Don't get a job at AXA Advisors!!!!

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jrod1217 in massapequa Park, New York

89 months ago

I was about to join AXA...However the whole pre-employment crap got me pretty heated..
what's the deal with the fees and everything else? I submitted all the paperwork etc.. But the manager left a few things out that i kept finding out as I continued to meet with them. How flexible is the pre-employment.. After I met with AXA I hooked up with Gunnallen and it dropped AXA as an option.

i'm still meeting with the manager on this monday coming up to clarify everything. As of right now I'm leaning towards starting an OSJ with Gunallen. I'll be taken on more overhead but from reading your post I wouldn't be surprised if it would come out to be the same. I found out that I would be making more money selling AXA products as an independent than as an AXA advisor...go figure!

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Evr in Austin, Texas

88 months ago

If you make it through the pre-employment part, which most people don't, you'll get your testing fees reimbursed, approx. $750. Since I never did, I had to pay for those out of pocket, which came out of the commissions I made on sales that they actually paid me. They're actually not going to pay for sales that I made at the end of my employment there, which is total crap. There's a maximum period of time you can spend in pre-employment. The minimum is once you reach 3000 in PCs (Production Credits). Once you hit that mark, you can contract with them and they'll begin giving you benefits, reimburse your testing fees, as well as start you off on a salary, but you'll also take reduced commissions. In pre-employment, you are on 100% PCs as commissions. Once you contract, you get salary (the offer they made me was 24k) + 50% of your PCs as commissions. So if you make 48k in PCs, then you break even with that stupid formula. But over the next few years that salary is phased out so you'll be back on 100% PC commission eventually. It's sort of like a cushion they give for newbies. I was in the Retirement Benefits Group, RBG, and they go after teachers, who don't make a lot of money. So when you do make sales, the commissions you'll make will probably average around $50-60 per contract after you give 20% of your commissions to your manager for no reason. But all of the expenses of actually conducting business are entirely on you, the main one of which is gas. There was literally one day when I drove 80 miles at work, just driving back and forth between schools. Oh and by the way, that particular day I didn't even make any sales. I don't care what anyone says, working for commission as a financial advisor is a direct conflict of interest. It's not possible to put your client first when you need to make that sale in order to pay rent. AXA teaches you to omit any negative information during the sales presentation. Even to the point where they won't even tell YOU some of the bad

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100krecruiter in Marietta, Georgia

88 months ago

I have been reading the topics surrounding this company. It seems like there is alot of disgruntled persons looking for a different avenue, different environment, maybe one that delivers instead of empty promises. I am willing to help you with different opportunities that would seriously help the members of this board. Please feel free to email me your resume at 100krecruiter@gmail.com at which time I will review it and find a fit that might interest you. The sooner you send it to me the faster things can change.......hopefully dramatically. Last but not least, I am based in Marietta but I operate within all 50 states.

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nwvt420 in Charlotte, North Carolina

78 months ago

So assuming you can do that, you now go under contract and get another couple days to go back to NY for more training. You get paid a $2000 “bonus” (also 1099) and begin to earn a monthly salary of $2000 (W2, and though your told you can you can’t write much off legally against this income, ask an accountant). Some of your initial investment for licenses will also be reimbursed, about $700 of the $1300 it cost. Now here’s the fun part, what YOU have to PAY to work at AXA. You have to get a computer through AXA, can’t use your own, guess how much it costs? If you guessed over $2000 (your bonus) you’d be right. Or you can rent it from AXA for $80/month. You also are required to pay for software ($60/month) and AXA’s security software ($75/month), your own E/O Insurance ($150), gas, and my favorite brokerage fees ($200/month). So your $2000/month salary just became roughly $1450, not including what you’re going to pay for in gas (for me it was about $200/month). Oh yea, there’s more, if you have to go to a school district conference to represent AXA, you have to pay for that. You also have to buy ANY promotional/marketing materials (if you go in after dark which you better be willing to stay that late a lot, you can grab them for free from the supply closet if it’s unlocked). Your quota is now $2000/month. If it took me 6 months to make $3000, how on earth do I make 4 times that in the next 6 months? Life Insurance is the answer. See AXA is an insurance company, you are not a planner, you simply use “financial planning” to get that person to open up about their finances so you can sell them LIFE INSURANCE. You are an insurance salesman, not a financial planner, or you will never make it. Again, how much extra income do you think teachers have to invest? OK, back to your income, during this time, PC’s pay $0.50 instead of $1. You get $1000 for 2000 PC’s. So IF, and this is a big if, you can hit that quota, You make $3000/month-expenses= $2500 month.

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jzp5057 in Westwood, New Jersey

56 months ago

GlassIsHalfFull in Bellevue, Washington said: nwt420, I agree with several of your points. Working in financial services IS a tough gig. It is NOT a 9-5 job. It IS a (couple of years) lifestyle that requires much of your energy (but certainly not 100%). You do not NEED to have good connections and or a family member to mentor you... you need to work hard, be willing to learn AND most importantly, have a vision of where you want to go. Without these three things, you will more-times-than-not fail in the industry. Candidates just out of college or in their 20s CAN have a hard time transitioning from drinking beer, working half days, clocking in and clocking out, and living without mom/dad's support. I would say, however, that I know of dozens (if not hundreds) of fresh-from-college and 20 year olds who are making six-figure incomes with AXA and with the RBG, right now. It ISN'T for everyone. I did work a few nights a week when I started and still do, because those are times that I can have high-quality meetings with prospects/clients that I want to be doing business with - I choose to be successful and that has enabled me to GO where I want(ed) to go.

