Smith Barney payout cut coming?
Word on the street is that a cut is coming in a week or two. Merry Christmas to you SB!
It sure ain't MERry, is it?
There was a Dow Jones Newswire story on the Smith Barney payout cuts on the 21st.
IM me if you wish to read it.
As if last years payout were not enough. Cant wait to hear the grand news from my branch manager and the spin they put on it.
I don't know what the changes are, but I can already tell you what the spin will be: 1. It's "revenue neutral" for us and the firm. 2. All the other firms are going to be doing it, too. It's always the same.
This is exhibit one as to why I went independent. I had a different payout grid practically every year and each one found a way to pay me less for each dollar of production than the previous one. Last year, my B/D announced (1) lower ticket charges on equity trades, (2) elimination of low balance charges on a fee-based platform and (3) an INCREASED payout grid for reps.
After years of being screwed by a corporate godfather, I found this to be a refreshing change, to say the least.
I hear they will cut the payout to 20% on the first $5k of production (per month) but stop charging reps for errors.
I hear they will cut the payout to 20% on the first $5k of production (per month) but stop charging reps for errors.[/quote]
Staying with a wirehouse after more than 5 years is like being charged for an error every time you drop a ticket…
(sorry guys couldn’t resist)
The guy said to me that it was a 20% on the first $5,000 each month but that it was going be about the same payout over all.
I said how can that be? Are they upping the payout on subsequent dollars?
He said, No.
I'm anxious to hear how this pay cut is structured (that's how I wound up back here, I googled Smith Barney Payout and this thread was tops on the list). Can some one please post a link to the deal?