New York Life Reviews in Bala Cynwyd, PA | Glassdoor

New York Life Bala Cynwyd Reviews

Updated March 23, 2017
12 reviews

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Bala Cynwyd, PA

3.9
Star Star Star Star Star
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New York Life Chairman, President and CEO Ted Mathas
Ted Mathas
9 Ratings

12 Employee Reviews

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Pros
Cons
  • No base salary makes it a difficult ramp period (in 69 reviews)

  • Your building your own BoB from the ground up meaning a lot of contact with friends and family (in 67 reviews)

More Pros and Cons

  1. Helpful (3)

    "Right fit if you have the right characteristics"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Bala Cynwyd, PA
    Former Employee - Anonymous Employee in Bala Cynwyd, PA
    Neutral Outlook
    Approves of CEO

    I worked at New York Life full-time (Less than a year)

    Pros

    A lot of resources and training
    Nice people
    The work you do is valuable and important

    Cons

    Not for people who don't want to contact acquaintances, family, friends, or complete strangers.


  2. "Overall"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Insurance Agent in Bala Cynwyd, PA
    Former Employee - Insurance Agent in Bala Cynwyd, PA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    Honestly a great company overall and everybody means well. You just have to be the right fit and strong minded.

    Cons

    "Training allowance" doesn't actually get 'triggered' until you sell 5 or so policies... so it's really just a blind-folded way of saying commission.

    Advice to Management

    They all do great jobs.


  3. "Warm, wonderful, nuturing environment"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Receptionist in Bala Cynwyd, PA
    Former Employee - Receptionist in Bala Cynwyd, PA
    Recommends
    Positive Outlook
    No opinion of CEO

    I worked at New York Life (Less than a year)

    Pros

    I met some of the nicest people I've ever worked with during my temporary stint at the Bala Cynwyd office of New York Life. Friendly, helpful, welcoming--everyone, at all levels.

    Cons

    None. A practically perfect work environment.


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  5. Helpful (8)

    "Financial Services Professional"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Registered Representative in Bala Cynwyd, PA
    Current Employee - Registered Representative in Bala Cynwyd, PA
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I have been working at New York Life full-time (More than a year)

    Pros

    The more you produce, the more you earn. It's as simple as that. Hard work is not directly related to success, but it certainly helps. The new hire program is pretty good for the industry, though it is solely contingent on you selling. You receive an 80% bonus on all sales up to a limit your first year, 45% the second year, and 25% in your third year. Going back to production - the more you sell, the more perks you receive. The perks include but are not limited to: annual trip if quota is made, growing expense allowance, a retirement pension that vests after 5 years, etc. The payouts are pretty fair for the industry. You are approximately compensated 50% on all first year premium sold on life insurance products and approximately 4% on annuities sold.

    If you don't care that you are selling potentially crappy products in an improper way, with a poor understanding of what you're doing -- then the opportunities are limitless and you will be handsomely rewarded.

    Cons

    Selling mutual funds is allowed but not exactly championed. Brokering out business, such as disability, health, etc, isn't exactly championed either. While they claim to be advisors, the vast majority of the company (I'd reckon 95%+) aren't anything more than annuity wholesalers or life insurance peddlers. The common claim is that "something is better than nothing" when selling a client, but often times the case is one where the agent/rep did a disservice through poor insight, advice, etc. There is little real guidance other than the product training and marginal manager oversight. The chief concern for managers is retention in the first year or so and the ability to hit minimum production requirements. Beyond that, there is little assistance or guidance. From my experiences with managers, I'd say few of them are real advisors and were nothing more than glorified sales reps who met quotas and decided to get a salary because they didn't want to grind it out anymore.

    It should be noted that you are required and encouraged to leverage your friends and family to sell in the beginning. It makes sense because they are more likely to trust and want to help you. But the real reason is because they're the most likely suspect to convince for a quick sale. While it may benefit to a degree, often times it's done improperly because the agents aren't really qualified. I would say at least 80% of new agents under 3 years have no background in finance and are pushed to sell serious financial products without any real merit of knowledge themselves about the industry or ramifications of the products they sell. This even goes for senior agents. Even guys with 5-15 years experience are hardly qualified to be speaking about financial-related matters yet because they took in-house training and passed 1-2 tests -- then they are held out to be experts. It's a shame. Occasionally a good agent/representative comes along because of pure circumstance and chance, but they often don't stay because of the industry and move on to a more proper use of their time and expertise. I'd be surprised if more than 5% of the industry could be trusted for sound financial advice.

    Advice to Management

    I couldn't truthfully provide any advice to management. That would imply they would take the advice to improve the company, but that will never happen. The company operates the way it does for a reason. The company will continually roll in new hire after new hire and hope a few stick along the way so as to grow market share and cram more insurance-based products down clients throats.