Great advice!
I just started my career with AXA in New Jersey - I would like to hear more about making it in this business from you, any way we could chat let me know!

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Continued in the South in Scenic Southeast

55 months ago

All, I have posted comments on other forums both favorable and un-favorable to AXA, however, they have all been 100% accurate. I am currently a NLC+ producer with AXA and very happy with my current situation.

There have been so many recent changes to AXA that any new associate would be wise to consider a career elsewhere. Unfortunately, the majority of the comments posted thus far have been accurate descriptions of the INDUSTRY and not necessarily descriptive of AXA. The problem lies therein when you realize that AXA is not drastically better or worse than the business as a whole. There is a 90% turnover rate industry-wide and AXA, whether or not my currently producing counterparts will admit, falls squarely into this average. Our expenses and pay-outs are right on par with the industry. Yes, we do offer compliance help, benefits etc. but they really aren't that much better than what you would see at ANY peer company. The end-goal of AXA compliance is to look after AXA.........period, end of story. Believe me when I say that they will sacrifice advisors (reputations, livlihoods etc.) for the greater good of AXA. This is the name of the game with career agencies.

The only thing I would argue to the contrary for Mr Glasshalffull is the stability. AXA is very big........not very stable......examples I have plenty. CEO left on Jan 1, new guy is P & C oriented from Japan. The agency manager and district manager level is being shredded and talent-plucked as I type. They have seen a MASS exodus at mid and exec mgt levels over the past 3 years because they are not the best place to build a career. Good place for existing producers.....horrible place for new FP's. Don't believe me? See for yourself.......but don't say I didn't warn you!!! Let me remind you, I am at NLC and I'm still here I'm just trying to give the new guys a different perspective.

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sheshe15 in Saint Paul, Minnesota

54 months ago

To South Scenic Southeast:
(or whoever can provide addtnl insight)

Hello, my name is Sheila and I have just been offered a position with AXA here in Minnesota. I have yet to take my licences which I do have to pay about $1,226 total for, which $826 or so will be reimbursed upon successful completion. These types of costs I can understand, but I am wondering what other out of pocket expenses will I subsequently be responsible for? Are there really cubicle rents, computer rents, etc. or is that just for New York or other offices? I have no experience as a financial planner/adviser, and I would hate to be taken advantage of by a major company only out for themselves. The VP appears very sincere and encouraging, however I feel it may be too good to be true, and do not want to be suckered in. They did offer me salary plus commission of $2,000/mnth, and 50% or something respectively, and P.O.P. after 2 yrs. It sounds like I can really make money there with motivation, hard work, and great people skills. I have heard a lot of bad things about Amerprise, whose cognitive math assessment I failed... (blessing in disguise?), and I don't think I have enough experience of certifications to start anywhere else, which I have tried.. RBC Wealth Management, etc. I definitley understand it takes a special kind of person to pull off strong numbers, which I have in the collection industry, however I don't want to get tricked into paying AXA, whereas they should be paying me... HELP! Does anyone know about these addtnl costs? Are they valid? Is there somewhere else here in the Twin Cities I should go to?

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sheshe15 in Saint Paul, Minnesota

54 months ago

P.S.

What does P & C stand for? Are other countries going to take over our jobs?

......worried girl in MN. :{

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jzp5057 in Westwood, New Jersey

54 months ago

Sheila,

I am a producer out of New Jersey. What my branch does may be different from yours but when it comes to other expenses, you are correct there is an expense for leasing a computer but you can also buy it right out (typically around $1600 and no cubical rent). That comes once you get contracted with the company. In order to get contracted and get that salary they talked about you will have a six month window to earn 3000 PC's (production credits) which is dollar for dollar $3000 in commission. The salary is only for one year and you have to meet certain requirements like quotas. It is a good program to get you on your feet as a producer and I am having a great experience with AXA. Let me know if you have any other questions.

-Joe

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GlassIsHalfFull in Bellevue, Washington

54 months ago

Sheila,
Last question first: AXA is a global company, the USA is a huge part of the global success of AXA Global. AXA is not going to be acquired anytime soon.

If you are looking for a career (and not a job), you are looking in the right place. The salary for the first two years is there to provide stability so that you can do the right things in developing your business practice. After two years, the salary plus 50% commission transitions to no salary and 100% commission plus P.O.P. payments (which are extra payments based on your production (measured in PCs - "commission credits"). Once you transition to 100% C + POP, you are then responsible for some of the office expenses (which is typically much less than the POP payments).

Again, if you are an achiever and a goal-oriented individual... AXA will be a great fit. As long as you understand that YOU are the key to being successful, you'll see that AXA provides the support to help you get to where you want to go. Talk to your VP... get comfortable with the opportunity and hopefully you'll see why it is a great one!! Look forward to seeing you on the Minnesota leader reports!

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sheshe15 in Saint Paul, Minnesota

54 months ago

Joe,

Thanks for your reply. I spoke with the VP at the office here in Mpls. and he answered a few questions I had regarding expenses and starting up. He said I need 15 apps and $3000 in commision, which isn't too bad I guess since at that stage it's 100% commision. He says most get it done in 1 or 2 months and there aren't really quotas so that's good. He said the laptop with software runs $1,700, but I could lease for $60/month so that's not so bad. I believe starting out is going to be the most challenging for me, but after that it sounds like the money starts rolling in. :) Every business and investment has risks, but I'm willing to invest in myself so hopefully I will do well and experience a great return and long career with AXA.

