MSSB FAA Comp 2010

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Sep 23, 2009 12:27 pm

Just thought I would let you guys in on something that could be affecting FAA's down the line. The 2010 comp plan is rumored to have a condition to where new FAA's only get commision above what their salaries are.

 
For example, current salary 40k, and FAA nets 20k, total payment from the firm 60k. Whereas the new way you wouldn't get paid above 40k unless net above that. (numbers in example are arbitrary)
 
Certainly makes it less lucrative to start out, but I'm sure they will grandfather people in.
Sep 23, 2009 2:31 pm

Thats how ML does it.

Sep 23, 2009 3:16 pm

When I was first hired, I was under the impression that my pay didn't increase until I produced above my salary. I was glad to find out it was salary plus commision, but I would have done it regardless if it was just the salary for the first two years.

Sep 24, 2009 12:00 pm

I probably would've gone to MS instead of ML if i would've know that. My first year pay would've been about 30k more.

Sep 24, 2009 12:52 pm

I don't believe it is salary plus commissions.  Reading the MSSB internal web site it looks like you have to produce above your salary to receive extra commissions.  I Could be reading it wrong though.

Sep 24, 2009 3:23 pm
workinhard:

I don't believe it is salary plus commissions.  Reading the MSSB internal web site it looks like you have to produce above your salary to receive extra commissions.  I Could be reading it wrong though.


 
Well I've been in production over a year at SB, now MSSB. Its salary plus commisions for the first two years. Moving forward it looks to be a different story.
Sep 24, 2009 4:20 pm

Well, if I got hired 9/14, could I be lumped in with the salary plus commissions? because that would be simply amazing

Sep 24, 2009 5:07 pm
workinhard:

Well, if I got hired 9/14, could I be lumped in with the salary plus commissions? because that would be simply amazing

 
That's what has to be determined. If you're hired this month, production wouldn't start until next year anyways. So you would be starting on the 2010 FAA comp schedule anyways.
Sep 24, 2009 7:28 pm

Workin- For me it's you get to keep anything after your base salary is covered.  But we can always hope......

Sep 24, 2009 9:58 pm

 Currently, Legacy SB FAAs got salary plus commission from day one. Legacy MS was no commission until you exceeded your salary. I dont know if that was looked on a monthly basis or annual basis.   In other words at MS, if you were paid $ 60k which is $ 5k per month.  If you produced $ 6k in the first month did you get the $ 1k or was it not until you exceeded $ 60k on a cumulative basis??

Sep 24, 2009 11:21 pm

I see.

 
Well I am in a SB office, so hopefully I can get salary plus.
Sep 25, 2009 8:39 am

I am in a legacy SB office, started end of August.  I am on the salary plus commission plan.  I know I have heard about getting a new MS plan rolled out next year, but I was given the impression we could choose which one we wanted to stay on.

Sep 26, 2009 9:45 pm
newbieFA1079:

I am in a legacy SB office, started end of August.  I am on the salary plus commission plan.  I know I have heard about getting a new MS plan rolled out next year, but I was given the impression we could choose which one we wanted to stay on.

 
My son is in the same situation, and I am certainly hoping that his commission is grandfathered in, as he accepted a lower salary assuming tht was the case. It hardly seems fair that they could eliminate that mid stream when salary offers were mde under its assumption. Any thoughts?
Oct 13, 2009 4:29 pm

Sorry for the long time in response.  I was told by my BOM we get to choose, if that changes who knows.

 
I know MSSB is suppossed to roll out all the new FA comp plans for both newbies and vets sometime within the next 2 weeks.