Salary- as sales assistant/ Client associ
Which wirehouse firm pays the most for a position as a sales assistant or Client Associate position, investment associate, especially if they have their Series 7, 66 and insurance licenses?
Say… for UBS, Merrill, Schwab, Morgan, Smith B.?
Which one pays the most and which one pays the less? What’s the salary and any bonuses involved?
We know some independent broker dealer advisors that are paying about $18.00 per hour, plus bonus. Depends on experience.
[quote=youyoume]what’s the percentage of the bonus?
is this $18/ hour… an average payout?
I heard of one major firm who is hiring new assistants with those licenses in a certain city with starting salaries of 97,000 per year and significant bonus potential…
$18 per hour is the salary. Bonus is 50% of profitability delivered to the the firm on new clients brought in, on new business and trails, and 25% of net profit (minus cost of assistant) on existing clients, ie, lower 50% AUM assets in the practice. Net new business GDC over $100,000 goes to 60% payout, then 75% over 200k GDC. But the clients are "owned" by the practice, not the assistant.
I am a CA at ML and the $18/hr is right on the money plus bonuses and extra salary if you get on with a good team or FA. I am registered with my 7 and 66.
Last month's issue of Registered Rep had a survey of sales assistants' salaries plus a few feature stories on specific sales assistants. You may wish to read it over the weekend.
[quote=Ilovedogs]I am a CA at ML and the $18/hr is right on the money plus bonuses and extra salary if you get on with a good team or FA. I am registered with my 7 and 66.[/quote]
what’s your bonuses and extra salary like?
And what’s your everyday work like at ML as a CA?
I am a part of a team plus the manager's assistant for the office. I meet with clients and help with their needs so the FA can do his/her business. Yes, paperwork too.
I love working as a CA and ML's benefits can't be beat!
how is everyone else’s experience as a client associate/sales associate? at which firms? salaries?
Smith barney for a fact pays around the mid 40s. Comp plan will change in 08 for revenue sharing. (SF Bay Area)
Anyone know where UBS is at?
This Businessweek cannot be right, maybe it’s just NY salaries.
I would guess low 40s for a normal city.
I have one friend who was hired recently. He confirmed my broad question about the starting salary being in the $40k to $50k range. We are in a second-tier city (metro population just over 1 million).
$18/per hour isn’t bad. Assuming your working between 45-50 hours a week.
If you have your 7 I thought it be closer to $50K.