New York Life
Happiness rating is 61 out of 100
3.7 out of 5 stars.
Write a review

New York Life Pay & Benefits reviews: Financial Representative

Review this company
Job Title
Financial Representative134 reviews
Location
United States134 reviews

Ratings by category

Clear
3.6Work-Life Balance
3.4Pay & Benefits

Sort by

HelpfulnessRatingDate
Found 41 reviews matching the searchSee all 3,566 reviews
yorkagentcommissioninsurancelifeprospectfinancialtraining

Outstanding Company with Strong Values, Culture and Ethics

Featured review

New York Life selected this as a representative review
This is a Fortune 100 company that values their employees, supports them and wants them to succeed. This is especially important because financial services is a tough business. Most people know very little about the scope of what we do, or about our company- that we're owned by our policy owners, not Wall Street, for instance. But people are highly skeptical of "insurance companies" and have made assumptions about us, especially thinking that all we do is insurance when we're trained to provide a full range of financial services for individuals and businesses: retirement planning, estate planning, business planning, tax diversification, etc. The company knows this however and supports us. Our training is undisputedly known as the best in the industry. Very deep dives on ethics, products, business management, etc.,--and it's a three year program. We're encouraged to secure securities licenses and they pay for the training. Currently they're also paying bonuses when licenses are secured. Compensation is based on performance, so it's not easy. But, it's possible to make a lot of money. The company pays very well when new business is brought in. Benefits are outstanding! Lastly, this company doesn't just talk diversity they walk the talk. By far the most diverse workforce I've ever seen, top to bottom. No glass ceilings here! All that and we're the gold standard in the industry.- the oldest, largest and financially strongest mutual insurance company in the United States.

Pros

Ethical company, best in the business training, high compensation, diverse workforce, excellent management, high expectations

Cons

Compensation is tied to brining in new clients
Was this review helpful?

Flexible work-life schedule

To make money at NY Life, you need to put the work in. There are no short cuts. Be prepared to start and have some money saved up just in case you have a bad month since you are working on commission.
Was this review helpful?

New York Life insights

Based on 1,145 survey responses
What people like
  • Inclusive work environment
  • Ability to learn new things
  • Time and location flexibility
Areas for improvement
  • Overall satisfaction
  • Fair pay for job
  • General feeling of work happiness

Fantastic culture, training, ability to grow as a person/business

dealing with retirement and financial planning so you must like numbers and be familiar with taxation. must keep up to date on economics. must be able to efficiently plan and prepare for various scenarios. hardest part of the job is that salary isn't guaranteed, commission pay only.

Pros

ability to advance, training, culture, potential multiple streams of income

Cons

no guaranteed salary
Was this review helpful?

Pathetic Company

This company is a joke! No mentorship whatsoever, just call and annoy the first 25 people you can think of and bug them about life insurance. No salary just commission so they want you to work for free and tons of worthless training they expect you to do on the side. Also mandatory annoying zoom meetings and “ra ra group texts bugging you to meet your quota.

Pros

None

Cons

No leadership, terrible mentors, no salary, pyramid scheme.
Was this review helpful?

Financial Services Professional

Training and development are very good. Management is supportive and available. Highly competitive insurance products. Set your own schedule. No base salary.

Pros

Work/Life Balance is good

Cons

Very much a cold calling role without a large network
Was this review helpful?

Rate your recent company

Share your experience to help others

Awful

It’s a bad place to work. You can’t take your own clients, they don’t provide you with any sort of resource that you can help find leads. You have to sell your soul to sell life insurance.

Pros

No set timing

Cons

No salary, bad management
Was this review helpful?

The Rock Star Team

Great company to learn the financial services industry. Training and tools are provided to ensure success. Must be a self starter, excellent communicator and able to articulate the unknown.

Pros

Compensation structure

Cons

Grind
Was this review helpful?

Benefits are not good

If you are looking for a company that provides good benefits this is not the one. The health insurance is not good. You are also charged for everything that is provided. You pay for office space and everything that accompanies your business.
Was this review helpful?

Love working for the company I just wish that movement within was faster.

Company does treat its employees well although My job is underpaid for the duties we perform. Flexible Benefits are alright Movement within the company is very very slow.
Was this review helpful?

It is what you make of it

Training is great and you make your own schedule. It is a commission only job, however, and the slow months are hard to bare. It's a very competitive market so great job if you are well connected with the right people.
Was this review helpful?

Great place to work that helped build strong work ethics

New York Life's sales program was a great place for an entrepreneur to learn all the necessary skills for building a business from scratch. I learned how to work with prospects through a systematic sales workflow and developed strong relationships with my clients. I learned the importance of creating an enjoyable customer experience, a first job I'd recommend to any strong willed entrepreneur.

Pros

Great work culture with unified goal

Cons

Compensation all commissioned based and minimal help for lead gen
Was this review helpful?

