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McKinsey & Company How is McKinsey & Company Capabilities & Insights (Marketing & Sales Team). I am aspiring to be a Data Scientist or Analytics Professional? Current Fixed in Accenture - F
Appraisal(Nov2021) is 1.22F and I am getting an offer of 1.44F from McKinsey.
I have already decided to join McKinsey but just want to know what are the perks I should expect in McKinsey. How is variable component? What is the scenario of WFH? I have been offered Senior Capabilities & Insights Analytics Analyst.
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I met someone and their son is a director at Morgan Stanley. He told me to give him a call and potential have a talk about working there . How are Morgan Stanley advisors compensated. I ask because I left another firm and they have tried to charge me charge backs on commissions that have come back.
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I plan on doing $1M of production this year. I’m about 5 years in and last year did $500k but will be doing and spending far more on marketing this year and getting in front of far more households. I’m 30 btw. It’s all about how many people you get in front of.
Honestly I started doing seminars from the beginning and put the cost of them on a credit card. Luckily I am pretty consistent closing people so I made my money back easily as soon as got one annuity sale. From there it was really just scaling up and doing more events and spending more basically knowing what my return on investment will be.
I do 3 seminars a month typically all with new $ in the seats so I get in front of around 50-60 new households per month. I also do a fair amount of annuity business and commission business in addition to fee based but probably will bring in $15-20M in new assets this year.
Definitely going to happen. 15-20 years in the business you can be there for sure. About 120M AUM should net you roughly $1M/year take home.
Yes. Not bashing NYL, but may be hard to do it there. Maybe I need to educate myself on NYL though. Anyways, I’m at 420k 5 yrs in, I think I will do it.
Edward jones advisors get an expense account?! Are you guys in salary or 1099?!
If you get to $50m aum, just on 7% growth in the accounts alone you’ll hit $100m in 10 years.
I began in 1996. I was partnered with another advisor for the first 7 years of my career. Someone who began when I did. It took me five years to realize that i was the rainmaker in the practice and I left and struck out on my own in 2003. I realized that the rainmaker is worth more than the person who is doing the trades and the planning behind the scenes. So the decision to stop sharing income was important and i realized i could hire someone to do the work that my former partner was doing. I hired someone and in the last 16 years have slowly given him a small piece of equity in the business. I will sell him my practice in 6 years. Or possibly sooner.
I built the business by simply servicing the hell out of clients. Constant communication. Always asking if they want a meeting or a call. Realizing the it’s also important to add younger clients to the mix. People who can be strong savers and who are committed to planning. Otherwise you wind up with a book of old people who are doing nothing but drawing down portfolios.
I ask for referrals and cultivate my centers of influence.
I have some clients who are heads of HR for large companies and that had driven referrals as well.
Early in my career I served on non profit boards. Contemplating serving on another now. My clients consider me a friend, therapist, confidant. I have a group of people who trust me and want to collaborate to an extent.
I also have a good staff—the person who has equity in the business and an administrative part timer.
We have approx 175 clients. Quality over quantity.
AUM of 160 mil and growing.
We have recurring planning fees and AUM fees
Definitely not a salary, but income of course it’s possible! It’s personally a goal of mine when I’ll eventually be 16yrs in the business. That level of production will require full time 3 support staff to help manage the practice.
Gross production, absolutely, $1 mill net, might need a better accountant..
Ok...I'd love to hear how you guys or gals are getting to these milestones so quickly in the business. I understand the numbers game however I'm no where near any of these levels of production and have been in for 9 years. Any comments or ideas are welcomed.
After 9 years I was around 500k; I’ve been at it 27 years now and do 1.5mm.
Why can’t I see all the posts
Depends on what you do. If you are merely a financial advisor that does very little to zero actual portfolio management...I can’t see how. I think those type of advisors are a dying breed and should be. They’ve become middle men salesmen.
Gross 1099 income was 1.35 mil. Expect to better that this year
Fantastic man. Great story. Love a good success tale!!!
Sure man
Coming from a wire house it’s harder to do on a take home basis. 1mil in production doesn’t equal 1mil in take home. Would have to do around 2.2mil production to get to1mil in take home income - excluding long term comp. Is it possible at wirehouse in 15-20 years, yes, but most don’t get there.
Good answer - appreciate your response.
Absolutely you can! Within 10 if you are willing to work hard
Are you all rias with zero overhead? The post is reading 1 mil income but everyone else talking gross. From my experience on this thread most folks are NOT ria. Just making sure all in same page
I said 120M, to account for the overhead. Yes I’m RIA, but we also have overhead of course. Overhead depends on many factors but that’s where I should be at least hitting $1M take home. Solo or small advisor businesses are among the most profitable in our industry according to Investment News surveys. 200 client groups at $600k is very manageable for an advisor alone with one staff.
Simple math, depends on your payout.. Also, why I said need a better accountant, to ‘take home’ million, because there are many places to put money back into practice to lower take home and taxes
Damn Ameriprise. How long you been in biz? What’s aum? How’d ya build it?