Are any firms salary + commission?

Get new comments by email
You can cancel email alerts at anytime.
Comments (1 to 50 of 225)
Page:   1  2  3  4  Next »   Last »

Damien in Glen Burnie, Maryland

76 months ago

Are any firms salary + commission? I for one don't have a large sum of money to live off of while I build my business, I also don't have the money to market myself so would need a salary to get started. Do any firms offer this?

- Was this comment helpful? Yes (360) / No (37) Reply - Report abuse

Kirsten in Houston, Texas

75 months ago

Ameriprise 24,000/year never goes away whereas others decrease over the years to 100% comission

- Was this comment helpful? Yes (31) / No (12) Reply - Report abuse

Gerald in Nashville, Tennessee

75 months ago

Does anyone know what it's like work for Waddell & Reed?

- Was this comment helpful? Yes (211) / No (35) Reply - Report abuse

Offense D in Atlanta, Georgia

75 months ago

Gerald in Nashville, Tennessee said: Does anyone know what it's like work for Waddell & Reed?

Gerald, you can shoot me an email at jlwewalker@yahoo.com and i will tell you all you want to know about Waddell & Reed.

- Was this comment helpful? Yes (29) / No (6) Reply - Report abuse

Kelly Tanis in Cincinnati, Ohio

75 months ago

Kirsten in Houston, Texas said: Ameriprise 24,000/year never goes away whereas others decrease over the years to 100% comission

Isn't Ameriprise a pyramid scam?

- Was this comment helpful? Yes (18) / No (7) Reply - Report abuse

Former Amp guy in Cardington, Ohio

74 months ago

It is an insurance sales job. You would get an actual salary at a B/D firm close to 50K per year at AMP it is set up as a draw Have your FVP explain it to you in detail and get anything promised to you in writing. It is a high pressure sales gig and generally described as Primerica like. By that I mean it is focused on your natural market and selling to those that trust you-already. Really high turnover since most people run out of people to sell to that they know over time-or just realize it was not what they were told it would be. The 24K will go away if you don't produce and they are always hiring. It's hard to get a job at UBS, or other companies once you have been there. Everything is scripted and you will starve while you telemarket to anyone that picks up a phone. A lot of people think it's a scam or a pyramid scheme. I just think it is a waste of time. You will basically prospect for people above you so they can sell them crap.

- Was this comment helpful? Yes (12) / No (2) Reply - Report abuse

Budfox7 in Lakeland, Florida

74 months ago

vinh Hoang, who are you with ??

- Was this comment helpful? Yes (1) / No (3) Reply - Report abuse

Offense D in Atlanta, Georgia

74 months ago

I have noticed that Ameriprise has a position which is titled Associate Financial Advisor.. Does anyone know if there is a major difference in this job and the Financial Advisor position? Is the pay structure the same?

- Was this comment helpful? Yes (26) / No (6) Reply - Report abuse

julia in Mansfield, Massachusetts

74 months ago

hi offense,

I appreciate it if you can share with me what you know about Waddell & Reed. I am looking to become a financial advisor. Thanks.

- Was this comment helpful? Yes (22) / No (4) Reply - Report abuse

Offense D in Atlanta, Georgia

74 months ago

you will need to email me at the address(jlwewalker@yahoo.com).

- Was this comment helpful? Yes (3) / No (2) Reply - Report abuse

Steve in Portland, Oregon

72 months ago

I'm interested to know about Waddell and Reed as well. Initial interview seemed pretty good, but I'd like to know what someone who has worked there thinks. I also got an offer from Merrill Lynch.

- Was this comment helpful? Yes (18) / No (3) Reply - Report abuse

Ryan in Orlando, Florida

72 months ago

Offense:

As an associate financial adviser you basically work for the Financial Advisor and your able to build a client base when you can. At my firm the associate advisors are given a base salary and have the opportunity to earn money from commissions.

- Was this comment helpful? Yes (1) / No (3) Reply - Report abuse

Offense D in Atlanta, Georgia

72 months ago

I thank you for the info. Do you know what kind of range the associate is paid and is the pay only for a certain period similar to most firms?

