or Register to post new content in the forum

11 RepliesJump to last post



  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Feb 26, 2010 3:55 pm

Hi All,<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

It has been a whole 3 weeks since I have started on the path of where to go:


Here are my global observations up for your comments, sarcastically or other....


Merrill- darn cold place to work, but the package for noobs is really good.  50k a year for 3 years if you meet the hurdles. Wells (WFA)- warm and friendly but not so good noob package, 40k for the first year. Banks- wealth mgt programs, they want someone who has a book to bring and seem to be slow to call me for interviews. RIAs- if I had a book this is where I would be! Jones- nice deal for those starting out, own office, own BOA.  1st year for noobs is also 40k.  Some opportunities for GK and picking up 250 clients for 10mill. Boutique RIAs- seems to be a good gig, but not too many are hiring new advisors right now. Guardian- insurance is not my preference but interesting how they make more in the beginning and have referrals down to a science.


I will be cold calling / walking to build a book, unless I walk into one....


Here is how I am ranking them date:  Bank Wealth Mgt, Boutique RIAs, Jones, WFA, Indy, Merrill, Guardian.  This is ranking based on image(my own for who I want to be), money (short term only) and quality of job in no particular order.


It is incredible how much I have learned from this forum and thanks you to all who have posted on all the threads.

Feb 26, 2010 4:02 pm

Keep us posted on your success or failure.  Always an interesting read.

Feb 26, 2010 4:28 pm

Rox, keep in mind, much of what you said will depend on specific market and branch manager/office (where applicable).

  I can tell you working in the local Merrill office here (5 FA's, no onsite BOM, suburban bordering on rural) is FAR different from working at a Merrill office in, say, Manhattan (couple hundred FA's?, $1mm+ accounts are the norm).
Feb 26, 2010 4:40 pm


You are right as always  and my comments are only for my little neck of the woods.  The WFA has 7 FAs and the Merrill has 20+.  I was referred  / endorsed by existing FAs at each place to the BMs, so I will have to chalk up the warm vs cold to those specific BMs.  Although the cynic is me wonders if Merrill is relying on the comp plan to bring in new folks and not the skills of the BM.    P.S. I meet with the FA at Jones tomorrow- wish me luck!!
Feb 26, 2010 5:12 pm

Roxie - Do NOT forget to bring a toaster to your f2f at Jones. I simply cannot stress this enough.

Feb 26, 2010 5:14 pm

Roxie, Take note, with little exception, the ex-Joners on this board with tell you Jones is a great place to start.  If you can produce at the level that the big boys expect then it will be a cake at Jones.  The in three years you can go Indy in style.

Best of luck on what ever path.

Mar 1, 2010 3:21 pm

The important thing to remember is not today but is 5 years in the future and that is a lot easier said than done. I enjoyed the experience at Jones ( after I got through with it) they will prepare you to succeed in this business. What you do with it is up to you.

Mar 2, 2010 7:18 pm

GHGR- well the toaster must have done the trick as Jones is offering me a soon to be open office.  Good advice!  Non competitive and a more than fair share of assets.
MovingUp- yes I could always go Indy and that is an option, although at this point does not seem like I would want to, but options are always nice.
Noggin- ahh 5 years from now.  I should be semi retired and living the good life or maybe even fully retired, it is only the question of where to hang my hat until then.
Other events of the week:
The bank finally called me back and will most likely offer me a ‘contract’ job for six months as a financial planner in the wealth mgt area and then hopefully something will open up during that time and I would move to permanent.  Good salary with bonus for sales, but not sure I like the ‘contract’ aspect, but I know the folks and they would take care of me.
I did meet with 2 different Indy firms today and that was interesting.  Firm #1, HNW all the way, niche investments, 3 main advisors one each in 40,50 and 60’s and they have brought in 2 other people to have a team approach and start to take over and I could possibly be the third to join, but nothing till June.  Firm #2, HNW all the way and old fashioned stock traders and they are looking for someone for business development / create financial plans and in general whatever needs to be done.  Both firms manage over 300mm.  If anyone has an idea how much this type of position would pay initially please PM me!!
As always, comments appreciated. 

Mar 2, 2010 8:23 pm

You would probably get a better idea of compensation if people tell you publicly - that way they can argue and usually the person closer to being correct wins.
A good start would be to estimate how much revenue the firms bring in.  I’m going to start the bidding at around $2.4MM if $300MM in AUM.

Mar 2, 2010 9:05 pm

WB- Okay, all in, let the bidding begin.
I think the 2.4mm might be a bit high on 300mm as the top end is 1 percent and one account is 50mm.  If the key man is at $$ (50 foot yacht) and their are 2 CFAs/Client advisors and 6 support staff that would leave xx  for the newly created gig.  That leaves xx equal to…

Jul 8, 2010 6:37 am

Thanks for infos