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

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jrod1217 in massapequa Park, New York

78 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

77 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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Evr in Austin, Texas

77 months ago

stuff. My manager never told me that there was over 1% in mortality and risk expense. He tells all his clients that the only fee associated with the 403(b) annuity is $30 annual maintenance fee for paperwork and administrative expenses. Obviously that's not true cause there's that M&E expense that they won't even tell their own reps about, and not to mention the 6% commission that comes right off the top when you close the sale. AXA is full of a bunch of idiotic self-righteous fools, some of whom actually think they're helping people. I pity them.

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100krecruiter in Marietta, Georgia

77 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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Bob2 in San Antonio, Texas

69 months ago

Evr in Austin, Texas said: stuff. My manager never told me that there was over 1% in mortality and risk expense. He tells all his clients that the only fee associated with the 403(b) annuity is $30 annual maintenance fee for paperwork and administrative expenses. Obviously that's not true cause there's that M&E expense that they won't even tell their own reps about, and not to mention the 6% commission that comes right off the top when you close the sale. AXA is full of a bunch of idiotic self-righteous fools, some of whom actually think they're helping people. I pity them.

You seem very upset, Evr. Unfortunately, it doesn't sound like you received the full picture of the opportunities at AXA. Mabye nobody mentioned the cash balance pension plan, shareplan, employee stock purchase plan, etc. You say above that there is a 6% commission that "comes right off the top" which is not true...there is not a load in the product you are referring. If you total up all the fees and expenses of an A share retail fund, you will find that the total expenses are very comparable. Perhaps you had some bad apples in the office you were in, but you are way off base by painting with such a broad brush saying that the company is full of idiots. Like most careers worth pursuing, it can be difficult sometimes---you will encounter roadblocks. If you expect clients to come to you when starting your career, then you are in for a tough career in the finance industry. When I started in this industry, I drove well over 80 miles a day regularly to find new clients. Now, most come to me because I've earned it through hard work and long hours. People need what we have...they are either going to get what they need from you or somebody else. I wish you well in your search....but stop blaming AXA for your troubles...look inward and figure out what you really want and realize that it is mostly up to you to get it, not relying on someone else.

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nwvt420 in Charlotte, North Carolina

67 months ago

Bob2 in San Antonio, Texas said: Unfortunately, it doesn't sound like you received the full picture of the opportunities at AXA. ....but stop blaming AXA for your troubles...look inward and figure out what you really want and realize that it is mostly up to you to get it, not relying on someone else.

I am going to share my experience at AXA with everyone, the full picture, but before I do so, I would like to say it is VERY hard to make it as a financial planner. Over 90% of people who try will fail. I’m not going to get into how bad AXA’s 403B Annuity is compared to all the other options available to teachers. You are taking advantage of the educators of our children’s financial gullibility with this product. How can you disclose the fees, let alone do what is best for your clients when there is no formal training to explain the fees to you, NONE? You can’t. AXA does have some very good products, the EQUIVEST TSA is NOT one of them. But this is about working at AXA, so here is THE TRUTH.

OK Bob, since you obviously work for AXA, please correct any errors in what I am about to say. To take advantage of the pension, ESOP, and 401K vesting, and AXA share plan, you need to work at AXA for 5 years. Now, here’s how you make it through 5 years and I bet you money that half of this will not be disclosed to you until well into your “career.” You do have to pay for your licenses, cost me over $1300, In RBG, you need 15 contracts and 3000 PC's to get through precontract and you have 6 months to do so. However, since it takes AT LEAST 2 months to get paid from time of submitting a contract to getting paid on it, in reality you have 4 months. Also, since whoever set up the account with the school district get's 20% of your PC's, you actually need to earn 3750 PC's. This will require $62500 in contributions IF you earn the max of 6%. I earned 4%, so I needed $93750.