- Was this comment helpful? Yes (3) / No (1) Reply - Report abuse

SMWHITMI in Greensboro, North Carolina

70 months ago

Does anyone know anything on AXA Financial Group. I'm looking into joining this firm. They give both options to sign on with 24k salary or 100% commission. They re-imburse 80% of your out of pocket cost to take state exams. Pre-contract phase, I have to generate 3,000 units, and pass exams.

What's the best approach in a natural market? Salary or straight commission? Am
I waisting my time or is there potential if hard work is put in to grow the business?

- Was this comment helpful? Yes (4) / No (5) Reply - Report abuse

Steve in Portland, Oregon

70 months ago

AXA is full of crap. I have the only housekeeper in Portland with a series 7 license, and she said she makes far more money cleaning houses than she did at AXA.

They want you to pitch insurance, insurance, insurance. If you like that, then go for it, but you better be darn good if you want to make a living.

- Was this comment helpful? Yes (1) / No (4) Reply - Report abuse

SelfEmployedBroker in Waukesha, Wisconsin

69 months ago

Well after 7 years in the insurance/mortgage/investment industry my concluded conclusion is this....

Ameriprise charges 500 for a 'financial plan' that tells you to purchase a universal variable life policy and proprietary mutual funds to boot...HORRIBLE

Insurance companies (Northwestern Mutual, Thrivent, New York Life, Met, etc) Still push cash value life insurance as an investment...they keep paying billions in lawsuits but refuse to change their bread and butter...so if your an agent for these companies...whether you think youre doing right for your clients or not...your arent, youre robbing them

Mortgage companies that sell Option ARMs/Negative amortization loans immediately sold on the secondary market for a quick buck are crooks..if you work for any of these companies ahem..(Countrywide..Wamu...World Savings (wachovia))

THE REAL CAREERS IN FINANCIAL SERVICES AS AN INDEPENDENT CONTRACTOR ARE EITHER....INDEPENDENTS/OR EVEN CAPTIVE AGENTS SELLING TOP RATED LEVEL TERM LIFE INSURANCE, (A+ AM BEST RATED)LOW COST MUTUAL FUNDS, FIXED RATE PRIME MORTGAGES, AND FREE FINANCIAL PLANS/ANALYSIS...WILLING TO TRAVEL DAY OR NIGHT TO CLIENTS HOMES TO SERVICE THEIR NEEDS WITH A PLAN TO BECOME DEBT FREE, PROPERLY PROTECTED, AND FINANCIALLY INDEPENDENT....
IF THIS IS NOT YOUR COMPANY'S MISSION, OR FOR SURE YOUR OWN, YOURE MISSING THE BOAT FOR THE NEXT 10-20 YEARS IN THE WORLD OF PERSONAL FINANCE..GOOD LUCK

- Was this comment helpful? Yes (46) / No (11) Reply - Report abuse

mnmaze10 in Torrance, California

69 months ago

I have some questions about these two companies as well. The previous replies that were given don't answer too much. And I don't really want to hear I had a friend who hated "?". EVERY Firm EVERY job has its positives and negatives and people who've had a bad experience. I'm Just looking for some information. Thanks! If anyone has extra time as detailed as possible would be greatly appreciated! Just trying to make the best informed decision considering I can't just sign on and jump ship if I don't like it.

I've tried to find somewhere online that compares different firms but did not find anything.
Also how do they compare to a wirehouse.

Partial Background: I have a degree in finance but no experience as an advisor. I do have sales experience of 4 years and run my own athletic training business. I do not have my series 7.

I am currently interviewing with Edward Jones but am going to apply with Raymond James this week. I am looking for the best place to start in regards to training, potential long term, and potentially going independent after a few years. I do not already have a "book of business" But I do have a lot of potential clients and a couple who are already looking to invest with me. Some with smaller incomes/portfolios and some with larger incomes/portfolios.