Are you on linked in?

Sheila R.

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sheshe15 in Saint Paul, Minnesota

54 months ago

GlassIsHalfFull in Bellevue, Washington said: Sheila,
Last question first: AXA is a global company, the USA is a huge part of the global success of AXA Global. AXA is not going to be acquired anytime soon.

If you are looking for a career (and not a job), you are looking in the right place. The salary for the first two years is there to provide stability so that you can do the right things in developing your business practice. After two years, the salary plus 50% commission transitions to no salary and 100% commission plus P.O.P. payments (which are extra payments based on your production (measured in PCs - "commission credits"). Once you transition to 100% C + POP, you are then responsible for some of the office expenses (which is typically much less than the POP payments).

Again, if you are an achiever and a goal-oriented individual... AXA will be a great fit. As long as you understand that YOU are the key to being successful, you'll see that AXA provides the support to help you get to where you want to go. Talk to your VP... get comfortable with the opportunity and hopefully you'll see why it is a great one!! Look forward to seeing you on the Minnesota leader reports!

GlassHalfFull,

Thanks for the words of encouragement. I am really looking forward to getting started with AXA, and building a client base. I'm a little nervous about taking the Series 7, but I have a lot of time on my hands so I think I can make it happen. Look forward to seeing you on there as well! :)

...confident girl in MN

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Continued in the South in Franklin, Tennessee

54 months ago

Sheila, let me clarify the expenses for you..........the software fees are approximately $70 per month and are IN ADDITION to the laptop you are required to purchase (custom made to AXA requirements, will cost in the ballpark of $1700). This past month I personally experienced the following fees and expenses:
- E & O ; $225 per month
- Laptop Software Fee - $65 per month (I paid my laptop off early...)
- LTD ; $18 per month
- Various licensing and renewal fees; this month was $47
- Did not include rent, supplies etc.

Each of these are ongoing.........

As far as quotas, regardless of what you were told, you absolutley have them, both to keep your benefits and to keep your job. You are evaluated quarterly based on either production or app count, of this, you will get 1 free pass and then you will be terminated with no exceptions or extenuating circumstances. Part of your quotas also entail a proprietary business selling requirement, meaning your business must include a certain percentage of AXA products to keep you job regardless of how much you sell. What are you going to do when your quarterly validation comes up and you are forced to choose between selling a certain product to keep your job or doing whats best for your client? It may not always be one and the same.

I hope this is helpful for you and I wish you the best but be wary of a sales manager who tells you that you are entering a sales position with no quotas.

All the Best,

Continued in the South

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jzp5057 in Westwood, New Jersey

54 months ago

Just curious, what kind of prospecting do most of you other AXA employees use. We do a lot of cold calling corporation employees here and some natural market work. Also if you have some ideas to get in front of more people, I would appreciate that as well.

- Joe (AXA producer out of NJ)

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Continued in the South in Franklin, Tennessee

54 months ago

Joe, we are not technically employees, as AXA FP's we are statutory W-2 Employees; consult you tax advisor for the distinction because there is a big one. I know that you said you are new to the firm, the real changes take place when you switch to the graduated payhout contract as opposed to the financed contract you currently have. There is no magic bullet when it comes to prosepcting, you will have to cold call individuals, work site marketing efforts, seminar marketing, natural market work, referrals, referrals, referrals, possible 501(c)(3) work, social networking at chamber functions, civic marketing, we have had a fair amount of success working with CPA's and attorney's in the trusted advisors arena. Fair warning, such relationships are very hard to crack but profitable if the "right one" is found. The best associates in our branch find large corporations with favorable withdrawal rules in qualified plans and work backwards to become the de facto planning team for transitioning employees. To be successful long term you must have a track to run on above and beyond the "who you know and who they know approach", because you will run out of prospects in 12-24 months. I hope that helps.

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sheshe15 in Saint Paul, Minnesota

54 months ago

Continued in the South in Franklin, Tennessee said: Sheila, let me clarify the expenses for you..........the software fees are approximately $70 per month and are IN ADDITION to the laptop you are required to purchase (custom made to AXA requirements, will cost in the ballpark of $1700). This past month I personally experienced the following fees and expenses:
- E & O ; $225 per month
- Laptop Software Fee - $65 per month (I paid my laptop off early...)
- LTD ; $18 per month
- Various licensing and renewal fees; this month was $47
- Did not include rent, supplies etc.

Each of these are ongoing.........

As far as quotas, regardless of what you were told, you absolutley have them, both to keep your benefits and to keep your job. You are evaluated quarterly based on either production or app count, of this, you will get 1 free pass and then you will be terminated with no exceptions or extenuating circumstances. Part of your quotas also entail a proprietary business selling requirement, meaning your business must include a certain percentage of AXA products to keep you job regardless of how much you sell. What are you going to do when your quarterly validation comes up and you are forced to choose between selling a certain product to keep your job or doing whats best for your client? It may not always be one and the same.

I hope this is helpful for you and I wish you the best but be wary of a sales manager who tells you that you are entering a sales position with no quotas.

