1. You do NOT own your clients. Be careful when you sign your contract. When you leave the company, you are under a strict 1 year non-solicitation agreement meaning they will sue you if you attempt to take any of your clients with you. They will send you multiple letters after you leave threatening to enforce this. Management will gobble up your clients and can do so at any time for any reason.
2. CHARGED MONEY TO LEAVE. Equitable will send you a bill for any commissions they allegedly overpaid you when you worked there. A shady debt collector agency - Thomas George Associates - will reach out and demand you to pay - in my case of $12,000 and will threaten legal action.
3. Pressure to sell to friends and family. Without a natural market you are forced to cold call or work their retirement benefits group where you sell high fee variable annuities to teachers. They recently settled a $50M fraud charge with the SEC as a result of non-disclosure of fees to educators.
4. Mandated to Sell Equitable Proprietary Products. Heavy push for Variable Annuity products and variable life products. If you fail to sell these products they will cut your health insurance and other benefits.
5. Base salary is $24,000 for 2 years and you get paid half your commissions during this time
6. Required to pay for your own cubicle, technology, E&O insurance, phone, laptop, license fees, etc.
7. As a result, the turnover rate is astronomically high. Management's goal is to hire as many unsuspecting young people as possible so they get paid a bonus. Their bonus decline after 4 years when you are under DSF and then they cut you loose and try to cut your territory. Then when that person fails out, they will gobble up the clients and enforce the non complete agreement.
