Is AXA Advisors a place to start?

So I've been searching for Fall Internships here in Hawaii and the first to respond and arrange an interview was AXA Advisors. I interviewed today, and was offered an internship position with possible hire upon completion. They claimed newcomers averaged 6 figures right out of college, which to me is hard to believe. I've read online from various people that AXA is basically a salesman's job with a fancy financial title stuck to it and the company itself is awful. I'm completing a wealth management internship with Merrill Lynch in early August and wondering if moving to AXA Advisors is a huge step down. Has anyone had experience with AXA? Should I not even consider this internship? What's the real expected salary for someone beginning with them? Does AXA have a platform in place to help acquire prospects or is it entirely up to you to network through people you know?

On a random note, the secretary of the guy that interviewed me was an idiot. 2 minutes after I left she called me and left a voicemail to confirm our interview for tomorrow (that I had just had). Guess she didn't realize that the name of the person she had let in just a short while ago had the same name as who she was calling.

Anyways, help me out here. I don't particularly want a job where I'll be forced to beg family members and friends for their business. I'm still awaiting replies from my other internship applications so if anything, at least I'll have options.

 
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I don't mind the sales part of it, I've enjoyed my time at Merrill Lynch and learned how much of a sales job that field of work really is. It's just from the reviews of AXA I've read online, it sounds like they really pressure you to call your family and people you know. I'm just curious if starting out they provide you assistance and mentor you on acquiring clients or if it is entirely up to you to generate lists of names. I'm hesitant to prospect people I know personally as my first clients, as I'm just beginning to enter this field and who knows how well I'll perform these first years as I gain experience. As bad as it sounds, I'd much rather make rookie mistakes with Joe Smith's account than Uncle Paul's. Basically, I just want a review of AXA Advisors and if it is a good company to start out at. I've read lots of bad things about them online from ex-employees and am wondering if they're really that bad, or if its only the few who had bad experiences that are complaining.

 

ML > AXA.

From a 20,000 foot view, you will be doing essentialy the same thing at both places - building your book of business as a financial advisor. However, at AXA you are selling a lot of retail products (annuities, insurance) on a one off basis, whereas at ML you will have the oppportunity to actualy be an advisor from a holistic perspective. Plus, you will have access to a much better network at ML, as well as access to better in-house and third party research.

 

I have a colleague that previously worked for AXA. He had to "rent" office space and buy paper and other resources from them. He did also say that they were extremely high pressure about doing business with all of your family and friends (not to mention that MADE him sell garbage high fee annuities to everyone). He received bills in the mail from them months and months later for supposed pay he had received (he claims he never made a thing and if he hadn't had money to begin with he never would have survived). I would be really hesitant to get involved with them from what I have heard, but if you have some cash to fall back on, one of those TYPES of companies is a good way to get your foot in the door. I don't have any knowledge of any other like it that are maybe more employee friendly so I won't talk out of my ass. Good luck.

 

You really have to be careful with those kinds of jobs, especially if they only pay you on commission. The best possible combination would be salary plus commission. A lot of times these companies will hire college interns just to get a couple of sales since it basically costs them almost nothing and they can still gain some sales from it.

Agreed with the poster above; no matter how much they'll try to dress it up, it'll be selling insurance. Not trying to take away from it one way or the other, but you should be aware of what you're signing up for.

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MailmanBitesDog:
Flake:
AXA meet Primerica and First Investors.

What do you mean?

Those two employ similar tactics to drive their "business model".

Step 1: Mass recruit ANYBODY. Step 2: Get them to sell sh*tty products to family and friends. Step 3: Profit.

In the end, the majority of those people who get hired don't see any commission/payoff as they simply give up trying to push those products to others. I think they even go as far as making you pay the licenscing fees yourself (be it for the insurance license or paying for your own series 7/63).

I actually don't know anything about AXA but red flags went off as soon as I read the above posts.

