Freedom 55 Financial Reviews | Glassdoor

Freedom 55 Financial Reviews

Updated August 16, 2017
89 reviews

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3.2
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Freedom 55 Financial Regional Director Steve Kennedy
Steve Kennedy
3 Ratings

89 Employee Reviews

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Pros
  • very professional employee training program (in 10 reviews)

  • Great training culture, very focused on advisor development (in 9 reviews)

Cons
  • 100 % commission based, yes - not too bad (in 11 reviews)

  • Its difficult to create a business unless you have an edge, or are that sleazy person who will oversell to friends and family (in 6 reviews)

More Pros and Cons

  1. "great company"

    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 Freedom 55 Financial full-time

    Pros

    great company and great support structure. nice people to work with.

    Cons

    sometimes things doesn't go as expected and can be frustrating


  2. "difficult"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor
    Former Employee - Financial Advisor
    Doesn't Recommend
    Positive Outlook

    I worked at Freedom 55 Financial full-time

    Pros

    work life balance is good, you make your own hours and have your own schedule. It is truly a make it or break it career and if you can do it on your own especially I commend you for it. If you have a very good market or you buy a book of business or work under a senior advisor it is doable. Starting from scratch is incredibly difficult and 1 in 5 will not make it past the first year.

    The training program is quite good and they will pay for you to train with the company while you learn the business. Far better then other similar companies.

    Good compensation for insurance products

    Cons

    -250 dollars bi-weekly for a desk and a crappy laptop that is non-negotiable, you make no sales in two weeks you owe the company money. Your client cancels his policy within two years you owe money. Once your in the hole it can be very hard to get out of it and it can be very disappointing.

    -Higher then normal MER fees makes it harder to sell mutual funds to clients.

    -The pay schedule for getting actually paid for the business you are doing is very confusing. Your pay is almost never what you expect.

    -There almost never is a referral from the company to a client, No one walks in the front door to talk about investing money. You aren't referred to clients looking for services very often.

     -Little to no brand recognition to young people

    -There is alot of competition, you have other advisors to deal with as well as banks that are able to make it extremely convenient for there clients.

    -Benefits are extremely expensive and not very good which is really disgraceful for a company that sells benefits. The average advisor is in his 50's. High rates and you need to pay for them by yourself. Just another expense to add to the pile when your making no money.

    Advice to Management

    Management for the most part is good, however charging your employees so much to just try and work there is awful. Office fees should be waived, there shouldn't be an expense for software or a laptop. Marketing is non-existent unless you want to pay for it as well.

    An inability to adapt to CRM is going to mean alot more people will use other options to invest there money. Also insurance and health benefits are becoming easier to apply for and search out on your own. The business model is flawed and it is simply going to be harder and harder for advisors to make a go of it with the company.

  3. Helpful (1)

    "Lip Service"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Security Advisor in Vancouver, BC (Canada)
    Former Employee - Financial Security Advisor in Vancouver, BC (Canada)
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Freedom 55 Financial full-time (Less than a year)

    Pros

    Great company culture, supportive directors, good training

    Cons

    Rely on selling to your friends and family. If you can't do this in the beginning, you'll fail. Be very wary of how much it costs to "have your own business" here. You're self-employed, but the company is taking money from you while they control virtually everything. The marketing is oldschool, they do a ton of paperwork for no reason, and it's a bloodsucking company. If you've never run a business, and if you don't have a strong business sense and go for it because it all sounds good and supportive, you'll come out of this experience after emptying out your bank account to them.

    Not to mention, on paper you have your own business, but unless you pedal hard and work 16 hour a day prospecting, you won't be surviving. Instead, you become their customer. It's a very intelligent business model.

    Unless you're sure you want to work like a dog while sticking to an antiquated business model. DON'T DO IT.

    The Cons outdo the Pros. So just stay away from it, and find some other way to have your own business.

    Advice to Management

    Directors are fabulous, most of the time. Some of the management though... if you aren't excelling or into sports and "cool" they won't even make eye contact with you. Most advisors are emotionally intelligent, so this is so transparent.

    I had a three-way meeting with managers for review and a manager literally made fun of me.


  4. "great"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook

    I worked at Freedom 55 Financial full-time (More than a year)

    Pros

    great place to work loved it there

    Cons

    there are none nothing bad to say


  5. "Certified Financial Planner"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

    Great culture, flexible hours, good learning opportunity

    Cons

    Commissioned pay, stressful, limited opportunities for advancement


  6. "Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Kingston, ON (Canada)
    Former Employee - Financial Advisor in Kingston, ON (Canada)
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Freedom 55 Financial full-time (More than 5 years)

    Pros

    Good training and assistance with licensing.

    Cons

    Everything else.
    Advisors are treated more like a customer than a representative of the company. Managers are focused on their own bonus and neglect the support they've promised to current advisors, choosing to focus on recruiting (bonus is based on new hires).
    Often promotions are given to one of the least qualified presins, who is unable to do the job effectively, so that it will not effect retention numbers when that person eventually resigns (again, due to managers bonus). This fosters an inept management team, often lazy, who spend more time golfing or are just absent.
    Culture is non existent due to the fact that managers expect the advisors to facilitate anything involving team building under the guise of "Accountability" for their own business.
    All around, freedom 55 is an unhealthy company that appears to be taking no action to do a better job.

