What can a new hire (w/ no FA experience) expect to earn during training period at a firm like ML or SB? Do you recieve some sort of salary during this period and how long does that last before you're on full commission?
Also, what is the target goal for total assets under mgt? What is the target to shoot for to know you're going to last? Finally, whatever that target amount is, roughly how much income can that size of assets pay out to the FA?
Depending on your location and ablity to negotiate I would say around $35-$55m to start. At SB this is for 24 months. Then your flying solo w/o any salary.
I've heard a bunch of different goals. Mine are as follows:
1st yr. $7MM AUM
2nd yr. $15MM AUM
3rd yr. $20MM AUM
If you can reach these goals, you will be fine.
What is your background? Sales I hope. Cut it any way you like, this is a sales job, PERIOD!
I think Nuhtkace is looking more for a top tier firm. If he can’t get hired on anywhere else, he might turn into “Nutcase” and settle for Jones. That is, of course, until something good comes along.
How does life insurance factor into AUM?
Meaning if you sell a 500k term policy how does that work towards it?
Merrill does not allow you to sell term to non-clients.
Life Insurance is a good way to get PCs and get AUM as the policy’s face value counts as assets.
"Life Insurance is a good way to get PCs and get AUM as the policy's face value counts as assets"
Sonny, are you positive on that? I asked my POA manager that question and he said that the face amount does NOT count towards our asset goals, just the meager PC's it may generate.
My experience with a client, and a way that we helped out the client AND helped our cause. Client had a 1/4 MM variable life policy with about 70K in cash value. After doing the analysis we determined he needed about $1.5MM in life insurance. So we exchanged the permanent for a term with an annual premium of $2000 ( the VUL was $4500/annually), took the remaining $65K and invested in a mix of funds, cash ,etc. Of that, we identified about $40K to be put in a muni bond fund to kick off about 4% a year, which would pay the premium of the term. With the remaining $25K or so we put in a mix of growth funds to help out his retirement planning ( where he was grossly behind on his goals).
Benefit to client- proper amount of Life, repositioned cash value to funds for long term growth and liquidity.
Benefit to ME- Cheap term policy with some PC's, new AUM of $65K, and some PC's from dropping the muni and growth fund tickets.....
This post may be off the original topic, but wanted to share a recent experience...
That’s what my manager told me. He could have been wrong. What LOS month are you in? Have you had good success ACATing accounts from AXA?