The "New" MSSB FAA Comp Plan
Apparently there is a new comp plan called FAA. I was hired under the "old" comp plan called RFE (Rech for Excellence).
There is a bit of a rebellion going on.
The new plan, for hires I think starting in October has the following- from memory
1st year Exceelent level is 3.6 mil in assets, 50K production and if you hit the goals, you get $12,000 in bonus
2nd year it is like 6-7 mil AUM and I think 70K production, and you get bonuses of $15,000
3rd year 12 mil AUM and 120K production $36,000 in bonuses
The old plan
1st year 7 mil AUM and 70K production 8K bonus
2nd year 15 mil AUM and 150K production 12K bonus
no third year comp
50% payout on fee based, 10% cash bonus of production if tier one, 10% restricted cash- you sign a 2 year promissory note.
For those under the old plan, they are getting screwed. The new plan asks for about half the AUM and production, pays much higher bonuses and has a thrid year of 26 K in bonus. The new plan gives you three years to get to where you need to be in the old plan in 2 years, and you will receive $43,000 more in bonuses for doing the same work in three years compared to two.
I am very disappointed- I am under the old plan and have not started production yet-
It sucks. Management says we cannot get into the new plan. Why switch plans- to insure more people succeed and retain more FAs, is what management says- so why not extend it to current trainees?
Any thoughts or ideas?
Too early to jump ship, but I know this is indicitive of treatment going forward....