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Overzicht AIG Retirement Services

Houston, TX (Verenigde Staten)
501 tot 1000 werknemers
€ 500 miljoen - € 1 miljard (EUR) per jaar

Reviews voor AIG Retirement Services

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Goedkeuring directeur
AIG Retirement Services President Robert Scheinerman
Robert Scheinerman
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    • Balans werk/privé
    • Cultuur en waarden
    • Carrièremogelijkheden
    • Loon en arbeidsvoorwaarden
    • Senior management
    Huidige werknemer - Financial Advisor in Berkeley Heights, NJ (Verenigde Staten)
    Huidige werknemer - Financial Advisor in Berkeley Heights, NJ (Verenigde Staten)
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    Ik heb een voltijdbaan bij AIG Retirement Services (Langer dan 3 jaar)


    You have a lot of autonomy. There is no micromanaging and no one is looking over your shoulder as your work. You also get to work from home. You choose your own hours. You also get a 3% 401k match. Health and dental benefits are very good. You get a book of business (but we will talk more about this later).


    Wow, where do I start? This is a pure commission role except you get a "training bonus" of $24k during your first year. After the first year, it disappears. Also, be careful because they will promise you about $10k-25k of residual annual income from your book of business during the interview, but I have not met one person who has received anything close to those figures so make sure to get the promise in writing. They basically tell you this so you will take the job. Also, the training is inadequate. You do not get any sufficient training on procedures or paperwork. You are basically thrown to the wolves with little to no upfront training. Therefore, when a client calls you for help with service orientated tasks, you will not know how to help them, have to call them back, and they will most likely be upset. You will have to devote a lot of time to teach yourself how to do simple these simple things that they should have taught you how to do adequately (i.e. properly use the CRM software, do paperwork, look up detailed client information, resolve client services issues like address changes, etc) and this will consist of calling the help line and being on hold for while and hopefully getting someone that can actually help you or hoping that a more seasoned advisor will take the time out of their day to teach you how to do things and help you. All in all, you are learning as you go at the expense of the client. AIG is also all about sales and not about really about helping the client (unless the client has ALOT of money). Due to this, they treat most of their clients like garbage and questionable sales practices are sometimes encourage and employed. If you don't believe me, google "VALIC complaints" or "AIG Retirement Services complaints" and prepare to be baffle. You will be reading for hours so grab a glass of pinot noir or an IPA and get comfortable. There are countless BBB complaint and the company's BBB rating is not very good. Bad customer service is the culture of the company. Financial Advisors are given incentive to sell and not take care of their clients and keep them. Most of the clients that you will get in your book of business are clients that are unhappy and not eager to do business with AIG because they have had 5 financial advisor in the last 5 years and have been receiving awful customer service and inadequate attention. Also, AIG is not the only or primary financial services company that has their money for most of the clients due to the lack of good service and questionable sales tactics. Also, the managers are grossly under-qualified. Most of them are top sales people that were then promoted to a management role even though great sales people almost never translate into great managers. The managers only care about their "scorecard" because it is one of the factors that dictate how the get paid. The "scorecard" consists of different metrics of a district or region. By the way, none of the metrics on the scorecard measure customer service. All of them measure a sales or headcount. Yes, you heard me-headcount. "Why is headcount a metric?" you ask. It's a metric because the turnover rate is so high that managers have to constantly replace people who are quitting. In order to make sure that managers are hiring people as fast as they are leaving, AIG made it a metric to ensure that managers are always replenishing AIG's supply of FAs. If a manager does not hire fast enough, it negatively affects their pay. If they are doing a good job of hiring as quick as people are leaving, they get a good payday. Also, if you choose to become an enrollment focused advisor, be careful. Most enrollment focused advisors don't make it because it is very hard to make a good living while having work life balance as one. Unless you are in a group with little to no competition, you are blessed enough to get a mentor who is working in the group with you, take over a great book of business, or you have years of experience as a financial advisor in the group space, prepare to work very hard for pay that is not commensurate with your efforts for about 2 years before you start making real money. In other words, you will be broke or you will be making a barely livable amount of money but will work 10-14 hours per day. Also, it is a culture of blatant nepotism. Many senior advisors get their family members hired, and those family members are given the best clients, books of businesses, groups, mentorship, and/or support. On top of the nepotism, management blatantly picks favorites. They will give the best clients to the advisors they like the best and give the rest of the clients to the advisors that have not kissed their butt enough. They will tell you it is a pure meritocracy when it comes to the distribution of clients, but it is not. Yes there are some instances when a advisors who prove themselves get better groups, clients, and a better book of business, but that is not the norm and being a manager's favorite or someone's family member will get you preferential treatment and further faster. There is also a lack of female advisors and people of color, so if you are a woman, black, latino, etc., think twice before accepting the job. Diversity and inclusion isn't really AIG's thing and is not a focus of the company. Lastly, prepare to spend, or as they call it "invest into your practice". The company made its advisor pay for the company cell phone up until recently! You have to buy company branded marketing materials to give to clients all the time. You will have to buy all of the items necessary to create your own booth/table for events/site visits unless you are lucky enough to borrow them (i.e. AIG branded table cloth that is about $100). Also, prepare to put an enormous amount of miles on your vehicle and spend a fortune on tolls and gas in order to cover your groups, see clients, and go to events and go to your sites and not be reimbursed for any of those miles! The products also kinda sucks. They are mostly proprietary and high fee annuities, insurance products, managed money products, etc. In a climate where investors are savvier and fee sensitive, it is hard to compete with other companies that have a better reputation, better customer service, and more products and lower fees. On top of that, many of the products are underperforming and many are not beating the market. Yes, VALIC is charging high fees for underperforming products. Also, they say that they are a full service one stop shop wealth management firm, but they are primarily an insurance provider that mainly sell annuities and insurance that just happens to offer brokerage products in efforts to keep up with their competitors. At the interview, they will not tell you any of these things because the company is not very transparent and is always selling their advisors a bill of goods. It is not a culture of integrity!

    Advies aan management

    Have some god damn integrity and support your advisors. You will tend to keep them longer. Turnover is high for a reason.

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AIG Retirement Services-foto van: VALIC
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