All the Best,

Continued in the South

Continued in the South,

Thanks for your reply. You know, I think each firm/state really varies. I've been informed that I can rent the laptop w/software for $60/month, no cubicle rent until I have been there for about 5 yrs, and there are no other expenses except for gas, business cards after the 1st set, personal means of advertising etc. What is E & O? And LTD? Additonally, have you just started or been there awhile?

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sheshe15 in Saint Paul, Minnesota

54 months ago

jzp5057 in Westwood, New Jersey said: Just curious, what kind of prospecting do most of you other AXA employees use. We do a lot of cold calling corporation employees here and some natural market work. Also if you have some ideas to get in front of more people, I would appreciate that as well.

- Joe (AXA producer out of NJ)

During the interview my VP said they don't do cold calling. In RBG, they pretty much use 3 main forms of prospecting: 1) Sits at schools, hospitals, other non-profit orgs. 2) Natural sources such as friends, family, etc. 3) Referals from any of the above. He also mentioned that when I go out and learn the ropes with him, he doesn't take a nickel of what I gather, so that's reassuring. Once I actually get going I can probably provide more insight for you, but like I mentioned before, things could be different on the East Coast.

Sheila

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Continued in the South in Knoxville, Tennessee

54 months ago

Sheila, I have been with AXA for just over 10 years, the majority of which have been at NLC+ production or higher. Let me clarify the expenses for you, as a former hiring manager I will tell you with 100% confidence that the software fee is apprx $60 per month, in addition to the laptop (apprx $60 month), unfortunately, these fees do not vary by state and are set nationally. In addition, you will have E & O (errors and ommissions insurance) with prices set nationally, apprx $225 per month, which you will be required to pay for. Concerning rent, you won't be on the hook until you switch to the graduated payout contract (typcially between years 3 & 5).

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Continued in the South in Knoxville, Tennessee

54 months ago

Sheila, regardless of what you were told, the figures outlined in my thread are 100% correct. Remember, I do not have a vested interest in exaggerating or falsifying these numbers whereas hiring managers may be less inclined to be so forthcoming. Sadly what you have experienced is fairly standard in the hiring process across AXA (and why I cannot in good faith suggest coming on board!!!), the new breed of DM and EVP will do and say anything possible to get you on the team. In the RBG world you may not have a need to prospect via cold calling but you will be forced to be creative with your prospecting. Unless your RBG unit has an exclusive contract with the school district in which you work you will be competing with multiple other firms and associates for the same pool of resources. Your VP will at some point take a portion of your business, hopefully just not during your first 12-24 months. I actually know the former MN branch EVP personally and can tell you that he truly left for greener pastures.

In your particular case based on what you've shared, I'm not saying or suggesting that your DM has been anything but professional, however, I am telling you the stone-cold truth of the firm and of the business. Sadly, there is not really anything regional that varies. The company is what it is from NY to LA and they leave virtually no wiggle room at the local level.

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GlassIsHalfFull in Bellevue, Washington

54 months ago

Sheila, go with your gut instinct. It is important to feel right about your hiring manager. I can speak for the EVP in MM, anything he is involved with succeeds... as for the ENGLISH, you will never cold call (unless you choose to). The expenses are pretty standard across the industry, the difference is how the company has u pay for them... AXA is transparent... you see the expenses. I have no vested interest other than to see this good company continue to do well.-a former hiring manager with 10 yrs of NLC production... if it feels right, do it!!

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Beware in Phoenix, Arizona

53 months ago

Evr in Austin, Texas said: This is the worst job I've ever had. If you're considering getting a job as a "financial consultant" do yourself a favor and go be a waiter instead. You will make more money working full time as a waiter than you would in your first year as an insurance peddler with $5,000 in expenses. Look through the other threads for more of my posts on why I hate AXA.

Don’t do business with or work for these criminals. Here's what I witnessed and experienced at AXA?

• Numerous client complaints from unsuitable investment recommendations and poor customer service.

• Reports of dishonest activities and taking advantage of customers, driven by greed with a total disregard of industry regulations.

• Illegal kickbacks and ponzi schemes have been reported with charges and litigation pending against this company.

• There are reports of the sales force not meeting regulatory requirements to conduct business as registered investment advisors.

• Testimonials from employees and customers reveal disturbing facts about compliance violations, unethical behavior and criminal activities.

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Newbie in Parker, Colorado

52 months ago

My husband and I are 54 and are currently seeking retirement advice from an AXA advisor. An article in the AARP says to RUN RUN RUN away from the 'pension maximization' schemes sold by some financial planners and insurance agents. This is exactly what our adviser is suggesting. Please advise. Thank you so much:{

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GlassIsHalfFull in Bellevue, Washington

52 months ago

Newbie in Parker, Colorado said: My husband and I are 54 and are currently seeking retirement advice from an AXA advisor. An article in the AARP says to RUN RUN RUN away from the 'pension maximization' schemes sold by some financial planners and insurance agents. This is exactly what our adviser is suggesting. Please advise. Thank you so much:{

Properly designed (and funded) PenMax will be incredibly advantageous (in several ways). Poorly designed (and poorly funded) PenMax is incredibly disadvantageous. Funding levels and the no lapse guarantees are critical for proper design... in addition to design to you and your husbands (and beneficiary and/or estate) needs.

