MassMutual Financial Services Professional Reviews | Glassdoor

MassMutual Financial Services Professional Reviews

Updated September 23, 2017
56 reviews

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Financial Services Professional

3.0
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MassMutual Chairman, President, and CEO Roger W. Crandall
Roger W. Crandall
19 Ratings

Employee Reviews

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Pros
  • great benefits and great training (in 35 reviews)

  • Good benefits, generous vacation package, flexible work timings (in 34 reviews)

Cons
More Pros and Cons

  1. "You get what you put in"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Professional in Houston, TX
    Current Employee - Financial Services Professional in Houston, TX
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

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

    Pros

    Great array of competitive insurance products. Non-captive agency which provides more options to service the client. Ongoing in-house sales and product training provided, as well as occasional opportunities to obtain CE Credits to maintain licensure. Uncapped earning potential, particularly after you obtain your FINRA securities licenses. Firm will fund State Insurance License exam fees as well as provide study materials.

    Cons

    Can be a very lonely career choice. While starting your career, be prepared to give 40 - 50% of your commission to a experienced Advisor while you learn the business for the first 3-6 months. MassMutual does not provide any lead lists. You generate all of your own leads, so if you have a weak network, you have a higher likelihood of failure. If you plan to take any FINRA exams, be prepared to come out of pocket for the Series 7/66 or the 6/63 exams (unlike competing firms) and training materials. "Orphan" clients are generally not provided to new Advisors. 100% commission after your "training year." In-house training is wholly geared towards sales of various Life, Disability, and Annuity Insurance products which is constraining. Investment training is an afterthought and virtually non-existent within the firm although we have the capabilities for brokerage service, individual / group retirement accounts, and managed money "wrap" accounts, which I feel is an squandered opportunity. Career-wise, the trajectory is pretty flat compared to other industries.

    Advice to Management

    For new hires, the training salary should be a little more competitive. At a minimum there should be parity with rival firms and their respective training "salary." With the rebranded name into "MassMutual Financial Group," we need to take the investment side of the business seriously. By treating the investment side of the business as an afterthought culturally, we are leaving money on the table. New advisors on a 100% commission shouldn't have to dig deeper into their pockets for investment licenses. Encourage all new hires to obtain at least their Series 6/63 licenses within the first 6 months.


  2. "Career Agent"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Professional in Syracuse, NY
    Current Employee - Financial Services Professional in Syracuse, NY
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Sky's the limit on income

    Cons

    It costs money to get started. 3-5 years to shows signs of success .

    Advice to Management

    Developing agents should be a 1 on 1 with a designated successful agent with succession plan.

  3. Helpful (1)

    "Not great"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Professional in Glendale, AZ
    Former Employee - Financial Services Professional in Glendale, AZ
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    You have a somewhat flexible schedule. There' is unlimited income potential if you are good at networking and have access to wealthy clients. You have access to robust training systems.

    Cons

    Work long hours for little reward. Loss of commissions for declined clients. Need to provide 100% of your own office support materials including computers.

    Advice to Management

    Don't assume everyone works the same way. Don't overly rely on software systems that can diminish productivity and lower morale.


  4. Helpful (4)

    "Tough Times at MassMutual"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Professional in San Francisco, CA
    Current Employee - Financial Services Professional in San Francisco, CA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at MassMutual full-time (More than a year)

    Pros

    My current MassMutual firm is a former MetLife Premier Client Group firm, this has exposed me to a different side of things as at MPCG the focus was on holistic financial planning. This gave me good exposure to Financial Planning. Great product training and a competitive Whole Life product but not much else.

    Cons

    After the acquisition of MPCGs associates there has been a major shift from fee based financial planning to pushing insurance products making this business less about building relationships and more about making one time sales. The insurance industry is slowly turning into a commodity industry especially with online insurance brokerages getting the business of millennials. I am a millennial myself and understand that Life Insurance is an important part of a financial plan but MassMutual simply cares about producing LADL and not the overall plan. I am considering leaving the business because this is a eat what you kill environment and there are so many jobs out there that let you eat what you kill and if you have a bad month they'll give you some rations to get you through the slow times.

    Advice to Management

    This business structure is not sustainable, you are using 20th century methods to sell products in the 21st century. It would be incredibly easy for your in house research department to take the data of the policies that have been sold over the past 10 years and create a huge list of qualified prospects based on the returns from some pretty basic client analysis. Since the average age of reps is 55 I'd recommend you move away from a 100% commission compensation strategy to offering base with a commission cap on LADL sales while maintaining a minimum requirement of production so people aren't just sleeping on the job after hitting their caps. You need to rethink how to bring young people in here and get them excited and how you are going to compete in the landscape of compressed commissions due to the serious competition of online brokerages.


  5. Helpful (5)

    "Financial Rep."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Professional in Rochester, NY
    Former Employee - Financial Services Professional in Rochester, NY
    Doesn't Recommend
    Negative Outlook

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

    Pros

    Known name in Industry.

    Cons

    little real training, You bring in your friends and family and then ? No Marketing while I was there. Their focus is Mortgage and trade shows. focus on Insurance . very few FT real employees mostly contractor status with really bad benefits. 3000 deduct on health insurance. No book of business, No leads from company, They discourage mass mailings and massive phone calls even when I purchased the names to call due to the do not call laws in NYS. Management is unresponsive and very concerned about inner office critics but when you leave they trash you. Fake sales numbers to motivate the new people. Mass hiring and then mass migration when you can not bring in strangers to sell after they have your friends and family , They made pack the " forgivable" draw they paid you for a short time which is not really forgivable if you do not meet all goals , they send your name to collection agency for all money they spent in " training allowance " So you have to pay them 6,000 if the position does not work out and most positions will not unless you have friends and family to make those goals so the pressure is on to sell Mass Mutual products required to meet goal. Everyone there is a " director" or manager but most are just Reps that did not do well at being a rep so they were given positions of power to keep them around. Retention will be very low . They wanted me to mentor the new people instead of working my own marketing plan and I have 20 years in the business. Do Not work there. and whatever you sign, make sure it's not a " loan" agreement , they are sneaky . Gossip is high, Moral is low.

