comparison to their competitors; 33 to 45% on life products and 3% on annuities. Payment to agents is solely commission based with bonuses for hitting certain targets. So if no one buys a policy from you at all this month you have no money. In addition to this, if any of your clients cancels a policy prior to one year of ownership, the commission you earned on that sale will be retroactively deducted from your ledger. In short, you will owe the company, which in a dry month or quarter can be potentially devastating.

    This sort of situation can lead to unethical and even illegal conduct on the part of a desperate agent, who needs to make ends meet. I have seen it happen and it is an industry wide problem.

    Retention is abysmal. Whether it is on your team or your office. There will be a revolving door of agents.

    The culture of the NYL does not allow for your partner or managing partner to care about keeping quality employees as agents or helping them find another position in the company should their talents be better utilized elsewhere.

    Advice to Management

    Change the way agents are paid; a base salary is humane and will yield more ethical behavior, retain quality and reduce your turn-over and constant recruitment process. Create a path

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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