A few quick questions.
I recently left an insurance BD due to lack of - everything. It was pretty much “here is a phone and good luck”.
I am looking to get into a larger structure where there will be mentors, training and some type of decent salary to live in the northeast.
I am looking at ML right now and I had a few questions…
What are average salaries, should I look into a small or big branch, are there fees for having an office, computer, phone etc.
Any insight would be great everyone.
You can get a salary anywhere from 30-80 depending on experience. The big thing to remember is that upon graduation when your salary falls off you will be producing enough to earn about 40 and you build from there. For that reason, most trainees start under 40 (though I think the new program allows you to go up to about 50).
Not sure exactly how the new training program works, but I believe the higher the base salary the more assets you need to bring in.
You can get greater than $80k salary in the new programs but you will need to hit even more difficult hurdles. My suggestion is to aim for the $75k or less band. That will make you hurdles more “realistic” (They will still be almost impossible) and you can always outpace you salary and get paid on production if you do really, really well.
any one have an idea of what the 60k requirements are?
i come from a insurance bd where we had a small “stipend” of 2K per month that went down by 500 bucks every 3 months until 0 then full commission. during that time we got commissions on everything we did but it was at a discounted payout…
how is that in comparison to wirehouse programs? I am looking to stay in the business but am very cautious about where to go. I can get in front of people, and I am great on the phone. I was seeing 15-18 people per week. I just need a place with good support and mentorship. I would also like to make a decent salary to live on while I build the planning business I am hoping to build.
The 60k requirements are the same as 75k. To get into the lowest tier of production requirements you have to take a salary under 50k.
What do firms set you up with as a new advisor?
At a previous insurance company I had to bring everything but the sheetrock.
Any companies set you up with a computer, cell phone, your own office?
Lets hear from wirehouses, insurance firms, etc…
Wirehouse - desk, chair, phone, computer, pens and paper.Forget the office, cell phone or an assistant where you are one-on-one. Hit over a million in production and maybe you share your assistant with one other FA. Offices are usually 300k in production. Cell phones - see office numbers.
I work at ML. ML changes drastically with each office. Find out where the big producers are, and go there. GO for a regional office, more help, support, opportunities.You get an office when you produce. ML gives you a nice setup, desk, office, comp., assistant... but make sure you bring in the money. As for training or support, it really is dependent on the sales manager, try to do some background work, or even call and ask to speak to a POA/PMD(ML's title for new hire). Not sure what really else to add. Most important selection is the office. You;re office has the possibility of making or breaking you.