I'm new to the industry and I have a few questions about what is considered "normal" compensation. My background: I've only been in the field for about a year. I have a graduate degree in something completely unrelated and decided that I needed a change. I passed the 7, 66, and life & health (in that order) in the last 11 months.
I am NOT a financial advisor (and it had been made very clear that in not going to be any time soon). I am one of two assistants in an office with one advisor (the other assistant is not licensed). I do pretty much everything except sell products. I answer phones, make appointments, open accounts, handle rollovers and transfers, buy or sell if the clients solicits the transaction, talk clients off the ledge, process distributions, and the other million small things that allows the advisor to be in the office a max of 25-30 hours/wk.
With all of that being said, I'm not really interested in knowing the average salary of someone in my position. Rather, I'm interested in commissions/bonuses. Is it fairly common for a registered assistant to make a commission or bonuses? What are they based on? What is a fair percentage? Any and all feedback is appreciated.
I would say compensations vary from firm to firm. The normal compensation is usually a little less than 40% of gross. This means if an advisor brings in $1 million dollars. And the firm charges a 1% fee. you would receive 40% of that 1%. which amounts to $4,000. I'm not an advisor so I may be wrong.
The assistant would usually get 1% -5% of what the broker does in commission. If he is profitable for the month. It will vary with each firm or independent office.