Oh, so a "real" broker is someone who comes on a message board and discourages people who are trying to get into the industry.  Looks like I already found someone who I can look up to in the industry,  My Inner Child seems like a real quality figure in this industry. 

Just because you feel discouraged doesn't mean I made you feel that way.

Dont listen to my inner child, the guy is obviously a piker. Wadred, you seem

hungry, just work hard , network, pound the phones and dont let the

rejection get to you. Build a book and then you will write your own ticket.

Any BM would pick a young hungry guy with 50mmAUM over a Merrill guy

with 15. Keep on trucking man, as for My Inner Child, dont sweat him, when

you are a BSD youll be able to give him a job cold calling for you.

[quote=rook4123]

Sorry bud, I’m not in the carolinas, but I will comment on EDJs new
structure especially their pay scale. It is very possible to make 100+
first yr with all the bonuses and what not,  which lasts for the
first 3yrs. Also, since they are requiring their brokers to get the 66,
it is my speculation they are going to be targeting higher net worth
folks.

[/quote]



Now THAT’S FUNNY!

[quote=rook4123]
Sorry bud, I'm not in the carolinas, but I will comment on EDJs new structure especially their pay scale. It is very possible to make 100+ first yr with all the bonuses and what not,  which lasts for the first 3yrs. Also, since they are requiring their brokers to get the 66, it is my speculation they are going to be targeting higher net worth folks.
[/quote]

No Joe, that's funny.

[quote=dude]

[quote=rook4123]
Sorry bud, I’m not in the carolinas, but I will comment on EDJs new structure especially their pay scale. It is very possible to make 100+ first yr with all the bonuses and what not,  which lasts for the first 3yrs. Also, since they are requiring their brokers to get the 66, it is my speculation they are going to be targeting higher net worth folks.
[/quote]

No Joe, that's funny.

Underline the VERY POSSIBLE part of that statement and it brings tears of laughter to my eyes. 

Even at the wirehouses it's not VERY POSSIBLE to make $100k plus in the first year.  Possible, sure...'very' implies probable and I think that's VERY funny.  Very few in this business make over $100k in the first year, unless they are being subsidized by a VERY nice salary package.  That's not happening at Jones, I guarantee.

When all is said and done you have to do about $300,000 (generalizing big time) in production to earn over $100,000 in income.

What does this mean?

For a commission producing broker with an average commission of 3% (which is very high, most I have seen are between .75% to 1.25% aggregate ROA) you'll need to invest $10,000,000 for clients.  Most here will agree that in order to get $10,000,000 of assets invested you'll probably have to actually gather around $15,000,000 in assets.

For a fee based broker the figure is more like $20 to $30 million depending on the fee you're charging and whether or not there are some commission based sales mixed in.

There are very, very few rookies doing the above numbers in their first year...these are the superstars in our business (bringing in $20 mil plus in the first year) and represent the extreme minority.

I will reiterate that salary packages obviously change the equation and one can definitely do less business in their first year relative to how 'plush' the salary is and assuming that commissions/fees are not somehow reduced or forfeited (which some firms do).

It's my belief that Merrill Lynch and Smith Barney are the best places to make $100k plus in the first year.  This would mainly be for  those who have earned serious coin in another industry and have a head start (through contacts, natural market etc...).  My understanding is that Merrill and Smith Barney are the most generous with training salaries.