    Advice to Management

    The principal, David , needs to fire all this fake management people and get qualified people to head all departments and make a real marketing department like your " benefits statement " suggests you have already. Massive marketing and phone calls from a phone center and mass mailings and networking is the only way to succeed. I got them to join the chamber of commerce in my last days there , which they should have been involved with actively all along. Stop scamming people with this fake forgivable draw , bait and switch scam , do not let your C,O,O run the show , she is useless and was a secretary a few years ago and now she is running your company ? Really ? Do not hire people until their license is approved by NYS insurance department. Asking reps to write business in their boss's name and rep number is illegal. If you give your managers mortgage leads to distribute and they keep all the leads for themselves , that is morally wrong and highly unprofessional. The sales managers are sales people over seeing new reps. They have no loyalty to the reps at all.. I call it the family and friends program and once you get all their network to buy they are gone. You stole that idea from Metlife and look what happened to them. Going to the Principle of an agency and have to beg for business or for opportunities gives you the power but is very unprofessional that everyone is at your mercy for a paycheck. I had to beg over a two month period to be part of the Mortgage lead program and my emails and voice messages went unanswered for weeks and months at a time as the Principal's secretary was the " marketing department" and a busy secretary and in charge of the smooth transition of new reps into the business. She was overwhelmed and unresponsive and took a whole month off due to " illness" while most of this work needed to be done. All my emails and complaints and objections to how things were done were shoved back in my face as " mutiny" and Treason toward the Company and called " Snarky" . so this is apparently a company that can not take any Critic's voice at all. Be quick, do not complain, being in your connections and then you are on your own so be prepared to spend your own money as I did on all marketing and sales efforts as if you were starting your own business out of your home and using a Company name while giving Massmutual half of your commissions and pay for office space and supplies. Worst contract in the history of Financial Services positions out there.


  6. "Financial Service Representative"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Professional in Lake Oswego, OR
    Current Employee - Financial Services Professional in Lake Oswego, OR
    Recommends
    Positive Outlook

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

    Pros

    MassMutual-Oregon was crucial in developing me as a professional straight out of college. While it a large company, it feels small in terms of support from the home office as well as the resources at the Lake Oswego location. They have an excellent training program that they stick with - it's not just 2 weeks and they forget about you. It's consistent, everyday development.

    The culture is filled with a lot of people who like to WIN - this is a competitive atmosphere where people work hard and there are options to go out and have a good time with coworkers too. Company trips, happy hours in PDX etc...

    There is a lot of freedom in the role and with hard work, a large payout. If you are looking into to get into the financial services business or are already experienced and don't feel like you have the things you need to be successful - make MassMutual your 1st choice.

    Cons

    By becoming a business owner, you'll need to act like a business owner. This means hard work and being accountable for your day in, day out activity. While the rewards are great, nothing comes easy and you have to have a great, positive, mentality when you start.

    Advice to Management

    Continue to put in your best effort training new reps and continue to support the more experienced producers.


  7. "Financial Professional"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Contractor - Financial Service Professional in San Jose, CA
    Current Contractor - Financial Service Professional in San Jose, CA
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I have been working at MassMutual as a contractor (More than a year)

    Pros

    Unlimited income potiental and you set your own schedule.

    Cons

    All commission. Also, you need to know a lot of wealth people the want to really believe and want to work with you. The amount of time you get to grow your practice depends on your race and sex.

    Advice to Management

    Give everyone the same amount to time to grow their business.

  8. Helpful (1)

    "MassMutual St. Louis management/training was a severe disappointment"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Professional in Saint Louis, MO
    Former Employee - Financial Services Professional in Saint Louis, MO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    They have a great whole life insurance product for you to sell. It truly is the best on the market if you do your research.

    Cons

    They hire anyone who breaths. If you can breath they can hire you, you can bring a friend/family member on as a client, and then when you quit they don't have to pay you residual so they make more money.

    They train on old school insurance sales, not the financial products or how to run a business. They charge you for everything most people take for granted at businesses. They charge for your E&O insurance, CRM's, printing, licensing, and a bunch of other stuff most companies would take care of for you.

    There are good advisors here who focus on comprehensive planning, but management pushes insurance because that is what they get paid for.


  9. "Financial Services Professional"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Professional in Detroit, MI
    Current Employee - Financial Services Professional in Detroit, MI
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at MassMutual full-time

    Pros

    Progressive and forward thinking company. Non-captive. Their mantra is how can we help you succeed? Great resources available. Knowledgeable staff at all levels. Products are well designed. It is truly your own business, but an agent is set up as an employee, but still get all of our own write-offs for tax purposes. The best part is the pension and renewal income streams.

    Cons

    Straight commission is tough. Underwriting takes a lot of time sometimes. Other than that I cannot think of any cons to being an agent with MassMutual.

    Advice to Management

    Would be nice if we were on a true salary until we have built up a book of business. Love the latest sales training.


  10. Helpful (1)

    "New employees need more support"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Professional in Perimeter Center Post Office, GA
    Former Employee - Financial Services Professional in Perimeter Center Post Office, GA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    Beautiful office environment and working hours are very flexible

    Cons

    It is commission base. Senior managers work on their own team so they are competitive with each other. Management seems to weight on the new business and the targeted sales number more than providing service and caring for their clients.

    Advice to Management

    Provide more financial and spiritual support for the new employees. Sell the service and not service the sale.