I know its long but I assume this will help out myself and a lot of potential newcomers without having to search for small bits and pieces throughout the msg boards. THX Again!

- Was this comment helpful? Yes (7) / No (1) Reply - Report abuse

mnmaze10 in Torrance, California

69 months ago

[B]Compensation:[/B]
Paid training (if so how much)?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

Salary, and when does it end?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

commission?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

bonuses?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

typical take home(lets assume doing avg. work)?
[B]EDWARD JONES:[/B]
yr one,
5,
10
[B]RAYMOND JAMES:[/B]
yr one,
5,
10
[B]WIREHOUSE:[/B]
yr one,
5,
10

do you get paid every time a client deposits money or just the initial deposit,

- Was this comment helpful? Yes / No (3) Reply - Report abuse

mnmaze10 in Torrance, California

69 months ago

[b]sorry it gets cut off in previous posts[/b]

do you get paid every time a client deposits money or just the initial deposit, if so whats the percentage?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

Can you take your book of business with you?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

After how long can you go independent and choose to switch firms(any contracts)?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

Are you in your own office, cubicle, workspace...where do you start out?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

When can you get your own office and what if anything does the company pay for?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

Does someone dictate the hours you work? or can you set your own hours (short term n long)?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

If you're under someone (know EDJ is by yourself it seems) Do you have to give them some of your clients and or part of your commissions when starting out?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

How independent are you? do you have someone breathing down your neck every second? what are the quotas like? Required to sell certain products or whats in clients best interest?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

How do you get your clients your first year?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

Are there certain things you cant sell or do as a new FA or as an Experienced FA?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

[B]Health Insurance/benefits:[/B] (this is important because I currently payout about $365/mo b/c I have a Pre-existing condition and am self employed.
Whats covered and any additional info is helpful?
[B]EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:[/B]

Any additional info to help make an informed decision is appreciated. THANKS in advance for your time!

- Was this comment helpful? Yes (1) / No Reply - Report abuse

Steve in Portland, Oregon

69 months ago

Are you sure you want to get started in this business? You better be sure. It will be hard hard work, and very little pay for a number of years. Plan on having a side job to pay the bills. However, Edward Jones has a decent reputation, and will hold your hand as well as anyone. Good luck.

- Was this comment helpful? Yes / No Reply - Report abuse

mnmaze10 in Torrance, California

69 months ago

Steve in Portland, Oregon said: Are you sure you want to get started in this business? You better be sure. It will be hard hard work, and very little pay for a number of years. Plan on having a side job to pay the bills. However, Edward Jones has a decent reputation, and will hold your hand as well as anyone. Good luck.

YES, Im sure...Thx...

- Was this comment helpful? Yes / No (1) Reply - Report abuse

bcortez in Dallas, Texas

67 months ago

mnmaze10 in Torrance, California said: YES, Im sure...Thx...

IF YOU ARE SERIOUS ABOUT BECOMING AN EDWARD JONES ADVISOR, WRITE ME AT BRANDON.CORTEZ@EDWARDJONES.COM AND I CAN ANSWER ALL OF YOUR QUESTIONS. I AM AN ADVISOR IN MY FIRST YEAR AND CAN SHED A LITTLE LIGHT ON THE QUESTIONS YOU'RE HAVING ABOUT THE FIRM AND THE BUSINESS.

- Was this comment helpful? Yes (12) / No (3) Reply - Report abuse

service4cash in Valencia, California

67 months ago

i have something great for you to take a look at ! take a look at this 8 minute over view it is in all the u.s.a , puerto rico , canada and growing ! very fast.www.davisfamily.acnrep.com/g_opportunity_buspres_video.asp?CO_LA=US_EN&BW=and take a look at this this is how we get paid !www.davisfamily.acnrep.com/g_opportunity_presentation_cupisz.asp?CO_LA=US_EN&BW=and if you would like to be a part of a company before it hits critical mass email me a.s.a.p

- Was this comment helpful? Yes / No (4) Reply - Report abuse

pookie in Chicago, Illinois

67 months ago

Steve in Portland, Oregon said: I'm interested to know about Waddell and Reed as well. Initial interview seemed pretty good, but I'd like to know what someone who has worked there thinks. I also got an offer from Merrill Lynch.