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nwvt420 in Charlotte, North Carolina

67 months ago

You do get paid an advance on PC's, so you need $6250(9375) in monthly contributions, which is possible, but you better be willing to put in at least 60+ hours per week and time it to start selling in August, or know a lot of gullible people with a lot of money. It's possible to do, but keep in mind A. It takes two months to get paid and B. Over 80% of people FAIL TO MAKE $3000 IN 6 MONTHS. You are also paid as a 1099 contractor, so you are responsible for your FICA taxes and SS match. You can write a lot off, but you have to make it to write it off. Also, since teachers don’t make a lot of money, you better be very pushy to get an average monthly contribution of $100/month. You will need about 75-100 clients in 4 months to make it. You also have to go to training at the regional HQ’s during this time which some people had to drive over 200 MILES to get too. Guess who pays for that gas too? And you are learning how to prospect during this time, NOT how to actually help people by finding out their needs and using a product as a tool to meet those needs. Your training is all motivational speaking, and going over life insurance products. Since I am going to disclose everything, the one perk of this time is the training in New York for 2 days. It’s always on a Tuesday and Wednesday and you don’t get paid during it so it makes for a loss of half a week. This is the ONLY investment AXA makes in your career during that time.

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nwvt420 in Charlotte, North Carolina

67 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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nwvt420 in Charlotte, North Carolina

67 months ago

In closing, there are people who make a lot of money working for AXA. But for everyone one of them there are at least 30 people who don’t. What I am saying is there are so many other ways to make more money if you are willing to put that kind of time, effort, and devotion into your career. Read Malcolm Gladwell’s OUTLIERS and realize that it will take a tremendous amount of work on your part AND a certain amount of luck and timing. No one makes it on their own in life, even if you work very, very hard, you can still fail, especially in this industry. Seriously read that book, it will change the way you look at the world. Best of luck in your career, and seriously, save yourself some time and a lot of effort and check out other companies. Don’t make the same mistake that I, and thousands of others have made.

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GlassIsHalfFull in Bellevue, Washington

63 months ago

I have to speak out to this forum, as I feel many/most/all of the comments are inaccurate, incorrect or misrepresented. Listen, the financial services industry is not a career path that all people are made for...it is for entrepreneurial-minded people, it requires you to have some thick skin to survive and it takes some time to develop. If you don't respect that environemnet and don't have those personality traits...DON'T go into financial services (go work at the bank or go flip burgers). I have seen good people come into the business (and the company) and not survive...again, they are good people - they should not have been in a sales/commission environment. For the right person (however), financial services is a very rewarding career: you help your clients do amazing things, and in turn, you become more profitable to yourself (and to the company). Sure, it is a (small) business risk, but one that is much less risky than other rewarding career paths (like being a doctor, a dentist or a lawyer - who usually develop 6-figure debts just to get into the business). Don't get me wrong: building a business does have expenses! I spend thousands every year, to make a successful practice MORE successful (80% of this job is showing up, the other 20% is investing into your practice). But don't get me wrong, business expenses are not fun - but they are necessary!!

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GlassIsHalfFull in Bellevue, Washington

63 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!

You'd make more as an independent and you'd be responsible for all your own expenses, have no compliance help, no training, very few benefits, maybe no 401k or pension...probably a 1099 employee, huh? What is the net result??

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GlassIsHalfFull in Bellevue, Washington

63 months ago

Evr in Austin, Texas said: stuff. My manager never told me that there was over 1% in mortality and risk expense. He tells all his clients that the only fee associated with the 403(b) annuity is $30 annual maintenance fee for paperwork and administrative expenses. Obviously that's not true cause there's that M&E expense that they won't even tell their own reps about, and not to mention the 6% commission that comes right off the top when you close the sale. AXA is full of a bunch of idiotic self-righteous fools, some of whom actually think they're helping people. I pity them.

C'mon EVR, was this really the right career choice for you? BOB2 is right, it doesn't sound like you really had a thorough understanding of what career path you were headed down, nor the products that you were postioned to sell. Educators (or at least most of them) want to have someone help them save for their long-term goals (by using 403b and 457 pland)...you make it sound like educators aren't worth helping....that's too bad. Idiotic? Self-righteous? Fools? Really?

