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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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I’m more concerned that he’s been in the business for 26 years, and a $150k bonus was more than twice his normal salary.
And I’m not like saying he should make millions... im not a huge producer, but I make way more than that in way less time 😂
If you know there is a chance you'll need to play it back, don't spend it yet because you haven't earned it.
Also, they make it sound like the people had no choice but to defraud clients. Im so tired of our society making and taking excuses for bad behavior or bad decisions!
Maybe he was a bank FA on salary
Lol im on board w everyone else. Guy sounds like a loser to me. How are you only making 75k after 26 yrs. I was 22 when i started and doubled that within 4 years
My RJ bonus contract required I make 50% of prior production. Since 90% of my book is fee based it was easy to meet. Don’t have to churn to make production. And why would you spend the $150k before knowing you could meet the quota? Something smells fishy about his story.
Definitely sounds incompetent.
I've heard of life-changing bonuses in the millions. Couple hundred thousand isn't life changing. Except in this case, and for the worse.
Are bonuses always based on production?
No. These are recruiting bonuses. They basically front you the bonus, but then you need to hit production numbers or replay the bonus.