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Continued in the South in Atlanta, Georgia

52 months ago

Newbie in Parker,

GlassIsHalfFull is part right, if properly funded, a "pension maximization" strategy can be valuable planning tool for you as you prepare for the future. However, there are certain things you should know before deciding to proceed:

* The real value of the PenMax is the spread and protection it offers the insured. To take full advantage of this idea you should have both a stand-alone life insurance need and a number of years to go until your anticipated retirement date. Additionally, you should be in solid health and have a steady stream of retirement income APART from the annuity recommended. Despite what you may have been told, it is important to know that your agent is being paid higher commissions on AXA products they recommend than on third party products. If he is suggesting you put all or a majoirty of your retirement income into a VA I would definitely seek a second opinion.

* Your AXA rep is probably recommending both proprietary annuity and proprietary life insurance products for you, neither of which is likely in YOUR best interest. AXA is first and foremost, an insurance company. They will do what ever they can to sell proprietary insurance and insurance driven products. I obviously do not know your personal circumstances and would never offer custom suggestions but I would be leery if your rep suggests a PenMax strategy using only AXA products.

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indy rep in Princeton, New Jersey

51 months ago

Keep in mind that you MUST understand the comp plan very clearly. I just left after being a top producer for 3 years there. They are trying to collect almost $20,000 from me for cases that are still active, paid, and performing. but because i am not there they want me to re-imburse them. this is after my manager had me sign over the life contracts so that he could get commissions on the policies once i was gone.

LOOK VERY CAREFULLY AT THE COMP PLAN.

GlassIsHalfFull in Bellevue, Washington said: Sheila, go with your gut instinct. It is important to feel right about your hiring manager. I can speak for the EVP in MM, anything he is involved with succeeds... as for the ENGLISH, you will never cold call (unless you choose to). The expenses are pretty standard across the industry, the difference is how the company has u pay for them... AXA is transparent... you see the expenses. I have no vested interest other than to see this good company continue to do well.-a former hiring manager with 10 yrs of NLC production... if it feels right, do it!!

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GlassIsHalfFull in Bellevue, Washington

51 months ago

indy rep in Princeton, New Jersey said: Keep in mind that you MUST understand the comp plan very clearly. I just left after being a top producer for 3 years there. They are trying to collect almost $20,000 from me for cases that are still active, paid, and performing. but because i am not there they want me to re-imburse them. this is after my manager had me sign over the life contracts so that he could get commissions on the policies once i was gone.

LOOK VERY CAREFULLY AT THE COMP PLAN.

Valid point and agreed- understand the compensation plan:

AXA is one of the very few companies that annualizes (or prepays) the advisor for anticipated contributions - it is an option, not a requirement.

If annualized commissions are elected by the advisor and are paid, the advisor has to understand that if a) the investor doesn't invest the total prepaid amount, or b) if the advisor leaves prior to the investor making the full investment, the advisor has been paid for money that has not been received.

As a top producer in your 3rd year, the collection of those prepaid commissions (that you didn't furfill when you left) must be 5-10% of the compensation that you were prepaid... I am pretty sure that if you left most jobs and didn't complete the work you were already paid for, they would want money back, too.

Best of luck Indy Rep.

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indy rep in East Orange, New Jersey

51 months ago

The fact is that the policies are still in force, there is no reason to collect from me. The firm will still collect premiums. this is the gist of my complaint. If the policies did not perform, i would understanding collecting on paid compensation.
to the other point, most firms will annualize.
The VAST majority of producers annualize their commissions. So, it appears to be a way to discourage people changing BDs.

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GlassIsHalfFull in Bellevue, Washington

51 months ago

indy rep in East Orange, New Jersey said: The fact is that the policies are still in force, there is no reason to collect from me. The firm will still collect premiums. this is the gist of my complaint. If the policies did not perform, i would understanding collecting on paid compensation.
to the other point, most firms will annualize.
The VAST majority of producers annualize their commissions. So, it appears to be a way to discourage people changing BDs.

C'mon indy rep, the statements above are incorrect and don't make sense. You can't expect to get paid a full year comp if you are there for 3 months (hypothetically) and someone else completes the other 9 months... that makes no sense. Like in the NFL, if you don't complete the whole year, you don't get the whole years pay. If you aren't there, you have no idea if the client continues to invest. If the company, and the new rep, continues to get the new premiums, why would you be entitled to money that is invested after you left... again, that makes no sense.

Btw, most companies do NOT annualize comp.

Best of luck-

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wagsnvoss in Appleton, Wisconsin

51 months ago

indy rep in East Orange, New Jersey said: The fact is that the policies are still in force, there is no reason to collect from me. The firm will still collect premiums. this is the gist of my complaint. If the policies did not perform, i would understanding collecting on paid compensation.
to the other point, most firms will annualize.
The VAST majority of producers annualize their commissions. So, it appears to be a way to discourage people changing BDs.

Hi Indy Rep,
I'm in the same boat. I was a top producer for two years and then had a baby. About a month before my return from maternity leave, my business partner decided they didn't want a business partner anymore and unloaded me. I worked like hell for 6 months and took home $18.56 after fees and expenses were deducted from my sales. They are now very hotly pursuing me for $1155 in fees. I left over 2 years ago and just found out about this alleged bill. They also sold a portion of my AXA Shareplan that was supposedly going to paying back my alleged bill. I believe they forgot to subtract it from what they allege I owe. Furthermore, the company trying to collect this alleged bill won't show me the math that shows how I owe it. They have supported $400 in fees, but nothing more. If I were looking at a position with AXA, I would run for the hills. They the type of company that will make sure they pick your pockets clean on your way out. Their managers are far from forthcoming and honest in their tactics to bring people on board. They'll tell bright-eyed new-comers anything to get them in the door. I've seen a lot of red eyes go out the door.
As for the RBG program, the 403B product is atrocious. I wouldn't recommend it to my worst enemy. The unfortunate part is once you're in it, it's nearly impossible to get your money out.
That's not to say all their products are terrible. I happen to own the Accumulator and find it to be a great product. My concern lies in AXAs ability to hedge.