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GlassIsHalfFull in Bellevue, Washington

63 months ago

nwvt420 in Charlotte, North Carolina said:

OK Bob, since you obviously work for AXA, please correct any errors in what I am about to say. To take advantage of the pension, ESOP, and 401K vesting, and AXA share plan, you need to work at AXA for 5 years. Now, here’s how you make it through 5 years and I bet you money that half of this will not be disclosed to you until well into your “career.” You do have to pay for your licenses, cost me over $1300, In RBG, you need 15 contracts and 3000 PC's to get through precontract and you have 6 months to do so. However, since it takes AT LEAST 2 months to get paid from time of submitting a contract to getting paid on it, in reality you have 4 months. Also, since whoever set up the account with the school district get's 20% of your PC's, you actually need to earn 3750 PC's. This will require $62500 in contributions IF you earn the max of 6%. I earned 4%, so I needed $93750.

I'll answer for BOB: you are incorrect NWVT, you are immediately eligible for most of the benefits (some employER-paid funding does take 5 years to fully vest, which is not too unusual). You might have spent too much time working out those numbers and looking at spreadsheets to realize the great opportunity that was potentially there for you. Your calculation is very in depth...you probably could have enrolled 5 clients and discovered $25000 of those assets in the time spent calculating. 6 months is plenty of time to furfill those (minimal) requirements). Glass is half-empty, huh? Best of luck in the future!

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ExpdFinAdvisor in Wappingers Falls, New York

61 months ago

Thank you nwvt420 for that informed comment. As a industry veteran I am always happy to know the truth about a company's practices before I take the plunge.

Thank you to GlassIsHalfFull as well for giving us another viewpoint on this company.

It always makes me wonder if we are talking to someone who struggled, gave his all, but ultimately couldn't make it work as well as he needed it to (nwvt420?) or someone who worked hard, had some lucky breaks possibly, maybe is in charge of recruitment, but ultimately was successful (GlassIsHalfFull?).

The viewpoint depends on who is telling the story. In the end we all have to make up our own minds but having the insight helps either way.

Thank you!

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JR to the double L in Fountain Hills, Arizona

53 months ago

Bob2 in San Antonio, Texas said: You seem very upset, Evr. Unfortunately, it doesn't sound like you received the full picture of the opportunities at AXA. Mabye nobody mentioned the cash balance pension plan, shareplan, employee stock purchase plan, etc. You say above that there is a 6% commission that "comes right off the top" which is not true...there is not a load in the product you are referring. If you total up all the fees and expenses of an A share retail fund, you will find that the total expenses are very comparable. Perhaps you had some bad apples in the office you were in, but you are way off base by painting with such a broad brush saying that the company is full of idiots. Like most careers worth pursuing, it can be difficult sometimes---you will encounter roadblocks. If you expect clients to come to you when starting your career, then you are in for a tough career in the finance industry. When I started in this industry, I drove well over 80 miles a day regularly to find new clients. Now, most come to me because I've earned it through hard work and long hours. People need what we have...they are either going to get what they need from you or somebody else. I wish you well in your search....but stop blaming AXA for your troubles...look inward and figure out what you really want and realize that it is mostly up to you to get it, not relying on someone else.

I am with you on that one... I drive well over 80 miles a day and many times I don't get a client... But that is the name of the game...

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In Minnesota in Saint Paul, Minnesota

53 months ago

I appreciate all the time and energy everyone has spent on this forum. I met with AXA over the past few weeks and was extended an offer to start today. After doing research the past week of some friends who work in the school district, a friend that works for another company as a financial planner, and finally this forum I responded to AXA that I would not be accepting their offer of employment.

I am all for helping people and have a firm understanding of finance but can not believe this is good for the customer who purchases their products. A mutual fund with 6%+ front end load and life insurance with 50%+ commissions is something that is taking advantage of people who lack financial knowledge. While it's a great deal for AXA this is stripping 60%+ of the anticipated fund return or over billing life insurance policy by an obscene amount.

