I work at Raymond James and was hired as an “Administrative Assistant” as I had no prior experience in the industry. Just recently passed my Series 7 and getting ready to take my 63 next week. I’m currently salaried at $63,000 ($3000 raise after passing the 7) does this pay seem reasonable for northeast Ohio. Duties include opening accounts, transfers, placing trades, etc. I am basically the only assistant for 4 advisors with AUM around 1.5billion

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For now it’s not bad get 1-2 years of experience and leave you could easily be making six figures. Learn as much as you can.

likesmart

Promises are just that promises. At least look for opportunities so you have better information in regards to the market. You can also enhance your skills and hone the skills those companies are looking after. Always do what’s best for you things will fall into place

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Yes it seems reasonable based on experience - the last firm I was at paid experienced associates about that.

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For 4 advisors it seems a bit small if that’s all you’re getting. There should be much more supp comp

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I take my series 7 soon but only get a 1k raise per license. Rn I get paid roughly 58k + 4% raise each year for inflation. but after I pass by licensed I get profit sharing of 90 basis points of assets under management, I’m also the assistant for 4 advisors. I’ll roughly get 12-17k of profit sharing on top of my base. You should at least get some revenue sharing from the team.

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I work for a small RIA

Regardless of where you are, I suspect you are underpaid if that is your total gross compensation. You don't mention your "years of service," but I know advisors with $150M AUM who pay their Assistants ~$140k ... but that includes bonuses and profit sharing. That's one assistant for one FA.

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Thank you. I am coming up on my 2 years next month. My first full year bonus was about 4k. I’ve now passed my 63 and am registered. Feeling very burnt out and underpaid.

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I am not sure of the pay difference between Ohio and California, but I still tend to think you should be at a higher rate unless you are also in a bonus program. I’d you gust passed your 7 and are in line for you 63 then 63k is unacceptable on its own.

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That sounds about right for that role. Most unregistered associates are starting around the 50k-60k range at other firms. Bump for the licenses is in line with other firms as well. That is based on positions in the same market/complex that you are located (not necessarily same state). If you’ve been there a short time then I would assume supplemental will come from advisors either when fully registered or in January (some firms don’t let them make adjustments mid year - not sure about RJ.

Your last sentence "I am basically the only assistant for 4 advisors with AUM around 1.5billion" is a gut feeling that you should listen to. Your life will be very stressful. Keeping up with 4 advisor's busy work year after year will age you. The advisor/AUM ratio calls for another assistant, and if not another then the one should be getting paid like they're 2.

Your pay is ​​slightly low for RJ but seems better than the industry average for where you are. It's really going to come down to how happy you are with your bonuses. ​​​​​That said, congrats on passing your exams!​​​​​​​​​​​​​

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