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Only the rainmakers bring in the big bucks. Planners make 120-200 in the few firms I know
Appreciate the reply. My primary role is as a planner for the firm, although I also have investment experience, and my all in comp this year will be $320k ($200k + incentive comp for the biz I help close + PS). Curious to learn what others w similar experience in this market are making in NYC. I’ve spoken with other firms who are also willing to pay around the same. These are firms that don’t need help bringing in clients and simply need skilled advisors to service them.
1% up to 5mm, 80 bps up to 10mm, anything above that is negotiable and contingent on amount of work required and services provided (estate planning, tax, charitable giving advice).
If a partner brings in the biz (not a partner yet), they receive whatever is net of the firms operating expenses. Probably end up w/60% or so. If I help close the biz, I get 25% year 1, and it scales down to 5% by year 4, unless I’m the primary advisor. If I’m primary, I get 20% in perpetuity. That’s my structure for now as I get a healthy base salary, ic, and ps.