First 3 yrs

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Jun 23, 2010 10:15 am

What did you make your first 3 yrs in the business, who did you represent, individual/team/salary/commission only, what year did you start? 

Based on your opinion what would you say the average earnings are years 1, 2, 3 and 5?  If you are not make X by year X what would the X's =? 

Thanks for your feedback!

Jun 24, 2010 10:39 am

Come on guys!  The guys that flushed out aren't around so I want t know what the guys that "survived" made while in survival mode?  Let's here some numbers. 

Jun 25, 2010 7:39 pm

Year one: $35,000 salary, $18,000 commission = $53,000 total, included training period not in production.

Year two: Learned the business, left the firm, launched private fee based investment/insurance firm. On the way to breaking $300,000 for the year. Expanding rapidly. 

Jun 26, 2010 3:53 pm

Somebody is full of crap

Jun 26, 2010 4:43 pm

Insurance my friend. Pays a great deal. The independent world is fantastic. Set up an MGA, get your SEO down pat, you would be amazed how many new leads come in each month. We have 7 producing brokers on staff and expanding with enough leads for everyone of them. Currently hiring if anyone is LLQP licensed in Ontario (Canada). Best of luck.

Jun 28, 2010 11:35 am

oh your canadian...

That doesn't count

Jun 28, 2010 1:18 pm

Ha, there's not much of a difference, I assure you. Maybe simply the fact there are 6 million people in my city and no one is doing the same thing. That helps a bit. 

Jun 28, 2010 6:13 pm

If Jones can't make it up there, well no one can! EH!!

Jun 29, 2010 12:23 pm

Or maybe because the wirehouses have 4 offices in your ENTIRE country as opposed to my city..

Aug 17, 2010 8:11 pm

Another thread got me thinking on this again.  I see Reg. Rep survey's on all advisors but the tenure is not based on newbies.  Can anyone swallow their pride and give some realistic ranges?

Aug 17, 2010 8:49 pm

squash: actually there are 1,700 financial services firms in the downtown core of my city, one of the largest concentrations on the planet. 

Madman: the typical first / second year wirehouse noob nets around 50-75k however this stat fails to take into account those who do not survive the 90% attrition rate (due in most part to unsuccessful first years). So I suppose this would mean the true average first year makes around fifty bucks?

Aug 17, 2010 11:57 pm


Madman: the typical first / second year wirehouse noob
nets around 50-75k however this stat fails to take into account those
who do not survive the 90%[url=http://www.bestchisale.com/]chi flat irons[/url] attrition rate (due in most part to
unsuccessful first years). So I suppose this would mean the true average
first year makes around fifty bucks?
]

Aug 18, 2010 12:53 pm

I am only a year and some change in but i'll chime in.  Salaried at 36k/yr, PCs of 55k at a decent payout while in my first stage of production.  I have hit all my hurdles so I have qualified for monthly incentives, quarterly performance cash, and an annual wealth choice performance award.  All in all, I've made around 68k before the gov't gets theirs.  I graduated from college in may 09 and got this job the next week and am currently a part of a team with myself and senior portfolio manager at a wire.  I'm happy with my progress so far but am not satisfied.  Only 23 from my class of 550 are left and I am # 10 so my total compensation is relatively close to the median for those of us left.  Hope this helps.

Aug 18, 2010 1:11 pm

23 out of 550, are you serious?? Bull, congrats on your success, you've no doubt earned your place.

In this biz, to succeed, you have to be too stupid to quit.....

Aug 18, 2010 1:59 pm

Thanks and that is completely true.  It's been tough and the hours absolutely suck the life out of me when I get home but I keep my eyes on the prize and I just think about the shorter work days and all the golf I can handle.

Aug 18, 2010 2:56 pm

Hopefully you're building a practice for yourself and not your senior partner....

Aug 18, 2010 3:05 pm

That is what I was going to ask..

How is your team divided up? Are you the prospector and in exchange you get a % of overall production?

Aug 18, 2010 3:26 pm

[quote=B24]

Hopefully you're building a practice for yourself and not your senior partner....

[/quote]

You CAN do both. My Jr. Partner was my non licensed FA right out of college, 8-9 yrs ago. Now, he's 40% owner. I always gave him a raise, before he asked. We have mutual benefit from each other. I'm a type A, he's a type B. According to my BD, who actively helps people with partnerships, they feel that is the only combo that really works.

I'd like to hear BullRunt's opinion on whether he feels that the only way to make it these days, is by serving as a jr. partner. Those attrition numbers he cites, are indicative of just how brutal the barrier to entry is these days. A jr. better make sure of course, that they serve someone that is fair and honest, not just a taker. Many of my former colleagues would not have done/did not do what I did. And they couldn't figure out why they kept turning over their FA's.... Duh...

Aug 18, 2010 3:38 pm

[quote=squash2]

oh your canadian...

That doesn't count

[/quote]

Canada is like a suburb of US.  Did we annex them yet?

Aug 18, 2010 5:44 pm

The class I started with began in November and was in production August 1. There were 78 now 14.

gross / production year.

Year 1 - $76

Year 2 - $253

Year 3 - $372

Just started year 4 August 1.

Actual pay per tax return only reflects 5 months in production of each year and the first 18 months on a salary starting at $4k per month and declining to zip in 24.

Year one $42k

Year two $76k

Year three $126k

These numbers made me 1st in my class. I also got every bonus they had to offer so it may be on the high end of realistic.