I'm a Financial Advisor Assistant.....Am I paid enough?

6 replies [Last post]
moneyguy88's picture
Offline
Joined: 2014-04-25

I've been in my position for a year and half. I'm 7, 66 and L H VA licensed. I take home 32,9k with no benefits. Am I paid enough?

FEEONLY's picture
Offline
Joined: 2014-08-19

If that's all you get then yeah that's a little low. 33k might be a decent base if you get bonuses and benefits. You are registered sales assistant I think you should be making at least 38-40.

moneyguy88's picture
Offline
Joined: 2014-04-25

Thanks for your response feeonly.

The Big Ticket's picture
Offline
Joined: 2010-03-18

I think it depends on who you're working for and where you live. Are they a big producer? What is the cost of living where you're at? What are your goals for your career? Do you eventually want a book?

I give my assistant bonuses plus health and retirement benefits. My production is not near $1mil, but I cannot afford to lose her with all of the households I have. She's not licensed (I recently lost a licensed assistant), but once she gets licensed I told her those bonuses will increase.

moneyguy88's picture
Offline
Joined: 2014-04-25

Thanks Big Ticket. My producer does ok in production. Their GDC is around 270k. My goal is to go into production myself. My producer and I are currently working on a death/disability agreement where I would take over his book. To clarify from earlier, my gross is 32,9k but I take home about 28k. Currently I'm not paid bonuses or benefits of any kind.

braveheart's picture
Offline
Joined: 2005-01-06

All good responses. I think the location where you work is a factor as Big Ticket mentioned, if you care to disclose. Also, I assume the producer you work for is an independent, and in that case he should be at an 80-90% payout. If he gets lower than that, that might be a reason he can't pay much for you.
It is nice to hear he is putting a contingency plan in place, however, that sounds like it is only covering an unplanned event, you may want to get some more clarification on his succession plan to see if you will really be able to work a deal to acquire his practice in the future.

Hope this helps a bit.

Victoria
http://www.GoingIndie.com

indyaftereverythingelse's picture
Joined: 2014-09-15

I think it is kind of surprising that someone with 270K GDC has an assistant. It sounds like they actually have bigger plans for you and you are actually the succession plan. In that case, find out exactly how long you will be in this role. If you don't like the answer, start shopping other reps to join to take over their book. Not hard to do at all. Just go to broker check, type in some well known independent firms and your zip. I found 150 in a 25 mile radius from my zip. Find some that have been in the industry for 20+ years and ask to take them to lunch. You would be surprised at the amount of feedback you get. Bonus if they are the same broker dealer you are now as the accounts don't need to be repapered.

Please or Register to post comments.

Industry Newsletters
Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×