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Dec 9, 2009 12:33 pm

Ive been offered an FA position with two companies. EJ and MSSB. I'm new to the industry, so there will be a learning curve. The base salary for ej is around 25k while the base for mssb is 75k for the first two years. I understand that this is a commission driven industry, and those who rely on a base salary are probably the ones who leave after the first year, but this seems like an easy decision.  Any advice?

Dec 9, 2009 12:45 pm

Uninstall, reboot.

Dec 10, 2009 12:03 am

Easy decision...whoever invests more has a greater stake in your success.

Dec 10, 2009 1:29 am

is the 75k for 2 years, or starts at 75k and goes down over 2 years?

are you getting comissions on top of the salary, once you cover salary or none at all?

What are the minimum requirements of you to keep your job after 2 years?

Dec 10, 2009 10:32 pm

Agree. Jones is for people that can't get into wirehouses, or have some family connection

Dec 10, 2009 11:42 pm

What are the bogeys as MSSB these days?

Dec 12, 2009 11:03 am
jackcat717:

Ive been offered an FA position with two companies. EJ and MSSB. I'm new to the industry, so there will be a learning curve. The base salary for ej is around 25k while the base for mssb is 75k for the first two years. I understand that this is a commission driven industry, and those who rely on a base salary are probably the ones who leave after the first year, but this seems like an easy decision.  Any advice?

 
MSSB may be paying more, but that doesn't mean they will be reluctant to cut their losses. Many people from my training class didn't last 10 months. If you're not producing right off the bat don't expect them to let you hang out for very long.
Dec 12, 2009 3:59 pm

Same goes for Jones...and when you are working out of your house, no one at Jones can see your effort or potential. 

Dec 13, 2009 8:26 pm

MSSB no question.  You have to pull in 400 K worth of assets in the 1st qtr to keep your job.  But that's after 6 months of training.  If you can't network and get that lined up during training then you don't belong in this business.

Dec 13, 2009 8:31 pm

That doesn't seem that difficult. I thought it was $10MM for the year which is for like $830K/month..

 
Are there production numbers?
 
6 months of training? For what... Even jones training isn't that long..
Dec 13, 2009 8:57 pm

It is technically what is considered knocking the cover off the ball at 10 mil.  But in terms of tier one bonus, it doubles every qtr.  So tier one is 600 K first qtr, then it doubles every qtr from there to get that tier one bonus.  I'm shooting for 10 - 20 mil my first year of production.