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Got offer from JPMorgan Chase , but variable pay percent was not mentioned in it. HR told it will be around 10-12% . Is it true? It's for VP/602/Commercial Banking? How much we variable pay will get annually? Can someone help as based on this only in have to decide whether, I can go with counter offer or not?
Big4 senior 3 tax comps?
Hi Everyone !!!
This June I completed my 9 months at Career Level 12 and Sub Level 3 I.e, CL 12.3 at Accenture Operations. My Annual Talent Discussion and One-on-One with People Lead is complete as of last week.
I have 3 questions now :
1. When can I expect to move to 12.2 ?
2. What is the general hike I can expect ? And when it is reflected ?
3. When will be the variable pay will be paid out ?
Can anyone here help me with this performance cycle part ? I am really confused.
Accenture
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I genuinely wish you all the best. I've met with firm owner who are trying to drive "fee compression" lower client cost. As an industry maybe we should be careful of the race to the bottom. This idea of doing everything as cheaply as possible might sound good on the surface but it can distroy industries and customer service right along with it. We work in a noble industry and deserve to be fairly compensated for our time. You would never see lawyers, doctors, dentist or engineerings talking like this so why should we? Is it really in our clients best interest for us to be paid so little that we have no incentive to truely service them? A fair days pay for a fair days work, works best for all. Just my 2 cents.
As a partner in an RIA, this my third career. First I was an engineer, then a business and management consultant, and then merged that with an RIA to offer a very differentiated business model. All three paths have been very different but with a few common traits and one of those is no matter the business I have been in, I have always faced competition that sold on price, and while at times I have lost clients because of it, ultimately my book of business was healthier for it because I offered people what they were ultimately looking for: value, relationship and performance. We are a fee only RIA, sell absolutely no products, transparent with ALL our fees and our clients are happy that we are successful because they have also benefitted from it, on all counts. And btw, our client count per advisor? Well under 100.
I'm having a hard time imagining how your clients will ultimately benefit with your model. If I were to hazard a guess, I'd say is your ulterior motive is to gather as many assets as possible under your model and then sell to some large institution, assuming it passes muster with all the DOL issues highlighted by many of the other commenters.
All that said, I think being innovative is great but one other thing I have learned in the various biz models is there is a big difference between the leading edge and the bleeding edge. Good luck with that but I think you are heading for tough sledding. Further, no one has even mentioned what happens to your model during the next significant correction. 0% fees will mean nothing to your 1750 clients when they are freaking out and looking for assurance to stay the course. I think it may be a shit show in the waiting.
So are you charging a separate planning fee predicated on internal expenses? Is it just a planning fee? I’m trying to understand what the client pays and how you support 12 additional advisors. It sounds interesting though
So are you creating your own mutual funds and being an asset manager charging a fee? At the end of the day somebody has to pay for you to be in business.
Sounds great in theory for the client, but horrible for the advisor. What am I missing? More work for less pay?
I believe, as an industry, we over service clients who simply want to be left alone most of the time. You, as an advisor, “feel” like you have to provide value for that 1% when in reality your clients tend to not need as much service as you give.
FA2 - the only way a client has an etf only model is if they transfer it in and leave as is. Again, our A La Cart services will be where that client pays us. But, there will be cases where the client pays 0. I believe their should be a platform for that.
That client will have brothers, sister, parents to send us. It’s a win win
You are correct, our marketing campaign is built around a 0 fee to the firm. Not completely 100% free. Most people have no clue they pay internal expenses + fee to firm.
The biggest thing I noticed when searching for our initial team was how threatened they were by this service. If I offered your clients this service at our cost I can guarantee we win business.
But I appreciate the constructive criticism. Really just looking for advisors.
We will make money. Trust me. You underestimate the additional services.
I have a I year introductory rate of 1/10th of 1%. Would love to learn more about how you plan to make money.
I have a 1/10th of 1% 1 year introductory fee. Would love to learn more. lwolkenstein@theinvestmentadvisor.net
It’s definitely an interesting idea and I wish you luck. I too don’t necessarily see an overall cost that will be significantly lower than a fee based if you start charging thousands for a planning fee and so on. Also, 1750 clients per fa?! There is no way you can adequately service and have close relationships with that many people. Our industry is built on close personal relationships, so it seems you would just be pulling in clients who are currently doing it themselves at Schwab or Vanguard or wherever and using the occasional robo or call center advisor to get some advice. Again this is only my opinion and I wish you the best. Who knows maybe a few years from now you’ll be on here telling all of us “I told you so”!
FA5, it’s either a joke or someone who is too young in the business to know how things work. No BD will let you advertise 0$ fees and the SEC won’t let you charge “indirect fees” (read commissions). So it’s either a joke or just not intelligent.
You are just shifting the cost to build a story.. nothing is for free..
Fa6 off topic but where are you located?
FA4...portland or
The hate is strongggg. Many of you failed to understand what I’m doing here. It’s not a “commission based” account. It’s a no fee platform. Take your fee based platform, put the fee at 0.0%, and do everything else you currently do for your clients via insurance, annuities, etc. That is what we do. We have 12 investors in our firm with the belief in this platform. We just recently finalized everything with FINRA / SEC and once we get the clear from legal, we plan to launch spring 2018. This is an asset play, we want assets and whatever the cost. In this case, it’s like a vanguard with advisors. Much luck to everyone else here too. I look forward to announcing our name and platform options soon.
Dang FA7! Truth hurts!
There is no way you will not get spanked by dol if you use funds wiy h 12b fees in advisor accounts. Any one who dose it now rebates back to the client. And even if somehow you managed to slip it past the. It would be eaten up paying the company you house the funds.