Does anyone know the salary range for sales managers at wire houses? Thanks.
BMs are in the $70-90k base range, I would think that Sales Mangers (non-producing) are in the $50-70 base range and producing SMs are probably in the $30k range, plus their production. Just my insight - could be way off.
I would agree with BR, but they also get first dibs on a little phenomenon known as "Account Redistribution".
[quote=BrokerRecruit]BMs are in the $70-90k base range, I would think
that Sales Mangers (non-producing) are in the $50-70 base range and
producing SMs are probably in the $30k range, plus their
production. Just my insight - could be way off.[/quote]
What?? Directors in a large wire house are about 10 times
that. Even my manager (non-producing) at the bank 10 years ago
was making $150 to $200K with bonus.
I don’t think Frumhere was referring to directors?, was he. I know our director is good for about $700,000 + (probably $250,000 salary +bonus) and he gets $1000 month for car. We have resident directors who are in production. If a Director has 3-4 physical different offices in there complex, they will have a “resident Director” in each office making $100,000 - $150,000 salary, plus their production. And finally the “Sales Manager” who I don’t think gets much more than $50,000, and maybe some stock bene, but they do much either.
I was simply referring to a Branch Manager, not a Complex Manager or Director and only speaking to the base salary that I have encountered with the major wires. Obviously a BM is making a hell of a lot more than $100k - there is too much BS to deal with for that money.
My impression was that Sales Mgr. make btw 75-80 base, plus some production, plus some bonus.
If you were offered Sales Manager with a base of 75k plus the ability to earn some bonus and allowed to do limit production would you take that over a straigh Producing Manger job with a 25k base, plus, plus? Where as someone new to that role be insulated most from any management gyrations?
You can make that decision, after........you know what the profitability of the office is. The 75k with production plus bonus sounds pretty good, if it's in line with your responsabilities.
With the opportunities I've been turned on to, Frum, I would say jump at the chance for that type of comp. It is pretty strong.
Sometimes the pay just doesn’t match the headaches. I have NO desire to be a Branch Manager. They work too many hours and have too many headaches. I just want to be a million dollar producer and call it a day.
My goal is beyong the branch level and since i am not ivy league that is my stepping stone as far as i can see.
I run our rookie program (POA) and get almost $6,000 extra money per
year! It comes out to around 45 cents per hour…if it were 1850
I would be doing well. I do it because I like to help, and it is
not a manager position.
Are all ML managers producing managers?
What is the usual criteria (no-sarcasm) to become a ML manager?