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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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This is a response specific to the industry and not FiNet. The payouts for annuities are determined by the insurance carrier, not the BD. The difference is the payout. For example, at WFA you may get a 40% payout on the 2%, while at FiNet you may get 80%. Disclosure: I don’t know what the payouts are at these two firms. The 40% and 80% are hypocritical.
All bank brokerages do this, not just WFA. One of the trade offs for being 1099 vs W-2.
They flatten the pay to avoid “conflict of interest” by compensating you the same for all carriers. Some pay 7% , others 6% etc
Yes it stinks but it helps reduce that stigma that advisors sell the highest ticket item.
(While they pocket the difference & split the “rest” with you) .. FINET is different.. it’s paid simply a flat high percentage of all Revenue at 1099. So you either open up your own shop or If you work for a FINET office, they’ll likely find a payout between your current and their Net.