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At my firm, you need to bring in 3-4M in new assets year 1. Target is to bring in around 30M in the first 5 years. Depending where you live and cost of living, you need to manage at least 50M to feel comfortable financially. There are people who skirt the line of performance without getting fired but end up quitting anyway because they don’t have a big enough book that produces revenue for their income needs. Especially when the starting salary goes away after 4 years.
I’m in year 8, and expectations are that I bring in 12M a year. To go on a PIP, I’d have to only bring in 4M a year, which at this point is a very easy hurdle to clear.
If you’re worried about meeting goals that can jeopardize your career I would look at hybrid bank/advisor opportunities like BofA /Merrill to start your FA career.
At BofA/Merrill you are on salary and get paid for both investments and bank/credit products
It was an easier transition for me going from banking to advisor
The upside is you have a steady salary and plenty of ways to make some good bonuses right from the beginning
The downside is growing your book is so much slower and it could turn into a never ending hamster wheel with the goals
Mentor
If you are on base, you need to bring in $10-20MM total over the first 3 years. After that there are no production marks. If you have not brought in enough in 3 years you are welcome to stay, but you have to live on what you earn, and your grid % is not great. Once you have hit $20MM your grid is nicer and you are earning more than the base anyway.
Mentor
We don't have specific numbers per se. You get a base for 2 years and then you are off the dole and need to live off of what you have brought in. If you went a year and did not bring in much they may cut you loose early, but it is a case-by-case judgement by the management team about if the person is doing the right things to be successful, or if they seem to be lazy. They do not cut loose a hustler with bad luck.