Waddell & Reed makes A LOT of promises that they do not follow through on. Two of the division managers that I have worked for have zero people skills, and althought the products the company offers are good and offer a good return, this is not a good place for an advisor starting out.

- Was this comment helpful? Yes (8) / No (4) Reply - Report abuse

Houstenor in Tomball, Texas

66 months ago

pookie in Chicago, Illinois said: Waddell & Reed makes A LOT of promises that they do not follow through on. Two of the division managers that I have worked for have zero people skills, and althought the products the company offers are good and offer a good return, this is not a good place for an advisor starting out.

I think it really comes down to who you are working with. Not all W&R district managers are lacking people skills. I work with my managing principal and he has been a huge help for me. I am in my 5th month at Waddell & Reed and things are starting to take off. My management has not sugar coated a thing. They told me it wasn't going to be a walk in the park and would take a lot of hard work. I have been working my tail off!

Another thing I like about W&R is that I am my own boss. I make my own schedule and prospect in ways that are great for me.

I will say that if you are not a self motivating person, W&R may not be a good fit.

- Was this comment helpful? Yes (7) / No Reply - Report abuse

independent88 in Modesto, California

65 months ago

SelfEmployedBroker in Waukesha, Wisconsin said: Well after 7 years in the insurance/mortgage/investment industry my concluded conclusion is this....

Ameriprise charges 500 for a 'financial plan' that tells you to purchase a universal variable life policy and proprietary mutual funds to boot...HORRIBLE

Insurance companies (Northwestern Mutual, Thrivent, New York Life, Met, etc) Still push cash value life insurance as an investment...they keep paying billions in lawsuits but refuse to change their bread and butter...so if your an agent for these companies...whether you think youre doing right for your clients or not...your arent, youre robbing them

Mortgage companies that sell Option ARMs/Negative amortization loans immediately sold on the secondary market for a quick buck are crooks..if you work for any of these companies ahem..(Countrywide..Wamu...World Savings (wachovia))

THE REAL CAREERS IN FINANCIAL SERVICES AS AN INDEPENDENT CONTRACTOR ARE EITHER....INDEPENDENTS/OR EVEN CAPTIVE AGENTS SELLING TOP RATED LEVEL TERM LIFE INSURANCE, (A+ AM BEST RATED)LOW COST MUTUAL FUNDS, FIXED RATE PRIME MORTGAGES, AND FREE FINANCIAL PLANS/ANALYSIS...WILLING TO TRAVEL DAY OR NIGHT TO CLIENTS HOMES TO SERVICE THEIR NEEDS WITH A PLAN TO BECOME DEBT FREE, PROPERLY PROTECTED, AND FINANCIALLY INDEPENDENT....
IF THIS IS NOT YOUR COMPANY'S MISSION, OR FOR SURE YOUR OWN, YOURE MISSING THE BOAT FOR THE NEXT 10-20 YEARS IN THE WORLD OF PERSONAL FINANCE..GOOD LUCK

This guy is right. As an indpendent non-captive agent you can negotiate contracting with top insurance carriers, earn higher commissions and retain your clients. The key is to learn the industry and develop a system which can be tough, however, with enough self study you'll be fine. Hold down a job which will give you stable income while you learn and get good at being a financial advisor. Find a IMO (independent marketing organization) that can help you get contracted w/ various companies.

- Was this comment helpful? Yes (2) / No Reply - Report abuse

independent88 in Modesto, California

65 months ago

This guy is right. As an indpendent non-captive agent you can negotiate contracting with top insurance carriers, earn higher commissions and retain your clients. The key is to learn the industry and develop a system which can be tough, however, with enough self study you'll be fine. Hold down a job which will give you stable income while you learn and get good at being a financial advisor. Find a IMO (independent marketing organization) that can help you get contracted w/ various companies.

