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I met someone and their son is a director at Morgan Stanley. He told me to give him a call and potential have a talk about working there . How are Morgan Stanley advisors compensated. I ask because I left another firm and they have tried to charge me charge backs on commissions that have come back.
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That sounds about right. I started at W&R for 2 years basically solo. Reset with company that paid a base plus 10% until you hit an AUM that paid better at 60% payout than the base, then you went off salary. Salary was for up to 3 years as long as you showed growth year over year.
Some training and mentoring.
Since I couldn't bring anything with me it took almost the full 3 starting from scratch. I'm finishing my 6th year. Took 3 to bring in $10mm, then brought on $20mm over the next 2. Covid lockdown did slow me down a little because I'm best in front of a live group, or it would have been better.
For payout we get 50% below $10mm, 60% when we cross $10mm, 70% when we cross $20mm, then it goes up 1% for each $10mm after that.
We're in the Midwest, and niche is middle class people with pensions, so my numbers are not what they would be in other spaces, but I'm happy and love my client base.
So what’s your expected total comp and where are you located?
That is my total comp, located in a major city