Joe $$$$$

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Oct 21, 2006 1:24 am

What is big money in this business. I know people making 100k, 1 million and other various ammounts. Oh yeah Grasso made 200 million in charge of NYSE. That is some BS!



Well curious to hear what percent of RR's make what. I read the avg in around 100k, but some make millions and some make 50k. Anyone have more detail or numbers on what is alot in their office or region?

Oct 21, 2006 9:39 am
AirForce:

What is big money in this business. I know people making 100k, 1 million and other various ammounts. Oh yeah Grasso made 200 million in charge of NYSE. That is some BS!

Well curious to hear what percent of RR's make what. I read the avg in around 100k, but some make millions and some make 50k. Anyone have more detail or numbers on what is alot in their office or region?


In my office everyone with LOS 10 years or greater is north of $200K. MY previous office was no different. I think it's safe to say most of us older guys are above that number. But as a minimum I'd plug in about $150/175K. That would be a high $300K to $400K producer, still OK to do, even at the wires. The money lure is that there is no top end. The money reality is that once you reach a certain level  you start weighing the effort against the return. In many cases, as the financial bases are covered, many older reps start to seek balance in their lives. This level is different for each rep. For some it's $100K, others it's $2 million. Once reached income levels out.


Not much help, just the way it is.


Nov 1, 2006 10:45 pm

What is the average income for people at different firms... Say EJ vs Goldman... Or Barnum vs. ML



Talked to a few new RR's and we were curious. Here people make anything from 30-80k first year to 200k-500k for some of the larger RR's. Not sure about the top few producers.

Nov 2, 2006 6:11 am
AirForce:

What is the average income for people at different firms... Say EJ vs Goldman... Or Barnum vs. ML

Talked to a few new RR's and we were curious. Here people make anything from 30-80k first year to 200k-500k for some of the larger RR's. Not sure about the top few producers.


When you ask a broker how much they make you're going to get a lie as an answer.


There are lots of statistics compiled by trade associations such as SIA that find their way into magazines of various types.  The magazine that hosts this forum publishes an annual compensation issue.  I bet you might find information by going the the mag's home page and using their search feature.

Nov 2, 2006 7:30 am

I read a couple months ago that the average ML broker makes about 260k,
and has about 97AUM. The average Jones broker has about 44AUM, so there
pay is probably a little less than half. I did read in the WSJ this
week that Weddle made 6.8mm in 2005. He has a 12 car garage in St.
Louis, must be nice. Business Week listed Financial Advisor as the
third best job to have, and I believe it was about #7 or #8 in pay
right behind Dentists with an avg. pay of 122k. I also believe it
listed the top 5% of the reps. in the business to make 219K plus, but
it could have been the top 25%, I can't remember. The big money is in
partnership at least at Goldman and Jones. The WSJ had a great article
last week about partners at Goldman and how elite it was, etc. The avg.
partner makes about 7mm they figured. As anyone will tell you on this
site, the best thing you can do for you business is to get your book in
fee-based or in investments with trails. Of course doing this in
accordance with whats best for your clients. That way when your 15yrs
out, you have money guranteed. 

Nov 2, 2006 7:38 am

Also I would like to add to what BondGuy wrote, it does seem to me that
what people end up at, as far as pay, is whether they are comfortable.
I think that if they are 10yrs out in the business that they are at
least relatively successful. And you do control your income. Many times
people fall short of their goals, not because they are not capable, but
they become satisfied where they are. Brian Tracy uses a great example
of a mountain. There is a coffee shop half way up. Most people stop
there and don't continue up. Simply because they get comfortable. 

Nov 2, 2006 8:35 am

The FPA publishes the avg. CFP salray every year I think it was around 272K this year. Of course 98% of FPA members are over age 55.

Nov 2, 2006 10:02 pm

The Reps who survive this business do very well.


Problem is most people fail out of this business.

Nov 2, 2006 10:56 pm
bankrep1:

The FPA publishes the avg. CFP salray every year I think it was around 272K this year. Of course 98% of FPA members are over age 55.


Bank, I'm not trying to be contrary, but I don't know one CFP making that amount and I know a bunch. Maybe avg total revenue for fee only planners in solo practice? 


Wait, I do know one, he's a senior VP or what ever the top title is  at AG Edwards. He's a CFP in name only. They CFP is a brand he uses to close prospects. He isn't a planner. He's a VA salesman. Not a bad guy, very smart, very hard working. Past him, no other CFPs in my eyesight making over $100K. So if that number's right where are they?

Nov 2, 2006 11:09 pm

Look at Bloomberg wealth managers list of the top advisory firms. Mostly boutique, fee only CFP's making big bucks. I have no idea where they got the numbers from, but that is what is published.