Monex Reviews | Glassdoor

Monex Reviews

Updated September 15, 2017
28 reviews

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3.4
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Michael Carabini
15 Ratings

28 Employee Reviews

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  1. "Great Company"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Sales Representative in Newport Beach, CA
    Current Employee - Senior Sales Representative in Newport Beach, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Monex full-time (More than 5 years)

    Pros

    Great company to work for, great insurance, fun working atmosphere. The managers are easy to talk to and always willing to help if needed.

    Cons

    The company is updating their technology right now, the net result should make the company bigger and better.

    Advice to Management

    Don't ever lose your open door policy.


  2. "Senior Account Representative"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Account Representative
    Current Employee - Senior Account Representative
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I have been working at Monex full-time (More than 8 years)

    Pros

    Long standing company.
    Lots of leads to call.
    Company paid pension 5% of income fully vested after 7 years.
    Health Insurance
    Full support staff to help.
    Paid parking?
    You can make good money in a bull market.

    Cons

    Existing leads are mostly unqualified.
    Qualified incoming leads from advertising are sparse.
    Compensation/Commission is not what you think. It takes $4,000,000 worth of business to make $10,000 in any given month. THAT'S A GIANT CHUNK OF BUSINESS EACH MONTH!
    Sales managers (not the VP of sales) are HR employees at best, little to no knowledge/experience trading equities or commodities.
    Seriously antiquated systems in place.
    Owners are completely detached from the business.
    No dental insurance.

    Advice to Management

    None really. The owners don't listen to management and management doesn't listen to sales reps.

  3. "Sales Rep"

    StarStarStarStarStar
    Former Employee - Sales Representative
    Former Employee - Sales Representative
    Negative Outlook
    No opinion of CEO

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

    Pros

    Great culture. Fantastic sales training. High quality employees.
    Sean Brazney in particular, the Sales Manager in charge of training and the 'green pea' sales team, has every one of his team's best interest at heart. Very effective and highly competent leader.

    Cons

    There just wasn't enough meat on the bone to make a living in my brief tenure. They're catching up with technology; pretty far behind. Combined with a flat/down metals market, most of the sales force is withering on the vine.


  4. "Account Executive"

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

    I have been working at Monex full-time (More than 10 years)

    Pros

    Chance to make a lot of money if the market is right

    Cons

    Commission only often incentivizes reps to recommend strategies against best interests of clients

    Advice to Management

    Seek more outside input


  5. "You will NOT be able to make a living wage working at this company"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Sales Representative in Newport Beach, CA
    Former Employee - Sales Representative in Newport Beach, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Management is friendly and easy going once you move up off the training floor, staff is nice and helpful, initial paid sales training was decent the first couple checks. Location is nice in Newport beach

    Cons

    You're put on the phones after a brief training period and your pay drops on a sliding scale from day 1 so there is no base built in long term. The absurd explanation from the managers, is that they don't want to pay any kind of $40- to $60k base when they expect you to be making$6k to $10k a month,lol! Maybe in the 80s n 90s that was true in this industry. They have too much competition from online companies taking a large portion of their business so their sales model and compensation structure is extremely flawed for all the sales reps new and existing, except for the top 5 or 6 that have accumulated large accounts. By large I mean $10mil+ books. Based on the numbers I came up with reps pull in less than 0.0025% on a transaction; in other words if by some miracle you get a new customer who wants to buy $1million worth of precious metals for either delivery or storage you will bring in a whopping $900 dollars or so in commission. Well hate to burst anyone's bubble but those clients while they do exist barely... 9 times out of 10 will be given to one of their veteran reps. Lead allocation system is far from balanced or fair.
    Worst part is the turn over is extremely high reps leave in droves so they try and hire fresh blood every couple of months and put them through the same wish & dream plan. The examples given in training for earning that 6 to 10k are nowhere near realistic in today's environment.

    Advice to Management

    Your sales reps should be valued more than anyone else in the company including management and managers. You don't have a business or staff without your sales reps. Compensate your reps for bringing money in house; that money could be going to a lot of other companies but they brought it into Monex. Once management learns that your sales team is your golden goose and managers and executives accept they only have a job because of their reps, the culture at this company might change and they might be able to retain talented sales people who aren't looking for the next opportunity. That may mean completely revamping the sales model and compensation structure to benefit the reps more than management and distributing leads in a fair manner so all reps can excel.


  6. "research assistant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Research Assistant in Newport Beach, CA
    Former Employee - Research Assistant in Newport Beach, CA
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    family oriented everyone is friendly and helpful

    Cons

    early hours stressful at times

    Advice to Management

    management was always encouraging and generous


  7. "Administrative"

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

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

    Pros

    My coworkers are incredible. It really feels like a family here. I feel as though this family run organization really cares about its employees. Great place to work.

    Cons

    Monex is very traditional in how it operates. I know that management is working on updating its decor as well as its business processes but it is slow moving.

  8. "Best company I have ever worked for!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Desktop Support/User Analyst in Newport Beach, CA
    Current Employee - Desktop Support/User Analyst in Newport Beach, CA
    Recommends
    Positive Outlook

    I have been working at Monex full-time (More than 10 years)

    Pros

    A medium-sized family owned business that treats their employees like family members. It reminds me of the way many companies used to treat their employees back in the 1960's through the 1980's. A few employees have worked there for more than 40 years and several others have been there for 20+ or 30+ years.

    Cons

    Although the company has approximately 175 employees, there is not a lot of opportunity for advancement. Newport Service Corporation is the back office for two sales organizations that are housed in the same building, i.e., Monex Precious Metals and Monaco Rare Coins.

    Advice to Management

    Convert your profit sharing plan to a 401k plan so that your employees can make their own contributions.


  9. "Sales"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Sales in Newport Beach, CA
    Former Employee - Sales in Newport Beach, CA
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Great people and management to work with. Lots of leads and opportunity. You definitely get out what you put in. You can make a lot of money.

    Cons

    This is not a job for people without ambition and drive. The market can be stressful.

    Advice to Management

    None that comes to mind.


  10. "Account Representative"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Account Representative in Newport Beach, CA
    Former Employee - Account Representative in Newport Beach, CA
    Recommends
    Neutral Outlook
    Disapproves of CEO

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

    Pros

    Hiring Manager/Trainer Sean Brazney is the best manager I've had the opportunity to work with.

    Very good opportunity to make a good living and everybody has the exact same chance to succeed.

    Professional environment with top tier talent.

    Cons

    "It’s not the strongest who survive, nor the most intelligent, but the ones most adaptable to change.” Charles Darwin

    Analog, DOS and no personal internet access.


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