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Hi.. I am having experience around 2 years in Tata Consultancy The package is not close to 4lpa Is there any chance that i can ask for a revised CTC ( or digital package) if yes, to whom should I approach and what is the process Thank you in advance!
Exp 2yr
CTC around 4lpa
Stack Java spring boot, angular js,MySQL.
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Bowl Leader
Anyone know what other fishbowls are like?
Additional Posts in Financial Advisors
Booyahh, landed hedge fund number 2 for IPOs.
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Quick clarifying question. What makes your book not portable? Proprietary product that won’t transfer or can be easily changed? Or are you worried about a non-compete/non-solicit? The former I can understand but the latter I would strongly encourage you speaking to outside counsel. Would be happy to make a recommendation if that is the case. Best of luck and feel free to PM if you would like to discuss further
Your annuity business can be block transferred if your Branch Manager allows it, otherwise it’s a rep transfer which requires a sign off by the client for every single policy. Hope you still get your trails.
Subject Expert
If you’re going to make a move and have to battle a non solicit, why go to another non protocol firm? Why not go independent and where you own your book and can move freely?
I’ve been as high as $200 but I’m not even doing $150K lately. This year (and last) will be about $105K. My firm does mainly group retirement business and they lost some significant relationships over the last 5 years that caused me to lose a lot of my residuals. That’s why I’m looking to move. If I have to rebuild, it should be somewhere where I won’t be in that position again.
I left to go to Jones 7 years ago. Was promised a book of a certain size and when I took over the office, it was a 1/4 the size after the other FAs around pillaged it. Never trust what they are telling you
It was terrible. Double the book every year and left after 2 years. Wasn’t worth it
Community Builder
What is your actual production number, currently?
https://joinfishbowl.com/comment_4sbz6when6
I moved to Jones 12 years ago and couldn’t be happier!
What makes you so happy there? Can you elaborate?
happy to candidly discuss my opinions on jones and i’m not a recruiter
Coach
My asset opportunity was 5M this year when I joined Jones. Not exactly a lot to work with, and a pale comparison to others in my region who inherited much more in their Goodknights. Not even sure if I should say something to leadership about it.
Jones will give you salary very close to that and if you have a very good opportunity to far exceed that even out the gate.
Subject Expert
They offer transition assistance.
Well you can earn more income with me just send me a message.
JPM, BoA ML - You won’t be building a portable book. All bank clients if you start at the branch. If you go wire house route which is JPM PCWM, they are not part of broker protocol. Payout is 25-30% for bank driven leads and internal referrals. Management is most likely pressed to cross-sell products to make client “sticky”. Retail bankers gets paid on Product Credits. Eg. 17 per credit card etc. and credits determine their comp.
ML wirehouse has low payout grid. 400-500k GDC is 35% at ML, so you need to do 400+ to get $150k. You don’t get paid on small households under $50k.
EJ is nice, you get fixed reducing starting salary until year 4. Plus an operations asst in your single person silo. Not a place to build a team or HNW clientele.
Mentor
I agree with all this and all it can be a place to build HNW clientele. My colleagues down the street from me are 80-90% HNW. 2 YOE w Jones and my book is currently ~10% HNW. You have to be smart about how structure their accounts but I’ve found ways to make the accounts extremely attractive vs what ML or RBC offer.
I am a Private client advisor at JPM. You can certainly build a book to your 150k number after 3-5 years. 2 things to consider, the clients are not yours (they belong to the bank) and you will NOT be getting the quantity of high level internal referrals that your recruiter will promise you.
Realistically, you’re going to want 100 calls per week to get your business going. Product line is pretty diverse. Asset allocation managed accounts, SMA managed accounts, MF on the brokerage side, Fixed, variable and buffered annuities and they’re launching a life insurance platform soon.
Are you talking about Merrill gwim or edge FSA FA?
Wealth management
I’m a 4th year advisor with Prudential Advisors. Payout for big producers can be anywhere from 70-90% of GDC. From 200k GDC I’ll do about 175k in income this year. Happy to discuss further offline if this peaks your interest
And Pru has a leads program.
My experience at home was not great. Good training and decent support but very low payouts and no leads. I was promised assets when starting and they never materialized. Left after 1 year
I just got the offer from Jones after a very long interview process. Just wondering, after you left, did they try to make you repay the training salary they gave you?
This is easy. Go to an RIA looking for an experience planner (you’re getting your CFP). I’m sure you can negotiate 150-200k all in to help service their book/RM/planning and negotiate an incentive comp plan that will allow you to take a cut of business you bring in. If you’re good, you can come to an agreement.
Avoid ML like the plague
Thanks for the insight. I was already thinking ML may not be the one. I plan to withdraw my consideration.