Productive Helpful and Positive Work Place

I really enjoyed going to work and making my own schedule. Education and training is second to none. The opportunities for advancement are there. However paying for resources, Parking, Policy Wallets, Desk and Phone (rarely used) were taxing.

Pros

Awesome Products, Great people and environtment

Cons

Pay for EVERYTHING out of pocket to get expense allowance need to produce certain about.
Was this review helpful?

Free for all

Survivor of the fittest. No help or guidance. Very hard to succeed. The culture is to everybody for themselves and no real sense of corporation. Benefits are also lacking
Was this review helpful?

commission only

Everyone needs life insurance as part of a balanced portfolio, but it is not an easy or fun sell. Make sure your family buys your policies because that is how you start your book of business. It really isn't fun.

Pros

Flexible schedule, decent proportion of sale as your commission

Cons

tough business to be in, morbid conversations with family and friends about their looming demise, no steady pay
Was this review helpful?

New York Life

A Typical Day: The life of a Financial Services Representative is a sales position which involves a constant hustle to obtain new clients. For those with strong sales skills, it is an excellent opportunity filled with much potential. It allows for a flexible schedule and financial rewards and recognition for those who hustle well. What I Learned: I learned how to position financial vehicles in a tax efficient manner and how to speak "sales language". Management & Culture: The Managing Partners set the tone for each General Office. The Recruiting Partners are mostly consumed with hiring the next agent to meet their annual recruiting requirements. Not enough personal development is done. It's all about, "What's your next sale? or Why haven't you met your sales goal? You are also not given any financial assistance or budget money to help you "grow your business." The Hardest Part of the Job: Many agents struggle with not meeting the monthly sales quotas and eventually get fired or quit since they struggle with basics such as having enough money to buy gas, park, or pay for booths to get more potential business. It is also hard when a client changes his or her mind since charge-backs can occur any day and any time. One day you may be $ $ 7,000 in the positive and the next day you could owe the company $ 7,300. You can never really depend on the income unless you develop a high-end or high-volume practice. Anything in-between will eventually cause you to become non-proactive (behind on your sales goals) agent. Also, the sales quotas have been increasing bi- - 

Pros

Flexibility

Cons

No base salary
Was this review helpful?

Dog eat dog

I earned that pure cold calling and 99% rejection ratio are not for me. NYL and others like it have very low retention due to the nature of the work. I can't say that they are better or worse than others of their ilk.

Pros

High commission payouts, especially on annuities

Cons

No guarantee of income, very hard to succeed
Was this review helpful?

Cut throat management and very poor advice given to clients by senior agents/advisors.

Look else where within the financial services industry to build a practuce. The management painted a picture of you making lots of money. Evening making council, I still barely made ends meat. Very poor mentorship in this general office.

Pros

Training

Cons

Management. Mentorship. Benefits for agents/advisors.
Was this review helpful?

Great leadership, need to be determined to make it

I was young when I started at NYL and wasnt able to focus as much as I probably would now. With the lack of a base salary I needed to leave after a few years and take something with a salary and commission to stabilize my situation at the time. The management and help from NYL is second to none. Great company.

Pros

Management, commission, great products

Cons

No base pay, pay for cubicle/office
Was this review helpful?

Lack of integrity and poor ethics make this a company you can’t trust

New York Life might be one of the biggest names in financial services, but it is also one of the sleaziest. They claim to have great training, but they don’t care about clients and have no integrity. On top of it all, managers will encourage you to use shady business practices. As an added negative, they will show up late to big appointments, fail to properly qualify clients, and cost you deals.

Pros

Big name.

Cons

Management doesn’t care about employees or their clients, No base salary, They make you buy a $1000+++ laptop
Was this review helpful?

Great people

New York Life is a great company and has a great reputation. Working for the company, you have to be a go getter and self starter because you're paid strictly on commissions. If you're not making deals, you're not getting paid.

Pros

Great people

Cons

Pay
Was this review helpful?

Great place to work

Incredible training and support from partners (office managers) to get you on your feet and get going in a very difficult business. Fair payment system that features a percentage of commission earned to salary match
Was this review helpful?

More reviews from Financial Representative

See all 134 reviews

Want to know more about working here?

Ask a question about working or interviewing at New York Life. Our community is ready to answer.Ask a Question

Overall rating

Based on 3,566 reviews

Ratings by category

3.6 out of 5 stars for Work/Life Balance
3.4 out of 5 stars for Compensation/Benefits
3.1 out of 5 stars for Job Security/Advancement
3.4 out of 5 stars for Management
3.5 out of 5 stars for Culture

Women's ratings

3.8Fairygodboss Score

70%say women are treated fairly and equally to men

70%would recommend to other women

Fairygodboss provides free job reviews for women, by women.

Powered by  Fairygodboss

Compare New York Life with

Popular locations for Financial Representative in US

Explore similar careers

New York Life reviews by popular job title