New York Life Reviews | Glassdoor

New York Life Reviews

Updated May 17, 2017
1,729 reviews

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Full-time Part-time

3.5
Star Star Star Star Star
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New York Life Chairman, President and CEO Ted Mathas
Ted Mathas
857 Ratings

1,729 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. "A Great Company"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Analyst in New York, NY
    Current Employee - Analyst in New York, NY
    Recommends
    Approves of CEO

    Pros

    Thus far, everyone I have met has been extremely nice and I truly understand why people believe "it's a great company." While the salary may not be as high as other places due to their desire to remain a mutual, the working environment definitely makes up for it.

    Cons

    Like almost every job in corporate America, there are times when the hours are much longer than you want them to be, but that is to be expected.

    Advice to Management

    A conservative dress code is outdated.


  2. Helpful (4)

    "Great place to work for a motivatede person."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Grand Rapids, MI
    Current Employee - Financial Advisor in Grand Rapids, MI
    Recommends
    Approves of CEO

    Pros

    Very flexible schedule. Great Partners in our office. I have worked with the company for about 3 years and have found that I've been able to do significantly better than I would have been able to do anyone else when coming straight out of college. The staff and management is very good. Very good company morale and values. The rewards and recognition programs are great. If you do much of anything they send you on a nice trip once a year. They also have a very good training program and great compensation structure, espcially for someone who is just starting out in this business.

    Cons

    They hire just about anyone to be an agent. Some of the people in our office are destined for failure (at least 8 out of town new hires is gone in 2 years). As with any firm in the insurance/financial planning business you are completely responsible for developing and maintaining your own client base. If you are not motivated you won't eat! This is great for me, but I hate working around a bunch of people who aren't motivated and dont' do anything. As a whole this is NOT necessarily a New York Life problem as it is my office's problem.

    Advice to Management

    Be more picky about who you hire. Keep the rif-raf out,


  3. "Great Company in turbulent markets!"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Professional in Grand Rapids, MI
    Current Employee - Financial Services Professional in Grand Rapids, MI
    Recommends
    Approves of CEO

    Pros

    Opportunity, Financial Strength, Integrity, Humanity, Perfectly positioned for all economies. If you seek to have your own business, New York Life is a great place to be. With world class training and a comprehensive product line up that perfectly meets the needs of families and business owner is every stage of life. They have a great advanced markets group that can help lead you to a market that is truly underserved. GREAT COMPANY! The company I keep.

    Cons

    Must be a self starter! Alot of people think that commission only sales is a scary place to be but in this economic enviroment so is being emloyed by a "salary" company - IndyMac, Countrywide, Lehman, Bear Stearns, etc... You call that safety and security in your paycheck?

    Advice to Management

    Continue to follow the long term strategy! It is working.


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  5. Helpful (2)

    "Ethics in action always leads to excellence in action."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Customer Service Representative in Tampa, FL
    Current Employee - Customer Service Representative in Tampa, FL
    Recommends
    Approves of CEO

    Pros

    Great company in turbulent times. Great opportunities for growth personally and professionally. The management has put into place a great system to review performance on a yearly basis. It allows you to keep tabs on how you are doing on a professional level and gives you lots of opportunities to grow throughout the year. It also makes it easy to be recognized for contributions you have made. The senior leadership is very good about recognition by always fighting for a larger budget to recognize employees. They are very flexible with scheduling and making it easy to deal with life events.

    Cons

    Takes several years to work your way up even if you are already at a professional point further then where hired in. Very rigid pay scale with very little room to reward good employees.

    Advice to Management

    The old way of paying salaries is over. It is time to pay employees what they are worth and the turn around would be a lot less.


  6. "A stable leader in financial services, truly the company you keep."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President in New York, NY
    Current Employee - Vice President in New York, NY
    Recommends
    Approves of CEO

    Pros

    Fair, conservative company with excellent reputation. Persistence, teamwork, and determination are very important employee attributes, which pay off over time in this organization.

    Cons

    Promotion takes a long time and is worth waiting for. Most 'downsides' have more to do with our ability to work with others and our own personal attitudes about work.

    Advice to Management

    Always give direct reports as much feedback and information as you can. And ask your employees for feedback too.


  7. Helpful (1)

    "Best Company for Clients and Career."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Partner
    Current Employee - Partner
    Recommends
    Approves of CEO

    Pros

    Compensation, Pension, Non captive environment, comprehensive training, free marketing plan literature and brochures, access to market and product consultants.

    Cons

    Not for everyone (i.e. fear of rejection, poor natural market, poor organizational and time management skills.)

    Advice to Management

    More media.


  8. Helpful (1)

    "In business for yourself, but not by yourself"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Partner in Chicago, IL
    Current Employee - Partner in Chicago, IL
    Recommends
    Approves of CEO

    Pros

    NYL is a very conservative company and is built to withstand times like these. NYL has the highest AAA ratings the US with four of the major rating agencies. They have the largest surplus, over $14 billion. In their 164-year history they have declared a dividend every year. Last December was their fourth best December on record, posting double-digit returns. And NYL refused the government's TARP bailout money.

