tobias in Boise, Idaho said: Did you ever answers to these questions? I have the same questions myself. If you have found any good resources please let me know. Thanks.
I was an FA at CISC(Chase) until recently. Coming from a warehouse prior, it was quite a change.
To answer in summary, the ability for you to grow assets is very good, however at industry low grid payouts, after the compliance nightmare with absolutely zero support, you find yourself wondering why you don't just bag groceries while the firm digests the majority of your commissions. The management is terrible on the FA side of the firm, and the different sides of the bank reap all the benefits of your referrals of clients, without often returning the favor but quite the opposite; they often create massive stress in a relationship with your client which prior to the intro was healthy.
You are required to be there at all hours of the day, without compensation for the hours, and this includes some Saturdays. Despite constantly reminding some that you eat what you kill, you are better served by just saving your words.
At the end of the day, there are some very nice people to work with, but they hardly outweigh the bad. Not many people there are happy, regardless of role. But, Jamie Dimon is a CEO who is known as a great shareholder CEO. That unfortunately comes at the expense of customer and employee satisfaction.
As far as salary vs commission. I'm not sure if you have been in the industry before, but as a financial advisor regardless of where, you work for your clients in my opinion. They pay you commission. There is not salary in this career, and in my opinion there shouldn't be. salaried people are slackers, and as the general practitioner of people's wealth, you cannot be a slacker.
Oh and lastly, the products available for clients, including the research therefor, is hardly enough to provide sound financial solutions that must include downside protection.