Financial Advisors

Feedback please: hired a 33 yr old, 10 years in industry, no book, no marketing at this time 5 mos in. 120k salary. What would you expect them to do? Six-month review is coming up...

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I would expect them to increase your business by at least what you're paying them.

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Uhh, I'd expect that they start looking for another job? Unless there is something else about this situation you haven't explained, this thing is DOA. Call it a teachable moment and move on. It does beg a deeper dive into what your motivation was though to set up this position without incentive. No matter how good the bonus or commission, high salary base is a sales killer.

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For 120, I'll come over with my book...

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10 years in the industry doing what, I mean, Why No Book? We need more data

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@VicePresidentOp I have close to 10 in experience, most success in retention, meetings and making appointments anyway possible and I’m just making 60k. If you think you made a mistake and you needed more like an entry level - Advisor to be profesional, give him another role since the guy seems to have some other complex qualifications. Give me 20k more and I’ll do the job you looking for, I save you 40k annually, just put me on the phone and on your marketing events and I’ll do the rest for 80k plus the license I need (s7, s66). Please, let me know when can I start? jaynotes@icloud.com

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Doesn't sound like they were explicitly hired to build a book.

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9 years ago I was hired by a small RIA as a paraplanner making $60k. I never found similar roles paying much more, and certainly nowhere close to $120k

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Senior financial advisor. He was lead financial plan developer and presenter for 150+ clients. Senior consultant for Deloitte and Touche. Operations manager for another financial services firm and senior consultant for financial improvement in audit readiness in another firm. I am questioning the value, we did salary research and found that salary commensurate with CFPs in the industry. While we were interviewing other CFPs, that seemed to be on par. Putting it out there for this community (wish I had all the input from here before but I joined afterward). Thanks to everyone’s comments!

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What did you hire them to do?

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Thank you for all of the valued input. Review to be held in less than a month. It will be helpful to circle back to the hiring stage and bring forward our clear expectations for this position, with the info at hand on how great this opportunity is for him. We felt that way from the beginning and wanted to bring in an elevated and valued team member (but a productive one too)... may have elevated him too fast. Thanks all!!

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I’m curious what qualified a financial planner to get 120k. Are they a CFA? Because no CFP is worth that. But if they are a CFA managing your firms portfolios. It seems on par.

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More than likely an assistant in a bigger firm. Has all the licenses and experience but no marketing. I was in same position. The book was large enough to where FA didn’t need more marketing, he needed a person for client retention, executing orders, remembering bdays, etc. I’d come up with a plan. If it’s to grow then you need to come up with networking groups person needs to join.

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What have they done OP?

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Bad economics. Sounds like you’re questioning the value in asking. Should be doing twice their pay.

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Op, thanks for the follow up!

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Did you hire him to do all your financial planning or build a book.

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Op, at JP Morgan in their wealth management (this is 8 years ago) a CFP that did put the plan together and presented would make around 55k with bonus on net asserts with the group bringing their total comp around 75-80. The did not do audit or operations work. Merely the plans and presentation. I used to outsource my plan when I was with LPL and each plan was 400$ then I presented. I assume the CFP that made it got a cut but I have no idea what their salary was. I know this doesn’t help now but maybe you change their comp to have some tie to assets of the firm? Everyone that works where we do gets a bonus on net new assets which makes everyone want to work as a team. No one is trying to “steal” clients from each other because it is better to get new assets over firm assets. Just a thought.

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Financial planning

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