Foresters Financial Full Service Financial Representative Reviews | Glassdoor

Foresters Financial Full Service Financial Representative Reviews

Updated December 13, 2017
80 reviews

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Full Service Financial Representative

3.0
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Michael Stramaglia and Sonia Baxendale
2 Ratings

Employee Reviews

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Pros
Cons
  • If you aren't a natural, work/life balance will suffer (in 20 reviews)

  • You will cold call or call all of your friends and family and that is really the hardest part of this business for newcomers (in 18 reviews)

More Pros and Cons

  1. "Great for Someone Looking for a Career"

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

    I worked at Foresters Financial full-time (More than 5 years)

    Pros

    Have an opportunity to grow a business with unlimited earnings. Forester's Advisers really care about their clients and always do the right thing. The training program really is great and the management team helps you throughout the entire process. They don't focus on the results in the beginning, just your activity, which shows they really care about helping you grow a successful business.

    Cons

    Long hours/nights in the beginning, just like starting any business. You really have to have a big local network in order to be successful in the beginning.


  2. Helpful (1)

    "Great Opportunity"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Representative in Seattle, WA
    Current Employee - Financial Services Representative in Seattle, WA
    Recommends

    I have been working at Foresters Financial full-time

    Pros

    The Seattle Office is great. Very supportive management, and the senior representatives always take the time to answer questions from newer reps. Family atmosphere.

    Cons

    In a commission based business, you must be able to hold yourself accountable.

  3. Helpful (1)

    ""Financial Professional""

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Representative in Rochester, NY
    Former Employee - Financial Services Representative in Rochester, NY
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    I worked at Foresters Financial full-time (More than a year)

    Pros

    I worked here right out of college for over a year and I will say cautiously that overall it was a positive experience. They don't have a high or even decent wage for somebody with decent bills but at least they have a small salary where some firms don't at all.
    This company is young and expanding so there is room for growth and/or advancement to become assistant or branch managers.
    The culture is that of a large firm and in most parts of the country the people at this firm are smart, have credible financial degrees and knowledge, and are seriously good business owners and Financial Planners, but that depends on office.
    The training is really good if you get the most out of it, a lot of it is industry standard cold calling language.
    The people at the top of this company down in NYC headquarters are great people and are really good at what they do which is how they lasted in the City. They also really care about every employee sincerely and you can speak to most of them one on one.
    You get mostly what you need to maintain a financial practice here but in my opinion not enough to start a financial practice here for most young professionals.
    The senior reps in this company are always glad to help with knowledge, maybe not leads or partnership but always knowledge.
    In addition to your small wage, they also pay for licenses, gas, and pay for any marketing events in your first 9 months.
    Sometimes you can get house accounts or leads but they are just not high quality leads.

    Cons

    **Most of the cons I put here WON'T be found in many of the offices around the country but do exist in some and in pockets of the company like most other companies. So this is my disclaimer to you and make sure you take time to get to know the people especially if you're in a smaller city than NYC.
    **You will cold call or call all of your friends and family and that is really the hardest part of this business for newcomers. This is a con for Foresters because of reasons I'll list:
    -NO NAME RECOGNITION (this gets underestimated by new advisors to the industry)
    -the few leads they give you are not high quality
    -their market is middle class America and that sounds rewarding until you are chasing down really small sales and people start ditching you
    -your family doesn't want to give you all your money because they don't take your firm serious
    **Be weary if you have a young manager, or a small office, sales goals were unrealistic and because of that, you end up having many negative fail-oriented conversations with your manager. When you have a manager with their position on the line, they will be glad to tell you that you have no job security (first year).
    **seeing unqualified people get hired is very depressing, especially if you have a real degree in finance or business and they have no college or have a degree but in something comical to this position like Music.
    **the training was good for salesman but not too sophisticated when it comes to investment and market knowledge. This is a con also because you don't have all the tools equally available to be a financial advisor like you would at a bigger firm.
    **You will mostly be selling mutual funds and life insurance. Even when you are eligible to join their true advisor program and do individual stocks, this not a specialty at the company unlike other wealth management firms.
    **their was some favoritism

    Overall, this is a decent place to sell mutual funds and Life insurance, but not to build a large, diverse, or sophisticated financial practice. If you are new to the industry, you might be better off going to a powerhouse firm like JP, Gold, Blackrck, NYL, Prud, etc. here you will have better resource, better training and most importantly brand name recognition so you can build clientele and have respect.

