Payout grids at cr unions w/lpl
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I would appreciate it if anyone out there at any credit union/bank using LPL as your broker dealer can let me know your payout grid or if your cr. union/bank is on a flat payout percentage across the board, that would also be helpful.
Also, does your credit union or bank charge your net or gross w/LPL TICKET CHARGES or does your cr.union/bank absorb the ticket charges. Many thanks for all helpful responses.[quote=charlie2]I would appreciate it if anyone out there at any credit union/bank using LPL as your broker dealer can let me know your payout grid or if your cr. union/bank is on a flat payout percentage across the board, that would also be helpful.
40% payout starting at 250k production. This number rises as your production rises. Also, does your credit union or bank charge your net or gross w/LPL TICKET CHARGES or does your cr.union/bank absorb the ticket charges. the Bank absorbs all ticket charges Many thanks for all helpful responses.[/quote]Many thanks for your response. Can you tell me what the payout is below 250K, BETWEEN 170-225K?
I am currently in a credit union program where because I don't do a lot of mut. fund business and don't do annuities, but do a lot of fixed income, corp bonds, muni bonds, stocks, etc., the ticket charges at LPL are on the high side and as an example, my gross was 15,300 and ticket charges were 1800+dollars. My boss has been continuously for 3 years deducting ticket charges off my net and is using a 10 year old grid where if you gross between 15k-29,999, you get 25% payout and if you gross 30k-44,999 you get 30%, then 45k and higher is 40%, so at the end after all the deductions, there is not a lot left. Sorry for the long details, but thanks for any responses.I only wish that was the payout for me. I am being charged ticket charges against my net AND a grid where I don’t even receive 30% (NOT 40) until 30K gdc is produced.
[quote=charlie2]Many thanks for your response. Can you tell me what the payout is below 250K, BETWEEN 170-225K?
I am currently in a credit union program where because I don't do a lot of mut. fund business and don't do annuities, but do a lot of fixed income, corp bonds, muni bonds, stocks, etc., the ticket charges at LPL are on the high side and as an example, my gross was 15,300 and ticket charges were 1800+dollars. My boss has been continuously for 3 years deducting ticket charges off my net and is using a 10 year old grid where if you gross between 15k-29,999, you get 25% payout and if you gross 30k-44,999 you get 30%, then 45k and higher is 40%, so at the end after all the deductions, there is not a lot left. Sorry for the long details, but thanks for any responses. [/quote] So on $15,300 GDC you netted around $3400? Yikes. You could go indy and net more doing 10K per month in gross.[quote=charlie2]Many thanks for your response. Can you tell me what the payout is below 250K, BETWEEN 170-225K?
I am currently in a credit union program where because I don't do a lot of mut. fund business and don't do annuities, but do a lot of fixed income, corp bonds, muni bonds, stocks, etc., the ticket charges at LPL are on the high side and as an example, my gross was 15,300 and ticket charges were 1800+dollars. My boss has been continuously for 3 years deducting ticket charges off my net and is using a 10 year old grid where if you gross between 15k-29,999, you get 25% payout and if you gross 30k-44,999 you get 30%, then 45k and higher is 40%, so at the end after all the deductions, there is not a lot left. Sorry for the long details, but thanks for any responses. [/quote] How in the world could ticket charges be 1800 dollars for a month?[quote=noggin][quote=charlie2]Many thanks for your response. Can you tell me what the payout is below 250K, BETWEEN 170-225K?
I am currently in a credit union program where because I don't do a lot of mut. fund business and don't do annuities, but do a lot of fixed income, corp bonds, muni bonds, stocks, etc., the ticket charges at LPL are on the high side and as an example, my gross was 15,300 and ticket charges were 1800+dollars. My boss has been continuously for 3 years deducting ticket charges off my net and is using a 10 year old grid where if you gross between 15k-29,999, you get 25% payout and if you gross 30k-44,999 you get 30%, then 45k and higher is 40%, so at the end after all the deductions, there is not a lot left. Sorry for the long details, but thanks for any responses. [/quote] How in the world could ticket charges be 1800 dollars for a month?[/quote] I'm sure this is off considerably, but as an example, you do 75 tickets at $10K each, 2% average GDC per ticket, that's your 15K gross and $1800 ticket charges. I don't know what LPL's ticket charges on securities are, but I am assuming it's between $20-$25? I am just basing this off the fact that he doesn't do much fund business, does a lot of individual securities, probably lots of small tickets.I didn’t consider that he was doing no packaged products so it is probably possible for that to occur. The ticket charges would be taken before the net is done, sounds like his boss is taking them out twice to me.
I only wish that was the payout for me. I am being charged ticket charges against my net AND a grid where I don’t even receive 30% (NOT 40) until 30K gdc is produced.
I hate to tell you this...but you're getting screwed over partner. The net payout that shows up in your paycheck is a result of the deal that you negotiated with your credit union. Those ticket charges are a negotiable item. You either need to revisit this item with your credit union or find yourself a better deal. That horrible payout is also a negotiable item. Bank reps got a bad rep in part due to these type of payout deals that still are out there, it's a shame. Just remember every dollar you leave on the negotiation table is just more profit for your credit union. LPL pays the same gross payout to your financial institution as mine, my net payout is greater because I negotiated it...you can do the same.
base salary $27,500
0 to 10k 15%
10 to 20k 20%
20 to 30k 23%
30 to 40k 25%
40 to 50k 27%
over $50k 30%
All benefits, car, phone too.
2k per month draw and (no additional fees, ticket charges or expenses taken out):
0-10K = 25%
10,001-20,000 = 30%
20,002-35,000 = 35%
35,001-50,000 = 40%
50,001+ = 45%
$250 per month for expenses
$50 per month for cell
$800 million deposit base
5 branches
60k/year salary +
0-10K = 0
10,001-20,000 = 20%
20,002-30,000 = 25%
30,001-40,000 = 30%
40k+ = 35%
Plus all reasonable expenses, mileage, and phone
[quote=justcheckin]
60k/year salary +
0-10K = 0
10,001-20,000 = 20%
20,002-30,000 = 25%
30,001-40,000 = 30%
40k+ = 35%
Plus all reasonable expenses, mileage, and phone
[/quote]
are you with LPL? I can't figure out how to send a private message. Would love to talk with you.
i'm just wondering.. with all the discussions here... i'm a bit confused if the managed accounts of lpl have reductions to grid after the wrap fee is sent?
or are admin fees taken out before or after the payout goes to the grid?
in case, will there be a minimum reduction amount?
i'm hoping someone can enlighten me on this... i would like to try doing financial investment and would like to learn how it works out there.