Salary and timeline of a Financial Advisor?
Hey all,
I was wondering if anyone can share some insight on what the starting salary and career progression looks like starting off as a financial advisor at a bulge bracket like MS or JPM.
I recently just graduated this summer after having to take one class, and after many interviews I don't have anything substantial. I was wondering if getting hired by a team with close to a billion in AUM, would start off paying a salary, or if it is entirely all commission. And if salary, what exactly could it be
Thank you.
Don't get into the Business bad time to join. But if your group already has 1B? Then jump in the deep end bud. Might start off salary + comm until you add to the book of business they have then straight commish.
Hopefully thebrofessor can chime in but it was under my impression that most PWM programs that aren't PB-like usually pay you a 40-60k salary at first and then make comp more and more commissions-heavy as you go along.
Ask them of those that started three years ago how many are still working there, then ask yourself why you would be different.
2 very different places. MS is traditional PWM, JPM is more of the PB model.
guessing it's MS based on your question. this will be entirely dependent upon the team, but I don't think it'd be unreasonable to ask for 50-60k plus incentives
thank u all. and thebrofessor u were spot on with figuring out the company hahaha. When u say incentives, do u mean like a benefit packages, or do u mean like actual incentives to bring in new clients for an end of year bonus?
read my 4 part series on PWM. your comp package is entirely determined by your team, there are no set parameters. I've seen incentives based upon numerous metrics, but again it's all decided by your team and negotiated by you.
as with any job, you need to know what success looks like, what specifically will you be measured on? ask them about ways to earn add'l compensation? if you are loyal to them and successful, what does future growth look like?
and by incentives I mean add'l comp, not benefits like health & retirement
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