Pros
Opportunity to make a lot of money if you have a good initial market, have a strong money motivation. You work for yourself, independent. Set your own hours. Great training program, company pays for life/health and 6/63 securities test (not books). Competent management and support team for product training and sales advice. Free in class and online training courses. All of management are former agents and can relate. Good structured sales pitch. Makes you sound like you are a real financial advisior. You become involved in the community and do what you want. You are working for one of the strongest companies in the industry.
Cons
No base salary. Other companies have a signing bonus whereas with new york like you get about 85% of the first year commission (vs. 50% with others). You pay for all of your own overhead: gas, health insurance, Error & omission insurance, phone, copier, internet ($50/mo.!), software ($50/mo.), stationery, personal marketing materials, computer...and the list goes on; the only thing they don't charge you for is your "stable" (desk), and the lights. It is all a business write off but you cant write much off if you dont have an income! After a year, I profited $2000 after 12,000 in business expenses. I left the company owing them $250. Little opportunity for advancement from being an agent. If you are not the #1 sales person you can kiss any promotion goodbye. Senior management plays favorites with agents that do well. High competition with other new agents. I dont recommend this job to people that like to work in teams. Ethical dillemma of selling a less appropriate product to a client in order to get a better commission. For example, selling an expensive variable annuity when a mutual fund is more appropriate. Possibility to "crash and burn"....spend more than you make when investing in your business and winding up in serious debt. In your first few months your commission goes into escrow until you do $3000 in comission (and 8 sales). during this time they recommend you to not be scared to use your credit card to get through the tough months. After you get that big check you are motivated and have a false sense of security.