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wagsnvoss in Appleton, Wisconsin

51 months ago

My concern lies in AXAs ability to hedge.

Considering how aggressively they're pursuing me for $1155, I'm nervous that they actually need the money. If they're such a huge company, why am I being called like I owe $100,000?! If I had the money, I'd send it just to get them off my back. Unfortunately I don't have that luxury, so instead I'm having to field calls full of threats and rude accusations. I'm considering filing with under Fair Credit Collection Practices Act for harassment.
Long story short, AXA doesn't just make their products hard to get out of, they also make their "career" hard to get out of alive...

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RNY in Hoboken, New Jersey

48 months ago

I am also considering an opportunity with AXA. I wanted to know how are the Production Credits calculated? For instance, if I were to have a client with 100,000 in an investment advisory account and I charge 1%, that would be $1,000 in advisory fees. Would my production credits then equal 1,000? Or would it be a different amount?

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Ralph in Lawrence, New York

45 months ago

If you want to be a financial advisor, research the company first. My family told me not to work at AXA and I didn't research the company. They were right and I was wrong. They tell you what you want to hear. They tell you, you can sell whatever company insurance you want(Metlife, AIG...) They lie!!! You only sell AXA insurance and products. They have a horrible training program, there is none!! Your first 2 weeks there you just walk around doing nothing, your manager is too busy with the other new advisors and his own meetings, he has no time for you. Then he tells you to build lists of people to call, which I had to find out from other new advisors, because my manager didn't help me with that. Then you sit at a crappy desk and are expected to cold call all day and set up meetings for your manager, which by the way he yells at you if you don't get enough meetings. Also because my manager is also trying to get clients, I missed 2 meetings I set up because my manager was in a meeting with his own prospective client. I cold called for a few hours to get those 2 meetings and they were gone just like that bc my manager had his own agenda!!

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las115 in Crofton, Maryland

44 months ago

jrod1217 in massapequa Park, New York said: I was about to join AXA...However the whole pre-employment crap got me pretty heated..
what's the deal with the fees and everything else? I submitted all the paperwork etc.. But the manager left a few things out that i kept finding out as I continued to meet with them. How flexible is the pre-employment.. After I met with AXA I hooked up with Gunnallen and it dropped AXA as an option.

i'm still meeting with the manager on this monday coming up to clarify everything. As of right now I'm leaning towards starting an OSJ with Gunallen. I'll be taken on more overhead but from reading your post I wouldn't be surprised if it would come out to be the same. I found out that I would be making more money selling AXA products as an independent than as an AXA advisor...go figure!

I just wanted to weigh in. I read this post about 8 months ago when I was considering a move to the financial services sector. I know a man who has been with the company a long time and I greatly respect and like this person. But the post turned me away. I have since reconsidered and now work with the company--in the dreaded pre-employment phase. It's completlhy fine. In fact, I really love it there. The company is comprised of people who work hard and they provide a strenous trainingn program. The types of products discussed in this thread can be very appropriate for many people but not all, and so the pre-employment phase is necessary to provide the needed rigorous training, weed out those who can't or won't do the hard work necessary to build a sustainable book of business and most importantly, ease a person into the field where the stakes of caring for a person's retirement are so high. It's necessary and, from what I can see, handled well. I'm very glad I chose AXA over a wirehouse or straight up insurance company. They provide training, structure and support and many avenuse for growth. I just wish I'd done it sooner!

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sheshe15 in Saint Paul, Minnesota

43 months ago

las115 in Crofton, Maryland said: I just wanted to weigh in. I read this post about 8 months ago when I was considering a move to the financial services sector. I know a man who has been with the company a long time and I greatly respect and like this person. But the post turned me away. I have since reconsidered and now work with the company--in the dreaded pre-employment phase. It's completlhy fine. In fact, I really love it there. The company is comprised of people who work hard and they provide a strenous trainingn program. The types of products discussed in this thread can be very appropriate for many people but not all, and so the pre-employment phase is necessary to provide the needed rigorous training, weed out those who can't or won't do the hard work necessary to build a sustainable book of business and most importantly, ease a person into the field where the stakes of caring for a person's retirement are so high. It's necessary and, from what I can see, handled well. I'm very glad I chose AXA over a wirehouse or straight up insurance company. They provide training, structure and support and many avenuse for growth. I just wish I'd done it sooner!

^^^
I completely agree with you on this. There are fees and things you gotta deal with in the begining that for a lack of a better word--suck. But, pay your dues (literally) and you will be well on your way to a great career with a unique company that allows you to be in business for yourself--but not by yourself. I won't lie..it is a bit difficult and frustrating sometimes (not for everybody!)..however, if you can stick it out and be prepared for when those oppurtunities to make money arrive.. you will be laughing all the way to the bank..

Good luck!!

-initially apprehensive girl almost under contract ;)

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Diego Marcelle in Union City, New Jersey

42 months ago

I am reading article after article about AXA Financial. It seems like no one has liked that job. I also believe, maybe, your stake in AXA is bigger than just your father working there. That's just my hunch.

