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May 28, 2009 4:34 pm

I currently work in a financial advisory practice as an analyst. I have my 7/66/L&H and have been in the industry for two years. I have a degree in Financial Planning that qualifies me to take the CFP (I havent yet).

 
I wear a couple of hats here. I review existing clients accounts when they are due in and make recommendations about what they should change or keep, etc. I also help facilitate the planning process by conducting data collection calls and answering questions from the people we out-sourced our plans to. we do not do cookie cutter plans, we provide waaaay more than our clients even pay for.
 
I work 45 hours a week usually and I feel like someone providing the level of service that I provide should earn more than I do. This is my question. For any one out here who has similar staffed positions, what do you pay or would you pay someone who is providing my service.
 
I do not simply print morningstar reports and give this to the advisor. I create a spreadsheet with the clients holdings and make changes that can range from creating a bypass trust to selling a particular holding because the managers shifted too much into international and our model for this client suggests we not have more than X%..etc...
 
I have also built some new clients portfolios from scratch and perform numerous statistical functions in the office.
May 28, 2009 4:36 pm

forgot to mention that we arent a mutual fund shop. We have several hundred million in assets and we use everything from options to structured FDIC products. you name it, we use it.

May 28, 2009 5:03 pm

You're not worth much. You don't bring in any business. You're lucky to have a job, so get back to work.

May 28, 2009 5:34 pm

The largest producer in my town takes home around $1.5 million a year.  He simply builds relationships and gathers assets.  He has a CFP who works for him and has her do all the financial plans.  He pays her around $50-$60k.

May 28, 2009 5:52 pm

Have a friend who does about the same(1.5-1.8 million net). He pays a guy $350K to run all the portfolios and investments. So my buddy is still netting over $1 mil.

May 28, 2009 5:55 pm


] answering questions from the people we out-sourced our plans to



If you are outsourcing your investments and plans... what do you do?

May 28, 2009 9:31 pm

We outsource the data entry part of our plans. The part that involves a brain, I do. Alongside the advisor. We have several advisors.


HAAIC, wow your a hilarious jack ass. I have appreciated some of your posts elsewhere. Shouldnt you be wasting less time on here and more time out there, making money?


I have done quite a bit of researching on this topic. I have found the 50k - 60k number to be pretty accurate. Needless to say I do not make that. Which is good news and bad news. The good news... I can quit and cost the practice at least 2-3 weeks of production. It will take 2 people to replace me and at least a few weeks to re train them. This would be over 100K GDC to the firm.
 
the bad news, I am looking for another job. I have made a pitch to the office manager. My lobby fell on deaf ears. Perhaps I should approach the owner of the practice. I am just afraid this will be a hindsight = 20/20 for them.
May 28, 2009 11:37 pm
Okieguy19:

We outsource the data entry part of our plans. The part that involves a brain, I do. Alongside the advisor. We have several advisors.


HAAIC, wow your a hilarious jack ass. I have appreciated some of your posts elsewhere. Shouldnt you be wasting less time on here and more time out there, making money?

I have done quite a bit of researching on this topic. I have found the 50k - 60k number to be pretty accurate. Needless to say I do not make that. Which is good news and bad news. The good news... I can quit and cost the practice at least 2-3 weeks of production. It will take 2 people to replace me and at least a few weeks to re train them. This would be over 100K GDC to the firm.
 
the bad news, I am looking for another job. I have made a pitch to the office manager. My lobby fell on deaf ears. Perhaps I should approach the owner of the practice. I am just afraid this will be a hindsight = 20/20 for them.



This is a problem throughout the industry.  Employees want more and owners want to keep more.  I think the natural progression for you is to start bringing in business.  Negotiate with the owner on your payout.  This may be a situation for you as you have a base salary and over time you can build a book. 

Good Luck

Ash
www.FAfreedom.com - The Breakaway Experts

May 29, 2009 6:44 am

The issue isn't how much it might cost the company to replace you if you leave. The issue is your market value: can you find a comparable job that pays more elsewhere?



If you can, you are in a position to push the salary issue. If you can't or are not certain you could, you would be hurting yourself far more than your employer by quitting.



May 29, 2009 7:42 am

I already can have my own BOB, the problem is that building up clients cannot be done in ones "spare time" when you have a wife. I barely have time to do anything. I have a few clients but nothing to be proud of.

 
The problem with switching is this, our indutry is in the toilet right now. Most people are just holding on for dear life, especially fee based practices. Our revenues are down about 20% YTD. My situation is less about logic and more about politics at this point. Which I do not like. I am a logical person.
 
our office let go of our financial planing person. We outsourced the actual document inputs, and I took over everything else basically. Its a nightmare. We have a terrible system in place right now. I did not get a raise for taking on a hugely expanded role. That alone is offensive enough for me to quit. To clarify, when I say politics I dont mean that I am an outcast or not liked. I am referring to our office mgr. who has as much experience managing people as I do herding cattle. She lacks the educational background to perform her job. She is a scary bitch who has the owner convinced her sh*t doesnt stink. Thats about as kind as I can put it.
 
