Best company to start out as a financial advisor trainee?

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May 16, 2011 12:08 pm

what would you say would be the best in the NYC area? Merrill, Wells Fargo, MSSB? already have my 7 and 63 so would be one step ahead, was working for a boutique previously

May 16, 2011 2:51 pm

Consider a RIA?

May 17, 2011 10:34 pm

I would say MSSB or ML (in that order). They're both well known on the east coast where as Wells Fargo is a western brand thats only recently moved out east when it bought Wachovia two years ago.

As far as FA trainee salary goes - MSSB and ML should be about the same all though I've heard ML is higher, but with higher goals. MSSB uses a tiered system (5 tiers - you need to be in at least the 4th tier which is "meets expectations".

WF's trainee salary is lower - could be by as much as $20-30k a year. But it also could be different in NYC.

NYC is kind of a stupid place in terms of cost of living. $100k a year there is like $45-55k a year anywhere else in the country, yet still puts you in the top 10% of US wage earners. Funny huh?

-PF

May 19, 2011 9:14 pm

I would agree with PF.