Related Posts
Anyone in need of a KPMG TS referral for London?
I am getting a Analyst designation at delloite for a 1.7 years experience of it experience.
Should I try to get the consultant designation as the salary range will also open a bit as they r giving me 9.5. Should I just wait a few more months to get 2 years experience and apply the consultant position.
Tech - Salesforce
EY Deloitte PwC
More Posts
I think it's the one in New York
Bowl Leader
Bowl Leader
Additional Posts in Financial Advisors
Coach
What mutual fund companies you use most
Booyahh, landed hedge fund number 2 for IPOs.
What is your close ratio with walk ins/call ins?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Congrats on the Whale! - I think it depends on what your receiving for the 60% your giving up. At EJ, 40% is standard, plus Office Rent, Full time assistant, profitability bonuses, LP opportunity, 5 star vacations , Profit sharing contribution typically in the 4-5% range, and full back office support as well as advertising and a well known brand. Also, guaranteed salary for the 1st few yrs. - On the other hand, full independence could net you 90+%.
Well Said Overall EWM1! 👍🙂
Far more lucrative as an independent. Reach out find out if we are interested in you. It could be good for both 603 7071355 Eastern Tennessee.
The more critical piece of information is how much of that AUM is yours?
Starting at $0 you need a base. I started at $0 & drained my Roth to keep us alive. "Hello millionaire, I have 1 month of experience, please trust me with your money."
It takes $10mm minimum on a fee based schedule not to live on plasma donations and Ramen noodles.
Coach
Do you have a grid? What does that look like? If you don’t know, you should ask.
A $500m team might not have that much pull with RJ about grid increases or payout negotiations. 40% seems very fair for someone with basically no AUM.
Subject Expert
Assuming by your profile you are at Raymond James? Are you at RJI vs RJA? Depending on which one will help determine what to ask for.
I’m in an RIA that was RJFS and recently transitioned to RJA, mind you I’m an employee. I would gladly take 40%, but as a new FA I would want to ensure my AUM and cash balance could float me long enough to build AUM large enough to create a comfortable or livable income. Good luck and go get ‘em!
No kidding the first few years in the business you live on air. I think I made like $30 to $40k. 40% grid is good for a new advisor. Perhaps they are applying your team’s AUM grid rate to you. I started solo and if I were to start over I would be part of the team. I would have accelerated more quickly. Are you in the AMP program? They have a base pay as you grow.
Bowl Leader
Out if interest, how big was the whale?
I think 40% is quite generous, and it probably because you are part of a team. For comparison, the grid at my firm is in the low 30s for FAs that’s starting out and has very low production. Yeah, curious about the size of the whale too!