- Was this comment helpful? Yes / No Reply - Report abuse

wealth manager in Livermore, California

65 months ago

Nobody on this thread sounds as if they have any clue what they are talking about. If you are interested in actually having some chance of building a business and making it through the 3 to 5 year ramp up period; you need to be looking at a wirehouse or regional firm. In both cases they will pay you between 40K to 70K a year salary (depending on your experience and location)for about 2 to 2.5 years. Normally any commissions or fees generated during this period are added onto that amount. Insurance companies and independent firms do not pay anywhere near that and normally cut it off after about a year. If you want to make it in this business you'll need to bring in at least 10MM in assets per year for your first three years. 30MM translates to about 210K in gross commissions (with a .70 ROA which is typical) which translates to about 70K to 80K take home.

Most people in the independent channel were former wirehouse, regional or bank based advisors. They built their business and later turned independent once they had sufficent assets. If you try to start up as an independent rep...you will fail.

- Was this comment helpful? Yes (38) / No (3) Reply - Report abuse

RAS in Palm Beach Gardens, Florida

65 months ago

SelfEmployedBroker in Waukesha, Wisconsin said: Well after 7 years in the insurance/mortgage/investment industry my concluded conclusion is this....

Ameriprise charges 500 for a 'financial plan' that tells you to purchase a universal variable life policy and proprietary mutual funds to boot...HORRIBLE

Insurance companies (Northwestern Mutual, Thrivent, New York Life, Met, etc) Still push cash value life insurance as an investment...they keep paying billions in lawsuits but refuse to change their bread and butter...so if your an agent for these companies...whether you think youre doing right for your clients or not...your arent, youre robbing them

Mortgage companies that sell Option ARMs/Negative amortization loans immediately sold on the secondary market for a quick buck are crooks..if you work for any of these companies ahem..(Countrywide..Wamu...World Savings (wachovia))

THE REAL CAREERS IN FINANCIAL SERVICES AS AN INDEPENDENT CONTRACTOR ARE EITHER....INDEPENDENTS/OR EVEN CAPTIVE AGENTS SELLING TOP RATED LEVEL TERM LIFE INSURANCE, (A+ AM BEST RATED)LOW COST MUTUAL FUNDS, FIXED RATE PRIME MORTGAGES, AND FREE FINANCIAL PLANS/ANALYSIS...WILLING TO TRAVEL DAY OR NIGHT TO CLIENTS HOMES TO SERVICE THEIR NEEDS WITH A PLAN TO BECOME DEBT FREE, PROPERLY PROTECTED, AND FINANCIALLY INDEPENDENT....
IF THIS IS NOT YOUR COMPANY'S MISSION, OR FOR SURE YOUR OWN, YOURE MISSING THE BOAT FOR THE NEXT 10-20 YEARS IN THE WORLD OF PERSONAL FINANCE..GOOD LUCK

How are those mutual funds working for ya. Yep! Keep pushing term to everyone when the only people that needs it are poor

- Was this comment helpful? Yes (3) / No (9) Reply - Report abuse

Dave in Phoenix, Arizona

65 months ago

wealth manager in Livermore, California said: Nobody on this thread sounds as if they have any clue what they are talking about. If you are interested in actually having some chance of building a business and making it through the 3 to 5 year ramp up period; you need to be looking at a wirehouse or regional firm. In both cases they will pay you between 40K to 70K a year salary (depending on your experience and location)for about 2 to 2.5 years. Normally any commissions or fees generated during this period are added onto that amount. Insurance companies and independent firms do not pay anywhere near that and normally cut it off after about a year. If you want to make it in this business you'll need to bring in at least 10MM in assets per year for your first three years. 30MM translates to about 210K in gross commissions (with a .70 ROA which is typical) which translates to about 70K to 80K take home.

Most people in the independent channel were former wirehouse, regional or bank based advisors. They built their business and later turned independent once they had sufficent assets. If you try to start up as an independent rep...you will fail.

Thank you! Having worked in the wealth management industry for 17 years and as a recruiter exclusively within the niche for 2 now, I completely agree.

