Info for acehistr8....

[rrc]

Heard back from my buddy. Most rookie FA get a base anywhere btw $30-100k and a 10-15% commission. After certain goals are met the pay-out goes up to 40-50% and the salary becomes a draw that is negotiated. The FA's told him it is a very negotiated process and there is a lot of room both ways. A FA doing $500k a year in revenues should expect to make over $200k per year.
Hope this helps and it isn't too late, good luck in your interview.

 

[acehistr8]

Great info, thanks so much. Youve got mail.

 

[Goiing Gone]

Ace , did give ex ML buddy a call and like I said was about correct, $40,000 start etc , one thing he did confirm is to get into other aspects along with more cash get at least series 7 Lic.

GL

 

[acehistr8]

So far I know that in the Private Client Group Financial Advisor program, they pay for and require all FA's to get their 7/63 licenses within 90 days as well as their Certified Financial Manager designations within a year. So worst case even if the job is no good, I will have three or four licenses and designations bought and paid for.

I have also heard from another guy whose background similar to mine, came in at 65 base with a similar commission structure for the first 2 years.