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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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Read the million dollar financial advisor by david Mullen junior. Lays it all out and is also on audible for free.
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As a younger advisor, I’d say the first couple years should be about decent pay, learning, and looking towards the future. Pay - enough for them to put a little away and still be comfortable. Different depending on area of country and life stage of person your hired. Salary is good but % of revenue is better, get them used to variable comp right away. But either way goals should focus around learning/gaining credentials/sitting in on every meeting (or zoom) you do, until you no longer feel comfortable calling them a junior. Then future: I can’t stress this enough: always keep the end in focus. For yourself know it inside and out, but don’t keep it to yourself - there is no reason to keep it a secret - show the juniors your plan 5-10-15yr plan (whatever it is), and show them where they fit into it, and how that affects their comp. If you’re feeling really transparent show them your comp, and how paying them, and increasing their % directly affects you. This will buy you loyalty & give the jr’s drive to work hard and buy your book. Know when you/the other Sr FAs want out, know when you want to start that transition, then work backwards creating a ramp to a certain %of the book (read: increasing revenue - only necessary if you’re not thinking of retiring the next 5 or so years), until a certain level where you officially retire and they buy out your book. It’s going to depend on how you run your business, you might set some progress goals or maybe it’s just steady as you go and time is the only variable factor? Game plan a couple scenarios out - show the jr’s. Again, be honest. Ask them their thoughts. Then revisit and reinforce it at least once a year. Things change, which is fine, but as long as you remain transparent and honest, change can be handled. So yeah, end of story, lots of future talk, can wash over a lot of here and now (not that you should skimp on pay/mentoring). And if they don’t like / aren’t comfortable with the plan you laid out - that’s good! For the both of you, let them go, and find you someone who better fits what you’re looking for.
Ditto!
Wow! Thank you for your detailed response! Perfect timing as today we start our two day annual planning session ❤️
FA1 I read your comment at today’s annual planning meeting and we talked through the various points.... it was AWESOME...thank you VERY much 👍
Wow. Really glad it was helpful. Wish you and your team lots of success!