How hard are these goals to meet....really?
How hard are the following goals to meet for a rookie.....
In the First 12 months....1.8 AUM Total , 40k gross, 1.8AUM Fee Based
36 Month - 3.5 AUM, 235k Gross, 3.6 AUM fee based
Just wondering...any additional insight would be great as well.
They suck. How much are you going to charge 1.8mm AUM to get 40k gross? 2.5%? Plus, you are not adding it all at once. Some will come slowly so it won't be on your books all year.
1.8mm first year is terrible - I did 8mm first year. STEP YOUR GAME UP!
I think these are the goals for his program SUPERMAN...
Those goals are definitely attainable... $1MM in a pru va with a 1% trail will get you the gross.
Like super said a lot of wire guys raise way more assets than that..
Is that the new MSSB numbers?
Yeah those are for MSSB.... I thought they were pretty reasonable. I have about 2 yrs experience and I was trying to gauge how duable that is.
To Me....I thought they were pretty attainable.
First this is for the training program just so you know. Maybe you were under the old program? This includes a salary and you don't get paid till you surpass the salary. The guy I spoke to told me 38% payout...Idk where 7AUM came from. Even the 1st tier is 3AUM i think for the first year
Not unatainable goals. The problem will be in three years when the change the game on you midstream. Welcome to the biz
Hey everyone, ok, we all know this doesn't pass the sniff test. Sounds like MSSB has got a new scam on newbies going. Somewhere, there is a catch.
And, for all you newbies out there, or folks looking at joining MSSB, just read the Massachusets Investigation of the firm regarding Resumes. Tell you everything you need to know about that place. Can only be described as a sweatshop.
My guess would be that those numbers are the minimum to keep from getting fired.. However in year 3 when the salary is gone you would be starving
SO year 3 end would be 3.6MM assuming you are earning 1% would be [email protected]%payout=fail...
The only reason to do this would be salary for 3 years then jump with your assets(hopefully more than $3.6MM) and go indy/bank/ria/whatever...
i think thats pretty obvious.... No one will survive on 3.6aum @ 1%. Those are the minimum. 1st tier is 3.6aum per year with 12-13 AUM by year 3.
as far as a investigation of the firm...i do not see what you are talking about as well. Please add
Here we go again. Rookies trusting a wirehouse. How many times have we been down this road?
They bring them in pay them a wage for three years and then fire them or starve them out!
Give them just enough training to know more than the average guy on the street, but not enough to know what they are doing, and scew the !@$! out of clients and further demonize this business.
Rookies, please when we say never trust a wirehouse, WE MEAN IT!
You do not trust them as a client or a rep!
That sounds extremely similar to ML goals. I did some number crunching, and to have a decent chance of surviving; we need to bring in 10m in assets per year, adding 100k gross/annually to be a successful advisor like BG, BFP and all the other guys on this board.
It's going to be a tough road....my Plan A is to make it, and my Plan B is to do Plan A.
Bullmarket, go to Google and enter ... State of Massachusets Morgan Stanley Smith Barney
The firm was giving access to some rep, in contacting resumes online from a paid source. There was lack of oversight, violation of the online recruitment contract, and hundreds of violations of the national DNC list. The state did a very significant investigation, and the culture of the firm is exposed to a high degree. The fine for this, is going to be huge, and will no doubt have a huge impact on new employees, and any rep at the firm using the telephones. The culture of the firm is maybe the important reason to look...
Newregrep, .....Successful Advisor, hmmm. Thanks for the compliment, but...
I'm not convinced there is such a thing. Our careers are all about the journey, there seems to be no destination...
But, thanks for bringing this up, got me thinking.
Very important for any new rep, to define "success". If you don't, the goal posts will move forever....
The term "diminishing returns" comes to mind. From economics class, the point on the graph where the lines and curves of where GDC income, haircut payout, taxes, compliance, payroll and the fun business expenses and attending all of the kids soccer games and helping the coach by throwing whiffle balls in the sleet in at the practice in the spring meet.
In golf, that would be above 45 degrees and not raining (misting okay).
I was told that the MSSB goals are in this neighborhood. Was also told that there is no margin for error. They give you the goals and you need to make them in the prescribed time frame. If you miss the numbers, at 6 months and one year, you are gone.
Used to not be that way at SB - If you missed the goals but were working hard and the manager felt you had the ability but just needed some more time, you got the extra time. Now, its shoot first don't bother asking any questions