Here are the facts: Take 2 people. One who's spent 10 years with a mutual insurance company or an insurance based company acting as a "financial advisor" and compare him to the same 10 year guy who started at a wirehouse or regional wealth management firm. Side by side there are STARK differences. Income, revenue production, assets under management, portability of the book, "street value" of the advisor.. all are SUBSTANTIALLY higher in favor of the wirehouse broker. The difference is 6 vs. 7 figure production if yo look at the top producers in each model.

- Was this comment helpful? Yes (14) / No (3) Reply - Report abuse

BILL DAVIS in Pewaukee, Wisconsin

65 months ago

RAS in Palm Beach Gardens, Florida said: How are those mutual funds working for ya. Yep! Keep pushing term to everyone when the only people that needs it are poor

THE ONLY PEOPLE THAT NEED TERM INSURANCE ARE POOR PEOPLE? HAVE YOU LOST YOUR MIND? SOUNDS LIKE ANOTHER 'WHOLE LIFER' PREYING ON THE UNEDUCATED AGAIN SELLING LIFE INSURANCE AS AN INVESTMENT..DO YOU EVEN CARRY A 6 OR 7? LIFE INSURANCE AGENTS NEED TO PASS AWAY WITH THEIR HORRIBLE 70S TWEED SUITS..YOUR TIME IS DONE

- Was this comment helpful? Yes (5) / No (4) Reply - Report abuse

tom di in edgewater, New Jersey

64 months ago

i worked in the mortgage sales bussines 4 years - just finished my CFP , got offers fomr AXA/ Met LIfe and EDWARD JONES.
anyone with good tips - where should i go ?

- Was this comment helpful? Yes / No Reply - Report abuse

ssuminski in Portland, Oregon

64 months ago

Edward Jones would probably be best. They will do more with the brokerage side of the house giving you a more rounded experience, and they will be more likely to pay you a base salary while you get started.

- Was this comment helpful? Yes / No Reply - Report abuse

tom di in edgewater, New Jersey

64 months ago

ssuminski in Portland, Oregon said: Edward Jones would probably be best. They will do more with the brokerage side of the house giving you a more rounded experience, and they will be more likely to pay you a base salary while you get started.

is there an e,mail i moght ask you few more questions ? i appriciate the help - not an east decision.
Thanks T

- Was this comment helpful? Yes / No (1) Reply - Report abuse

Thomas in Grayling, Michigan

64 months ago

I'm also talking with EJ right now. Can anyone tell me what kind of salary I can expect (on average) after Year 1? Year 3?

Thanks

- Was this comment helpful? Yes / No Reply - Report abuse

ssuminski in Newport, Oregon

64 months ago

The salary won't be huge, but I believe most of that is spelled out in detail on their website. I never worked for Edward Jones, but they have a high customer satisfaction rating. I think it's harder to make money at AXA in the short term, but if you stick with it, you can probaby do well if you love selling insurance. I would rather not post my email on the forum, but, tom, if you post yours, I'll write you directly.

- Was this comment helpful? Yes (1) / No Reply - Report abuse

tom di in edgewater, New Jersey

64 months ago

thank you i approciate you help - a bit confused .
it seems METLIFE had bettre reputation and better traning but AXA has more support while at work .
i have not see EJ office just spoke to them on the phone .
my e,mail is : tomerdi@hotmail.com.
once again i appriciate all your help.

- Was this comment helpful? Yes / No Reply - Report abuse

Nikkim1001 in Chicago, Illinois

64 months ago

tom di in edgewater, New Jersey said: i worked in the mortgage sales bussines 4 years - just finished my CFP , got offers fomr AXA/ Met LIfe and EDWARD JONES.
anyone with good tips - where should i go ?

