http://www.indeed.com/forum/job/financial-advisor.html Indeed.com - one search. all jobs. en-us Copyright (c) Thu May 23 05:25:41 CDT 2013 Indeed, Inc All rights reserved. Thu May 23 05:25:41 CDT 2013 http://www.indeed.com/images/indeed_rss.png http://www.indeed.com/forum/job/financial-advisor.html http://www.indeed.com/forum/job/financial-advisor/Best-places-start-financial-planning-career/t80163/p4 http://www.indeed.com/forum/job/financial-advisor/Best-places-start-financial-planning-career/t80163/p4 2013-05-22 09:51:57.0 Merrill Lynch will pay you a trainee salary for about 2 to 3 years. Here in Northern California (guess you are in San Jose) you are probably looking at 60K to 80K in salary depending on your work experience. After salary period you transition over to 100%. All investment houses or wirehouse firms do this (wells fargo, UBS, Morgan stanley, etc) so the only time that you stay on salary is if you work within an actual bank, discount broker (like schwab)or within a boutique firm. The truth of the matter is that 100% commission brokers make far more money in the long run than any salaried FA. With Mass Mutual I don't know how their compensation structure is set up but I do know they are an insurance company; and most insurance companies structure their FAs in the same way. First you probably will get a much smaller starting salary and it will last over a shorter period. They will tell you that the payout on your commissions is higher (your percentage of the fees and commissions you generate) but in your first few years this won't amount to much anyway. In some cases these type of firms will expect that you cover some of your costs (licenses, etc..) and then reimburse you later down the line. No disrespect to Mass but if I were you I'd take the job at the firm that was willing to pay me a salary the longest, invest the greatest amount of time, effort and money into me and had the capability to transact any type of business that I bring to the table....Merrill does this. Once the salary is over (you generally can generate commissions ontop of the salary) you will most likely have a drop in income while you transition to pure commission. You are probably looking at 60K to 100K during your first three years, a small drop down and then adding about 20K from there (average)per year. You should be doing 6 figures after 5 years. Most average about 200K to 300K once established and in the business for 10 years. Hope that helps...wm http://www.indeed.com/forum/job/financial-advisor/Best-places-start-financial-planning-career/t80163/p4 http://www.indeed.com/forum/job/financial-advisor/Best-places-start-financial-planning-career/t80163/p4 2013-05-22 00:26:08.0 To Wealth Manager in Livermore. You are right, I'll be more specific. With no base salary, how much does a financial adviser make on average off of commission only for the 1st year, 2nd year, and 3rd year? Not income potential or base salary, but commission only. My next main question is to decide which firm to join. Ones that I am currently looking at are Mass Mutual and Merrill Lynch. Are those 2 good ones to begin my financial adviser career? If not which ones are recommended? I am looking for a firm that pays a good salary for maybe the first 1-3 years, high commission rates, great reputation and low employee turnover rates. Any firms come to mind that meet or come close to what I just mentioned? Another question I have is: What firm has great opportunities to be promoted more into management? I have so many questions. I appreciate any feedback. It's great to finally have some answers from actual financial advisers. Thanks-Rodney http://www.indeed.com/forum/job/financial-advisor/Best-places-start-financial-planning-career/t80163/p4 http://www.indeed.com/forum/job/financial-advisor/Best-places-start-financial-planning-career/t80163/p4 2013-05-21 23:50:16.0 Rodneya-- I've been a financial advisor for 10 years and can speak to the reality of this business. When you say "realistic income", what exactly are you asking? Starting salary? Median income? Or income potential? There are people who make 7 figure incomes in this business but that certainly isn't the average income. Be more specific with your questions and I will gladly provide you with some insight...wm http://www.indeed.com/forum/job/financial-advisor/Best-places-start-financial-planning-career/t80163/p4 http://www.indeed.com/forum/job/financial-advisor/Best-places-start-financial-planning-career/t80163/p4 2013-05-21 08:16:01.0 From personal experience, I despised the sales side of the "Financial Planning" business. I spent nearly 2 years cold calling 200-300 prospects a day (at Raymond James). Although, I did bring in some clients, I did not meet the goals set by the company. Naturally, one of the more senior advisers took the prospect list eventually...and just built up his own book in time. Unfortunately, I suspect that the main reason to bring in new blood is simply to help out the lazy senior financial planners, who don't want to spend time on such menial activities. At most places, they provide a base salary for 12-18 months. http://www.indeed.com/forum/job/financial-advisor/Best-places-start-financial-planning-career/t80163/p4 http://www.indeed.com/forum/job/financial-advisor/Best-places-start-financial-planning-career/t80163/p4 2013-05-21 00:39:04.0 Hello, I am looking to start a career as a financial adviser in California. I trying to find the best firm possible to work for. I come from a salary paid job that has peaked and has no room for financial growth. I will have my MBA in December and have a marketing degree. This is a new career move. I have considered Merrill Lynch and Mass Mutual. Both have expressed interest in me. Can someone please tell me the reality of the financial adviser business. I'm trying to get a ballpark figure of what the realistic average income (commission only). http://www.indeed.com/forum/job/financial-advisor/Cant-Pass-NY-Life-Health-exam-Study-problems-Focus/t21864/p3 http://www.indeed.com/forum/job/financial-advisor/Cant-Pass-NY-Life-Health-exam-Study-problems-Focus/t21864/p3 2013-05-18 03:02:32.0 [QUOTE who="Max"]I have a study guide if anyone is interested. Not trying to sel, just offer help because I know it can be stressful.[/QUOTE] Can you please send me a study guide to maurog526@gmail.com or mauroglaw@hotmail.com Please send me the study guide. It will be very much appreciated thank you :)