Foresters Financial Reviews | Glassdoor

Foresters Financial Reviews

Updated May 14, 2017
92 reviews

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3.0
Star Star Star Star Star
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Bill Lipkus
7 Ratings

92 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 24 reviews)

  • Good work - life balance; managers can be very accommodating (in 12 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. "The Responsibilities of a Student"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Intern - Intern in Denver, CO
    Former Intern - Intern in Denver, CO
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I worked at Foresters Financial as an intern (Less than a year)

    Pros

    You do not have to do much for this internship besides show up. Management tries to sell you on working there. Huge waste of time, unless you truly want to work as a financial services representative.

    Cons

    The mangers can be slightly abusive at times. I went into the internship hoping to actually do a job, not study.

    Advice to Management

    Managers should try to give interns a bit more responsibility. The internship lasted roughly 10 weeks and it was the same thing week after week. Interns just talk about insurance or retirement planning.


  2. "Financial Representative"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Representative in Dublin, OH
    Former Employee - Financial Representative in Dublin, OH

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

    Pros

    There is a great opportunity to help people and make a substantial amount of money in the long run.

    Cons

    Generally, it is going to be a constant grind for 2-3 years before you start to see a rise in income and you are never not working.


  3. Helpful (3)

    "Company has heart but leaves much to be desired"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Desk Jockey in Edison, NJ
    Former Employee - Desk Jockey in Edison, NJ
    Negative Outlook
    No opinion of CEO

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

    Pros

    Company values are strong, supportive hr team and co-workers, New Jersey based job (nice to not huff it to NYC)

    You get a half day off for your birthday which is nice.

    Cons

    Where to begin. First the benefits package is borderline terrible. 401k has extremely high internal fees and you're only offered mutual funds through their Own mf company (first investors). Also there is only 2 open enrollment periods to enroll. Cost for healthcare is high. 9 hour work days. Technology is an absolute mess. Spotty internet connection, no access to benefits online (everything is on paper)

    Advice to Management

    Invest in your company and your people


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  5. Helpful (2)

    "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.


  6. "Decent"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Customer Service Associate in Edison, NJ
    Current Employee - Customer Service Associate in Edison, NJ
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Foresters Financial full-time (More than 3 years)

    Pros

    Benefits, 401K, Decent Pay; It's a good place to start and looks good on a resume. I would recommend this company to a friend, however I do not see it as a "long term" option unless you become part of senior management.

    Cons

    Not Many Advancement Opportunities or Raises Given, I would consider most of the positions here to be entry level.

    Advice to Management

    A lot of other companies in this field offer better pay, the amount of work being processed on a daily basis is worth a bit more than what is being offered.


  7. Helpful (5)

    "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


  8. "Finance Internship Program"

    Star Star Star Star Star
    Former Intern - Intern in Monrovia, CA
    Former Intern - Intern in Monrovia, CA

    I worked at Foresters Financial as an intern (Less than a year)

    Pros

    Some of the lessons were very informative. All employees and management were very friendly. That's about it as far as the good things about this program. Overall the bulk of the internship was showing up for lecture meetings and a final case study project at the end.

    Cons

    Not very hands on as most of the time was spent on absorbing information from lectures. I felt there needed to be more hands on learning. New advisory training was optional for interns but should be mandatory to go to at least 1. At the end of the internship, no skills were really acquired which is a bummer. If you're not planning to become a financial advisor then this program is not for you.


  9. "Emphasis on Life Insurance Products"

    Star Star Star Star Star
    • 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
    Negative Outlook
    Approves of CEO

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

    Pros

    Great atmosphere of ambitious professionals with a great overall company mission.

    Cons

    Minimum wage essentially while working as a financial services representative. Switch to IC will take much longer than described.

    Advice to Management

    Don't shove life insurance sales on new representatives as their only goal.


  10. "Good company, terrible oay"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Representative in Southfield, MI
    Former Employee - Financial Representative in Southfield, MI
    Neutral Outlook
    No opinion of CEO

    I worked at Foresters Financial (Less than a year)

    Pros

    Good products
    Paid training for the firing 9 months

    Cons

    Pay is abysmal, minimum wage

    Advice to Management

    Change training system


  11. "Financial Services Representative"

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

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

    Pros

    Ability to receive FINRA based licenses

    Cons

    Sales, Sales, Sales. All they care about is meeting quota


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