Client Associate Compensation

or Register to post new content in the forum

14 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jul 22, 2008 9:07 pm

It might have been asked a million times here before, but please excuse me for being too lazy to look for older posts.

I've just got hired as a CA at Merrill (NYC Office). I'm a fresh grad, this is my first job and I have a few questions about my compensation which I'm too embarrassed to ask in the office....Here we go:

1. I'm offered an annual salary of 33k. Is it considered decent as a starting salary (in NYC)?

2. In addition to my salary, I heard that I would receive a year-end bonus as well. If one starts in the middle of the year like I am, am I still entitled to half year's bonus? How much would a new CA get typically?

3. Do all FA's pay commission to their CA's (even non-registered)? Typically, how much can a CA get from his FA? What does the amount depend on?

4. I have a 12-month window to get my 7 and 66. I'm just wondering once I'm registered, will the firm normally give me a raise?

This is my first job, so some of the questions may sound dumb to ask....

Jul 22, 2008 9:10 pm

If you're embarrassed to ask someone in management at your office maybe you could ask another CA who's been there for a little over a year.  I'm sure they'd understand where you're coming from and they'll be able to give you the most accurate answer.

Jul 22, 2008 9:14 pm

33k is definitely not a great base in NY (I've lived in Manhattan and can't imagine making this work) but you should just see it as a way to get the 7 and 66. Do not procrastinate on this. Take it as soon as possible and don't get lazy like the other assistants who consider that it's a pain they're expected to get licensed. You want to see that (as well as the ML name) as the REASON why you're there, not a nuisance in the way of keeping what is essentially a piker job involving paper pushing. Get the 7 and 66 then start shopping yourself around. Not a bad setup for a recent grad if you approach it that way.

Jul 22, 2008 9:19 pm
IsOldSpiceRightForMe:

If you're embarrassed to ask someone in management at your office maybe you could ask another CA who's been there for a little over a year.  I'm sure they'd understand where you're coming from and they'll be able to give you the most accurate answer.


im still embarrassed to ask my trainers (the veteran CAs) because it seems to be too early to ask about money.....anyway, i agree with what you said. only i shall ask them later

Jul 22, 2008 9:23 pm
noeling:
IsOldSpiceRightForMe:

If you're embarrassed to ask someone in management at your office maybe you could ask another CA who's been there for a little over a year.  I'm sure they'd understand where you're coming from and they'll be able to give you the most accurate answer.


im still embarrassed to ask my trainers (the veteran CAs) because it seems to be too early to ask about money.....anyway, i agree with what you said. only i shall ask them later


i know man. I really feel i'm extremely lucky to have landed the job in a company like ML, literally right after graduation (i had my ceremony and interviews on the same day and i made it). I've asked the other CAs, they said I should get familiar with the system before I approach the management regarding the registration thing. I'm really excited about the prospect of getting licensed because it is a stepping stone which opens me to a lot more other opportunities if one day I decide I dun wanna be a CA no more.

If i could, I would have asked the manager for the study materials right now. But my trainers said I should wait until, maybe 3 months later (conclusion of the probation), or even before year end....they just wouldnt let me do it when I'm so new....

Jul 22, 2008 9:25 pm

i'm asking all these questions about money and compensation because i just wanna expect what's expected....plan on my savings and spendings......

if i end up getting no bonus/commissions for the first year i wont be too sad. after all,  for now, the most important thing for me is to learn.....

Jul 22, 2008 11:43 pm

So let's recap to be sure we have it right.

You're too embarrassed to ask the people who can give you the right answer for your specific situation, and too lazy to click on the search button and instead want strangers to put forth  more  time and effort than you yourself are willing to expend - do I have that about right?




Jul 23, 2008 7:17 am
Morphius:

So let's recap to be sure we have it right.

You're too embarrassed to ask the people who can give you the right answer for your specific situation, and too lazy to click on the search button and instead want strangers to put forth  more  time and effort than you yourself are willing to expend - do I have that about right?


this is a forum dude. i think 99% of the questions asked here can be asked and answered more quickly thru the management. you have the right not to answer my questions if you don't want to. i just find it interesting how you could spent your time coming in to diss someone instead of giving a serious answer.

Jul 23, 2008 7:49 am
noeling:

this is a forum dude. i think 99% of the questions asked here can be asked and answered more quickly thru the management. you have the right not to answer my questions if you don't want to. i just find it interesting how you could spent your time coming in to diss someone instead of giving a serious answer.


OMG, I'm like, my bad, dude.  For sure.  Totally. 

I should have realized that this forum for registered reps was magically transformed by your arrival to the forum for those who work for registered reps to come and seek information that they could, and should, easily find on their own.  To twist a famous line from a president born long before you were born, "Ask not what you can do for yourself, ask only what everyone else can do for you."

Another kid with attitude.  How delightful.  Unless you change your sense of entitlement and lack of maturity it won't matter much how you are paid, as you won't be there for long.

Jul 23, 2008 8:23 am

Being lazy and embarrassed is not a good combination.  


A serious answer is useless to you because we aren't the ones paying you.  You need to ask the people signing your paycheck.

When you say that the most important thing is to learn, what are you trying to learn?  Do you want to be a rep yourself?   I ask because if you are too uncomfortable to ask these questions of management, you don't have what it takes to be a successful rep.  So much of being successful is about doing uncomfortable things.

Jul 23, 2008 9:25 am

Hey Morphius at least you were not called arrogant and condesending. Hard to imagine some individual's response when they are actually told NO when propecting? Dude , I can only hope that sometime " I 'll finally understand the big picture ".

Aug 1, 2008 12:43 pm

here's the word...


you will only get comm if you're fully registered, pay varies depends on team's production and stinginess of advisors, base is relatively low...should be around high 30's.
Aug 1, 2008 4:07 pm

I fully realize that I am going to get jumped all over for this, but I am just amazed at how mean spirited and bitter some of the more senior members of this forum are towards newer members.  Perhaps I am being naive, but forums are designed to be a digital meeting ground intended to foster conversation and the exchange of ideas...especially under a thread labeled "Rookies and Trainees".  Perhaps those of us who are new here should make a mental note not to allow ourselves to become so bitter, mean and jaded that we forget what it is like to know less than others.  Or perhaps we should prostrate our tiny and meaningless selves before the mighty titans of knowledge, the fountainheads of the financial wonderworld, of which, if we are lucky penitents, we may be allowed to grasp the slightest of views.  Perhaps if we light candles, incense, and come bearing gifts of frankencense and myrhh, the mightly monoliths of the financial world will smile with pity upon our downturned heads and enlighten us with showers of knowledge and nuggets of wisdom.  Give me a break.  Just go ask the nicest person in your office, they should be willing to help you out, even in New York.

Aug 1, 2008 4:21 pm

Or perhaps we should prostrate our tiny and meaningless selves before the mighty titans of knowledge, the fountainheads of the financial wonderworld, of which, if we are lucky penitents, we may be allowed to grasp the slightest of views.  Perhaps if we light candles, incense, and come bearing gifts of frankencense and myrhh, the mightly monoliths of the financial world will smile with pity upon our downturned heads and enlighten us with showers of knowledge and nuggets of wisdom.



 
 
I think you've got it.  Just kidding.