Financial Advisors

Would you rather be paid hourly vs. salary?

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Not gonna lie I worked at morgan Stanley for a year and a half on salary and didn’t bring in a single piece of business. Went to an independent office after and the managing partner refused to pay me a salary at all but said he’d teach me how to market and do seminars. Put my first one on my credit card and never looked back and I’ll be in debt to him for the rest of my life. Made me realize the most valuable thing someone can do is teach you to fish not fish for you for the first few years.

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Ummm. Can I pick none of the above?

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Eat what you kill is all I’ve known.

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Commission/fees! Why would you want a limit on your income???

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I think in the beginning it is VERY important that beginning representatives be paid a decent salary with reasonable goals... we as an industry lose too many good people by not supporting them in the first four years of business

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Yeah wasn’t any issue with drive it was issue with no one teaching you anything like not even how to open an Ira account or when to use certain products versus others. Put in the right environment and I’m on pace to do $500k in production in my 3rd full year of independent because now I have a system in place. Also I’m 29.

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I disagree. If they were good enough they would make it. Drive, determination, willingness to take the risks. It’s been my observation that a base provides a level of comfort that holds good people back from their full potential

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Your right it’s not easy if your broke but plenty of people do it. Just like Will Smith in Pursuit of Happiness. Instead having his son sleep in shelters and public bathrooms, he could have given up and gotten a job at Mcdonnalds. But no he persevered, hustled, side hustles and became very successful in this business.

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Wow JB, bringing the mud. A salary until you build a book big enough to pay you more than the salary is not getting taken, it's being supported until you can be self sufficient. Being on a salary when you first start building a book doesn't make you lazy. I started with a salary and worked my butt off. Thanks to the base I was able to feed my kids. Since commissions are a dying thing in today's fee based world it is harder to start out. Back in the day you could sell $2mm commission based and take home $100 to $120k before BD cut. Now you need $15-20mm AUM to earn the same pay, and that takes longer to build.

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If your getting salary your lazy and your getting taken. Work hard, meet people and close business and you’ll make 10x + some three year salary proposition. Take it from someone hat passed on the lazy route and took the risk of working hard.

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PWA1.... ok... month one how do they feed their family and pay their bills?

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First, hourly is for jobs, not careers. As an FA, It depends on the personality and the firm. My first firm was a mix of commission and fee based, so I used commission to pay the bills and tried to build fee based for long term sustainability. My new firm is 90% fee based. In the fee based world a salary, with structured expectations and training/guidance/ supervision, is a necessity at first. FA2, at my current firm you'd have been canned 3-6 months in. Our firm vets new advisors hard, pays a salary for up to 2 years, then it's eat what you catch. We have roughly 70 active advisors and over 90% advisor success rate. If you are not naturally driven enough to succeed while given a salary you need to find a different field.

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