I have been with AXA for three years. I focus a lot on the financial planning side. You have a brokerage house here too. You work on the LPL platform. I would be happy to fill you in. Email me at nmayer@comcast.net

- Was this comment helpful? Yes (1) / No Reply - Report abuse

SCF in Point Pleasant Beach, New Jersey

62 months ago

Hello,

My husband has been working at AXA for almost 3 years and it has been a constant struggle! I honestly can say that I do not like this company. I think they feed him all this propaganda crap so he can be their working bee while they get paid and he does not! I would rather him get a consistent salary using his expertise in finance, his licenses,and most of all his talents. He works hard and deserves a salary.

Can anyone PLEASE help me! I swear my husband is brainwashed and thinks AXA is only the best. I have to say that I absolutely DISAGREE! Where can he find a job using his licenses and get a decent consistent salary with commission? Is this a lost cause or does a place like this even exist? I am sorry but I am frustrated and have lost hope.

Thank you!!

- Was this comment helpful? Yes (1) / No (2) Reply - Report abuse

Wealth Manager in Livermore, California

62 months ago

SCF..This is a tough business and the fact that he is still there after what we've been through in the past year is a testament to his hard work and ability. To answer your question he will have limited choices since most B/D (broker/dealers) operate off a 100 % fee/commission compensation structure. He might want to consider: 1) working in the bank channel. Some do offer a small salary that doesn't go away. He'll still have to work hard to produce to make it work but it is easier from what I've been told by friends that work there. 2) Try to get a position within an existing team at a major firm (merrill, morgan stanley, etc) In some of the larger broker teams they will offer junior members a guaranteed base which is provided by their income base. This also offers the ability to work up within the team and making considerably more money. 3) Look into working at a discount broker like schwab. These places pay a salary plus bonus and I know people out here in california that make about 70K salary with about 20 to 30% bonus doing this. This is out in SF so it may be higher here. The downside to this approach is that he will lose his existing client base and will never be able to take his client base that he gets at a discount broker with him if he decides to leave.

- Was this comment helpful? Yes (6) / No Reply - Report abuse

SCF in Point Pleasant Beach, New Jersey

62 months ago

Thank you for your suggestions. I will pass this info onto my husband..hopefully he'll agree to pursue one of these options.

- Was this comment helpful? Yes (1) / No Reply - Report abuse

Tbthedce in Plattsmouth, Nebraska

62 months ago

Dave in Phoenix, Arizona said: Thank you! Having worked in the wealth management industry for 17 years and as a recruiter exclusively within the niche for 2 now, I completely agree.

Here are the facts: Take 2 people. One who's spent 10 years with a mutual insurance company or an insurance based company acting as a "financial advisor" and compare him to the same 10 year guy who started at a wirehouse or regional wealth management firm. Side by side there are STARK differences. Income, revenue production, assets under management, portability of the book, "street value" of the advisor.. all are SUBSTANTIALLY higher in favor of the wirehouse broker. The difference is 6 vs. 7 figure production if yo look at the top producers in each model.

Thanks for sharing, I am currently looking to relocate to either Phoenix,AZ or Fort Worth,Tx area and am really hoping to be able to get a good job in Financial advising, I really want to work more with people and not as much with businesses. What you said above was interesting please email me if you have some good suggestions for getting my foot in the door with a good company.
tbthedce@yahoo.com

Thanks

- Was this comment helpful? Yes / No (1) Reply - Report abuse

Tbthedce in Plattsmouth, Nebraska

62 months ago

Looking to relocate to Texas or Arizona and change careers from the an analyst to a financial advisory working more with people and helping them. If anyone can help me find some good companies that provide good training and a decent starting base salary I would appreciate it.

Thanks

- Was this comment helpful? Yes / No Reply - Report abuse

Wealth Manager in Livermore, California

62 months ago

Tbthedce in Plattsmouth, Nebraska said: Looking to relocate to Texas or Arizona and change careers from the an analyst to a financial advisory working more with people and helping them. If anyone can help me find some good companies that provide good training and a decent starting base salary I would appreciate it.

