Question about pay and salary!
My question is, "Do people at the 'bucket shops' and smaller independent brokerage houses really make that much more than people at the big wirehouses, such as ML's POA program...?"
I hear that people at the no name wall st. firms make a ton more than a broker at ML.. is this true? do the no name firm brokers make 500k+ in commissioned salaries; while the ML and wirehouse brokers are at 100k trying to get to 200k?
true or false? thanks .
Maybe...but there is a good chance that it is only temporary...and it may cost you your license.
The truth is, in most cases, false. this buisness is how much YOU want to produce. It's your buisness. However, wirehouses tend to set sort of quotas (and they are high!), so they have pressure to do more. You need to realize that there are large producers in small firms or Indy because they work to be large producers. working at no-name, small firms, indy, or wirehouse has all it's pros and cons. But again, its up to you in the end on how big you want to be. thats the bottom line. If you want to see some figures from wirehouses, indy, etc, google it.
I will also include a link at the bottom to help you figure out how much FA in some wirehouses make to get that "wirehouse make less" out of your head:
If I seemed a bit rude its because you probably heard a pitch from a boiler room in order for you to join there firm. WATCH OUT IF THAT IS THE CASE! I fell for that trap and now im (HAPPY) at a wirehouse learning A LOT about this buisness.
My advise: Do your homework. Don't listen to other people (hell, if you want, dont even listen to me! Im not paying your bills). Do your personal research and you decide what is best for you. Wirehouses do fee base, can you live with fee base? do you even like fee base? Small firms usually do commission, can you live with commission only? Ask yourself these things and 1,000 other questions more.
Note* Posts like these should be on the rookies section.