    Advice to Management

    Continue to grow and keep the culture positive. Make sure your managers are teaching ethically so you don't miss out on great future advisors. Give a better starting salary rather than gas and other marketing cost reimbursement. Have advisors get series 7 instead so they can get more serious clients and do more for people than just life insurance and MF. Target and teach wealth management as well as current middle market focus.


  4. "Financial Representative"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Representative in Westbury, NY
    Former Employee - Financial Services Representative in Westbury, NY
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Foresters Financial full-time (Less than a year)

    Pros

    The Co-workers are friendly and are there to help you along when needed. And bagels on Friday thats about all

    Cons

    Managment is not a team. They are always yelling at each other in front of employees. Significantly stretch the truth about how compensation is handled. Training severely lacking and want you to call all your family and friends.

    Advice to Management

    Your managers should focus on being managers, instead of handling their book of business. Maybe then employees will get proper attention.


  5. Helpful (1)

    ""Financial Planning" = Life Insurance Selling"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Representative in Beaverton, OR
    Former Employee - Financial Services Representative in Beaverton, OR
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Foresters Financial full-time (More than a year)

    Pros

    They provide a team like approach and you'll have support from your peers. And they do pay you in the beginning which is better than most financial services companies out there.

    Cons

    Very High Sales Pressure environment. They say they are a "full services" company yet every single financial component leads to selling Life Insurance. Because of the new DOL rules coming out they are changing their model to life insurance because it is "less regulated" and "more profitable" than investments, as told by the branch manager during a meeting. You also have to start out with your own life insurance license and have to start calling your friends and family to sell life insurance to them before you really learn much about the business. Also comission payouts are terrible compare to other companies and can easily be out quoted as well. However if you like having a team, enjoy sales contests and are fine with just being an insurance agent then it may work out. Also be prepared to be publicly humiliated if you don't produce enough business in a week.

    Advice to Management

    Don't be hypocritical. Don't make fun of other reps publicly for not looking business professional by not wearing a tie when the very next day you walk in wearing sweats and a hoodie because its your "day off". Listen to the other reps and not go with a 'one style fits all' attitude in working with them to become successful as not one style flows with everyone. Maybe then you guys wouldn't have had so much turnover the last two years. And lastly provide free coffee for the reps and assistants in the office. They go through so much, the least you can do is give them a pick me up like every other normal company.


  6. "Terrible Management"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Representative in Seattle, WA
    Current Employee - Financial Services Representative in Seattle, WA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Foresters Financial full-time (Less than a year)

    Pros

    Great coworkers, easy entry level job.

    Cons

    Poor management, no training program for new representatives, terrible work environment, no work-life balance, no benefits.

    Advice to Management

    If the only way to learn the job is through failure, you need to reconsider your training program.


  7. "Financial Services Representative"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Representative
    Former Employee - Financial Services Representative
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Foresters Financial full-time (Less than a year)

    Pros

    Good personal growth, I learned a lot about myself and how to conquer some of the fears I had of networking and reaching out to people. I feel I gained a great deal of professional skills I will use in the future.

    Cons

    In the beginning they limit you to only your personal network. No leads given and it is very hard to get up-and-running if you don't have a large personal network. Management acted indifferent to the success of new reps.

    Advice to Management

    Given that the turnover rate in the industry is almost 100 percent, you should be a little more invested in the success of your new people, as retention is the only way the company will grow. When the manager who is supposed to be the new rep "mentor" is spending at most an hour a day with those people, you cannot expect that they will become successful by chance.

  8. Helpful (1)

    "Financial Services Representative"

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

    I have been working at Foresters Financial full-time (More than a year)

    Pros

    Great training, management will do everything they can to give you the tools needed to be successful. It's up to you whether you make it or not.

    Cons

    Very hard industry to break into, lots of competition

    Advice to Management

    Don't change. Continue to make the lives of your representatives a priority.


  9. Helpful (1)

    "Rep"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Representative in Beaverton, OR
    Former Employee - Financial Services Representative in Beaverton, OR
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at Foresters Financial full-time (More than a year)

    Pros

    Flexible schedule if need be. Work closely with one or two trainers. Only not for profit firm in the United States. Pays decent.

    Cons

    Worst management and demeaning environment to have ever worked in. Pay is under industry average. Old school database that's behind the times.

    Advice to Management

    Give praise with sincerity.


  10. Helpful (1)

    "Financial Service Representative"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Service Representative in Tampa, FL
    Former Employee - Financial Service Representative in Tampa, FL
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Foresters Financial full-time (Less than a year)

    Pros

    It has a good training program, friendly staff, and open door policy.

    Cons

    Don't allow enough time for growth