How much can you (reasonably) make in this biz?
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Yes, I realize that there are superstars everywhere, and some people will become millionaires no matter what they do. But realistically how much can an average FA expect to make? I read some of the responses to how much people made in their first year. What about after 5 or 10 years? What should be a reasonable expectation?
Thanks in advance
It depends upon whether or not they are selling what people want to buy or not.
Anyone else who can provide some numbers? Sarcastic commentary I can get elsewhere.
haha, Gabe, I think the national average is between 70-90K, but that’s factoring in the new, old and in-between. I think that if you’re at the 5 year mark and aren’t making a six digit salary (or anywhere near it), then this probably isn’t for you, but that’s just my opinion
[quote=gabe]Anyone else who can provide some numbers? Sarcastic commentary I can get elsewhere.
[/quote]
Gaybe, you won’t find better sarcasm than you will right here.
gaybe … haha
1st year avg is $66,500.00 … Also, there was nothing sarcastic in any of the posts. You want “avg” income find another career. I’d want to know what the top 25% make the first year but that’s just me.
[quote=wind3574] [quote=voltmoie] gaybe … haha1st year avg is $66,500.00 … Also, there was nothing sarcastic in any of the posts. You want “avg” income find another career. I’d want to know what the top 25% make the first year but that’s just me.
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If you want average go somewhere else, Voltie can only give you advice on watching porn on his couch.[/quote]
yawn Windy, I’d argue with you but I seriously consider you a retard. I’m wondering if people only invest with you because they think they’re supporting the special olympics. BTW: do you have an issue with porn?
$101k is the average, windy did that last month.
Thanks, but I don’t need advice on watching porn.
Unless you have some good recommendations?
[quote=gabe]Thanks, but I don’t need advice on watching porn.
Unless you have some good recommendations?
[/quote]
Windy, can you hook Gabe up to that site with your wife and that midget?
[quote=voltmoie]
[quote=gabe]Thanks, but I don’t need advice on watching porn.
Unless you have some good recommendations?
[/quote]
Windy, can you hook Gabe up to that site with your wife and that midget?
[/quote]
I’ve got a buddy that tells me he’s got an account on adultfriendfinder.com and he’s just killing it with the women right now…
Guys ofr the sake of not becoming trollish can we either stay on topic, or take it to the lounge, because this childish bashing is on par with junior high bulls***. We are all adults, and i wouyld rather not know about your personal fetishes.
Well, my question stands. Anyone care to give me an idea of what you can expect in this business?
For example, if I understood correctly a million dollar producer at a wirehouse is at the top of the game, and that person takes home about $450k a year. Is that correct?
7-10 years in biz you should have 50 million under mgmt and be doing approx 500k a year…w-2ing between 150 and 200k. If you are not making 6 figures after 4-5 years, quit ,you will be doing yourself a favor.
Gabe, on a serious note, it is very difficult to define “average” in our line of work. It’s like saying “how much does a college graduate earn?” Seriously. It depends on so many things. Primarily, the big variable will be (1) did he inherit some assets (or a LOT of assets), (2) did he join a team, (3) what firm does he work for, (4) is there a large salary for the first few years (like at a wirehouse), (5) does the guy have some sort of leg-up (i.e. his Dad is the biggest attorney or CPA in town), etc.
The real question (which I THINK you may be getting at) should be, “what does the typical first-year scratch starter with NO assets make, not including salary/bonus?” You can sort of back into it buy figuring out reasonable production, payout %, and how much is in fee-based versus commissioned accounts (since commissions will likely average about 2.5% up-front, while fee-based might average 1.25% per year, but it takes a full year to earn all those fees).
I know this doesn’t answer your question, but that’s why you get a lot of vague answers. And most big firms that encourage fee-based business will pay scratch-starters some sort of salary or bonus to get going.
So, all things considered, it is probably reasonable to assume 55-100K first year, all-in. A few may make quite a bity more, but it’s tough to make much less and still have a job. I would guess 65K is about average.