Foresters Financial Registered Representative Reviews | Glassdoor

Foresters Financial Registered Representative Reviews

Updated March 10, 2017
23 reviews

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Registered Representative

3.0
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Bill Lipkus
3 Ratings

Employee Reviews

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Pros
  • The training program for new financial representatives is state of the art and helps you start building your business from day one (in 23 reviews)

  • Good work - life balance; managers can be very accommodating (in 11 reviews)

Cons
  • No work/life balance, at least if you plan on being successful (in 16 reviews)

  • You will be pressured to sell to friends and family (in 13 reviews)

More Pros and Cons

  1. Helpful (1)

    "Good Initial Expience, Difficult Long Term"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Registered Representative in Miami, FL
    Former Employee - Registered Representative in Miami, FL
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I worked at Foresters Financial (More than a year)

    Pros

    Paid Licensing programs are rare outside of the elite financial institutions, huge plus. Training program is also quality. Consistent support from managers. Lots of flexibility.

    Cons

    Instability. Once you become a registered rep, you're 100% commission. Requires leveraging your personal network. I estimate a 2 year retention rate of about 5%

    Advice to Management

    Implement a salaried position for an extended period of time, 6 months is too short. More clarity in the hiring process. Above all, if you intend to get reps to 100% commission as soon as possible, explain the financial instability they will likely face after that point.


  2. Helpful (2)

    "great company, but not for everyone"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Registered Representative in Woburn, MA
    Current Employee - Registered Representative in Woburn, MA
    Positive Outlook

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

    Pros

    great culture, valuable training, sponsor licenses and compensation for time spent studying in office

    Cons

    no benefits, low pay, need to leverage personal network to find clients

    Advice to Management

    be more honest in hiring process when talking about how much money you can reasonably expect to make, and lack of help in finding leads


  3. Helpful (6)

    "Great/ Tricky Goals"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Agent/Registered Representative in Boston, MA
    Former Employee - Agent/Registered Representative in Boston, MA
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Great managers, good attitude and a positive atmosphere. Close knit attention given every day.

    Cons

    Difficult to reach the goals set by corporate. The managers seek to help as much as they can, but it can be tricky to learn, prospect, and train at the same time.

    Advice to Management

    Great local support, the corporate center needs to give more flexibility and power to the branch managers.


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  5. Helpful (2)

    "Don't be misled"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Registered Representative in Woburn, MA
    Former Employee - Registered Representative in Woburn, MA
    Doesn't Recommend
    No opinion of CEO

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

    Pros

    They pay your exam fees and materials, plus you're paid to study at work
    Good sense of community within the hiring class
    Senior reps are friendly

    Cons

    tldr: interviews are misleading, only take this job if you're cool soliciting sales from your personal network (and all the cliches about life insurance salesmen are true)

    Branch management's motivation for reps is very "sell or you're fired"
    You will be pressured to sell to friends and family. They will say that this is just to start off, but they continue to emphasize this and getting referrals to their friends and family...
    During interview you'll be told a story about working in school systems with teachers, but you won't be getting there if you don't sell to friends and family first. I expected that I'd be able to get into advising people who needed it, but you can't prospect in earnest until you've passed your 6 and 63 and by then half the time until your first FYGR requirement has passed.
    Speaking of FYGR....compensation seems to be constantly changing. But what you should know is: you make minimum wage for six months, supplemented by baby commissions if you make any sales.

    Advice to Management

    Don't mislead prospective reps during the interview process; be upfront about this being a sales job and about the need to solicit sales from personal contacts


  6. Helpful (8)

    "Great training. Horrible bosses and culture."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Registered Representative
    Former Employee - Registered Representative
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Great training. You go to sales training every morning. Free brochures and copying. You get paid minimum wage for the first 6 months or until you produce $15k in first year revenue. While you get paid (w-2), you get reimbursed for some pre approved gas and marketing. After 3 years, you become your own boss (sort of).

    Great place to interview if you need a job ASAP. They will hire anyone that decides to come back. When I interviewed with a room full of 12 people there for the same job, we were told there was only one position open. When I received the job offer and came in for my first day, there was another guy there that I interviewed with... I guess there were 2 spots open. Also, you will see 2 or more new people every other week come in like clockwork. If you are in-between jobs, give it a shot. Minimum wage to sit and read a book isn't bad if you need the money.

    Cons

    The managers tend to be wash out reps that kissed enough butt. Therefore they have something to prove. After you're off of w-2 and transition to an IC, you will be responsible for all your marketing (trade shows, seminars, etc.), your LinkedIN/Facebook/Twitter through Socialware (500/yr), among other things.

