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Happy 2017 everyone!! How's everyone feeling?
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Be grateful you have a job at MS.. I’ve applied to about 13 roles and not a single nibble.
If you’re already licensed maybe connect with people on LinkedIn or call the branches directly. One role I got reached out to 3 weeks after applying and one role the following day.
Curious about same
Yeah, I’m making a good amount of comp from my team I don’t want to lose it. I’m willing to move if the pay is agreed upon up front.
I think it's your responsibility to be direct about what you expect in comp. FAs are slippery when it comes to supplemental comp and will avoid the subject if you don't bring it up! I've worked for both ML and MS. ML was more generous with comp.
I’m very direct with my team at ML hence why I was able to get what they currently pay me, plus I get additional comp from the firm bonuses etc which I believe MS doesn’t offer and this year alone I’ve gotten over 10k from the firm ONTOP of what my team pays.
You will have to ask the team or FA directly how they comp support staff. Unfortunately not all FAs comp well.
See response below from Capital Group. It really will depend on the FA/Team. If the team has high producers who want to grow, then revenue sharing can be lucrative.
Used to work on that side of the business. Do you get paid a set amount from the team, discretionary, or do you get a percent of the teams GCs/PCs on top of salary?
If the later, team production will be a key factor. Ask to see the teams production figures over the last few years. Get an understanding of their client book. Understand where they are in their careers. FA’s who have good books but are looking to grow are often more generous with CA’s because they know the important role they can play in letting them focus their time on what matters for them. Older FA’s who are often more on autopilot I have found less generous in that regard as CA’s are often doing more maintenance so to speak than helping the team grow/increase production.
This is a part of the business where comp across the board is more transparent. Ask the questions you need to feel comfortable. Also understand what you can bring to the team and what they are looking for. Critical that those are in alignment.
I get paid a set amount that equates to 1.25% and my advisors give me additional comp based on “hurdles” aka growth throughout the year which is on top of the 1.25%. Overall, I’m getting over 45k in comp on top of my salary and bonuses from the firm.