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ALL of these comments are completely false. Most of these people are just failed agents complaining. Unfortunately there is a very high turnover in this industry. No company MAKES you talk to friends and family however if YOU don't know anyone or don't have any professional contacts of your own who else will you talk to? It is NOT the company's job to build YOUR clientale. This is an entretreneurial industry and if you CANNOT build your own business then that is not the companys fault...you are just not a good fit for the industry.. that goes for AXA or anyone else

 

My friend interned with them and he said the company is iffy. I am not sure how your interview process went, but his was with a room full of people and a presentation on this great opportunity blah blah blah...You are pretty much doing sales/cold calling all day with a high quota, it is a chop shop and you'll have to pay for your own licensing.

 

it's your standard insurance sales company like northwestern mutual. basically, as long as you don't have to hawk your friends/relatives to sell them insurance, then you might as well do it if no other options.

for northwestern mutual, first day you go into the interview they hand you a sheet with a hundred blank spaces to list people you know ...this is your "network" to sell to. but you said you would just follow around a current advisor, which wouldn't be so bad

 

My advice to you is to stick with it, since you mentioned that you have no other options. Moreover, cut the "wasting time" attitude, because again - you have no other options. Not saying it in a mean way, just putting it into perspective.

You have a chance to put your foot in the door. It doesn't matter where that door leads to now, because it's just a freshman year internship. For a front office department like IBD, the internship you have lined up trumps back office type of internships any day of the year...

Good luck, buddy!

 

I interviewed with AXA a long time ago

They seem to be a lot like Northwestern Mutual. Basically a sweatshop for selling insurance. You have to build up your own book of business and do a lot of cold calling.

As far as licencing goes, there is no need to get your Series 7 or 63 unless you plan to sell products or become an FA. If that is what you want, make sure you find out if AXA helps pay for the licencing/study materials. I know that Northwestern Mutual deducts the licensing from your paycheck, and trust me, for the first 6 months you will barely be making enough money to pay for groceries and rent.

If you want to become an FA or sell investment products then check out AXA if you dont have any other options. My advice would be to look elsewhere

 

That's funny you mention NorthWestern because I was interviewing there as well. I declined NorthWestern because it seems as if they only expect you to hassle friends and family to get prospects. AXA encourages you to tap into the natural market too i'm assuming, but they also reach out to public schools for 403(b) plans. So it seems as if they "help" me out more than NorthWestern, at least initially. But as far a licensing/study materials is concerned, they wanted $1000 down and they would reimburse me $750 prior to contracting.

 

Are you an undergrad? How long do you plan on working at AXA?

And by "tap into the natural market" they mean cold call everyone in the phonebook (do those things still exist?) Look, I am not trying to bad mouth AXA but you should only take a job like this if it is something you want to do and if you are willing to sell sell sell. Building up a book of business takes time. You have to literally commit 100% of your time and resources to the job in order to succeed.

 

I spent a year and a half at AXA...BEWARE.

At the time, I had no other option, and like you, wanted my licenses out of the way. I managed to stay around long enough to recover my $750 (which by the way takes 6 months AFTER you get put on contract, which takes 6 months as well). To recover your $750, you're stuck there for a full year at least.

Also, everything people mentioned is TRUE..It's a sweat shop, where you make 200+ cold calls a day to annoy people and push insurance products as a vehicle to invest in. Not recommended in my book, so glad I got out of there when I did. Hope this helps and PM me with any additional questions.

 

obviously you guys have had bad managers or bad work ethic. I work at AXA. It is by far the best of the places to build a business. That means creating a marketing plan and calling people to sit down with them. no one should be cold calling, or harassing family and friends like they do at other companies. there seams to be a lot of bitter people here with an ax to grind. What you need to know: 1) this is not a 9-5 employee position. its a build your own practice working long hard hours just like any other professional ( ie MD, JD CPA etc...) if you want to work for someone else, get a job at a bank! 2) The Preliminary Employment Period is the time to evaluate if you made the right choice of career. If you cant cut it there, leave before you do damage to yourself. 3) AXA reimburses most of the licencing costs after 90 days "on contract" post PEP. Dont expect them to pay for you if you are not planning on working there. 4 It IS an entrepreneurial career, if you dont have that drive in you, get a job somewhere else. IF you are looking for a place with great support, great training, great income potential, no training fee, the ability to own your own practice check it out.

 

AxaMan is correct in that it's a very entrepreneurial career, you can learn a lot about the products you're selling, and can make a great living.

However, the other posters are correct that these are insurance selling sweat-shops.

 

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