Financial Advisors

Hive mind, what is northwestern's compensation like? Starting salary for New advisors? Commission on products? Want to know if it's worth it to switch. I'm 2 years in at another firm.

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Starting salary? You have a lot to learn my friend

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You get FYC with TAP and ATAP, it can be as high as 90% depending on the product for a first year contract. You slowly come off TAP and ATAP when you’re under five years, renewals make up some of that loss. NM advisors are the hardest workers, always prospecting, always hustling. Investment side, your grid starts off at 35% and as you accumulate more AUM you move up to as high as 80% I believe. We have a JP Morgan guy in our city looking to come over. He’s probably able to bring 20mil from his book. JPM is topped out at 35% grid.

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Everybody makes you sign non-solic

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Tap is basically an increase in your insurance compensation in the early years to offset the fact that you don’t have any renewals yet. For instance, on an insurance case that would typically pay a $500 commission, someone on tap would receive around $850.

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Well that's why I was asking haha. I was under the impression there was some sort of base. I don't have a base now so it's not a deal breaker, but I am curious

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Haha, that’s fair. Yeah, there are some starting compensation packages that some, if not all, offices give. It really is up to the managing partner to adjust those incentives. As far as my personal experience, when I started in 09, there was around 4K that was given to me upon certain metrics i.e. - passing my insurance license, keeping a certain amount of meetings, etc. I don’t recall the specifics but they were activity related meant to incentivize me to get off to a fast start. That mindframe is still strong here and I’m in agreement that compensation initially should be tied to controllable’s and relevant activities. As far as I know, the amount of money on the table is much higher now I would suggest that you talk to the local recruiter and learn more about the company and the culture and also go talk to a few other companies to see which one resonates best for you. Also, I’m happy to point you in the right direction if you let me know what city you’re in.

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NM makes New advisors sign a non-solicitation agreement, so you won’t really own your book. I’d look elsewhere..

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So does JP Morgan and other large firms 🙄

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What's TAP AND ATAP?

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Wow that sounds really good!

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