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Hi everyone! I am hired as an Analyst - Data Science, and my joining date is 29th July. What can I expect from the role? Also will I have to go to office everyday? American Express
PS- If anyone else is joining on or around the same date, I would love to connect and talk more about it :)
Can anyone at Amex share my resume in their team to directly start the rounds of interview? I have tried for referrals through linkedIn and did not recieve any call from the HR.
29th Apr is my last working day in my current organization.
Tech stack: SQL, Tableau, Python, Excel, Powerpoint with more than 4 years of experience. Currently have an offer of 23 LPA fixed. Fixed anything above this or equal to would work. American Express American Express India Campus American Express Global Business Travel
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The more important question is how the heck are you expected to adequately serve 1,300 clients per advisor?
That’s the other issue we are all trying to tackle... lol. It’s not going well
I’m a Portfolio Management Associate Director (not an FA yet) and I’m paid well over your numbers above. We have probably 1/4 of your clients with slightly higher AUMs and I know how much of a nightmare it can be to well manage this beast. You should be well above $250K all in MINIMUM. You ask me and it should be around $500K even if they’re not YOUR clients. At a 0.70 ROA we’re talking $20MM...you need a bigger piece of the pie for all the work that managing this animal entails.
Vastly underpaid. You are working on an assistants salary.
Is there a path to partnership? How much net revenue does the team generate? You have a job not a business so until you're ready to take on the risk, you will be an employee
You are getting paid in peanuts! Someone is making a killing
Team model firm checking in here:
We split into team groups
On my team I'm the senior advisor, on salary, I'm provided with an associate advisor, a relationship manager, and an intern or para planner. I have avg of 250 client families that I manage and do lots of holistic financial planning and placement with turnkey asset managers, white glove servic model/ lots of deliverables. We added 40 new households last year. My base salary is $150,000; bonus compensation formula typically turns out an additional $40K to $50K a year on top of that. Clear path to equity included.
Huge help thank you. RIA? Wirehouse? How are you adding households? As the senior guy are you prospecting or getting referrals? I have had a few calls and it seems like hang a 75k base is really challenging, but some folks here, yourself included are giving me hope. Am I just looking in the wrong place?
I would agree. Grossly underpaid. You can with some sweat equity’s for diligence double your income if you break away, and then climb up from there on net new assets and doing right by your clients IMHO.
Mentor
You should leave
Mentor
I brought on a bank advisor 3 years ago and she was making nearly 100k while managing 25 million and about 250 households. Her base was 60k and she was getting a 20% payout. She didn’t have a 24 or 9/10 and was a junior advisor. And we are in an area with a relatively low cost of living.
What’s also helpful to know is what your current role is (servicing existing clients in addition to getting new business)? And how long have you been in this role? Your current salary structure is that of a new junior FA or a Client service associate. So if you responsibilities are no different than the other FAs on your team, you have a strong case.
I see, that seems awfully low then. I pay my CSA a lot more.
Did you ever prospect for any single one of those clients? If not, and I’d bet “it’s not”, youre actually overpaid.
Disagree...client services are critical and it's not just the kill
$80k base but how much does the VC 40% add to your pay?
On another note $3B at 50bp return would be a conservative estimate of a $15M Gross Annual Revenue. What would be a fair piece of that $15M for your contributions?
The target bonus for meeting expectations is 40% ($32k), but likely higher if you exceed expectations ($40-50k) potentially, depending on the overall performance of the company for the year. We are held out to these clients as their dedicated advisory team, and while we have other service related support, everything funnels back to the five of us. With 6500 clients, it is a LOT to keep on top of everything and keep clients happy. $125k plus a bonus would feel a little more adequate in my opinion, but that’s why I put this question out there. I wanted to see what others in the industry thought
Not sure if this helps you. Solo FA with two assistants. Manage $80 M and made about $340k last year. I have 276 Households.
Do you mind me asking what part of the country you’re in that you can afford the office + 2 BOA and take home that high a payout on only $80mm? Is it all advisory at around 1.35%, other types of biz? Any more details you can share?
I knew I was signing up as an employee taking this job, so I was expecting a cut in potential compensation for some added stability/security. Up until recently, the model was drastically different and the amount of work/expectations fit the compensation. Now we are expected to try to operate as a business with no support and an overwhelming amount of clients, but the comp didn’t change. This is all helpful. Thank you!!
It's my issue with exploitive partnerships. We were very conscious to have equal partners on our team as we all add different value. I wish you well because likely you are worth double given the size of the biz
Where do you work?
Someone is making a killing on that book
Not on a team, solo FA here with 2 full time assistants. I manage $230 million with around 435 households. My net annual income is averaging around $650k. 40% payout on production with bonuses bringing total payout to around 60%.
I’m one of seven advisors in a fee-only firm. Personally responsible for $148MM and 390 households. After expenses I earned just over $500K.