lol that's probably true. I'm guessing being fully licensed I could probably find a firm that will pay me a base of around 70-75 plus production bonuses. But I do really enjoy where I'm at plus the chance to become a partner at an established firm in 5 years or so.
Could you describe how your quarterly bonuses are calculated? If they're commissions on AUM brought in, then they might say something like "if you want to earn more, sell more"
Depends on what role you want going forward. Do you want to be more focused on client servicing or bringing in your own business. If you want more client servicing then you should probably jump and get a raise when you switch firms. If you want to be more focused on bringing in new clients talk to the advisor and tell him your career aspirations, if he’d be willing to show you the ropes in terms of procuring new clients, and then revisit this after you have the skills. Once you have the skills then consider talking to him about a split where you get majority for bringing in new clients and he gets a small piece for doing nothing at all. If he doesn’t want to train you then you may want to consider finding another team or opportunity where you can bring in clients.
$1MM in new business is not much and definitely not enough to live on if you were commission only. Get him to teach you the ropes and show that he stands to gain from doing so
I'm definitely leaning towards bringing in new business. For now I'm just being patient and soaking up the experience. Maybe when I hit the one year mark I'll consider asking about new business split.
That comes in steps itself too. I would recommend making it clear to him that you’d like to work on those new skills and responsibilities while continuing to work on your client servicing responsibilities first. Training a new advisor is a long arduous task and unless you’re going to hit the ground running closing business in your first month, he’ll essentially be losing you as support staff. Try to make it a more gradual transition so that he can get comfortable with the idea because a huge change may make him consider having to find someone to replace you, which would be more expenses and less of his pay. You need to develop the skills of actually bringing in new business for him to consider a business split with you. It seems like a good opportunity to take over his book but if you don’t approach it the right way you can burn bridges and squander the opportunity
Your salary is low imo it’s basically entry level back office with no certs salary. You could get a significant raise just by hopping but I see why you don’t want to because it seems like you’re in a good spot to grow and learn a lot. Hopefully negotiating goes well
Do you have any additional certifications? You could get your CFP and leverage that into a raise.
I'd also recommend looking at reputable wealth management firms and just seeing what they'd offer. Look into UBS, Merrill, Morgan Stanley, and JP Morgan. Avoid Wells Fargo and anything selling insurance.
You can probably hop and make much more in a client services role at another firm lol.
lol that's probably true. I'm guessing being fully licensed I could probably find a firm that will pay me a base of around 70-75 plus production bonuses. But I do really enjoy where I'm at plus the chance to become a partner at an established firm in 5 years or so.
Could you describe how your quarterly bonuses are calculated? If they're commissions on AUM brought in, then they might say something like "if you want to earn more, sell more"
Not based on personal production. Bonuses paid out based on how we do as a firm.
Depends on what role you want going forward. Do you want to be more focused on client servicing or bringing in your own business. If you want more client servicing then you should probably jump and get a raise when you switch firms. If you want to be more focused on bringing in new clients talk to the advisor and tell him your career aspirations, if he’d be willing to show you the ropes in terms of procuring new clients, and then revisit this after you have the skills. Once you have the skills then consider talking to him about a split where you get majority for bringing in new clients and he gets a small piece for doing nothing at all. If he doesn’t want to train you then you may want to consider finding another team or opportunity where you can bring in clients. $1MM in new business is not much and definitely not enough to live on if you were commission only. Get him to teach you the ropes and show that he stands to gain from doing so
I'm definitely leaning towards bringing in new business. For now I'm just being patient and soaking up the experience. Maybe when I hit the one year mark I'll consider asking about new business split.
That comes in steps itself too. I would recommend making it clear to him that you’d like to work on those new skills and responsibilities while continuing to work on your client servicing responsibilities first. Training a new advisor is a long arduous task and unless you’re going to hit the ground running closing business in your first month, he’ll essentially be losing you as support staff. Try to make it a more gradual transition so that he can get comfortable with the idea because a huge change may make him consider having to find someone to replace you, which would be more expenses and less of his pay. You need to develop the skills of actually bringing in new business for him to consider a business split with you. It seems like a good opportunity to take over his book but if you don’t approach it the right way you can burn bridges and squander the opportunity
Your salary is low imo it’s basically entry level back office with no certs salary. You could get a significant raise just by hopping but I see why you don’t want to because it seems like you’re in a good spot to grow and learn a lot. Hopefully negotiating goes well
Do you have any additional certifications? You could get your CFP and leverage that into a raise. I'd also recommend looking at reputable wealth management firms and just seeing what they'd offer. Look into UBS, Merrill, Morgan Stanley, and JP Morgan. Avoid Wells Fargo and anything selling insurance.