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Thanks for posting OP - I'm curious as well.
The hourly pay is fairly low and range is controlled by saint Louis... 15-20. If the FA receives bonus Most share 10% and firm matches up to 10%. Firm pays health, dental vision, some life etc. nice employee benefits package. Get profit sharing and 500 match to 401k.
I would look at the newer FA offices. No bonus, higher FA turnover. Boas get sick of that and could be recruited from that situation
Well said. Boa base pay isn’t anything special, but if they’re fortunate to be in an office with a large producer they could make $75k+ in a year. It also depends on the FA and their willingness to share the bonus. Most are, but some aren’t
Are most of them happy? Are the recruitable?
It goes back to the relationship with the FA in my opinion. Also, they too have the opportunity for partnership so once that happens I’ve not known of any to leave the firm just possibly move advisors. But hey I’ve only been here for 3 years lol
Because of the bonus situation there is just a wide wide gap between boa pay for a new fa and Veteran fa.
Do they usually try to put an older BOA with the younger FAs to avoid any potential “misconduct”? Do they have rules about dating staff?
^^^^^ nope to the first. Definitely on the latter. The two-person office setting is problematic in the new work/office environment IMO.
I was kind of wandering about that set up in todays world. Seems like a receipt for disaster? Its probably just a matter of time before the headlines start flowing...
Depends on location and the size of the brokers production. The broker helps with broker bonus some are cheap as hell some brokers will give 40 % of their bonuses to staff! Pick a winner because workload is monumental in a big office!