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Good luck. I interviewed with Schwab as an RM at Fidelity- their AFC role is likely the highest branch role they will hire you into, and it pays about what a PC makes, only get a 5% match, and no profit sharing. Fidelity is the place to be!
Which role did you accept?
I’ve had a few colleagues go to Fidelity as a Planning Consultant and with the base of anywhere between $70-$75k (negotiate) and bonus $6250 quarterly that’ll put you close or at the $100K mark. My understanding is you’re in that role for about 2yrs then you get your own book and make all the cheddar. Is that not the trajectory you’re familiar with there?
Pretty entitled view thinking you brought in all that money. 500 million to be exact which I doubt considering the top VPFCs don’t even get close to that amount.
Let’s say you did though, you’d easily be able to parlay that to an IC role or PC role which both get you to the 100k.
Good luck to you. Doesn’t sound like you’re the right fit for Fidelity.
Merrill, I jumped from fidelity, living the decision so far
I’d look at Private wealth advisor at JPM or Goldman if you’re seeking 100k I left fidelity because of the pay and not sure you’ll get the pay you seek at Schwab
Well, funny you say that because I took a pay cut to come over here. JPMC was going through some things in the Pandemic and I needed out. They also treated me like crap, so can’t say I’m in a hurry to get back over there
There are 3 IC positions open and 2 FC in South Texas. If you aren’t applying for those, that’s on you or maybe you have and that’s why you’re upset.
What city are you in?
If you’re willing to move, there are so many options within fidelity
I don’t have insights into the industry and am just an outsider but just trying to help exhaust all options. What’s stopping you from taking on a business partner role where you’d be the one netting all of the profit?
Retention in role rules here. Time in grade. Limited opportunities available and seniority above me qualifying, despite the need of advisors industry wide.
Look at the long term and you can be that business partner making $400-$500k. It sucks up front and I can say that from experience. But it will pay off once you’re in the FC/VPFC seat. No where else constantly hands you leads + the benefits
Step one is getting out of the regional center and into a branch. Be willing to move as well and your chances increase significantly. I played the phone site for 2.5 years then moved into the branch as an RM. Took a big step back doing that and a pay cut. But I put my head down, did the work and proved myself (yes while making a lot of FC/VPFCs a lot of money) and then within 2 years I did RM and IC and got promoted to FC. It’s very much worth it if you can hold on to get there. But I’d suggest losing the “I should’ve been an FC by now” entitled type mindset. If you hold your S7/S66 and Insurance license then apply for IC/ FC positions. If you don’t have your insurance license already you won’t get an FC job anywhere within Fidelity.
I’m starting the financial solutions advisor role at boa/Merrill. It’s an in branch financial advisor role so will be working with warm leads
Reviews check out, and other peers in the industry had great things to say about the role to start building my own book.
70k base, though if you’re bringing in a book I’ve heard they can get you closer to the 80k you’re seeking. Average total comp is over 100K per Glassdoor
@ML2 that’s more in line with what other peers shared and the average commission in Glassdoor.
Your $500k business partner is 100% commissions. When he/she was 5 years in the business, they were hustling 50-60 hours a week looking for new accounts. Every month they started at 0 and had to do it all over again. It’s a different world today; you can be a small Advisor on a big team but you still have to be an advisor, not a client associate. If you open new accounts or new relationships you will do well.
No they are at Fidelity in Austin, that is a branch and NO ONE at Fidelity is 100% commission.
Haha that’s good old Fidelity for ya!