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ZimDog in Hamden, Connecticut

40 months ago

sheshe15 in Saint Paul, Minnesota said: ^^^
I completely agree with you on this. There are fees and things you gotta deal with in the begining that for a lack of a better word--suck. But, pay your dues (literally) and you will be well on your way to a great career with a unique company that allows you to be in business for yourself--but not by yourself. I won't lie..it is a bit difficult and frustrating sometimes (not for everybody!)..however, if you can stick it out and be prepared for when those oppurtunities to make money arrive.. you will be laughing all the way to the bank..

Good luck!!

-initially apprehensive girl almost under contract ;)


The product is HORRIBLE. HOW CAN ONE SELL THIS PIECE OF DOG CRAP? Performance is all that matters and you can't make a profit on this garbage. Equivest is a NIGHTMARE. Wake up.

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ZimDog in Hamden, Connecticut

40 months ago

wagsnvoss in Appleton, Wisconsin said: Hi Indy Rep,
I'm in the same boat. I was a top producer for two years and then had a baby. About a month before my return from maternity leave, my business partner decided they didn't want a business partner anymore and unloaded me. I worked like hell for 6 months and took home $18.56 after fees and expenses were deducted from my sales. They are now very hotly pursuing me for $1155 in fees. I left over 2 years ago and just found out about this alleged bill. They also sold a portion of my AXA Shareplan that was supposedly going to paying back my alleged bill. I believe they forgot to subtract it from what they allege I owe. Furthermore, the company trying to collect this alleged bill won't show me the math that shows how I owe it. They have supported $400 in fees, but nothing more. If I were looking at a position with AXA, I would run for the hills. They the type of company that will make sure they pick your pockets clean on your way out. Their managers are far from forthcoming and honest in their tactics to bring people on board. They'll tell bright-eyed new-comers anything to get them in the door. I've seen a lot of red eyes go out the door.
As for the RBG program, the 403B product is atrocious. I wouldn't recommend it to my worst enemy. The unfortunate part is once you're in it, it's nearly impossible to get your money out.
That's not to say all their products are terrible. I happen to own the Accumulator and find it to be a great product. My concern lies in AXAs ability to hedge.

You are right. Equivest blows. Too expensive. The Drones on here are dilusional about this nonsense of a product.

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ZimDog in Hamden, Connecticut

40 months ago

Newbie in Parker, Colorado said: My husband and I are 54 and are currently seeking retirement advice from an AXA advisor. An article in the AARP says to RUN RUN RUN away from the 'pension maximization' schemes sold by some financial planners and insurance agents. This is exactly what our adviser is suggesting. Please advise. Thank you so much:{

I would not deal with AXA. Their products are horrible. Really expensive. Try a brokerage account or if you don't have an annuity pension, maybe a better performing annuity company.

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Ralph

37 months ago

Jeff- you're living proof of the AXA scam. You're that desperate to recruit new advisors that you go on a blog bashing your company to try to get people? If AXA was so great then you'd have people lining out the door to get a job there. The problem is that AXA only pays commission and makes you pay for all your licensing, so why would they care if you came and left? It's doesn't cost them a dime!!

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Henry1580 in New Brunswick, New Jersey

35 months ago

GlassIsHalfFull in Bellevue, Washington said: Minnesota: your research is inaccurate. When $1000 is contributed with the AXA account , $1000 is invested - why did you deduct 6%? Your assumption is incorrect. Furthermore, why did you deduct 2% at the end of the first year? You may be great on a calculator, but your understanding of how products work is horrific. Don't get me wrong, a financial advisor at AXA (or any other financial planning company) does get paid - paid for providing advice that most, if not all, people need. Look around and tell me how many people you know could benefit from being a better investor - It shouldn't take you long to find a long list of people that need an advisor.

I have been at AXA for 10 years and have helped hundreds of intelligent, hard-working individuals be more successful with their saving, investment and insurance needs... they would tell you that me getting paid to help them with their financial planning is an arrangement that is within their best interest(I am reminded of that every week by my clients telling me how happy they are with my services). Many of my clients used to believe in do-it-yourself (T Rowe, Fidelity, Vanguard, etc.); now they rely upon my expertise (and are more successful).

Hello, I am currently in the insurance business for 5 years with one of the big mutual companies. I have been in talks with AXA for the last year about possibly switching over. Is there a way we can chat about what it's like working for AXA? Thanks.

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GlassIsHalfFull in Bellevue, Washington

35 months ago

Sure Henry1580, what email or phone number?

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Eric Zimmerman in Stockton, California

35 months ago

Henry,

You obviously aren't with The RBG Group. First year commissions are for example, 6% for the agents, which is split 80% to the agent and 20% to the manager or managers. Another 2% to the 2 big wigs in New Jersey from RBG. That is the first year and then it goes down to bips. The mortality fee is 1.35% , plus the management fees, which for the most part, around 1.25 to 1.5%. If you add them both up, they come to 2.5 to 3% per year on EVERY FUND. Think about that! After every $100 invested, AXA is taking $3 every year. Now if you take $1000 per year and compare it to say The Franklin Income Fund "A" shares, you would have $42.50 come off the investment with Franklin. With AXA, you would have $30 come off in the first year, but after that, you would have another $30 and another $30, every year. It takes away from your investment. Also if you have tax deferred growth. what is the point of a VA??? In the second year with Franklin, you would pay just the managment fee of .60, which is $6, compared to $30 with AXA and that is just $1,000. It gets worse when you have more money. There are NO BREAKPOINTS with AXA. There are with Franklin and other mutual funds.

