IG Wealth Management "100 commission" Reviews | Glassdoor.ca

IG Wealth Management Employee Reviews about "100 commission"

Updated Jan 6, 2020

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3.7
65%
Recommend to a Friend
77%
Approve of CEO
IG Wealth Management CEO Jeffrey R. Carney
Jeffrey R. Carney
264 Ratings
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Cons
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Reviews about "100 commission"

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  1. "Great work culture with big possibilities"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Financial Consultant in Toronto, ON
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at IG Wealth Management full-time for more than a year

    Pros

    IG gives me the resources I need to succeed for both client management and client acquisition. They give me the freedom to build the practice I want and the opportunity to succeed is infinite if you work hard. The work culture here is filled with fun, genuine people who care deeply about what they do and the people they work with. The level of financial planning provided by consultants at this company is not only genuine, but right for every clients unique situation. It is so much more than investment advising...

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    Cons

    I don't have any Con's really, but make sure you know what you are getting into before you start. As a consultant, you are 100% commission based meaning that you grow as much as a you want, but there is no "floor" in terms of salary. Treat this as starting a business.

    IG Wealth Management2018-02-26
  2. "Do not believe favorable reviews of IG"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Contractor - Financial Consultant in Calgary, AB
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at IG Wealth Management for more than 10 years

    Pros

    You have a flexible work environment and can sort of set your own hours.

    Cons

    Unethical management culture going back as long as I can remember. Your are told your in your own business but this is not true. You are a contracted employee with very poor benefits that you pay for, pay most of your own expenses, and you can be terminated for very little reason. Managers say that they will give you clients but usually they are given to their friends or favorite consultants. Very poor infrastructure. Client applications are still manually completed and are 4 pages long. You are told that you have access to all investment products. This may be true but you only get paid on IG and Mackenzie specific funds. No compensation other than 100% commission.

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    Advice to Management

    Allow consultants have access to all ETF's. Allow consultants to set the fee structure for clients. A fee on assets or a flat fee for hourly work done. Make client distribution transparent and eliminate the nepotism. More region management oversight. Teach them how to manage people.

    IG Wealth Management2020-01-06
  3. Helpful (3)

    "Consultant"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Compensation and Benefits
    Former Employee - Anonymous Employee in Winnipeg, MB
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at IG Wealth Management full-time for more than a year

    Pros

    Good training program, no commission ceiling, learn a lot about financial planning.

    Cons

    100% commission with no leads provided. Expect that you will bring in assets of friends and family, and then they can choose to keep you or not, but they still have the assets. If you want to build a book of business from scratch, there is no work life balance. Little marketing support. Lots of cost to consultant (for software, marketing, etc) that you are expected to absorb by using them as tax deductions.

    IG Wealth Management2018-12-03
  4. Helpful (1)

    "Consultant 100% commission"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Consultant in Brandon, MB
    Recommends
    Neutral Outlook
    Disapproves of CEO

    I worked at IG Wealth Management full-time for more than 3 years

    Pros

    Unlimited earning potential. Flexibility to design own schedule. Work as little or as much as you want. Good training, free continuing education. Good place to start in the Financial advice industry and learn the ropes. Very hard to get started but if you can stick it out for a few years until you have a substantial client base your earnings will far surpass bank employees.

    Cons

    100% commission. You don't sell, you don't get paid. Lots of mistakes by head office on clients paperwork, also seem to loose a lot of documents, which then in turn makes your job harder to explain and deal with clients why they need to resign documents or why a transaction takes so long. Lots of nonsense meetings that are time wasters. They eliminated prospecting programs in order for newer advisers to find clients. Also having the help of specialists was recently eliminated. You are on your own to find clients and sell them.

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    Advice to Management

    Create more prospecting programs. Stop cutting costs. What is good for the stock price is not always good for consultants/employees.

    IG Wealth Management2018-06-05
  5. Helpful (1)

    "Poor management"

    StarStarStarStarStar
    Former Employee - Anonymous Employee 

    I worked at IG Wealth Management full-time

    Pros

    You can have a coffee in the office.

    Cons

    100% commission salary, admins are very rude.

    Advice to Management

    I heard current CEO is sexist, he does not shake woman's hands even though she is in management class.

    IG Wealth Management2018-04-11
  6. Helpful (5)

    "Don't Do It"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Consultant 
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at IG Wealth Management full-time for more than a year

    Pros

    -Set your own hours -They will sponsor your CFP courses -Get experience in a sales environment -Good training; learn about financial planning on the job

    Cons

    -It's a lot harder to find clients, than they make it seem. IG has a bad rep and prospects know that. -100% commission -There is a fee you have to pay to work there. They say "you can make so much money that you won't mind paying the fee", but that's not true. (Like $500ish) -They tell you that it's possible to make a lot of money, but they don't tell you that it's VERY rare. -So many people have part-time jobs because they aren't making enough money at IG -You pay for EVERYTHING. (Xmas party, lunches at the office, benefits, building your business, annual golf tournament). No perks at all

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    Advice to Management

    - Make it mandatory for consultants to be IIROC licensed -Stop hiring people in their 20s

    IG Wealth Management2017-10-23
  7. Helpful (3)

    "Not really self-employed"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Financial Consultant in Calgary, AB
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I worked at IG Wealth Management full-time for more than a year

    Pros

    Great training, one of the best in the industry

    Cons

    100% Commission based, no salary Find and keep clients is not easy when you start in the industry

    Advice to Management

    Do not hide the reality of this type of business to newbies.

    IG Wealth Management2017-07-30
  8. Helpful (2)

    "Go in with a full head of steam..."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Consultant in Vancouver, BC
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at IG Wealth Management

    Pros

    Great people to work with, Terrific place to start if you have no experience in the industry. Professional work environment, attractive offices for client meetings.

    Cons

    Poor training, 100% commission based (this was understood coming in), warm market was not as warm as I had thought it would be unfortunately. At the end of the day you are simply a salesperson until you have your CFP under your belt.

    Advice to Management

    Try to focus on and maintain a business objective. A lot of flip flopping in the company as to what is important Lower MER's Figure out a way for your consultants to provide ETF's to your clients

    IG Wealth Management2017-04-26
  9. "General Very Good"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Consultant in Grimsby, ON
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at IG Wealth Management full-time for less than a year

    Pros

    Excellent Training Highly Structured and Organized Professional and Knowledgable Support Team Good Compensation Regulation Strong and Effective Leadership

    Cons

    100% Commission Based Job All Cold Approach

    IG Wealth Management2017-03-24
  10. Helpful (1)

    "Consultant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee 

    I worked at IG Wealth Management full-time

    Pros

    Great support from the company

    Cons

    100% commission in a highly regulated industry. Can be difficult to get new clients which you need to make money

    Advice to Management

    Better pay structure

    IG Wealth Management2017-01-09
Found 28 reviews