Okay, I am interested in getting some feedback about these two wirehouses in terms of what to expect as a newbie before, during, and after training.
I know that ML has a Paths of Achievement (POA) training program. You get 6-8 months to study and pass the Series 7, Series 66, Life & Health, the CFP modules for investments and financial planning, and some other stuff to become the internal title "Certified Financial Manager". You are paid a training salary during this time. After you pass the series 7 and get your rep number, you get business cards and are in production. If your salary is above $40k, you get the 1.5 years to get the required AUM, if it is below $40k, you get 2 years. Your required AUM is between 10-15million. This can include insurance as well as mortgages, and other loans. Bonuses are somewhere around this if you reach your hurdles: 6 mos.: $2000, 9 mos.:$2250, 12 mos.: $2500. If you do everything by the end of 12 mos. you get $30k cash bonus. There may be other incentives in there but that is all I can remember. Oh yeah and if you bring in more in a quarter than what your salary would pay, you get the difference.
Wow very accurate BigRed, the only thing that has changed is the "Certified Financial Manager". They did away with that because they realized nobody really took it seriously, now everyone has to get a least the; CFP, CFA, CHRC, CLU, CPA...... 5 or 6 more that I can't think of, you have to choose one and get it.
Thanks for the info about ML Big Red. I am also new here and I have an interview coming up with SB later this week. Can anyone tell me how the pay structure is different in the training period between SB and ML? Also what other differences are there between SB and ML, such as requirements, bonuses, training methods, etc? Thanks in advance for the feedback.
$30K..in bonuses! Whoa..like we say in Dutch.. I would "cream my pants" on that kind of money!
Okay, I am interested in getting some feedback about these two wirehouses in terms of what to expect as a newbie before, during, and after training.What's the general consensus guys? These are really the only two lpaces I am going to be considering.
At SB: you are in training (pre-production) for 4-5 months. Then you go back east for a 3 week training. The whole time you get salary (what ever you negotiate). The next 24 months you are in production. It is salary plus whatever commissions you generate. There are quarterly cash bonuses (range anywhere from 500 to 4000 per quarter). There is an annual deferred stock bonus that can go as high as 25,000 per year (5 year program). After 24 months of production, your salary steps down by 1/6th each month until you are off of salary. PM me if you have more questions.