Thanks

There are plenty of good financial advisory companies so your decision should really be more based on the type of business you want to conduct. Any firm isn't going to care whether you work with individuals or corporations as long as you produce. The type of individual you advise, however, can range from young couples just starting out (IRA's, 529 college savings accounts, etc) to established, sucessful families that may own businesses, significant assets (liquid and illiquid) and have a whole host of tax, risk management and estate planning issues ontop of just the asset management part. You need to make sure your firm has the resources available to service your target client. Also you have to ask yourself what type of environment works well for you. Do you work better in a structured, higher pressure environment with almost unlimited resources (wirehouse) or do you prefer a more independent type of structure where you might not have as many resources at your disposal but you also aren't being sized up on a monthly basis by your management.

- Was this comment helpful? Yes (2) / No Reply - Report abuse

Tbthedce in Plattsmouth, Nebraska

62 months ago

Thanks for your advise. At this time I am leaning more toward the wirehouse type of environment, I think I would do fine with the independent type but think the training and experience I would get from the wirehouse firm would be a great benefit down the road.

- Was this comment helpful? Yes (2) / No (1) Reply - Report abuse

CuriousAdvisor in Tracy, California

61 months ago

wealth manager in Livermore, California said: Nobody on this thread sounds as if they have any clue what they are talking about. If you are interested in actually having some chance of building a business and making it through the 3 to 5 year ramp up period; you need to be looking at a wirehouse or regional firm. In both cases they will pay you between 40K to 70K a year salary (depending on your experience and location)for about 2 to 2.5 years. Normally any commissions or fees generated during this period are added onto that amount. Insurance companies and independent firms do not pay anywhere near that and normally cut it off after about a year. If you want to make it in this business you'll need to bring in at least 10MM in assets per year for your first three years. 30MM translates to about 210K in gross commissions (with a .70 ROA which is typical) which translates to about 70K to 80K take home.

Most people in the independent channel were former wirehouse, regional or bank based advisors. They built their business and later turned independent once they had sufficent assets. If you try to start up as an independent rep...you will fail.

Dear Wealth Manager in Livermore,

Do you happen to know which wirehouse or firms will pay a salary of 40k to 70k where we live?

Thank you kindly,

AA

- Was this comment helpful? Yes / No (1) Reply - Report abuse

Wealth Manager in Pleasanton, California

61 months ago

AA... I am not sure about in Tracy but if you are willing to drive over to pleasanton than I know both Morgan Stanley Smith Barney or Merrill Lynch will pay that. Of course that is assuming you have some sales experience and the proper background. I haven't checked but I am assuming that Wells Fargo Advisors (wachoiva, AG Edwards, Wells Fargo merger) has an office there as well.

With the industry downturn and all the mergers these firms have cut down on hiring trainees but I know for a fact that new people are still being added.

- Was this comment helpful? Yes (1) / No Reply - Report abuse

CuriousAdvisor in Tracy, California

61 months ago

Wealth Manager,

I do have my Series 7, 66, and life and health licenses with an extensive background in sales but only have little time with my Sec. Licenses (6 months).

Do you recommend one over the other?

Thx,

AA

- Was this comment helpful? Yes (1) / No Reply - Report abuse

Wealth Manager in Pleasanton, California

61 months ago

AA...No, not really. Different logos, different marketing spins but all wirehouse firms are essentially the same thing. I would interview with as many as possible and see what each is offering. Although the salary is important it is equally important to work in a branch where you get along well with the management.

Branch managers have quotas in terms of the recruitment of new FAs. It is important to understand, however, that each manager will have a different outlook on what he expects from you and also what you can expect out of him/her. When you interview it is important that you ask specifics on this. It eliminates misunderstandings that you have to deal with after the fact and also will make you look more professional and serious while being interviewed.

- Was this comment helpful? Yes (2) / No (1) Reply - Report abuse

CuriousAdvisor in Tracy, California

61 months ago

I totally agree with Mr. Wealth Manager in Livermore. I have an interview today for a bank based FA position so I am X'n my fingers and toes. Thank you for all your wisdom and info.

- Was this comment helpful? Yes / No (3) Reply - Report abuse

Page:   1  2  3  4  Next »   Last »

» Sign in or create an account to comment on this topic.