Foresters Financial Reviews | Glassdoor

Foresters Financial Reviews

Updated December 6, 2017
355 reviews

Filter

Filter

Full-timePart-time

3.1
StarStarStarStarStar
Rating TrendsRating Trends
Recommend to a friend
Approve of CEO
(no image)
Michael Stramaglia and Sonia Baxendale
2 Ratings

355 Employee Reviews

Sort: PopularRatingDate

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. Featured Review

    Helpful (3)

    "Foresters Financial"

    StarStarStarStarStar
    Current Employee - Anonymous Employee in New York, NY
    Current Employee - Anonymous Employee in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Foresters Financial full-time

    Pros

    Having the ability to help individuals, families & business owners get their finances in order, identify their goals and pave a path for them to get there day in and day the best part of my job. The support i received from my managers and the other advisers in the office has been the biggest reason for my success. The training is awesome!

    Cons

    This career is not for everyone. You must be truly dedicated to helping others first, have a determination for success and a work ethic that exceeds your peers. The training program provides everything you need for success its just a matter of taking advantage of it which not everyone has the drive to do.


  2. Helpful (1)

    "Diversity of projects, opportunity to gain new skills and learn from some very bright and experienced business people"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Recommends
    Positive Outlook
    No opinion of CEO

    I worked at Foresters Financial full-time (More than 8 years)

    Pros

    Lots of opportunities to work on variety of projects with people from across the organization - US, Canada and the UK. Really does believe its purpose of helping families and communities

    Cons

    Can sometimes take longer than expected to get things done but this is mainly due to the regulatory nature of the business.

  3. 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.


  4. "Good for investors"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Foresters Financial full-time

    Pros

    A great culture to work in and the representatives really care about their clients and getting them the best. They will not try to take advantage of you.

    Everyone is friends and becomes close, gets lunch together constantly, and are pleasant to work with.

    Cons

    There is no base salary after this first year; only commission. Many of the reps get along fine with this, however you are able to get a base salary PLUS commission from other companies. Also, there is lots of paperwork compared to other companies, which makes your life much more difficult in trying to process business.

    Advice to Management

    Give all representatives a base salary or at least do bonuses based on produced amount annually. SOMETHING other than commission, its not fair especially in comparison to other companies that are doing the same work.


  5. "Financial Professional"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Houston, TX
    Former Employee - Financial Advisor in Houston, TX

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

    Pros

    Opportunity to become a financial adviser

    Cons

    Young management, a revolving door with new advisers coming in and not staying past a year. No benefits


  6. "Intern"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

    Great Work Environement and Learning Experience

    Cons

    Less Exposure to Client cases


  7. Helpful (2)

    "Great Environment With An Emphasis On Professional/Personal Growth"

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

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

    Pros

    TEAMWORK- While starting a financial practice is a lot of work, the Senior Advisors who work in Rochester are very helpful and always a tap on the shoulder away from help. Of course when you are new you will not have all the answers your clients are looking for. However, with your co-workers and management assisting you at every turn, it is not difficult to become a proficient and knowledgable financial professional. There were two Senior Reps I could always count on to call when I had questions, or simply needed encouragement.

    LEADERSHIP- The management always has your best interest in mind. Even in the months since I have left, I look back and realize that EVERY SINGLE piece of advice they gave me was for the growth of my practice. One on one meetings with the Branch Manager or the New Rep Development Manager were always helpful and encouraging.

    AUTHENTICITY- Foresters never suggested that I sell a product that didn't make sense to the client. It is true that there are internal contests for the reps that sold the most Life Insurance in a given time. However with the diversity of not only our clients' needs, but also the products that Foresters sells, there is never a need to sell an ill-advised product, nor did anybody in our branch do that. The compliance department of Foresters, while strict, made it impossible for our reps to sell like that.

    Cons

    DISCOURAGING- To be successful at this career, you need to be extremely confident in who you are and your gifts. Lots of nights I would walk away from the office discouraged because I might have blown an "easy" sale, or not have gotten any referrals on a call. Luckily for the Rochester branch, everyone is very supportive. YOU MUST BE WILLING TO ACCEPT CRITICISM! IMPOSSIBLE TO GROW WITHOUT FEEDBACK OF MORE EXPERIENCED REPS.

  8. 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.


  9. Helpful (1)

    "Financial Services Rep."

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    Pros

    Great training and good products
    Management cares about costumers

    Cons

    No benefits because representatives are contractors
    Sales


  10. "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.


Showing 355 of 436 reviews
Reset Filters