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Foresters Financial Reviews

Updated January 14, 2018
114 reviews

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3.0
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Michael Stramaglia and Sonia Baxendale
2 Ratings

114 Employee Reviews

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Pros
  • The training program really is great and the management team helps you throughout the entire process (in 27 reviews)

  • You learn a lot of information about being a financial advisor and what kind of person would succeed as one (in 13 reviews)

Cons
  • If you aren't a natural, work/life balance will suffer (in 21 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. "Fund Accountant"

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

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

    Pros

    The coworkers were nice and fun

    Cons

    Pay, lots of favoritism, work too many hours


  2. "Good Job if it is Your Only Option"

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

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

    Pros

    Great Office Environment
    Great for Learning Experience

    Cons

    Terrible/No Work life balance
    Cold Calling
    Generating Leads from Personal Relationships(Natural Market)
    No structure in Compensation

    Advice to Management

    Work on communication skills with employees

  3. "Financial Services Representative"

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

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

    Pros

    Good People, Good location, and lots of opportunity

    Cons

    Very little time in your first year for anything other than work.. Some help from management but you really need to have a sales personality to be successful


  4. Helpful (1)

    "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. Helpful (2)

    ""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.


  6. 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


  7. "Great training and income potential"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Contractor - Registered Financial Representative in San Antonio, TX
    Former Contractor - Registered Financial Representative in San Antonio, TX
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I worked at Foresters Financial as a contractor (More than a year)

    Pros

    If you are interested in finance and insurance, this might be the place for you!
    - Paid training while studying to receive licenses
    - You will learn a lot in the field long after training is done
    - It's possible to make six figures here if you are good at closing on appointments

    Cons

    - No benefits except bonuses
    - You will be required to go to events and produce your own leads
    - If your referral generation isn't strong on appointments be prepared to spend many nights calling to fill your schedule
    - If you aren't a natural, work/life balance will suffer

  8. Helpful (1)

    "Financial Intern"

    StarStarStarStarStar
    Former Intern - Summer Intern
    Former Intern - Summer Intern
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Foresters Financial as an intern

    Pros

    Learned about the client financial planning sector. Gave me an idea of what to expect should I go into this industry. The staff was nice and the environment felt comfortable.

    Cons

    No pay for the internship
    Should have more active activities for the interns, instead of passive learning


  9. Helpful (1)

    "Ok"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I worked at Foresters Financial full-time

    Pros

    Good training, competitive atmosphere, flexible hours, pay potential

    Cons

    Micromanaging, lack of product diversity, small company mentality, if not top producer treated badly

    Advice to Management

    Get a real IT and HR department


  10. "Financial representative"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Representative in Walnut Creek, CA
    Former Employee - Financial Representative in Walnut Creek, CA
    Recommends
    Neutral Outlook
    No opinion of CEO

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

    Pros

    fast moving skill teaching. Breaking college fear scares. helps with communication/face to face interations.

    Cons

    low pay. self driven leads. contacting personal friends and family.

    Advice to Management

    help with new prospective clients


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