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Nov 25, 2010 6:48 pm

I am a registered assistant to a broker who is independent, with an office inside of a bank.  He has 70 million in AUM, and is a $400,000 producer.  I am very curious to know a ballpark figure on what he is making yearly.  can anyone help me out with this one?

Nov 25, 2010 8:23 pm

He is probably making 160-200K.  Does he pay you or does the bank??  This is just a guess since usually in a bank situation the bank is getting paid as well.

Nov 25, 2010 10:56 pm

yes the bank is getting paid,, and yes techinically I get paid by the bank... Thanks so much for your feeback!

Nov 27, 2010 12:40 am

so,, the question is,, what should he be paying his registered assistant?  if I walk out the door tomorrow, he is in a world of hurt.. I don't think what I am being paid reflects that.   I work for the nicest man in the world who has more integrity than all the other brokers I have ever worked for but I still don't think he is being completely fair to me with compensation.   any feedback is greatly appreciated.

Nov 27, 2010 11:44 am

[quote=acojo79]

so,, the question is,, what should he be paying his registered assistant?  if I walk out the door tomorrow, he is in a world of hurt.. I don't think what I am being paid reflects that.   I work for the nicest man in the world who has more integrity than all the other brokers I have ever worked for but I still don't think he is being completely fair to me with compensation.   any feedback is greatly appreciated.

[/quote]

first, are you hot?

Nov 27, 2010 1:28 pm

oh totally funny!!! all the 80+ clients think I'm totally hot, and maybe a few under 40 but that's a limited few. 

Nov 27, 2010 5:33 pm

It depends what you do for him and what your agreement was with him.  You agreed to accept your current salary correct?  Did he promise raises or commission sharing and not follow through. 

Nov 27, 2010 10:24 pm

oh this is great.... he promised me NOTHING,,,   but i am instramental in the progress of his business.  As a producer, which I can assume that you are,, how can you employ someone who helps you achieve the income that you do, and without this person you know your income would be compromised, and then pay them less than a quarter of what YOU HAVE EARNED TOGETHER...  riddle me that.    Sorry, but I think this is inhumane and wrong,, but then again that is the American way.. screw who you can along the way to make a buck.   maybe this is too harsh, sorry, you caught me at a bad time,

Nov 28, 2010 8:34 am

[quote=acojo79]

oh this is great.... he promised me NOTHING,,,   but i am instramental in the progress of his business.  As a producer, which I can assume that you are,, how can you employ someone who helps you achieve the income that you do, and without this person you know your income would be compromised, and then pay them less than a quarter of what YOU HAVE EARNED TOGETHER...  riddle me that.    Sorry, but I think this is inhumane and wrong,, but then again that is the American way.. screw who you can along the way to make a buck.   maybe this is too harsh, sorry, you caught me at a bad time,

[/quote]

This business sucks.    Building a successful business is so freaking hard. 

cold calling, getting someone to give you their money, making people money, keeping them happy is so darn hard.    no joke.    2 out of 10 make it.

AFTER people are clients, the things that an SA does IS extremely important BUT it is NOTHING to how hard it is to GET clients.    We earn every penny in this freaking business.   Ihave made a ton of money over the years but, if i was starting over...........i would NOT go inthis buesiness.  no way.  was not worth it

So......you should NOT be paid anywhere near what a FA makes.    Just reality.   Go cold call for a while and get back to me

IF you want to have the opportunity to make big bucks.......get hired as an FA trainee.  go for it.   then the sky is the limit.

As far as your pay with your FA now....my advice is honesty and openness.   go to him or her and state how you feel.     

Nov 28, 2010 12:29 pm

okay I get your frustration, but you obviously haven't done the "assistants" job. I am not saying we should get paid what the advisor gets paid as he assumes all the risk, but we SHOULD get paid more than a quarter of what the advisor is making.  A good assistant or bad assistant can make or break the advisor's business, that's just the way it is.  We need to be compensated FOR THAT. 

Nov 28, 2010 2:40 pm

Your independent broker is somehow beholden to the bank, how can anyone here understand that compensation arrrangement?

He has the stress of being beholden AND navigating the market for clients. You should be looking at the opportunity cost of you working for someone else, not trying to figure out your relative take on cash flow and expectations structured into a business arrangement you or anyone here does not understand.

If you like your work and feel secure, count your blessings.

Otherwise you sound like the greedy calculating spouse (who makes the wrong assumptions) in some candle-lit fireside tale.

Measure the worth of your work by researching real wages and salary and benefit situations for similar work, and the perspective of friends who reside (objectively) outside of this once happy relationship.

My good assistant is well compensated but cannot make or break my business, to which I have dedicated my career, creative energy, cash flow which looks smaller to me than to you perhaps, many silver hairs upon my head, countless restless sleep, and other things you don't know.

