Compensation

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Feb 18, 2009 9:44 pm

I'm sure this has been discussed, but I need help and can't find it.   A year ago I started at a bank as an assistant to a rep.  They asked if I would get licensed (7 & 66) and just recently did.  Yesterday my boss got fired.  Now I am the only rep and am in charge of all the clients we have.  Compensation hasn't been discussed, but I'm sure it will and should be soon.  I would like to know what is the going rate for compensation (salary or salary + commission).  I looked on the forum, but it's taking awhile and I need to know  as soon as possible.  I'm going to have to go to the bank president and would like to be armed with as much info as possible.  I would appreciate any help you could give me.  Thanks!

Feb 18, 2009 9:49 pm

I don't know the answer to your question, but sounds like you walked into a deal.  I don't know much about bank reps, but I always thought you were on some type of forgivable draw, and that your payout was lower - just ignore me I have no clue.

Feb 18, 2009 10:18 pm

I would copy a local wire's starting deal. Something like 50k/yr for 2 years plus 38 percent. Then 40 percent and no salary after 2 years.

Feb 19, 2009 12:32 am

Go in asking for no salary and 50% of commissions.

Feb 19, 2009 9:49 am

Tomato,

 
Good for you if the book is large.  Why did the rep get fired?  Lack of production?  Take this into consideration when thinking of what to ask for.  Do you know how compensation was set up for your rep that was fired?  If it was lack of production maybe look at taking a base salary plus commission to keep you afloat.  Remember that the b/d will take 15-20% of gross commission before they pay the bank.
 
Good Luck!