    Advice to Management

    Stop lying to people, stop selling people on the career with inflated projections of income and promises that you know full well you are unable or unwilling to follow through on.
    Eastern Ontario Financial Centre might have the most incompetent, lazy and careless management team in the country.


  7. "Financial Security Advisor / Sales Agent"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Security Advisor/Sales Agent in Vancouver, BC (Canada)
    Former Employee - Financial Security Advisor/Sales Agent in Vancouver, BC (Canada)
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Freedom 55 Financial full-time (More than 5 years)

    Pros

    Excellent mix of insurance products probably the best in the business. Good training on insurance products is provided through company sponsored programs.

    Cons

    On recruitment all financial service companies claim greater earnings potential than reasonably possible. Most people quit within 6 - 8 months as it is extremely hard to actually earn commission from sales. Most new agents (99%) only ever sell to themselves or their parents and that is it. Unless you have a huge network of contacts (really huge) don't bother to sign up to work for Freedom 55
    For investment product you are restricted to only mutual funds and often pressured to sell high MER in house mutual funds in preference to outside funds better suited to the client's needs. You are also encouraged to 'churn' client investment portfolio's to generate income for you and the company - a totally unethical practice. If you know anything about mutual funds you realize that they are really only suited for small investors (below $150k) or to provide foreign or specialty diversification to a larger equity based portfolio. Branch management encourages agents to engage in practices that are ethically borderline so that the managers can exceed quota and earn more for themselves.

    Advice to Management

    Be honest to new agents as to the high rate of employee churn and realistic compensation estimates. Be honest about how much pressure you put on agents to sell in house mutual funds.

  8. "Financial Security Advisor"

    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

    I worked at Freedom 55 Financial full-time

    Pros

    Fantastic training program to enter the industry

    Cons

    Nickel and dime their advisers with unnecessary expenses that should be covered by the company.

    Advice to Management

    Refocus your efforts on reducing the pressure on advisers and find a way to promote a culture of inclusiveness. Put more emphasis on good advisers getting their CFP credentials.


  9. "Treat as your own business"

    StarStarStarStarStar
    Current Employee - Financial Advisor in Mississauga, ON (Canada)
    Current Employee - Financial Advisor in Mississauga, ON (Canada)

    I have been working at Freedom 55 Financial (Less than a year)

    Pros

    Training is really good, trainer do take pain to ensure you clear the exam.

    Cons

    Need to pay nearly CAD500 per month even if no sales, no commission. Just for the infrastructure

    Advice to Management

    Add Base salary for less attrition.


  10. "Financial Advisor Role"

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

    I worked at Freedom 55 Financial full-time

    Pros

    Working here is a great way to develop your network while getting some training allowance (7,000-3,000 = $4,000) and a but of training income $3,000 on a declining balance / pay.

    Having the mindset of an entrepreneur / advisor really opens you up to social situations you'd otherwise never entertain. Getting in touch with old acquaintances and reaching out to strangers is a great tool to keep with you.

    GREAT people work here.

    Working with the product specialists and your director provide you with great information you can take with you to help you figure out your clients financial plan, as well as your own.

    Autonomy - you can freely choose to come and go as you aren't technically an employee. They have recommended times to attend, which are more or less strictly enforced depending on your financial center.

    Cons

    THIS IS A SALES JOB. No matter what anyone tells you, you are not going out there to provide 'good advice' you are going out there to SELL people.

    The compensation is heavily forward weighted when selling whole life insurance. It raises an obvious conflict of interest, generally one that advisors who stay have to 'learn' and embrace. It's an easy sale without much work on the advisors part and provides good numbers for management and directors.

    This is truly the church of mutual funds and fear-based insurance selling. If you so much as mention an Index Fund or question the purposes of an over covered amount for an Insurance Product, watch as anger and blasphemy comes over the faces of everyone around you. You truly need to 'drink the koolaid' if you want to stay here.

    Insurance companies are naturally conservative and late-adopters. This core principle may actually kill some of them off though. When dealing with Millenials, whether they're killing it or just getting by, they don't want to meet up to sign a bunch of archaic forms, talk to someone about securing a nest egg or the chance they may get hit by a bus. They want to be in control of their finances with technology, they want choice and ease of use. To sign someone up for a mutual fund required at least 10x the amount of work necessary to sign up for a Qtrade or RoboAdvisor account and those that know this will laugh at you when you try to convince them that paying you 1-.2.5% of their invested dollars for another version of a cookie-cutter portfolio is worth all the hassle.

    Commission structures are changing soon. People are realizing they don't need your advice to sign up for most basic risk management products - simply fill in what your needs are, goals, and review your suggested covered amount, The $3,000 going to the advisor would sit much happier split between the pocket of the client and the pocket of a developer coming up with a solution for this.

    Advice to Management

    Provide seeded cluster clients to the advisors right away so they can begin to look at client files and have another channel of prospecting to use from the beginning.

    Provide insight on inbound marketing techniques - LinkedIn, Facebook, Google Adwords. This can connect your business to the next generation


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