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Don’t go backwards friend, need to wait for the right one
Agreed with the above comment. Was an FC at Fidelity, only left because I wanted to get away from sales stress. Good company, bonuses were always in line with expectations, shares were as well but the vesting schedule is a pain. But that applies anywhere.
Private company share price is very stable. Fidelity is my favorite place to work. But you are “selling” a managed product. If you can’t wrap your head around that then maybe not the best fit. That’s how you’ll be compensated. You will be fed though if you are in a decent location which most branches are. Also 17% annual 401k match after profit sharing should be accounted for in your decision as well.
Typical 5 year. 20% a year. Qualify for profit share after 1 yr I believe
I'd be hesitant to take a 20% cut to base. For reference, I took about a 10% cut to go from contract to perm for the same role and that hurt enough.
The bonus obviously depends on the performance but shares is where you get the most variable pay. Exceptional performers (15-20% of a given salary grade) gets insane amount of share pay out.
I personally got six figure share pay outs twice in the past seven years. This is why the best of Fidelity never leave the company even after 25 to 30 years of service and even when we get offers way more than what fidelity pays.
How are annual salary increases, small?
Bonuses are pretty consistent as they are based on individual performance and not Fidelity’s performance. Shares are great, but not as consistent. I wouldn’t factor that in as predictable income. Even top performers don’t always get shares.
Fidelity focuses on total compensation rather than base salary. Annual bonuses can be 50% for VP level. I've been at Fidelity more than 15 years and I've never seen them fund the bonus pool below 90% at a corporate level. Individual payout is based on corporate funding level and individual performance relative to your peers.
Don’t know where you are right now. Bonuses and shares are pretty solid but most people only feel the benefit after a few years of building their book or brand etc. But it’s usually highly achievable if you can work out what specifically is needed for success in your chosen role. Everyone agrees that base pay here seems like it’s pretty average to middling at best, so variable comp / bonus is critical.
But the other way to look at it is to think about the likelihood of your current firm / job within the firm and its inherent stability. If you have a higher potential total comp where you are I would try to take into account stability. ie what are the chances of getting fired / not hitting targets / company failing / downsizing etc where you are. Then take a probabilistic expected value approach to your next 5-10 years of income and see if that changes things. If there’s a greater chance of things going sour where you are for whatever reason, Fidelity has a stellar reputation for stability from an employee perspective, so it could be that a stable bird in the hand is worth two volatile birds in the bush …
Whats the role?
Variable comp is variable. I’ve had companies say the bonus is guaranteed. My response to that is that then they need to build it into the base. Screwed myself with counting on bonus in a previous job the bonus pool only funded at 25%.
Never ever take a cut - you will take a long time to jump back to your original comp.
Agree 100%. I took a 20% cut when I changed companies with the promise bonuses would make me whole. Nowhere close and then was forced out. Job market changed and had to accept another 5% cut. After 2.5 years, finally back to 90% of where I was before the 20% cut. With bonus, I will be equal to where I was. Feels like the past 2.5 years has been a waste
Don't go backwards. Only forward. Keep looking you will find the right opportunity.
They are notoriously low on pay. Benefits are solid, but the culture is rotten to the core
What’s wrong with the culture?
Never take a pay cut. Bonuses and shares are paid out early. Doesn't really help you when it comes to base salary. Plus 20% is a large decrease. I would never consider this offer.