Individual Wirehouse Hurdles

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Boomer's picture
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Joined: 2005-04-01

I was wanting to get the current hurdles or goals for new FA's at the 3-4
major wirehouses.

I am only somewhat familiar with ML, which is:

15MM in 2 years (graduate in 2 years and you get 5K bonus and some sort
of stock package) (graduate in 1 year and get 30K cash bonus and 100K
stock)

-I could even be off a little, but this is what I remember from the interview.

Any others familiar with SB, Morgan, UBS....

Boomer's picture
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Joined: 2005-04-01

I know many of you are familiar with the other wirehouse pay setups...please
contribute

opie's picture
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Joined: 2006-06-15

ML  = $7.5MM PPYSB  = $7.5MM PPY UBS = $4.8MM PPY MS  = $4.0MM PPY
PPY is per production year, and is an average based on the first two years.  These may vary from market to market, and are approximates.  These are also to reach Tier 1 - most firms have tiers below that, but most BOMs are quick to suggest you aim at beating Tier 1 for, erm, job security. 

JCadieux's picture
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Joined: 2005-01-23

Expectations may also accelerate for experienced producers transitioning without books, or for career-transition candidates.Typically you will receive a significantly higher base than entry-level trainees, and performance expectations accelerate along with the base.For example, an established bank officer with a Series 7 license, a CPA and a strong natural market could be near the top of the salary range.  But he would be expected to hit his production goals in half the time in order to justify that salary.

Boomer's picture
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Joined: 2005-04-01

I was under the impression that SB's hurles are a little under ML's. But that may also be dependant on the market. (For SB, I heard 5M 1st year and 7M 2nd year)

opie's picture
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Joined: 2006-06-15

Boomer wrote:I was under the impression that SB's hurles are a little under ML's. But that may also be dependant on the market. (For SB, I heard 5M 1st year and 7M 2nd year) These are first tier hurdles.  SB has lower second and third tier hurdles, as noted earlier.  I doubt that SB first tier hurdles are lower than this in any market.

Boomer's picture
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Joined: 2005-04-01

You are right....they did mention the different tiers

opie's picture
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Joined: 2006-06-15

opie wrote:
ML  = $7.5MM PPYSB  = $7.5MM PPY UBS = $4.8MM PPY MS  = $4.0MM PPY
PPY is per production year, and is an average based on the first two years.  These may vary from market to market, and are approximates.  These are also to reach Tier 1 - most firms have tiers below that, but most BOMs are quick to suggest you aim at beating Tier 1 for, erm, job security. 

I misspoke: the UBS number above is close to the level (tier) 2 performance level ($4.5MM) .  The level 1 mark is $7.0MM.

tjc45's picture
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Joined: 2005-05-06

And, as with anything else, there are lines, fine lines ,and gray areas. These companies all look beyond the assets to production, ROA and numbers of new accounts. There are usually 4 or 5 tiers in each catagory. You could be in as low as the third tier in assets and still keep your job if you were, for example, in the top tier in new accounts. Excelling in one area buys you more rope. However, sooner later if you don't make something with it, you do hang yourself with it.

azmalu's picture
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Joined: 2006-08-29

boomer 5m...is what i have been told for first year....or 43 k in tickets...I dont know if year starts based on hire date or when exams are all over.....sw market...

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