Ayco, A Goldman Sachs Company Employee Reviews

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4.0
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Experience at Ayco
Financial Analyst (Former Employee) –  Albany, NYMarch 3, 2019
A typical day at work was client based appointments. I learned how to improve my communication skills, as well as having the opportunity to sharpen up my financial knowledge, in that particular role.
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1.0
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Don't do it
Administrative Assistant (Former Employee) –  Latham, NYFebruary 26, 2019
I was an admin for three years. In that time none of my suggestions on workflow, processes etc were considered....until AFTER I left. Ayco could be having a great year but if Goldman Sachs did poorly then there was absolutely no compensation for Ayco employees. Hard to get motivated when you get nothing in return. There was no identifiable career ladder for admins and no real effort on management's part to keep quality people in that position. In addition, from an ethical perspective, I had a hard time working for a company that worked to support millionaires and barely paid a livable wage to some of its employees.
Pros
Loved some of the people I worked with
Cons
Poor management
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2.0
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Get Out While You Can
Financial Analyst (Current Employee) –  Albany, NYFebruary 16, 2019
Get licensed and get out. They pay for your series 65 sie 7 and 63. Have them pay for those work there for a year or two so you can put Goldman on your resume and get out.
Pros
Pay for licensing
Cons
Pay
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3.0
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Great Exposure, Poor Compensation
Financial Planner (Current Employee) –  United StatesNovember 25, 2018
I have been with Ayco for over 3 years as a Planner

Pros:
- You get exposure to a ton of different fields due to the comprehensive nature of the planning Ayco does for their clients (investments, insurance, estate planning, retirement planning, tax planning and preparation, etc.)

- Having Goldman insight to products, strategies, and market analysis is a huge plus

- Tons of training on all the different fields you get exposure to

- Job culture unlike anything else. The people at Ayco are incredibly down to earth, caring, and overall just great to be around. Really feels like a comfortable family after being there for several years.

- No cold calling or having to build your own book of business because Ayco provides it all. Ayco provides its services as a benefit to C-Suite executives in corporations and has a whole team dedicated to bringing in new corporations and clients that doesn't ever affect Planners or Account Managers.


Cons:
- Compensation structure is absolutely abysmal. You start at $50K and gradually work up slightly from there. Start out as Analyst, then Senior Analyst, then Planner, then Senior Planner. Compensation doesn't increase much through all 4 of these stages and usually takes about 4 years to complete. Compensation is very generous once you reach Account manager but that happens only after about 4 years and passing the CFP/CFA/MBA program.

- Work life balance is not ideal. First year required to attain Series 7 and 66 which they expect you to study for whenever you can and only give you the day off to take the exam and
  more... the day before the exam. Expect to work 70-80 hours during April tax season and 60-70 during October extension season. No overtime or bonuses associated with working these longer hours, just expected to do so. On average is 40-50 hours but with the turnover being so high, it's more about 50 hours to make up for lost team members. Have come in on multiple weekends and stayed very late to get work done.

- Work is somewhat monotonous as it involves refreshing financial statements and updating tax projections for every meeting. There are random and different tasks every day but for the most part the main meat of the job is the same thing over and over again.

- Ayco is at the whim of whatever Goldman provides them with. Recently bigger push in technology, but most systems are heavily out of date and slow. GS also determines what Ayco can pay employees, so the HR department within each region has little power to make any sort of meaningful changes.



Summary:
If you want to be in Private Wealth Management for a long term career, this is 100% the place to be. Once you reach Account Manager, your compensation goes up astronomically and continues to grow by a sizable amount as you gain more clients over time. No cold calling means you have your clients handed to you basically and a long term career at Ayco leads to a very comfortable life. Job security is very high as it takes such a long time to get trained and implemented within Ayco that you only see retirements of Account Managers rather than anyone at a higher level being let go.

As far as the planner road is concerned, Ayco grossly underpays the planners compared to the industry average. The account manager position is the light at the end of the tunnel, and Ayco continually reminds the planners to just hang in there until they reach that position, but that does little to supplement the long work hours for such underpayment. While you can gain an incredible amount of experience in a broad scope of topics and sectors, you need to be sure that you absolutely want to be in Private Wealth Management before joining Ayco, and should also be comfortable with being underpaid for the first 4-5 years. If you're committed to PWM and are willing to stick it out for those 4-5 years, this is absolutely the place to be. But if you aren't completely sold on PWM and are just looking to add more experience to the resume until you find the right company/industry to be in, look elsewhere.
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2.0
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People are nice to work with but not much advancement in the company. They also do not pay well.
Administrator (Current Employee) –  Albany, NYSeptember 19, 2018
The culture is good. Everyone is very friendly. They really do not give out raises or bonuses. They do not reward you for getting MBA or getting licenses. If you get a new position they do not pay you a higher salary.
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5.0
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Everyone is friendly nice a kind.
Youth Advisory Board Member (Current Employee) –  Portland, ORJuly 31, 2018
co worker are excellent, everything we did was for good cause. helping the youth an there family, there where basketball events BBQ at the park, youth soccer tournaments.
Pros
overall everything was exclent.
Cons
none
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2.0
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Not a place for a single mom
Client Administrator (Former Employee) –  Albany, NYJuly 26, 2018
On a typical day you are expected to be there at 8 am sharp, any later and they want to review your hours. Management plays like they care about work life balance but they really don't. The culture is racist and white collar. This place is not for anyone of color.
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3.0
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Great company, if in the right department
Mailroom Associate/Receptionist (Former Employee) –  Latham, NYMay 29, 2018
Was hoping it was a company I could grow in. Had the bad luck of working for a manager who didn't know how to manage. Staff in other departments treated me better then my coworkers and manager did.
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4.0
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It was a good learning experience
Full Stack Software Engineer (Current Employee) –  Saratoga Springs, NYMay 28, 2018
It was good, for a time. A change in department structure led to completely different projects coming in one after another, none of which were very interesting or engaging. The company pours all of its money into its management division, and leaves its developers wondering why they get underpaid. The culture was overall good however. The most enjoyable part of the job was the companies desire to keep its employees up to date on the latest technologies.
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3.0
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Overall, not a bad place to work
Financial Planner (Current Employee) –  Albany, NYMay 15, 2018
Excellent subject knowledge on financial planning topics
Has potential for great work atmosphere
Lacks information on other departments within the company
Pros
Great co-workers
Cons
Salary
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5.0
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Typical Day At Ayco
Sr. Assistant (Current Employee) –  Saratoga Springs, NYApril 14, 2018
I support both the Chief Compliance Officer and the General Counsel. It is a fast paced and busy office but everyone still finds the time to remember to show respect and also take a minute or two to breathe and check in with each other to see if everyone is doing ok, including the Sr. VPs, which is impressive.