$1,000 invested in a no load mutual fund would earn 10.1% first year or $101 (using historical stock market average return). Second year would be $111.20 for a total of $1,000 + 101 + 111.20 for a total of $1,212.20 after two years. The same product and same return bought from AXA would be $1,000 Less 6% commission so $940 to start out. The first year (if identical return of 10.1%) would be only $94.94 and take another 2% commission from that total at end of first year so $960 + 94.94 = 1054.94 - 21.09 (2% commission) = 1033.85 end of first year. Second year would be 1033.85 + 104.41 = 1138.26 (minus 2% commission of 22.76) so actual total is only $1,115.50.

After two years you could have $1,212.20 with another company OR only $1,115.50 with AXA so you just lost an extra $96.7 for no other reason than a heavy commission structure.

I believe in finance and investing but just not AXA products. T Rowe Price, Fidelity, Vanguard all better investment options with better returns and lower fees...they are not the only companies but the only ones off the top of my head.

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GlassIsHalfFull in Bellevue, Washington

53 months ago

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).

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Kevin Simonson in Minneapolis, Minnesota

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.

Evr,

First let me state that I am not looking to start a pointless internet fight but I disagree with your comments. How long did you stick with the company? My father has worked for AXA for about 25 years now and easily makes a quarter of a Mil a year. He makes good money and works hard, I know that it is hard in the beginning since you need to build up a client base but as with any sales based position that is the case. Why do you have so much hatred for a company? Did they fire you? Would love to have a mature discussion, I simply do not understand why you hate them.

Sincerely,

Kevin

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Robert_Maxwell in Newport Beach, Virginia

52 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.

I have to disagree, this is job is fantastic!! My partner and I drove an hour to this school to follow up on a 20 yr old maintenance worker who we have been trying to sign up. The school design was circular, so we each started off in different directions to hunt her down. We used our nextel direct connect phones to keep in touch. my partner spotted her and she saw him and tried to avoid him by running toward my direction. He informed me by phone and we ended up trapping her in the cafeteria during a lunch period. She ended up signing up for a 403 b for 20 dollars per pay. Best of all she asked for a 50,000 dollar term quote. It was a great day !!! We stopped at the bar, felt good about ourselves and got something to eat !!

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Telling It Like It Is in New York, New York

52 months ago

It's nice to see Robert's excitement over even a small case. I started reading this and saw ntw's first comment, then just scrolled past more and more and more negativity. My buddy sent me a link to another forum on here about AXA for a laugh and now I find myself sucked in, doing non-revenue-producing activities, commenting on here haha.

Ntw, you clearly missed the big picture that Robert gets. If you're in the RBG market, the 403b gets you in the door. Also, you must be a paperwork nightmare or have terrible follow up because to say it takes "at least 2 months" to be paid on a 403b is a joke. If you submit everything right away (of course it depends on the school system's payroll), you're generally paid within a month. That's my experience anyway because I process paperwork immediately and have good relationships with the payroll people.

Once you're in the door (remember, you are a financial advisor), you talk to your new clients to see if they have other needs. Maybe they have kids and want to set up a 529 college savings plan. Maybe they need insurance like Robert's client, or you can get them a better deal on their current insurance. Perhaps they have old retirement assets to rollover or maybe their spouse does. Do you get referrals from your clients? I'm going to guess that you do none of the above because that would require working hard and you sound like a piker.

Robert, keep up the good work. Even at $20 per pay an app is an app and the more you write, the more clients you'll have, the larger your renewal base will grow and the more other business you can get to keep you alive and well in the company. Best of luck!

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Theresa Francisco in Palm Beach Gardens, Florida

50 months ago

GlassIsHalfFull in Bellevue, Washington said: I have to speak out to this forum, as I feel many/most/all of the comments are inaccurate, incorrect or misrepresented. Listen, the financial services industry is not a career path that all people are made for...it is for entrepreneurial-minded people, it requires you to have some thick skin to survive and it takes some time to develop. If you don't respect that environemnet and don't have those personality traits...DON'T go into financial services (go work at the bank or go flip burgers). I have seen good people come into the business (and the company) and not survive...again, they are good people - they should not have been in a sales/commission environment. For the right person (however), financial services is a very rewarding career: you help your clients do amazing things, and in turn, you become more profitable to yourself (and to the company). Sure, it is a (small) business risk, but one that is much less risky than other rewarding career paths (like being a doctor, a dentist or a lawyer - who usually develop 6-figure debts just to get into the business). Don't get me wrong: building a business does have expenses! I spend thousands every year, to make a successful practice MORE successful (80% of this job is showing up, the other 20% is investing into your practice). But don't get me wrong, business expenses are not fun - but they are necessary!!