  6. Helpful (11)

    "Solid company and great career but need reserves to get started."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Agent in Bala Cynwyd, PA
    Former Employee - Agent in Bala Cynwyd, PA
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at New York Life full-time

    Pros

    Great training and partners really do want you to succeed (perhaps only because it helps THEIR bottom line), but regardless, do not listen to those who say partners don't care, because the better you do, the more money they make, so it doesn't make sense for them to bring you on and leave you to the wolves. Training is great, very knowledgeable partners and trainers, vibrant and fast paced atmosphere. Make your own schedule but initially expect to come in to the office quite a bit for training, etc.

    Cons

    It'll take awhile to get paid. You first need to get PTAS contract approved, then develop the business and place 5 life policies and $1500 in FYC before they will trigger you to TAS and pay you. In the meantime you are going to be spending money on gas and tolls to drive all over creation to meet with prospects, you need your own computer, in my case I needed to buy suits. During PTAS need to have some savings, a part time job, or a well off spouse/significant other to get rolling. Realistically give it 6 months before you can start supporting yourself. Will be hard work and long hours but if you enjoy the work it's not an issue. Must be thick skinned. You WILL be contacting friends and family, not necessarily to sell to but at least for referrals, so make sure you are comfortable with that.

    Advice to Management

    Only advice would be to add a signing bonus/base salary, even a minimal one. If I could have just broke even at first rather than going into the red to get up and running I'd still be an agent there. If you're looking for a career change this is a great place to start in this business, one of the tops in the industry in size and reputation.


  7. "Career at NYL"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Agent in Bala Cynwyd, PA
    Current Employee - Agent in Bala Cynwyd, PA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at New York Life full-time (More than 3 years)

    Pros

    flexible work/life balance
    no defined territories
    management opportunity within 2 years of council performance
    unlimited income
    training allowance and bonuses to aid in start up of career
    benefits and 401k
    great training and support systems in place
    pension and renewals

    Cons

    need discipline to self manage work load
    need continued edu
    need firm understand insurance and financial products to be successful
    can be discouraging at time being commissioned based with no renewals in the beginning


  8. "Great Building Block."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Agent in Bala Cynwyd, PA
    Former Employee - Agent in Bala Cynwyd, PA
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at New York Life full-time (More than a year)

    Pros

    The training is second to none. Trainers and managers are there to assist on day-to-day basis. Also, the resources available without extra fees is extraordinary.

    Cons

    Focus too much on certain products that the company wants you to sell.
    Too much overturn in employees to keep the business going.
    A little too much of brainwashing on how great the company is.

    Advice to Management

    Consider more study groups within new agents and also challenge them more often within the week.


  9. Helpful (2)

    "A great place to launch your career"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Agent in Bala Cynwyd, PA
    Current Employee - Agent in Bala Cynwyd, PA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at New York Life full-time (More than a year)

    Pros

    The variety and strength of the NYL portfolio is unmatched and gives agents the ability to implement plans and strategies that are unmatched in the industry
    Very focused leadership
    Tremendous amount of expertise at your fingertips

    Cons

    Way to many charges for agents

    Advice to Management

    Spend more time coaching and developing new agents


  10. Helpful (3)

    "Tough environment with very little support"

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

    I worked at New York Life full-time (Less than a year)

    Pros

    Easy to get a job here

    Cons

    Your success really depends on the manger you get placed with. I got stuck with a frat boy who was still reliving his college days, coming in late and expecting the rest of us to stay late with him. The hours look ideal because there is a lot of flexibility to make your own schedule. There is no "base salary" which they try to sell you on when they offer you the job. They 'match' what you make in commission which since you spend the first month or so in training meetings, there isn't much (if any) of. They ask you to essentially create a list of the 200 people you have know and then start setting up meetings with them and selling them life insurance. It's awkward. If you don't do it, they will have other people in the office start calling on your list. There is no leadersihp in the office because at some point, agents get senior enough to just work from home/ "have meetings" all day. The make you pay for upfront the tests you need to take to be an agent and they aren't cheap.

    Advice to Management

    make sure your "partners" are mature enough to handle their jobs/training responsibilities
    offer some kind of base (even if it's minimal) to really convince good people to take and stick with the job


  11. "Overall good opportunity"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Representative in Bala Cynwyd, PA
    Current Employee - Financial Services Representative in Bala Cynwyd, PA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at New York Life full-time (More than a year)

    Pros

    Opportunity to make your own schedule and be your own boss
    Unlimited earning potential

    Cons

    Compensation tied to commission
    Commissions can be reversed in the first year

    Advice to Management

    Hire more qualified candidates


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