Smith Barney Comp Info
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I am trying to find out some info about the Smith Barney comp/payouts/etc… Can anyone give any useful info? Thanks.
http://www.onwallstreet.com/attachment-cache/iag/pdf/ows/payoutgrids/2008/OWS_BB.pdf
For more SB specifics:
http://www.onwallstreet.com/attachment-cache/iag/pdf/ows/payoutgrids/2008/smith_barney.pdfThanks for the info…do you know if SB reps have to cover any expenses - office space, admin support, ticket charges, E&O, etc…
They expect you to pitch in for your admin person. Generally this is an individual who is poorly trained, poorly treated, and underpaid and you have to share them with other reps unless you are at around 1.5 million in gross. So lets say you are at 600k gross. You may have to share that assist with two other brokers and then they expect you to pitch in for their pay.
Because of the new laws you cannot directly pay them lets say $300 a month. To get around the law they are expecting you to giver them a portion of your production. It is totally ridiculous in my opinion. That is why they are trying to get all asssitants to get their Series 7. You dont have to pay any other expenses. You just have to deal with working under Citibank and boy let me tell you that is a real good time. I cant understand why they are still bleeding good brokers so badly.can someone give me some clarification on this grid … are these percentages equated to ACTUAL DOLLARS PAID OUT???
ok, I’m getting some better ideas on how this works, but can anyone tell me what makes up ‘gross production’? for example, I have a client that will move over 750k to me once I settle in at a wirehouse (more than likely SB) … but there’s no way SB is paying me 41% of that !!! unless this is a reality i’m just foreign to !! please excuse my ignorance, I’m still only a 403b rep at AXA !!! lol
your overall payout is determined my your overall gross production. It has NOTHING to do with the size of the account. What is your annual gross production? $750K? Then yes, it is a 41% gross payout. If it is under $200k then between 37-20%ok, I’m getting some better ideas on how this works, but can anyone tell me what makes up ‘gross production’? for example, I have a client that will move over 750k to me once I settle in at a wirehouse (more than likely SB) … but there’s no way SB is paying me 41% of that !!! unless this is a reality i’m just foreign to !! please excuse my ignorance, I’m still only a 403b rep at AXA !!! lol
ok, thanks for the clarification … then what makes up annual gross production? is that annualized premiums?
makes PERFECT sense now … thanks … next question, so does the GP only include the annual fees to manage the accounts? if not, what else would add to the GP?
ok, this is making more sense now … I’m revising my business plan now for SB and I want to make sure I have a pretty good idea about how I can set my practice up. Just to throw it out there (maybe the wrong forum) but I am also in talks with Ameritrade, but from the comparisons, it seems that SB is MUCH BETTER equipped to handle a client full service … only good thing about Ameritrade is that they give you the client base …
Side note, does anyone know who SB uses to broker insurance? I'm pretty sure they don't deal with "term" lol[quote=Recon Scout]
For more SB specifics:
http://www.onwallstreet.com/attachment-cache/iag/pdf/ows/payoutgrids/2008/smith_barney.pdf[/quote]What is the Deferred Production Bonus? How does that work?
On a side note. Ice, your examples were excellent.