Modern Woodmen Reviews | Glassdoor

Modern Woodmen Reviews

Updated February 14, 2017
15 reviews

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3.0
Star Star Star Star Star
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W. Kenny Massey
5 Ratings

15 Employee Reviews

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Pros
Cons
  • Home office support shuts down at 4:30pm (in 5 reviews)

  • I don't have anything negative to say (in 3 reviews)

More Pros and Cons

  1. Helpful (3)

    "Apply today, Start work tomorrow!...But get a paycheck next month...and training 6 months later."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Dallas, TX
    Former Employee - Anonymous Employee in Dallas, TX
    Doesn't Recommend
    No opinion of CEO

    Pros

    No Experience or Education is required to come on board. You go through 3 tiers of interviews, but as long as you don't have a felony, you will be offerred a job. They will work with you every step of the way to ensure that you pass the state exam (about a 1-2 week study-cram). Then you are given a rebate (refund of exam and licensing fee) when you pass. Your computer, business cards, and other incidental biz expenses are credited to you and taken out of your paycheck, gradually.

    Cons

    Must have abouth a 6-month business expense to live on. It will be at least a month before you will start receiving income. So you must pay for transportation and supplies. Leads are cold (luke-warm at best). Low name recognition of "Modern Woodment". Extensive 1-week District training in Rock Island, IL, is given after you have been on your own for about 6 months. The training was good, but very late.

    Advice to Management

    Give the District training immediately after the agent passes the state exam and BEFORE having the agent selling, unsupervised.


  2. Helpful (5)

    "Sales"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Representative in Amarillo, TX
    Former Employee - Financial Representative in Amarillo, TX
    Doesn't Recommend
    Neutral Outlook

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

    Pros

    Lots of independence and ability to set your own hours. Hardwork pays off sometimes but not always. You must be willing to harass a lot of people before you get a small sale.

    Cons

    Lack of quality training, must learn on the job. To be successful you must work long hours everyday and invest a lot of your own money into gas, client lunches, and advertising.

    Advice to Management

    Invest more time with your field representatives than simple class room lecture and a couple of sales calls.

  3. Helpful (3)

    "Sales with little training"

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

    I worked at Modern Woodmen full-time (More than 3 years)

    Pros

    Good benefits and potential for great income if you get properly trained on products.

    Cons

    Lack of training on products and services. Must train yourself with little help from management.


  4. Helpful (3)

    "An ok company"

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

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

    Pros

    Great benefits if you can keep them! Health insurance is paid for 100% for the employee and 50% for the family.

    Cons

    Difficult to meet goals as focus is really on life insurance and not investing. If you don't meet goals quarterly you lose your "contract" and benefits but can still sell life insurance.

    Advice to Management

    tell candidates the truth - you are a life insurance company that has advisors who may or may not also be able to offer investing advice.


  5. Helpful (1)

    "Financial Representative"

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

    Pros

    Good product and programs to help community

    Cons

    Underwriting is unreasonable and home office not helpful

    Advice to Management

    none


  6. "not for everyone"

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

    I worked at Modern Woodmen (Less than a year)

    Pros

    depending on your region, this could be a good starting point for a career in the life insurance/financial services world

    Cons

    sometimes too old fashioned, not really "Modern" in a lot of areas. Financial Rep position can be oversold depending on who you are talking to, no one knows of Modern Woodmen in many cases

    Advice to Management

    find ways to compete with big boys in certain regions, not ever philosophy fits every part of the country, create a compensation plan that allows time for patience while getting to know the business


  7. "Intern"

    Star Star Star Star Star
    Former Intern - /Financial Representative in Clemson, SC
    Former Intern - /Financial Representative in Clemson, SC

    I worked at Modern Woodmen as an intern (More than a year)

    Pros

    Smart and very nice management

    Cons

    Didn't communicate well with interns

  8. Helpful (5)

    "Financial Representative"

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

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

    Pros

    - Fraternal model of business focuses on client's needs and client relations
    - Jump-start commission structure means you make more off your sales when getting started
    - Independent contract results in being able to use products from other companies
    - Well established company with well designed products
    - Set your own schedule (make production requirements on your own time; no clock punching)
    - Framework to specialize in certain products on top of life insurance (e.x. health ins, disability ins, LTC ins., etc.)

    Cons

    - Life insurance company that isn't really interested in "broker types"
    - Production requirements only based on Life insurance sales; no other product sales count to contract requirements
    - Contracting as an FR is as far as you get without going into management
    - Severely underdeveloped RIA education and support
    - You make your own work and must be VERY well connected to build client book and obtain referrals
    - No salary/wage; 100% commission compensation. Hard to get started with no consistent income

    Advice to Management

    - When recruiting, do not say that you have unlimited potential to build your practice. This makes it seem like you can use any type of product to meet production.
    - Develop your RIA program to attract a different crowd of finance professionals and career builders
    - Commission structure for a newly contracted agent is nice, but so is income stability for the "dry seasons." Develop a compensation package that blends compensation and salary. (recommend looking at Morgan Stanley compensation structure)


  9. "Summer Intern"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Intern - Anonymous Intern
    Former Intern - Anonymous Intern
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Modern Woodmen as an intern

    Pros

    Great boss, only worked on Friday's from 9am-12pm. Asked for minimal work. Easy internship. Great company to start out in the insurance world.

    Cons

    Its Insurance, so that pretty much sums it up. Not enough hours and it is unpaid so that makes it tough.

    Advice to Management

    Influence selling securities a little more along with more research in the finance industry.


  10. Helpful (3)

    "FInancial Representative"

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

    Pros

    Freedom to make your own schedule.
    Ability to make large amounts of money if you do well.
    Very thoughtful and caring management.

    Cons

    Difficult to get started if you don't have a sizeable network to sell to.
    Can be uncomfortable pushing products on people when they don't want to buy them.

    Advice to Management

    More opprotunities to get leads


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