Smith Barney Job Offer

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Nov 25, 2006 10:55 pm

What does Smith Barney typically offer to new hires not recruited from another firm?  Already have my 6.  Do they have a fixed package, or are they negotiable? 


Starting Salary?  Median first year annual income with commisions?


Bonuses?


Benefits?

Nov 25, 2006 11:38 pm

Anyone???


I've spent hours going through postings and I've had a lot of my questions ansewered, but I still would like feedback on what I should expect. 


I've gone through the hiring process and I'm getting ready to meet with the manager at SB to recieve an offer. 


I'm leaving a job making 61,000 and excellent benefits in the Public Relations Industry.  I also have my series 6 and 63 with experiance as a Metlife Financial Advisor. 


Any advice on what I might expect as a starting salary? I know compensation is salary for 2.5 years, plus commission, stock options, and bonuses if you are meeting your goals.


Is there a set amount that is typically offered to new hires, or are the willing to negotiate?  


Any other advice anyone could offer is appreciated!

Nov 26, 2006 1:03 am

No offense intended, but your series 6 doesn't mean squat at SB.  If you've not used it for at least two years, it's not even active anyway.  If you'd said that you already had an active 7, I would have said that was a plus, and might get you a little more money...but the 6...won't help you in that shop.  What really gets the bucks is a book of business, which I'm assuming based on your post, that you don't have.


I don't know what their typical rookie offer is, but based on what you've told us thus far, I wouldn't expect much of a premium over the average.  Your MetLife experience may even be a negative since you didn't make a go of it there.

Nov 26, 2006 1:40 am

No offense taken, thank you for your candor.


My 6 and 63 are still active because I am an army reservist, activated to active military service and deployed to Iraq.  I had a very sucessful track record at my previous firm and have been very successful in Public Relations.


Nov 26, 2006 8:01 am
pauline:

No offense taken, thank you for your candor.


My 6 and 63 are still active because I am an army reservist, activated to active military service and deployed to Iraq.  I had a very sucessful track record at my previous firm and have been very successful in Public Relations.




They will be hiring you for their training program. Your past experience still only qualifies you as a rookie in training. You will have to pass the 7, the 66, the 31, plus the insurance exam.  If you don't pass the 7 on the first attempt, you will lose your job.  Since you said your previous salary was $61k, then my guess is that they will offer you a salary of $46k, which is about 75% of your previous salary. That's the typical percentage that these firms use for new trainees.


Nov 26, 2006 9:44 am

Pauline, I wish to thank you for serving in Iraq. I spent 7 years in the US Army on active duty myself. We were at peace then, however, and I was never sent to wage war other than pretend war in the Mojave Desert supporting the 82nd Airborne Division.


I suggest you speak with a couple of industry headhunters to find out what the "going rate" rookie offer is at Smith Barney these days. That way you'll at least know what to expect and it might give you a little negotiating leverage for a few extra bucks if they low ball you.

Nov 26, 2006 8:56 pm

For comparison purposes, SB offered me 70%, while ML offered me 81% of prior salary.


SB's argument for the lower offer was that you will make up the difference with commissions.  My 5-year rather complex spreadsheet suggested that, ceteris paribus, the monies end up evening out.  Thus, I chose SB for their greater selectivity in the market I am pursing.

Nov 26, 2006 8:58 pm

Er, persuing.  And yes, ML does pay commissions above salary earnings - but according to my calculations and salary that would be a rare occurance. 

Nov 26, 2006 9:01 pm

Good grief - pursuing and occurrence.  My apologies.

Nov 26, 2006 9:51 pm
pauline:

No offense taken, thank you for your candor.

My 6 and 63 are still active because I am an army reservist, activated to active military service and deployed to Iraq.  I had a very sucessful track record at my previous firm and have been very successful in Public Relations.


Pauline, I'll second the thanks for your service and add that I would think that your military service would also be considered a positive by most employers.


Your active licenses show the ability to pass a test, but as stated earlier, you'll still need a 7 and a 66 to go to work at a wirehouse.  Technically, with a 63, you could take the 65 instead of the 66, but I think the 66 is considered an easier test anyway and it's very possible that SB will tell you which test they want you to take anyway.


Still curious...why did you leave your previous firm for the public relations job if you were doing well?

Nov 27, 2006 3:14 am

Opie and others, thanks for responding to Pauline. Don't worry about the typographical errors. I think I spelled Mother Teresa incorrectly earlier!


I think the military service is a big plus, too, especially at firms like Mother MERrill. They love to see military service on a new hire's CV.

Nov 27, 2006 11:52 am

Thanks to everyone for all the great info.

Nov 27, 2006 1:15 pm

Why do you want to be a Financial Advisor?  Have you researched the fail rate?


You have to have a burning fire in your gut to succeed.