What is your Ideal income?

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Dec 17, 2006 9:02 pm

I see alot of people on here that talk about being a big producer and this or that firm caters to small time clients. WHat is your measure of a successful financial advisor in terms of yearly income. I know there are several other factors that comprise being a successful advisor. WHat do you consider a great yearly income?


For me that woud be anything over $100,000. By the time I hit 40 hyears old I'd like to be at $200,000.

Dec 17, 2006 10:13 pm

Uhhhh, how old are you? I am guessing you just got your diploma? You

will hear many different replies, many of which will be philosphical in

nature. However, it truly is different for everyone. And it depends on

what channel you work for (Indy, Wirehouse, etc). I find most Indies are

happy with a comfortable income, with very good work/life balance. Most

wirehouses seem to nurture a more competitve environment, so the

salary expectations are quite a bit higher. But I can't imagine anyone in

this business settling in at anything under 100K.



Of course, this is a broad generalization.

Dec 17, 2006 10:40 pm
anonymouse55:

I see alot of people on here that talk about being a big producer and this or that firm caters to small time clients. WHat is your measure of a successful financial advisor in terms of yearly income. I know there are several other factors that comprise being a successful advisor. WHat do you consider a great yearly income?


For me that woud be anything over $100,000. By the time I hit 40 hyears old I'd like to be at $200,000.



It's a moving target......say about 15% more than what I made the year before....


Dec 18, 2006 9:52 am

150-Good

250-Really Good

350-Great

500-Ideal

Dec 18, 2006 10:11 am
rook4123:

150-Good
250-Really Good
350-Great
500-Ideal


Hell, there's some kind of X box 360 or something that is selling for more than $500.  I can't imagine anybody being satisfied with less than a thousand.

Dec 18, 2006 11:30 am
Broker24:

Uhhhh, how old are you? I am guessing you just got your diploma? You
will hear many different replies, many of which will be philosphical in
nature. However, it truly is different for everyone. And it depends on
what channel you work for (Indy, Wirehouse, etc). I find most Indies are
happy with a comfortable income, with very good work/life balance. Most
wirehouses seem to nurture a more competitve environment, so the
salary expectations are quite a bit higher. But I can't imagine anyone in
this business settling in at anything under 100K.

Of course, this is a broad generalization.



Broker24 you're hilarious. I could do without the sarcasm.


Dec 18, 2006 11:52 am

Actually, I think Broker24 was pretty close to the concensus...


...and if you're here long, that's mild sarcasm compared to what you'll get...

Dec 18, 2006 12:00 pm
Indyone:

Actually, I think Broker24 was pretty close to the concensus...


...and if you're here long, that's mild sarcasm compared to what you'll get...



Agreed.

Dec 18, 2006 12:43 pm

I’m a newbie, but below are my targets for total compensation.  I think they are fairly realistic for a successful producer in my firm and region.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


LOS     Income


3          $150k


5          $250k


10        $450k


 


--WM

Dec 18, 2006 1:40 pm

55, though there was a hint of sarcasm, I actually meant that.  If your ideal income is 100K that you are shooting for, and you want to hit 200K by 40, you can't possibly be much older than 25.  Most people need at least 10-15 years in the biz (or more) to hit 200K net/net (depending on how they start and what they start with).  Point being, I wanted to make sure you are being realistic in your "income trajectory" assumptions.  If you made that statement, and you are actually about 35 years old, then you would be way off base.  Getting to 125K net can be achieved relatively quickly with really hard work, but making the leap up to 200K takes time in the biz, experience, and a strong, established network.  None of that can be done quickly.

Dec 18, 2006 2:14 pm

Broker 24, the only part I took offense to was


"Uhhhh, how old are you? I am guessing you just got your diploma?"



Anyways Im not going to cry about it. My mom just made me homemade cookies and a cold glass of milk so im going to go eat a snack.

Dec 18, 2006 2:45 pm

...now you're learning how to play...

Dec 18, 2006 3:49 pm

Getting to 125K net can be achieved relatively quickly with really hard work, but making the leap up to 200K takes time in the biz, experience, and a strong, established network.  None of that can be done quickly.


An interesting truth. Not that the first 125k is easy. A lot of us indys really value the "balance" - more like, not really working that hard. Also, you get a little burned out, so living on 125k after "expenses" (which can be a little creative, of course) - that means, maybe, at least 200k GDC after "haircut" to the broker dealer - in the right geographic area, a pretty nice lifestyle if you want to be laid back (like, only have one part-time staff), and work about 25 or 30 hours per week most of the time.


And then, from the client's point of view, they get a very happy, stable advisor who is highly motivated to keep things on track for all. I love this business. But I often feel guilty about not doing more marketing, hiring more staff, doing bigger numbers.

Dec 18, 2006 8:07 pm

My ideal income is $1,000,000 on a 40 hour work week. 

Dec 18, 2006 8:31 pm
anonymous:

My ideal income is $1,000,000 on a 40 hour work week. 





I have met a handful of folks that make that kind of money. Some of
them several million a year. And they all have one thing in common.

They work their a-- off. I'm talking 70+hrs a week on the low.

Dec 18, 2006 10:33 pm

I also know quite a few who make this kind of money.  As a rule, you are correct that they worked long and hard to get to that type of income.  However, the nature of our business allows someone to work less and less hors while maintaining income.


I will never accomplish my goal if I start working a 40 hour week before my income is darn close.

Dec 19, 2006 5:38 pm

Yes that is true. That is why I love it. Eventually I will work less
for more. I haven't met a broker yet making a million a year though.
I've met a couple million dollar producers though. The people I was
referring to are business owners or fund managers.

Dec 19, 2006 9:53 pm

Most of the people who I know making $1,000,000 + originally came from the insurance side of the business.   

Dec 20, 2006 11:53 am

But do you know anyone making eleventy kabillion dollars?  That's my target.

Dec 20, 2006 12:01 pm

I want to make every penny I am capable of making.  I have been blessed with great skills.  Now, I want to use them to prosper, donate to charity, and to help my clients.