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Tom in New York, New York

35 months ago

Yes, just...don't. You'll waste a year of your life cold calling from an ugly office living paycheck to paycheck. These guys don't know how to build a book of business, they don't do it the right way. Or the ethical way

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Henry1580 in New Brunswick, New Jersey

35 months ago

Henry1580 in New Brunswick, New Jersey said: Hello, I am currently in the insurance business for 5 years with one of the big mutual companies. I have been in talks with AXA for the last year about possibly switching over. Is there a way we can chat about what it's like working for AXA? Thanks.

You can email me at sunrisecreek@ymail.com

Thanks.

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Henry1580 in New Brunswick, New Jersey

35 months ago

GlassIsHalfFull in Bellevue, Washington said: Sure Henry1580, what email or phone number?

You can email me at sunrisecreek@ymail.com

Thanks.

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tvd84 in Summerville, South Carolina

27 months ago

Hey guys,

I am currently with Mass Mutual in South Carolina and they are HORRIBLE!!! The agency, not the company. Now, I have the opportunity to work at AXA Advisors in NYC; Metlife in Roseland, NJ; Prudential in Paramus, NJ; or stay with Mass Mutual but just n Little Falls, NJ. In your opinion which company would be best and give me the best ability to succeed?

Thank

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J in Puyallup, Washington

18 months ago

Out of boredom I decided to look into this company since they've sent me an email saying they have been trying to contact me about a job. Nice scam since I'm not that hard to reach, and if it isnt a scam it sure as hell sounds like one. To start I have no financial education other than owning my own small business and furthermore I shouldn't be giving out financial advice. The only thing that comes to mind after reading some of the info on their website and email I was sent was the movie Boiler Room and some MLM and Pyramid schemes. Now I'm sure there are some people that make great money working for them and selling whatever BS they got. We can them Hustlers. Now I'm not hating on the company but I dont have the time to be Pimped just to learn how to hustle people.

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ZimDog in Hamden, Connecticut

18 months ago

J in Puyallup, Washington said: Out of boredom I decided to look into this company since they've sent me an email saying they have been trying to contact me about a job. Nice scam since I'm not that hard to reach, and if it isnt a scam it sure as hell sounds like one. To start I have no financial education other than owning my own small business and furthermore I shouldn't be giving out financial advice. The only thing that comes to mind after reading some of the info on their website and email I was sent was the movie Boiler Room and some MLM and Pyramid schemes. Now I'm sure there are some people that make great money working for them and selling whatever BS they got. We can them Hustlers. Now I'm not hating on the company but I dont have the time to be Pimped just to learn how to hustle people.

Amway without the soap. If you were in Prison, you would drop the soap in the shower and inherit a new butt hole.

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Aaron in Austin, Texas

7 months ago

For what it's worth, we lost a valuable friendship over Axa's business practices, when a good friend became an advisor and then sold us a crap whole life insurance product that was needlessly expensive, inappropriate for our situation, and costly to extricate ourselves from.

There *is* a conflict of interest in commission-based financial advising, period. Whether or not you want to admit it, your clients (and, God forbid, friends) are not under the same self-interested delusion, and recognize it quite clearly. I lost respect for my advisor friend when he could not grasp that simple concept. It's not even Axa-specific--it's a basic fact of economics and human nature. Clearly, Axa spends a lot of time obscuring basic ethical constraints, thereby pumping up their advisors to believe that they are somehow immune from those constraints. They are not.

From my perspective, Axa's business model is to dupe unsophisticated "advisors" into burning down their most valuable personal and business relationships, to make a quick buck for Axa, leaving the advisor branded as a boiler-room sleaze among their closest friends, and even family. I'm a principled capitalist to the bone, but this is textbook misdirection and exploitation in the service of establishing unconscionable contracts. To hell with that.

Advisors, take this advice: If you want to be a financial consultant, the only ethical way to do it is to charge by the hour. That way you have no incentive to sell inappropriate instruments just to make your nut. This is basic, basic ethics. It doesn't matter how you justify it to yourselves--your friends, family, and business associates will see it their way, not your way, and your reputation will be tattered no matter how many excuses you parrot from the home office.

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Anonymous in Denver, Colorado

4 months ago

There are no problems at AXA that you won't find at any other major "Financial Planning" company that is actually an insurance company (MetLife, Prudential, Ameriprise, etc.) These companies hire by touting a "proven method" to reach success, and they highly discourage employees from reinventing the wheel. The problem is that these companies used to trade on a much larger information advantage than they do today. Anybody can google these companies to see how the sausage really gets made.

There are good people in these organizations who did what they were told and make great money, but many, many more who found it too frustrating or ethically dubious to continue. The confirmation bias is huge amongst the folks who have sold well.

The reality is that this business model will continue to produce diminishing returns as information becomes ever more available. Income producing annuities are great products. Life insurance makes sense when you need a death benefit. But these companies have been hammers looking for a nail (but willing to settle for a screw) for too long and there's too much information about the folks that have lost money on their deal with the house.

Buy life insurance through a broker. Invest through Vanguard. If you are successful in accumulating assets, find a fee-only manager. Permanent life insurance is a tax-efficient but ultimately terrible way to accumulate money because of non-guaranteed costs and a plethora of fees, never get talked into "investing" through life insurance.

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