    The business plan seems to be 1. hire recent college grads, 2. have them sell insurance and roll their family and friends into A-shares (mutual funds), 3. send them out for 2-3 hour driving distance meetings with prospective clients for $100/mo investments (called money lines and your commission would be 50% of the 5.75% sales charge... basically $2.50/ month), and 4. when they quit, redistribute the clients to the people that kissed butt.

    Also, if you decide to interview here; ask if you will have to work Monday-Saturday from 9 to 8pm...

    Advice to Management

    Be more competitive in hiring. Stop telling people that the office average is $110K per year in commission. Most people in the office are in the training program and the senior representatives barely make above $40K lol


  7. Helpful (5)

    "Great Training but Tough Start to a Career"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Registered Financial Representative in San Diego, CA
    Former Employee - Registered Financial Representative in San Diego, CA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    They without a doubt invest a lot in you with the training program and the first couple months are full of learning.

    Cons

    Much more of a sales driven career as opposed to financial planning, but nonetheless a good start for someone going into financial services. Calling and friends and family first is very uncomfortable sometimes.

    Advice to Management

    The 60 hour work weeks to start are a bit much and appointment setting goals are hardly ever reached by anyone, which might be a bit discouraging for most.


  8. Helpful (2)

    "Sales, sales, sales"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Registered Representative
    Former Employee - Registered Representative

    Pros

    Fun people, exceptional insurance products. As a company within a gross industry, great culture and they do their best to have you succeed, because it lines their pockets even more than yours.

    Cons

    mutual fund peddlers, but this is an industry gripe; not necessarily a FIC gripe. mediocre mutual funds, make the real money off of insurance, which is pushed heavily in a guerrilla-like fashion.If you're in the industry of insurance/mutual fund sales and don't mind cold-calling and pestering all your friends/relatives to "invest", this is for you. but after receiving an MBA, MSc-Finance, a couple designations, and a lot more experience, I am a lot more privy to the dangers of this type of commission-based business.

    Advice to Management

    additional support, stop hiring fresh undergrads to look for investable assets.


  9. Helpful (2)

    "Financial Services Representative/Registered Representative"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Registered Representative in Los Angeles, CA
    Former Employee - Registered Representative in Los Angeles, CA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Foresters Financial full-time (More than 3 years)

    Pros

    Company paid happy hours. $9/hr for first 7 months. You get paid while you study for your life, series 6 and 63. The products suck so you really learn how to sell anything. They pay for your trade shows/prospecting activities and reimburse you $.35/mile driven for the first 7 months. They pay for your telephone and cubicle space even after you transition to contractor status. If you have family and friends with tons of money, then this is the place for you!

    Cons

    Drink the kool-aid. Regardless of what others are saying sucks about the company, don't repeat it and don't contribute... trust me, there are lots of coworkers that are willing to throw you under the bus for an extra atta-boy/girl. Work/Life balance is non-existent. Company does not advertise so it is hard to get prospects to trust you or even remember what company you work for (even after they become clients they'll still call you first financial/investments lol).

    The company does not hire experienced advisors/representatives. Very boiler room. Every other week there's a new pool of recent grads interviewing. Every other week there is someone who either gets fired or decides to quit. 2/10 reps stay longer than a year and 1/10 reps actually stay more than 3 years. The company has a reputation of being a stepping stone to other companies, meaning you learn the basics here and then move on to the major leagues (a real firm). During the interview process they sell you on how many licenses you can get (6,63, 7, 66, CFP, etc.) with them but they fail to tell you that you need to hit some crazy sales goals to even think about taking your 7. The environment was not very professional and personal drama always found a way to spill out to the bullpen.

    Advice to Management

    Let's have some raffles where people actually win a gift card.


  10. "Registered Representative"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Registered Representative
    Former Employee - Registered Representative
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Foresters Financial (Less than a year)

    Pros

    Great training program, they pay for your licensing and exam prep as long as you put in the time to pass. The office had a lot of talent and years of experience which was nice to learn from.

    Cons

    Not much help when it comes to getting clients or building a book. Helps to have a local network to build a base with


  11. "not to bad"

    Star Star Star Star Star
    Former Employee - Registered Representative in Selkirk, NY
    Former Employee - Registered Representative in Selkirk, NY

    I worked at Foresters Financial (Less than a year)

    Pros

    Great management staff and support

    Cons

    long hours with a lot of travel

    Foresters Financial Response

    Aug 31, 2015

    Thank you for your review. We encourage all employees, both former and current, to provide feedback whether it be positive or negative. First Investors is always looking to improve so we can ... More