I started in the legal department as a "temp" but due to budgetary reasons was asked to support Compliance as well. I had never even worked in compliance before. Working in Risk and Safety is much different than working in Compliance and because Ayco is a financial firm, it has to be run extremely well and as a pretty tight ship for lack of a better term. The financial world and supporting them is a much different experience then any of my other positions that I have held in the past. I have always worked closely with Upper Management, and have been able to really pull it together but when dealing with what Ayco deals with, it is more than that, you have to make sure that at all times, all your i's are dotted and your ts are crossed as well.

So between that and learning the business of finance, it keeps me on my toes almost every day but with a great group of people.
Pros
The people I work with and the edcuation I am getting on the job
Cons
The stress it sometimes can bring on inadvertently
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4.0
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Good first job after college
PWM Services and Trading, Analyst (Current Employee) –  Latham, NYMarch 24, 2018
Nice people and welcoming culture. Work in team setting which allow you to learn the different ways to get things done. Management is very engaging and open.
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4.0
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I enjoyed my experience
Trade Solutions Intern (Former Employee) –  Latham, NYOctober 17, 2017
The environment is collaborative and filled with learning opportunities. Management cares about its people and their clients. They set the bar high for my first work experience.
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4.0
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Fast paced workplace.
ADMINISTRATIVE ASSISTANT (Former Employee) –  Deerfield, ILSeptember 28, 2017
As an Administrative Assistant, my day-to-day workload was extremely fast paced. You need to be very detailed oriented and have the ability to multi-task.

What I enjoyed most about my time at Ayco were the amazing people I worked with.
Pros
Great people, flexibility, Paid time off
Cons
Salary
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3.0
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Good energy
Level II Intern (Current Employee) –  Albany, NYAugust 6, 2017
Good atmosphere, not a lot of room for advancement. Pay is heavily unbalanced towards account managers and almost everyone on the company is fighting for that position.
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4.0
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Great company
Administrative Assistant (Current Employee) –  Dallas, TXMay 31, 2017
Your work environment can vary greatly based on the communication and flexibility of your team. Most teams work well together and the company (in most cases) will reorganize teams to increase productivity and cooperation.
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4.0
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Senior Financial Planner (Current Employee) –  Dallas, TXMay 29, 2017
Company provides great training for those looking to gain experience in the wealth management industry. The targeted market is corporate executives at fortune 1000 companies.
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1.0
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Operations analyst
Operations analyst (Former Employee) –  Latham, NYApril 26, 2017
This is easily the worst company I've ever worked for. Management is very unorganized and pulls you in different directions. And then once mistakes are made, it falls back on the lowest person in line. I was in the insurance division, definitely stay away from that. The other divisions like new accounts or annuities is alright. Less distinction by management.
Pros
Relaxed work environment
Cons
Management, pay, benefits, lack of direction
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Honest review
Operations Analyst (Former Employee) –  Albany, NYFebruary 22, 2017
To start the culture of Ayco is awesome. The environment is laid back, and not stressful (most of the time). I worked in policy services in the operations department. The job started great. The people were friendly, and there was a lot of information to learn. Around my fourth month, the mood started to change. The managers started picking out the mistakes I would make. However, the mistakes were all inevitable because there is NO training, whatsoever. The training is done on a "fly by the seat of your pants" basis. It seemed like everything anyone did, if it was done wrong, somehow fell back on me. The managers hold no responsibility for their own actions, they simply take advantage of the analysts and once they've gotten enough out of you they let you go. 6 people were in my position in the past 2 years... thats a terrible employee turnover rate. To conclude, the company is nice, but the policy services department, and operations as a whole should be avoided. Don't expect to be with the company for a long time. I ended up quitting before I could be fired. There was no opportunity for advancement, and the position was not as it was described by management and interviewers.
Pros
cafe, busy work makes the time go quick
Cons
management, strict and unclear rules, unfair distribution of work, lack of direction, etc.
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5.0
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Great environment and management
Summer Intern (Project Manager) (Former Employee) –  Menands, NYJanuary 7, 2017
I interned here as a senior in high school, they treated me as I were a full time employee and entrusted me as so. I very much enjoyed my team.
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Overall rating

3.6
Based on 39 reviews
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3.2Work/Life Balance
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