I'm adding a brand new FA, probably as a W-2 initially. Any suggestions on compensation?

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By brand new I’m assuming you mean zero experience. If true and in a coastal metro, I’d pay $60-70k.

Of course, commensurate with background, pedigree, initial impression of EQ, and network. If a true 5 star recruit with zero experience $70-80k.

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Way too high... give him a salary to pay the bills ($35k - $50k) and incentive comp based on performance. If he helps you grow your practice by 100k/yr, pay him 25%-50% of that and you’ll have a great partnership.

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When we add a jr adviser we have a four year plan. We start with the guaranteed salary required in NY for exempt employees currently at $48k. Add $5000 in bonuses. $1000 per quarter bases on mutual goals of activities not sales. The last $1000 given for a successful audit. The we pay 25% on GDC. and a forgivable draw monthly. Total package around $82k. By 4th year full commission at 50%. 4 years to build their book the right way without having to choose btwn feeding their families or the client. Health and Simple also.

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Are you going to get a salary? Or commission only?

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