Hello: I am returning to the financial services industry after several years and wil be interviewing with AXA next week. I do not understand all of these complaints on this site? Tell me more about the desk fees please. I am aware that I will be paying for my licenses. Thank you.................."T"

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GlassIsHalfFull in Bellevue, Washington

50 months ago

Hello "T"heresa. Without getting into incredible detail, as an advisor at AXA, you are on the stage of (arguably) the biggest, most tenured and most secure financial company in the world... which provides you with 1) ongoing training, education, knowledge and support, 2) innovative, competitive products and 3) compensation and benefits that are truly unmatched. When it comes to the "expenses", AXA does us (as advisors) a favor by us controlling where we put our own expenses (after paying for the requirements). This ability to decide where my dollars get spent allows me to put the dollars towards the advertising, marketing and market-development that benefit me. Not only does that give me the power to control my own expenses, but uncle sam allows me to deduct these expenses from my income. Speak to the manager that you are interviewing with for the specific expenses. Make sure that you "get it", as many of the disgruntled individuals who failed in the business above did not "get it".

Also do yourself a favor and understand the compensation (commissions and boost payments), and equally as important - the enormous benefit package (matching 401k, employer-paid pension plan, stock option grants, stock purchase plan, annual leveraged (9:1) shareplan, company paid training and award trips, health-, dental-, vision-plan options, section 125 plan, qualified TRIP & medical expense & dependent care plan options, etc.). Successful people will get how valuable these benefits are... you will enjoy the decision to join the incredible AXA sales force and I wish you the best of luck!

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SeekingPassion in Melville, New York

45 months ago

Question for you.

I have an interview with a VP for an AXA Financial Advisor position. I understand that this is sales, but how much knowledge of the market and how prestigous is it to work at this firm. I gradauted from a really good university that is AACSB certified with a degree in accounting and i have taken some MBA courses at an AACSB certified school through my employer. I am in an A/P role where all i do is process invoices and i'm dieing here. The work experience (if you can call it that) is getting me no where and i can't just sit here for 2.5 more years and wait to get an MBA without being qualified to do anything.

I am very passionate about business news, the stock market, current events and budgeting and helping people acheive their savings needs and goals. I also aspire to make a 6 figure income. Will a career at AXA provide me that opportunity?

I've heard its a scam, you get used, ect. What is the truth... i find it hard to be a scam after the recent financial meltdown.

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GlassIsHalfFull in Bellevue, Washington

45 months ago

Unfortunately, this website promotes feedback from people who do not succeed with AXA in the financial world. There are dozens of successful people for every one who fails. And of the ones that fail, most have an understanding of what led to their moving on to other career opportunities. One those who aren't successful, there are unfortunately a few that blame AXA for the failure. This career is for motivated individuals who seek a long-term career making a (potentially multi-) six-figure income AND are willing to work hard to earn it. I am at AXA and have been for almost ten years, i have worked hard to get where I am. If this sounds like what you are looking for, please leave me an e-mail to contact you directly at and I will be more than happy to answer questions for you.

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nwvt420 in Charlotte, North Carolina

45 months ago

GlassIsHalfFull in Bellevue, Washington said: Unfortunately, this website promotes feedback from people who do not succeed with AXA in the financial world. There are dozens of successful people for every one who fails."

