Foresters Financial Reviews | Glassdoor.ca

Foresters Financial Reviews

Updated 15 January, 2019
423 reviews

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3.1
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Jim Boyle
14 Ratings

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Pros
Cons
  • "Work/Life balance could be affected if you have get a good start from the beginning" (in 25 reviews)

  • "Expect to work 10 hour days and to call friends and family with a sales pitch" (in 23 reviews)

More Pros and Cons

  1. "Awesome"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Claim Adjudicator in Toronto, ON
    Current Employee - Claim Adjudicator in Toronto, ON
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at Foresters Financial full-time (More than 8 years)

    Pros

    Amazing culture, flexibility, relaxed environment, growth.

    Cons

    dated systems, dated procedures, no team building.

    Advice to Management

    Update systems


  2. "RUN AWAY"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Advisor Representative in Toronto, ON
    Current Employee - Investment Advisor Representative in Toronto, ON
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Foresters Financial full-time (More than 5 years)

    Pros

    You get to set your own schedule which means you have to work all the time. nights weekends.

    Cons

    NO benefits period.
    you have to work above 50 hours each week and most of the time you work for ungrateful people over the course of months for 40 to 50 hours per client and they just decide not to do business with Foresters and you don't get paid. 100% commission. They provide 0 opportunities. Regional management gets most of the pay and all they seem to do is to write emails do conference calls and basically protect their phony jobs. The corporate office is so far removed they literally have no idea what's going on and are so focused on the problems at the home office they don't realize that 90% of the advisor make less than 100k per year. About 80% make less than 65k and 50% make less than 30k on top of that you have to pay for everything. You have to give them half your commissions to pay for huge offices and fat middle manager salaries and they get benefits but you don't. you also have to work for free on old accounts where there is no money to be made but if someone screws over a client and leaves you have to pick up the pieces and fix it. You will hear endlessly how there is an unlimited opportunity which is utter bull. It is like those "benefit concerts" where 95% of the cost go to administration and 5% actually go to the charity they claim to be hosting the benefit for. Nothing works well they have a new customer relationship software that does not integrate is mostly wrong and we are expected to use all day. One entry can take as many as 50 selections and 15 minutes per entry. You are expected to make 100 entries per day. which means you have to be able to have 100 legitimate conversations with 100 different people that you generate on your own with zero help. All while providing endless documentation to ruthless compliance officers spending 2 to 3 hours in a day working on documentation for someone trying to leave and they never have any of their accounts up to date and are completely unreliable on submitting the correct documentation. And God forbid the market go down then they expect you to pay for there market loss out of pocket. They don't pay for marketing they actively go out of there way not to pay for stuff unless it is a way to keep their eye on you. You have to buy your own computer and then allow them to download high tech big brother software that tracks your keystrokes. It is all completely designed so they can call you independent and constantly keep you under their thumb and make it near impossible to get business done. They are the sleaziest of salespeople to work with and constantly will encourage people to do things that are not in the best interest of clients. Jim Boil and all the other executives at this company should hate themselves for how terrible the "Advisor" get treated He has hosted like 3 or 4 all employee meetings and hasn't once spoken to the needs of the advisor who are killing themselves for this company and sacrificing time with their families. The only successful Advisors live at home with parents and have no debt or bills because as soon as you get off the training salary if you can't close multiple cases per week and generate income off of them without the company finding a way to completely screw it up then you might make 30 k that year. Meanwhile, the upper management will brutely criticize you for not having mountains of debt and make horrible financial recommendations like blowing out credit cards to cover the cost of marketing activities and if things don't work out be ready to take 100% of the responsibility for screwing it up because their ego can't take the hit. But don't forget to subtract off the 5 to 6k they want you to spend on a new computer and their client communication programs and all the licenses and marketing events which they encourage you to do multiple per year at about 2500 to 3000 each. while working 50 hours a week you have to drive 20 hours per week between traffic and commuting because you can't afford to live within 20 miles of the office because you are commission only and don't make enough to cover 1 months rent let alone a whole lease. These people should feel so slimy and unethical for the promises they make to students just out of college and utterly fail to deliver.

    Advice to Management

    pay people working for you a liveable wage and offer benefits. No person can figure out this job with a 6-month training salary that is equivalent to 8 dollars per hour.
    figure out how to help the advisors. You pretend to be client focused but that is not your job. Your job is to be advisor focused and let the advisors do their job of being advisor focused.