Nov 28, 2010 5:00 pm

[quote=acojo79]

oh this is great.... he promised me NOTHING,,,   but i am instramental in the progress of his business.  As a producer, which I can assume that you are,, how can you employ someone who helps you achieve the income that you do, and without this person you know your income would be compromised, and then pay them less than a quarter of what YOU HAVE EARNED TOGETHER...  riddle me that.    Sorry, but I think this is inhumane and wrong,, but then again that is the American way.. screw who you can along the way to make a buck.   maybe this is too harsh, sorry, you caught me at a bad time,

[/quote]

So he promised you nothing?

You accepted the job and the pay?

If you think you are underpaid, become an advisor and make the money.  

I think you are being a little unfair here unless you prospect for the FA.  Do you cold call??  Do you do seminars?  Do you give investment advice?  The answer to all of this would be no I believe.  I could get along fine without my assistant since I make sure I know how to do everything myself.

If you want a raise, ask for it and if he says no quit or keep working for him.  The choice is yours, but you agreed to work for him for a rate of pay and he hasn't promised you anything that he hasn't delivered on.

Nov 28, 2010 5:45 pm

Its pretty much all been said here, but I'll say it anyway. Your situation is pretty simple and straightforward, and not unlike that of many employees in our industry who feel they are worth more than they are getting paid.

Ask for a raise. Make your case in a professional manner. If you get it , great. If not, and you don't want to continue to work for what you are getting paid, then start looking for another job.

As far as trying to find out what your FA makes, through this website, i find it a bit offensive. If you think its your buseinss, then you should ask him. Otherwise, focus on you and your worth, not his or her earning.s

Nov 28, 2010 10:41 pm

Thank you everyone for your input.  it was helpful.   sportsfreak,,, it you think me trying to find out what my boss is making offensive through this website, well just assume me to be a resourceful person who has questions that need to be answered, but not directly by the people who can answer them.  To "I am legend"... you obviously are a true representative of you gender.  and maybe just maybe you can do it all on your own,, but I DOUBT IT.   your production will stop buddy, and you will not make bank,,   Again, thanks everyone for your input.    And to "Times 7"... I especially loved your referenced to me be a greedy spouse.  So funny.   And I especially appreciated all the typos-- you all are truely above the rest of us.

Nov 29, 2010 3:19 am

Coincidentally, gender represents a substantial marketing opportunity:

http://www.financial-planning.com/fp_issues/2010_3/untapped-market-2665922-1.html?zkPrintable=true

Nov 29, 2010 7:37 am

sports freak bob:

see youre jumping on the Rex ryan bandwagon since they won a few games?


Nov 30, 2010 1:44 am

acojo79, just a little FYI, a friend of mines B/D offers a virtual assistant (a real licensed person that does EVERYTHING) for 36k a year. I don't know who you are with but I would guess that this type of B/D support is at other places too. From what he said the virtual assistant can do everything but sit in his office. I can get you more info if you so choose but that is the reality of this business and the value of an assistant these days. So unless you are bringing in new clients personally or you are getting clients to TAKE ACTION on YOUR advice, then your value is limited. Sorry and I mean this in the nicest way.

Also, an OSJ takes an average of about 10% override from a producer. Not to offend you but a producer needs an OSJ more then they need an assistant.

I hope you find the answers you are looking for and make peace with your FA. Good luck to you both.

Nov 30, 2010 7:33 am

[quote=acojo79]

Thank you everyone for your input.  it was helpful.   sportsfreak,,, it you think me trying to find out what my boss is making offensive through this website, well just assume me to be a resourceful person who has questions that need to be answered, but not directly by the people who can answer them.  To "I am legend"... you obviously are a true representative of you gender.  and maybe just maybe you can do it all on your own,, but I DOUBT IT.   your production will stop buddy, and you will not make bank,,   Again, thanks everyone for your input.    And to "Times 7"... I especially loved your referenced to me be a greedy spouse.  So funny.   And I especially appreciated all the typos-- you all are truely above the rest of us.

[/quote]

I said I can because I know I can from experience.  The first 4 years I was in the biz, I didn't have an assistant.  I think it was actually helpful to me not to have once since it taught me not to rely on anyone else for my success.  I see some other guys who can't seem to do anything for themselves and I am actually thankful now that I had the experience of no assistant.  You have never answered the questions that were posed to you concerning do you bring in clients or sell for the FA.  If you do those things I think some sort of commission sharing could be in order. 

Nov 30, 2010 8:43 am

wow that virtual assistant is def the way to go, I will suggest this to my boss.

Nov 30, 2010 9:58 am

I emailed my friend and asked for some more info. He said this link should offer enough information. He also said there are several levels and price points and the 36k was for the "platinum" package. If you are serious about sharing this with your boss let me know and I will give him my buddy's contact info. If you guys are close to Atlanta he can just go meet him personally.

https://www.investfinancial.com/public/joininvest/join/VIP.html

Unfortunately for you this business is becoming so competitive that the only real value is the person that finds new clients and the person that gets clients to take action on the recommendations. Everything else is just a commodity. So if you do one of those two things then you can argue your point. If you just do everything but these two things then not so much.