I am looking for another job, but our industry is not the best market at this moment. Most of the jobs I find elswhere that have nearly identical job descriptions... pay 75-100k but require 8-10 yrs experience. I have 2 years experience.
May 29, 2009 8:15 am
Okieguy19:

I already can have my own BOB, the problem is that building up clients cannot be done in ones "spare time" when you have a wife. I barely have time to do anything. I have a few clients but nothing to be proud of.

 
The problem with switching is this, our indutry is in the toilet right now. Most people are just holding on for dear life, especially fee based practices. Our revenues are down about 20% YTD. My situation is less about logic and more about politics at this point. Which I do not like. I am a logical person.
 
our office let go of our financial planing person. We outsourced the actual document inputs, and I took over everything else basically. Its a nightmare. We have a terrible system in place right now. I did not get a raise for taking on a hugely expanded role. That alone is offensive enough for me to quit. To clarify, when I say politics I dont mean that I am an outcast or not liked. I am referring to our office mgr. who has as much experience managing people as I do herding cattle. She lacks the educational background to perform her job. She is a scary bitch who has the owner convinced her sh*t doesnt stink. Thats about as kind as I can put it.
 
I am looking for another job, but our industry is not the best market at this moment. Most of the jobs I find elswhere that have nearly identical job descriptions... pay 75-100k but require 8-10 yrs experience. I have 2 years experience.
 
Young lady, I think you should quit and go find another job with the letters "Anal" in it's title.
May 29, 2009 8:50 am
Okieguy19:

I already can have my own BOB, the problem is that building up clients cannot be done in ones "spare time" when you have a wife. I barely have time to do anything. I have a few clients but nothing to be proud of.

 
The problem with switching is this, our indutry is in the toilet right now. Most people are just holding on for dear life, especially fee based practices. Our revenues are down about 20% YTD. My situation is less about logic and more about politics at this point. Which I do not like. I am a logical person.
 
our office let go of our financial planing person. We outsourced the actual document inputs, and I took over everything else basically. Its a nightmare. We have a terrible system in place right now. I did not get a raise for taking on a hugely expanded role. That alone is offensive enough for me to quit. To clarify, when I say politics I dont mean that I am an outcast or not liked. I am referring to our office mgr. who has as much experience managing people as I do herding cattle. She lacks the educational background to perform her job. She is a scary bitch who has the owner convinced her sh*t doesnt stink. Thats about as kind as I can put it.
 
I am looking for another job, but our industry is not the best market at this moment. Most of the jobs I find elswhere that have nearly identical job descriptions... pay 75-100k but require 8-10 yrs experience. I have 2 years experience.



I would like to be empathetic, but it is hard.  It sounds like you are young in the industry and just started your career.  This is the time to work very very hard and your wife should understand.  So spending weekend with getting more clients is exactly what you need to do. 

As far as your current situation, would you be happy if your boss paid you the 100K you were looking for?  I suspect you would forget about your boss's personality.  Also going to the owner may make the situation worse.  The owner is dealing with lower revenues yet the same expenses.  It is tough for him to manage this environment.

If you still feel like you deserve better, go for a few interviews.  DO NOT quit unless you have another job lined up.  If you are truly underpaid, finding another job will be very easy. 

Some additional information... when I was managing CFPs they were paid about 80K.  These were individuals will good experience and multiple degrees. 

Good Luck

Ash
www.FAfreedom.com - The Breakaway Experts

Jun 9, 2009 2:44 pm

two years in the industry? If that is all you have then you should count yourself lucky to have a job. There are alot of people out there more experienced than you that would jump at the change to do your job and earn some type of income. My advice is to stick out and learn as much as you can to build your resume. Take on as much responsibility as you can while still doing a good job. When the job market turns, you will be in a much better position to bargain. If they call your bluff then you can find something else easy. When I first started in the industry I was making chump change but was learning as much as I could. You gotta make your bones.   

Jun 9, 2009 4:33 pm

I have to echo what Ash said.  Based on the tone of your post, and your articulation of the situation, I am guessing that you are very inexperienced and naive.  And I don't really mean that as an insult - more of a wakeup call.  My guess is that you have a very different view of your value than does your employer.

 
I spent many years in corporate finance where I interviewed/hired/fired/trained many, many people.  I can say that for the most part, the cream usually rises to the top, and that if you truly are "irreplacable", your employer knows it.  If you are, and they don't know it, they are dumbasses, and probably not worth working for.  However, I am guessing that your hard work and frustration are leading you to believe that your job is worth more than you think, and that you are probably very replacable.  It is my experience that most technical/administrative people are easily replaced.  The people with "soft" skills are the most difficult to replace (people skills, the "IT" factor).
 
Sorry to bring you down.