    NYL does not operate through a general agency system, and the RR role is non-captive. NYL will spend $250,000 per agent on a comprehensive training program. An individual's licenses, professional designations, marketing, literature and brochures are paid for. The pension plan calculation is the highest in the industry. There is access to full-time consultants, as well as cultural, retiree, women's, and advanced market support.

    Cons

    First, I want to say that it is a great profession. It is the best career path I have ever taken. I have interviewed on several occasions with other large companies in the industry and found that they had nothing to offer that I was not already realizing at NYL. The level of service NYL delivers to clients and what the career offers to a preoessional make it difficult to walk away from. We have many successful established agents from other companies working in our offices. But in my experience, NYL agents move on as agents in other companies only after they have been terminated by NYL.

    I am now a manager, but as an agent I never needed to work more than 20-hours per week. Yet, it is simply NOT a good fit for every personality. You need to have a large market - better an affluent one. If a person does not take rejection well; is not self-disciplined or self-motivated; he or she should not seek a career with NYL.

    Althought compensation is not entirely 100% commission (there are several significant subsidies and bonuses depending on the type of contract - new to the industry and experienced broker contracts), one is paid based on performance. So individuals who are not suited to be paid on performance and prefer a level paycheck should not apply.

    Advice to Management

    NYL is a Fortune 100 company. Go paperless and provide council level agents laptops.


  9. "The best hybrid between starting a business from scratch and being an employee of a company."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Partner
    Current Employee - Partner
    Recommends
    Approves of CEO

    Pros

    Agents at New York Life have opportunities to become a pillar of their community though helping people and business owners with crucial financial decisions and planning. They are rewarded with an extrememly genrous compensation package including a pension- a rarity in today's business environment

    Cons

    New York Life holds their employees to the highest possible levels of accountability. This is the last company anyone who doesn't give 100% to their career should work.

    Advice to Management

    Be sure to hire only people who are 100% dedicated to achieving their goals. This is not the right career for someone who is just "trying it out"


  10. "New York Life a great place"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    No opinion of CEO

    Pros

    New York Life fosters an environment to balance between what is important to me personally and professionally. I work with some of the most respected community leaders who have the upmost integrity in their personal and professional lives.

    Cons

    It's the hardest job I have ever had. However, I believe 100% in the products and that makes it easy to do my job. This is the hardest yet most rewarding job I have ever had.

    Advice to Management

    I have found the management staff in my office to truly care for the agents, new and old, professional and personal best interest.


  11. Helpful (5)

    "Like Money? Stop Sleeping Until Noon and Make a Change!"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Insurance Sales Agent in Maumee, OH
    Current Employee - Insurance Sales Agent in Maumee, OH
    Recommends
    Approves of CEO

    Pros

    I have only been with this company for about three weeks now, and I am thuroughly impressed with its daily operations. I have been treated with nothing but respect and kindness from everyone in my office. This may seem normal, but it's different when you are only 24 years old. At any other companies, senior-level sales agents would just shrug you off as another statistic, but not here. Everything promised by the company has been implemented. They did not recruit me with unrealistic "dreams" of "making it". My manager told me exactly what I would have to do in order to get where I want to be. I am not afraid of hard work, so this is the right place for me. I love the fact that every morning when I wake up I can decide how I want to further better my life. It is up to me to do what I need to in order to achieve the goals and dreams I have had of my adulthood since I was a younger boy. I am glad that I do not have managers breathing down my back watching my every move. As long as you perform how they expect you to, this is the job for you. Do you like a challenge, or would you rather go into work everyday and plan your life around the money you are going to make no madder how hard you work? Personally, I would rather make my own hours, enjoy leisure time (while potentially meeting new clients), and go about my life as if I do not even have a job rather than work 9 to 5. If you have a personality that loves being around people and helping people, you can't find a job that will reward you for this with compensation better than New York Life.

    Cons

    I only have a couple of cons which have come to my attention. It seems as though there are a lot of personal costs that agents have to pay for. In saying this, it just makes you work harder in order to pay for it. Look at all of the financial companies that gave their employees everything for free; they either no longer exist, or were bought out. New York Life knows what it is doing. It is obvious in how well it is ranked, and how solid it's foundation truly is. Agents who expect companies to pay for everything for them will not appreciate how much those items cost until it is coming out of their own pocket. It no longer makes sense to make 100 pages of color copies which are going to be thrown away in a day when the agent has to pay for it. It is this attitude of having the agents pay for these items for themselves that shows how smart New York Life truly is as a company. If an agent can't afford something, learn to live without it. Every agent has a tale of how hard it used to be when they started out. Well guess what? For new agents, get used to a struggle. You aren't going to get a corner window office with products to waste in today's world. ESPECIALLY not in the financial industry anymore!

    Advice to Management

    While some argue that management only focuses on top agents, I say that they do a good job motivating everyone. Different personalities require different attention. Those who rise to the top percentile love attention. Those agents who just "get by" like to be left alone in order to run their own business how they please. Management has a job to train, then let free. Stick with those who are going to make you the most money, and let those who just want the minimum do their own thing. It is not always your job to pump everyone up, especially when some aren't accustomed to it, and may find it repulsive. I love the management here.


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