Virginia Asset Management Reviews | Glassdoor

Virginia Asset Management Reviews

7 reviews

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3.5
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Virginia Asset Management CEO & President Michael R. White, CLU, ChFC
Michael R. White, CLU, ChFC
2 Ratings

Employee Reviews

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  1. Helpful (6)

    "Great internship, fully educate yourself before committing to the career"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Intern - Finance Intern in Midlothian, VA
    Former Intern - Finance Intern in Midlothian, VA
    Recommends
    Neutral Outlook

    I worked at Virginia Asset Management as an intern (Less than a year)

    Pros

    Training is extensive and educational, you will learn a lot about investments, retirement planning, and insurance. Everyone there is great, very friendly and supportive. Even as an intern I could walk into the CEO's office and have an hour long meeting. Office doors are open 95% of the day. Succeeding in this career gives you a tremendously independent life, work-life balance of your choice, and great residual and annual income.

    Cons

    The career is a commission based pay - the compensation for your first couple of years is supplemented by activity driven stipends. Turn-over is high in this industry for a good reason, it is VERY DIFFICULT to succeed. Do not go into it if you are unwilling to spend a couple years being a die-hard client prospector. During a 10 week internship I saw 5 people come in and go out while I was there. Only one person came in when I did as a full time employee and was still there when I left.

    Advice to Management

    Work with your broker-dealer to get more attractive compensation packages for the Advisor Development Program. Morgan-Stanley, Merrill Lynch, ING Financial all have you beat as far as base pay which will make it difficult to attract good talent.


  2. "Intern/Externship"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Senior Management
    Former Employee - Financial Intern in Richmond, VA
    Former Employee - Financial Intern in Richmond, VA
    Approves of CEO

    Pros

    I was able to participate in Virginia Asset Management's winter externship. I applied through a career fair at college and was emailed a few days later to fill out a questionnaire to apply for their internship. The externship was a great learning experience and an honest view of life as a financial advisor.

    Cons

    Extremely competitive, interviewing hundreds of applicants for only four internship positions. I also interviewed with a current financial advisor at the end of the externship to apply for their internship and felt that he didn't truly even care to interview me or look at me as a possible candidate. It was a poor way to end a great three day externship.


  3. Helpful (3)

    "Good for established financial advisers going independent, bad for new/trainee advisors"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Midlothian, VA
    Current Employee - Financial Advisor in Midlothian, VA
    Doesn't Recommend

    Pros

    This is a good place to be ONLY if you have an established practice. The health insurance department really has their stuff together and is by far the best arm of this firm.

    Cons

    Their mentoring program is not defined so be careful in pairing with a senior adviser. Also they do a poor job in managing your expectations as a financial adviser regarding cash flow planning for your own practice. Their culture is very much about cold calling....you have been warned.

    Advice to Management

    Get some systems in place for the training program and stop being so nice. You ultimately hurt your new advisers when you let them slide.


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  5. "Good Company, Great People"

    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 Virginia Asset Management as an intern

    Pros

    Virginia Asset Management is a great company for professionals of all ages. Everyone within the company is very career driven, but all still work within a team dynamic. The internship was very hands on and proactive.

    Cons

    The internship was only 20 hours a week, and very rarely the interns were given "busy work" that no one else wanted to do, but really it was part of the experience.

    Advice to Management

    The advice to management I would offer is to involve interns with more career opportunities upon graduation from their accredited universities.


  6. Helpful (1)

    "Great Company"

    Star Star Star Star Star
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    Pros

    Independence. I can't stress how good it feels to be an independent financial advisor instead of a product pusher. Making customized financial plans for people that fit their needs instead of trying to earn the next commission.

    Cons

    Even though you aren't a product pusher a lot of your salary will be from commissions. So prospecting and getting new clients will be key, but they do offer you somewhat of a base salary.


  7. Helpful (2)

    "Nice to be part of a local firm when so many major companies are laying people off"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor
    Current Employee - Financial Advisor
    Recommends

    Pros

    Great resources to help new advisors get started - they have hired new managers and staff support. Lots of people available now to help advisors.

    Cons

    Definitely have to work hard in the beginning, but it's totatlly worth it. And even though you have to work hard, you still don't have to work as many hours as investment bankers and stock brokers - you can still have a life.

    Advice to Management

    Would be nice to sponser more seminars and workshops for public to come to office.


  8. Helpful (3)

    "A place where you can possibly make a career, but be prepare to be overworked and underpaid for 3-5 years"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor
    Former Employee - Financial Advisor
    Doesn't Recommend

    Pros

    The ability to sell a wide variety of products to both individuals and groups. Ability to use a number of carriers. Good reputation.

    Cons

    Very difficult to generate leads other than cold calling or calling on friends and family. If you don’t sell a specified amount you don’t get paid for the quarter. Turnover around 80%.

    Advice to Management

    Try to find a way to reduce turnover. Spend less time hiring/ more time training. Be up front on sales expectations.