Wealth Management Salary
So my friend is trying to claim his boss who sells insurance makes close to $1mm per year. Is there any way this is true? Sound way way way too high but manages his own book I guess
Sep 21, 2020
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within wealth management the sky is the limit for salaries. This is primarly a function of how many clients you are able to sign/have in your book. Much easier said then done. So, the salaries flucutate a lot more than other finance positions. 900k is probably cap but def could be making a lot.
Nah its definitely possible. I used to work for a team in PWM at one of the main BB banks, and the MD on my team made about 1.5M/year. He was probably the 3rd highest paid MD in the office in a tier 2 city (top MD in the office made somewhere between 2-3M/year).
yea i get that but was the MD 29 years old? bc in this scenario this guy is
I'm not sure with insurance sales like you alluded to, but in PWM that would be pretty difficult/impossible. My old VP was 28/29 and was making about $450K, but he was doing really well comparatively. I guess it could be possible in theory given the pay structure, but you would have to be an absolute rockstar.
Its possible if he bought or inherited the book of business from a retiring advisor who could have had a large client AUM. This probably wouldn't happen at a BB but I don't know the industry that well.
In insurance I believe you make commission off of new AND renewing clients. This does not seem ridiculous if he has many clients who are happy with the product and his services.
bro.. this is not insurance, this is wealth management. These insurance guys smh
Laughed so hard at this lmao
Independent FA so our comp system is different. 100% commission but much higher percentages. Do both wholesale and retail. Know several that make 1M+ on new business each yr. Know several that make 1M+ on BOTH (each) managed money and insurance. It's not easy. It takes time. But once you have a client base built up you spend your time advising and closing, not searching for prospects.
Largest case I ever worked on (wholesale) - advisor placed 3 50M life contracts on business partners to fund a succession plan. He made 900k on the sale (I made 160k). Took about a yr to close and the underwriting was very challenging.
If you tap in to the right market and build a good reputation, very doable. But this is a career, not a launching pad. Early yrs are tough. Knowledge of the financial markets is very helpful as is being an expert in your planning area and overall business acumen.
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