Fait starting pay

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Jan 18, 2006 9:20 pm

Hi All,    FAIT=Financial Advisor in Training

     I have an "official" interview (I've worked as an intern for 4 yrs. while in college) next week with my branch manager.

    I'm going to be partnering up with my current boss and we'll be splitting all new assets 50/50.

   I'm going to be offered a base salary(for the first 2 yrs but starts to decrease after 12 months. My first 6 months I train and I don't start production for 6 months) + commission.

   The EMV (Estimated Market Value) for a FAIT's base salary is said to be: $24,000 (25%)  $36,000 (50%) and $48,000 (75%)

What kinds of offers has anybody heard or received? I've heard $25,000 for Morgan Stanley, I've heard $30,000-$35,000 for ML.....

The number I've heard in the rumor mill around my office is $24K.

Any info. is appreciated.

Thank You.

Jan 18, 2006 11:05 pm

Is it a true salary or is it a draw?  If it's a draw is it forgivable or no?  If no I'd suggest you start out with the small and let bonus make up the rest.

It sounds like you have someone who is taking you under his wings be greatful.  It's hard to find someone willing to do that.

Jan 20, 2006 12:23 am

At MS its 24k or 75% of last year's income (whichever is greater), but anything is negotiable if you have a little expirience.