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Gen II Fund Services

Engaged employer

Gen II Fund Services Reviews

3.3

45% would recommend to a friend

(321 total reviews)

Steven Millner

78% approve of CEO

57% positive business outlook

Gen II Fund Services has an employee rating of 3.3 out of 5 stars, based on 321 company reviews on Glassdoor which indicates that most employees have a good working experience there. The Gen II Fund Services employee rating is in line with the average (within 1 standard deviation) for employers within the Finance industry (3.7 stars).

Reviews by job title

321 reviews
1.0
7 Jul 2022

Stay Clear

Anonymous employee
Recommend
CEO approval
Business outlook

Pros

Flexible hybrid office/ wfh schedule; that's about it

Cons

In town halls the firm liked to boast there were 370 new hires in 2021 but what they don't tell you is over 300 people left. They cannot stop the bleeding- staff continue to leave and they throw money at new hires, who can't keep their heads above water as the groups they have just joined are understaffed and the cycle continues. Terrible GL accounting platform, waaay too many manual processes ( for some PCAPs the PnL is allocated and input MANUALLY into the PDFs) and the training program for new hires is almost nonexistent- you are essentially given 4 hours of very light training then let loose to figure things out on your own. Excel files are a disaster: hard- coded numbers all over the place, allocations are not intuitive so extremely hard to just "figure it out"; screen shots in tabs with no explanations or comments. Long hours are expected at admin firms during NAV cycles but no reason why I should be working until 1 AM because I need to manipulate a PDF or manually produce capital call notices when they should have been system- generated. Toxic work environment: One of the directors who was "peer- training" me was never available to field questions or guide me (never replied to Microsoft Teams chats or phone calls), and then when she was available was condescending and unprofessional. She was ultimately promoted to Principal- have no idea how...

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Gen II Fund Services Response
3y
We appreciate your feedback and are always considering ways to improve how we work together, including our technology platforms. We understand our fund accountants work hard and on occasion may have to work long hours. As such, we have implemented several programs, including our 3-2-1 hybrid working model, to increase flexibility for our employees. Over the past 18 months, Gen II has grown by more than 250 people (net) as we continue to grow fast!
1.0
29 Feb 2012
Recommend
CEO approval
Business outlook

Pros

The pay was nice, but it came at a price

Cons

I have experience and this was not my first job as an accountant. I left a good job for this position because I was told it is an amazing company to work for plus the salary increase helped. I was very appreciated at my prior company. After a month at Gen II, out of no where, I was told that my performance was horrible and that I am being let go. I was never given a warning or direction. I did everything I could to the best of my abilities. Came in an hour early and would leave late. To be honest, the manager did not know what was going on fully and I was fired due to his lack of knowledge. Every job I had there was always some sort of training in the beginning no matter what level job it was. At Gen II I was told that I would be trained over and over again but in reality nobody helped me or showed me how to do anything. I've never heard of a company firing someone after only 3 weeks-1 month of working, especially without a warning. Luckily, I was able to find a job very quickly and now I am very happy, which proves that my accounting skills are just fine and the problem is with Gen II Management. I also heard that I wasn't the only one that they did this to. Anyone who is leaving another company for Gen II, be careful, they will let you go in a heartbeat.

3.0
24 May 2023
Recommend
CEO approval
Business outlook

Pros

It's a great place to learn the basics of PE and get in the door. I've definitely learned a lot (mainly because I seek knowledge on my own and ask questions) being here. Overtime pay on top of the LOW base salary does help take the sting out of this MEAGER pay. Exposure to great clients. (if you are lucky) If you are on a big client you will get a lot out of it. Take in as much info as you can. $25 lunch stipend and $35 dinner stipend if you work late. Ubers home if you work past 8pm in office. 3 Days WFH (still don't understand why this job isn't fully remote but 3 days are OK) 401(k) match. Decent company events. Fun so far, but give me the money instead. Ha! Recommend for those just starting out/graduating from college. From what I've seen, they do seem to try to promote people they like quickly internally if you are the winner of Gen II Survivor. People have become directors here in 6 years time. They have a "3-2-1" policy that you are home for 3 days, work in office 2 days, and can work from anywhere in the world for one month remotely. Benefits medical/dental are standard but still can be do much better. Cigna is OK but not the best out there. Trying to be fair those are the pros.

Cons

The compensation is EXTREMELY low compared to the industry. It is NOT competitive no matter what the bot under this post tells you. It's almost insulting. If you work on a team that has a lot of overtime you may see this differently because you are paid for overtime, but even with that it is STILL not industry standard pay for the long hours. Don't be mad about it... get your experience and LEAVE like everyone else here does. It's like they expect to have high turnover so they don't invest in FA's training at all. They throw crap on the wall and whatever sticks... sticks. High turnover is still an issue here. I've seen people be here for a month and LEAVE because they got little support on their teams and felt overwhelmed. You are given a week of "boot camp" training, and while they do their best, once hired you need additional training and you may not get it depending on the managers on your team who expect you to perform PERFECTLY without being adequately trained, while their mistakes are 🤷🏼‍♀️ Oops... our bad.... still gonna blame YOU for it. I have to also believe that managers and directors here are not adequately trained either. I believe many of them have never effectively led a team to anything but attrition, but I digress. Client focus. This can be a good or bad thing. Most times they fail to set boundaries with a lot of these clients so they make ridiculous requests at the drop of a hat. It burns out the managers and that translates to mistreatment of the FA's in their charge. I get that this is a business and we are in the business of pleasing clients, but it shouldn't be at the cost of employee work/life balance here. Set healthy boundaries. I've also never been part of a company that is as stingy with PTO as they are. You only get 15 days as a FA. That is also ridiculously low. They just recently increased that from 10 days believe it or not. 🤪 Don't even think about getting a human response from the bots in HR. They clearly work for the company to protect their interests and don't give a care about anything else. Their responses are often cold and extremely tone deaf. The office I work in is something out of a 1980's movie about Wall Street. It is a extremely undesirable and uninspiring space to be in. A con is definitely this "hybrid" nonsense they are forcing on employees because they signed a lease for dreary terribly lit office space and have to justify it by making us miserable by coming in... only to stare at the same screen we could have stared at... AT HOME. Oh and that 3-2-1 policy... you'll get pushback for even attempting to ask for it. It's like pulling teeth and the Borg HR team didn't even have a official protocol in place to administer it for their employees when they announced it. It was like pulling teeth getting it approved.

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Gen II Fund Services Response
2y
We appreciate and value all of your feedback – we listen to each person to help us identify areas to improve (we are not chatbots!). We believe our 3-2-1 hybrid work model is giving our people flexibility they need - and when present in the office we encourage collaboration and building trust and relationships with our colleagues. We are currently developing a new training and development program that will cover technical skills, live professional skill development for both employees and managers, discovery sessions to learn more about the general industry, and mentoring to provide the on-going learning support needed to successfully own your performance and grow your career. Last year, we had more than 300 promotions including 100% of the Fund Administration more junior population. We hope you continue to learn and grow your career with us!
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