  3. "Analyst"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Foresters Financial full-time (Less than a year)

    Pros

    Pay and benefit are good

    Cons

    Management style is not good for junior people to join


  4. "I like workign here.....but...."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Business Analyst in Toronto, ON
    Current Employee - Senior Business Analyst in Toronto, ON
    Recommends
    Neutral Outlook
    No opinion of CEO

    I have been working at Foresters Financial full-time (More than 5 years)

    Pros

    Great people to work with, IT department generally welcome new ideas, eager for change. Business partners are co-operative but still maintain their silos.

    Cons

    Constant changes in upper management leading to paralysis of change. Also some upper management are questionable in their knowledge. Opportunities for women in the IT group is questionable - management is 90% male.

    Advice to Management

    Advocate for your employees more - your business partners don't always know our capabilities.


  5. Helpful (1)

    "product analyst"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Product Analyst in Toronto, ON
    Former Employee - Product Analyst in Toronto, ON
    Recommends
    Neutral Outlook

    I worked at Foresters Financial full-time (More than 10 years)

    Pros

    Overall experiance was pleasent. The company had helped me raise my family for over 27 years.

    Employee benefit plan was great. One could choose between individual or family coverage and pick from one of four levels of co-insurance levels. It was quite flexible. Coverage included medical, drug, dental, vision, life, accident, travel and employee family assistance (stress) plans.

    Most departments allowed flexible hours within certain boundaries. Some areas also allowed work from home arrangements.

    When I first started, there were subsidized cafeteria where employees paid only a dollar or two for a full meal each day. Those were the good old days. I spent the next twenty years trying to shed those extra weight as a result without much success. Sigh!

    I had defined benefit pension with a small portion of defined contribution segment. Not sure if new employees still get defind benefit pension.

    Cons

    The last few years have experienced company-wide termination of over 15 positions per year. It's a little hard to handle.

    Work load had been constantly increasing as a result for those who stayed behind. Unpaid overtime work became the norm.

    Advice to Management

    There is a need to modernized administrative systems by upgrading existing systems to their newest version. Customers should be able to pay premiums in any mode, such as credit cards, interac, e-transfer, eft etc. and not limited to cheque and PAC only.


  6. "Specialist"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Specialist in Toronto, ON
    Current Employee - Specialist in Toronto, ON
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Foresters Financial full-time (More than 10 years)

    Pros

    Ability to gain industry knowledge

    Cons

    High management turnover and limited opportunities for advancement due to continuous personnel changes


  7. Helpful (7)

    "Biggest mistake of my career"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Foresters Financial full-time

    Pros

    You will learn a ton...about how deeply dysfunctional an organization can be - like a case study in how a poorly governed enterprise can completely atrophy over the years

    Cons

    Where to begin? How about:
    -Incompetence starts at the top with the Board and cascades down, meaning that out of the gate, the odds are against new management team solving the myriad of Foresters' intractable issues
    -Several weak/inept members of executive team
    -Varying levels of talent across the organization - it's tough to attract good talent when a company is this dysfunctional
    -Lack of integrity at times, with many business practices at odds with Foresters' mission & purpose
    -Obsolete business model and infrastructure, made worse by years (decades?) of underinvestment
    -Overpriced and underperforming products & services
    -Terrible, out of date employee benefits, particularly for US employees
    -Huge gap between what they say their HR + compensation policies are and their actual practices (good luck getting a written review and/or understanding the rationale behind comp decisions)
    -Huge gap between the values and culture and purpose espoused by management what actually happens
    -Limited vision in every sense: No alignment around what the issues and priorities are, unclear articulation of goals and inadequate visibility into progress

    Advice to Management

    You owe it to your members and employees to get your act together - seriously!

  8. Helpful (1)

    "Membership"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Membership in Toronto, ON
    Current Employee - Membership in Toronto, ON
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Foresters Financial full-time (More than a year)

    Pros

    - Decent salary and compensation package

    Cons

    - Lack of career growth opportunities
    - Lack of professional development learning opportunities
    - Lack of clear strategic vision and direction for the company
    - Lack of management training
    - Heavy top-down management structure


  9. "Marketing Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Foresters Financial full-time

    Pros

    Organization supports it members and local communities

    Cons

    Political, Not Forward Thinking,


  10. "Investment Analyst"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Midtown Toronto, ON
    Former Employee - Anonymous Employee in Midtown Toronto, ON
    Neutral Outlook
    No opinion of CEO

    I worked at Foresters Financial full-time (More than 5 years)

    Pros

    Learn lots of things at small department from medium size company

    Cons

    Executive Management is shuffling. You don't know you will be affected eventually.
    Accessibility problem due to insufficient public transportation.