There are actually at least a dozen people who FAIL for every one that makes it through the first 3 years. AXA's retention rate is under 10%, closer to 5%, not over 90%. To be fair, this is true of the entire financial sales industry, not just AXA. Statistical fact. This is an extremely tough gig. This is not a 9-5 job, it is a lifestyle that requires 100% of your energy and focus in order to succeed. Just as ANY entrepreneurial endeavor would. You will work nights/weekends for years just to make it, unless you already have very good connections and/or a family member willing to mentor you (pretty common from the "those who fail are lazy crowd" though some are actually self made). Or if you're a top tier salesperson, but since the commssions for brokers are generally double what they are for AXA Advisors to sell the same product, these people generally do the best independently and also "don't make it". There are def worse places to work, but this is not the best, especially if you're new to the industry.

The majority of upset people on here seem to have come from the RBG division. They also seem to be fresh out of college or still in their 20's. If this sounds like you, my advice is that you get a salaried job for a few years to learn the industry and see if this is right for you before undertaking the risk of financial devestation that comes from not making it. Get paid to learn the products rather than relying on some manager you hardly know to give financial advice to your friends and family. If anyone thinks this is anything short of great advice, I would love for you to explain why. If you go for it anyways, make sure you have at LEAST 4 months of living expenses in savings, you'll need it. Do your due-diligence.

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GlassIsHalfFull in Bellevue, Washington

45 months ago

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.

If you are afraid to invest time and some capital, don't go into financial services and don't come to AXA. Doctors typically borrow hundreds of thousands of dollars and many years to attempt to make a six-figure income... which is NOT a bad thing. I invested a few years and a couple thousand dollars to make my business... as a result, I have no school debts, and contribute to the well-being of my clients AND me and my family - I would hope that AXA is also making money, while my clients and I make money.

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GlassIsHalfFull in Bellevue, Washington

45 months ago

As far as the success rate of surviving financial services, we could debate that for years. In my experience and what I have seen across several branches (of our 70+, which I cannot speak for all), the success rate of new advisors at AXA is 4-5 times higher than at other firms. When I speak of a dozen for every failure (pardon the erroneous s in my earlier Reply), that is the reality of the several branches I can speak for. Granted, I am not including the candidates that cannot pass the examinations required to 'get into' the business. Those failures shouldn't be factored in, although they are often times in statistical analysis of the industry.

Again, if you are right for the job, AXA will greatly enhance your ability to provide a valuable service to your clients (which could include your friends and family). Furthermore, your understanding of making 50% commission compared to independent firms tells me that a) you don't have the full story, b) didn't appreciate what you had when you were trying to make it at AXA.

By the way, I wouldn't have arrived where I am today without AXA Advisors AND the RBG - both leaders in the industry!

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Resilient in Wilmington, Delaware

45 months ago

I am a recently former P&C UW who mentored with Metlife and passed the Series 6. I made a few sales, but, decided it wasn't for me. I started my own business so that I can keep as much of the profit for my OWN SELF. I used to compete with AXA in big VIP accounts as a UW and I know they're an ok company. Just decided it was time to go on my own and created a website for FA's, Insurance Agents, Realtors, and Loan Officers can advertise on.

Follow you're dream no matter what people say. Anything is possible.

www.BrokerGopher.com

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Resilient in Wilmington, Delaware

45 months ago

Sorry for any misspellings. I pulled an all nighter working! :)

www.BrokerGopher.com

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GlassIsHalfFull in Bellevue, Washington

45 months ago

Resilient in Wilmington, Delaware said: I am a recently former P&C UW who mentored with Metlife and passed the Series 6. I made a few sales, but, decided it wasn't for me. I started my own business so that I can keep as much of the profit for my OWN SELF. I used to compete with AXA in big VIP accounts as a UW and I know they're an ok company. Just decided it was time to go on my own and created a website for FA's, Insurance Agents, Realtors, and Loan Officers can advertise on.

Follow you're dream no matter what people say. Anything is possible.

www.BrokerGopher.com

A great example of someone who decided what was best for their circumstances. Hope all is well, BrokerGopher!

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jzp5057 in Westwood, New Jersey

45 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

44 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

43 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

43 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

43 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

43 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

43 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

43 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

43 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

43 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

43 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

43 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

43 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

42 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

42 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

42 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

42 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

41 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

41 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

41 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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