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Hey RB I’m in the same role and recently was approached by Merrill and Empower, but ultimately decided not to pursue. The plus side is they help towards the 66 and 7, but overall you can make more the PCB route. Not sure what your long term goals are but if you want to get licensing and be more marketable after a year than go to Merrill/ BofA, if not stay a bit and see if you can get promoted. I know some PCBs making 120ish or higher since they are capped at larger amounts. Really look at your PVCs now and calculate what that would look like if you were a PCB. You can find the caps where you find the RBs but instead click on PCB compensation. Hope this helps and can we stay in touch I want to see
Good for you I can’t make the jump due to my lifestyle but I know some FSAs that have came to JPMorgan af tree t 2 years and become PCA, basically FAs
Between 25k to 30k in bonus but you have to really work for it. Goals and target
I’d be looking to get promoted to a PCB. Your higher caps will give you a huge financial boost if you’re making that much now.
Banker 1 Relationship Manager does not mention Private Client Banker/Private Wealth Advisor anywhere in their posting and the reason I explained what PCB means and what they do is because Cadence Bank 1 asked. There is a slight difference between a Financial Solutions Advisor and a Private Client Banker/Private Wealth Advisor. Private Client Bankers/Private Wealth Advisors deal with high net worth and ultra high net worth clients only.
I would recommend sitting down with your manager and discussing your career path. If your ultimate goal is to become a financial advisor, you may want to consider the PCB role.
I would not recommend the FSA or MFSA program if you are looking to be an advisor. While many people are successful in the branch environment, the amount of people successful in the MFSA role is around 20%
Ask around to your advisors in regards to their career paths and they can provide insightful knowledge around their experiences.
Low pay in both positions
Curious what you do and what’s your salary? What licenses do you hold? Work experience, etc.
Which city are you located if you don’t mind me asking
So as a relationship banker what do you do? Is it just bank products or investments?
Banking products and investment we refer
Relationship Banker 1 if you do get promoted to Private Client Banker like JP Morgan Chase 1 said in the comments at your current company and decide not to take the position at Merrill Lynch. I would like to say being a Private Client Banker is a lot of work and it is not an easy job that is for sure especially with high net worth and ultra high net worth individuals as your clients. You have to be able to give them accurate, insightful, seasoned, and useful financial recommendations based on your past and current experiences. You also have to manage their financial circumstances. The list of duties goes on and on. You have to gain their trust when it comes to their wealth and that takes time.
Hi everyone, I'm currently in need of job. I have HND And Bsc office and information management. Distinction and second class upper respectively. Contact me through my email onyebuchib@gmail.com. I'm willing to relocate anytime
Thanks
My email is onyebuchib@gmail.com.
Thanks
My first year as an FSA I did 94 plus another 10k paid the following Quarter (bonus paid quarterly). For reference, I went in as an RB as well…
1. You CAN make good money
2. You CAN grow higher if you keep working on building your AUM
3. It’s great experience to move onto a more traditional FA role in the future without having to go “all in”.
Negatives: the book is not yours- as long as you stay there, you keep and get the rewards from it, but once you’re gone it’s safe to assume the majority of the book will stay behind out of sheer convenience.