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Booyahh, landed hedge fund number 2 for IPOs.
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From sucky - really sucky
I don’t intend to be rude, but I can only assume you’re going from Indy to a bank because your business sucks? I can’t see any other reason to leave a 75-90% payout for a $30k draw and 15-20% split with goal changes if you meet your quotas too easily.
I’m not aware of any bank programs where the FA gets a salary ?
Do you have a book as an Indy advisor ?
Wells has the FAIT program where they will give you a salary when you start out and it goes down over 2 years.
Not because I work here but it is a great training program . I went through it and they give you a lot of support.
We offer 50k base yr 1+ commissions then drops to 35k in yr2. It is base not forgivable draw. If you can bring a book it will give you more potential to find a better territory. You can do well in a bank program.
If you’re in the Southeast, Regions bank has a salary plus commission advisor position.
We have a 2yr decreasing salary. They will give you close to what you were making your last two years, previous rep before me was making $150k salary his first year
PNC offers a decreasing base for the first 3 years, that of course is accompanied by deceased payouts for the first 3 years. Straight commission after that. Realize too, bank payouts are drastically less than independent. 200k GDC as an independent and you're making 6 figures, 200k GDC in a bank and they're telling you to pack your desk. All of that being said, having the bank as a referral source is a great plus. Referrals aren't of the quantity or quality you'd like them to be, but if you spend time training up bankers on what to look for and how to carry a conversation, you'll get enough good ones to make it work.
Chase bank probably has the best FA program. Salary is set (depends on the state for the amount). The entire bank bonus for their employees is tied to the number of referrals they give the FA. In the company ladder, starting FAs are on the same level as the branch manager but you don’t answer to them. So their is a mutual respect. Also, if you are successful enough, they will promote you internally to wealth management inside JP Morgan.
I have some buddies that love Chase.
Not sure where the 15-20% split is. Mine is 45%+. I think if you can succeed as an Indy and own your book that is nice. I could not make it at a wirehouse. The bank with its pipeline of referrals and book makes it much easier to get off the ground. Though the payout is less if you do 5x more business does it matter. For me the bank was a good fit.
Wait a minute. You’re payout is 45%?
Yes. Plus deferred comp of 5% (4 yr vest) plus a few other bonuses.