I am just curious, what are the average salaries that firms are paying for the first 2 years for new finanical advisors who are in training?
Why won't any of you reply? I know that some of you guys are currently in a training program
Easy buddy, the time between your posts was 5 minutes.... You can expect to receive about 80% of your previous income when starting with some oif the larger wires...Enough to make sure you dont starve and be unable to afford the mortgage, but not enough that you become complacent because you are earning exactly what you were making before.... Of course, every situation is unique and open to negotiation..
Prior income level and geographic area are two of the primary determinents.
$40-$50 is common for most wirehouses...unless you are a higher income earner with self employment experience. Then $50-$70 is more common.
Training salary above $60 is 'dangerous.' You will be On The Radar above $60K...unless you are in the NE.
30k for me at a huge wire. Sounds like nothing but nobody ever
got rich in this industry from a salary. And I'm definitely not
"on the radar", which is a good thing!!
I received 35K. I agree that most of it has to do with prior income levels. Since I was just out of college, I was pretty happy.
35-40 at Morgan for the first year, with the opportunity to carry it
into the second year if top goals are met. The salary is designed to
help you survive, while keeping you hungry enough for production.
AXA gives $24k for the first 2 years...but you must first obtain licensing and a certain number of PCs before this salary begins.
to ask what a wirehouse generally pays out may vary profoundly as i have heard some brokerage firms only pay 250 dollars per week (in the hope that you suffice enough commissions to live!!) generally it's the smaller firms that pay a higher commission base although paying a much smaller sallary- I think ML and SB are approx 25 to 30% commission where as say Gun Allen or S.W Bach are 50%.....i wonder how common or fair that sort of pay out is??
I would count on 40-50, management will ride your ass if they are paying you 80 or more, and you are not delivering.