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Hi I am 2.5 years experienced cloud and Infrastructure engineer. Recently got certified in AZ-900, AWS solutions architect Associate. Please refer me if any openings are there.
Please suggest the salary I must expect.
Current CTC- 5.9
TIA
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I have 150m under management in fee based investments, I have three brokers supporting me. I pay them 50% of revenue they service. They make between 100k -150k
Thanks for the info! That is very helpful
I would skip the salary and work on a percentage. It would allow you to benefit in your efforts to grow the business, and show you have skin in the game. Make the percentage commensurate to the 92,500 you spoke of and that may be mor palatable to your father.
I’m in a somewhat similar role, series 24, no CFP yet, but Senior FA is my Father-in-law and 10 years from retirement and a book approaching 250k. I make a straight salary nearing 150k with bonuses etc. however some of this is related to him using payroll to fund private education for my 3 children. In the beginning I felt over paid (making 100k), now I feel that I earn my keep through generating NNA, providing documentation, and retaining clients. I am also building a small book from my own networks.
That's great to hear. That's for the advice. I'd like to think I am earning my keep and putting in exceptional service for the clients. I just don't think he wants to give up any of the cashflow. But I feel that through the responses above, it wouldn't be unreasonable to make a case for a different pay structure.
A lot of times you would split comp, like 30% for 5 years, then you continue to pay other advisor for years to buy his book. You could also be in more of a salary role where you’d be at a lower amount
Right now I'm part salary, part bonus based on production.
What do you think is fair?
I'm not sure what is fair! I work at an independent firm with my father so I don't want to seem greedy. In his mind, he thinks I am overpaid (around $72k), but in my mind, I think I am worth more than that. I'm thinking of asking for a base of $30k salary and 5% of gross production. That would come to about $92,500 if there isn't a large market drop. Does that seem fair? Not sure what the going rates are.