The operations team is inept. - Financial Advisor Equitable Advisors Employee Review

I have mixed feelings in regards to this company. I worked here for a little more than three years. I was told this was a business that I would get to own and operate. You technically only own non-proprietary business and when you notify management you’re leaving they don’t tell you of any buyout options. They actually ask how you want your accounts divided between advisors. If you do not participate in selling the proprietary business, then you no longer have access to benefits. How advisers are able to stay impartial in an environment like this is troubling to me. Once you’ve done three years at the company, they expect you to start paying towards their operations expenses in addition to paying for errors and omissions insurance, digital package, and all licensing fees. That starts after 6 months of being under contract and they raise it most years. The way you’re paid disallows any deductibility of these expenses until you’ve completed 36 months under contract. This includes salaries for employees that are hired and promoted who do not support your business in any aspect and you have no say in who’s hired/promoted. The team that was supposed to supervise the licensing requirements for our group of advisers consistently failed to maintain our licenses. This lead to constant delays in issuing business, as well as a total lack of value for something they are making us pay for. I live over an hour away from the nearest office, and I was expected to pay rent at the full price. They even charge you for a phone which I never had. I was in the office on average 10 times a year. It is an absolute process to leave this company. I put my two weeks in on a Tuesday. By Thursday they cut all access off to all of the company provided technology which you’re required to pay for via paycheck deductions. They were then going to charge me for this as well as usage in the following month. After fighting with them they kindly voided the charges for the next month. Now they are trying to recuperate commissions that they have over paid me. I know “my book” brought in enough money to cover $6000 of commissions annually so i would think they can take it out of that revenue since I won’t receive it anymore. Since I no longer have access to the company website, I cannot actually pay back any of the commissions they overpaid me. They will not send me an itemized invoice for the commissions that are being recuperated nor will they restore access. They expect me to mail a check to them with no idea for what I’m actually paying for. I have a feeling they will be contacting me every month for the next year looking for more money, which is why I will not send a check until I get a final invoice. Overall, I enjoyed my experience with my fellow advisors. I will forever be thankful for their support. The operations team is completely inept. There is substantial sales pressure so keep that in mind if you’re considering a job here too.