Practice Management

Sales Assistant Survey 2010: The Numbers

Sales Assistant Survey 2010: A Return to Good Times?”

Oct 01, 2010

How They Spend Their Time

Which of the following best describes your job responsibilities?
	Respondents	Percentage
Client service (answering simple questions, helping with paperwork, communicating with clients)	85	50.3
Client management (taking trade orders, advising clients on investments, developing investment strategies)	61	36.1
Other	22	13

Do you have prospecting or cold calling responsibilities?
	Respondents	Percentage
Yes	12	7.1
No -- Company uses specialized cold callers	6	3.6
No -- Financial advisors do it	123	72.8

How much time do compliance duties take up?
	Respondents	Percentage
The vast majority of my time	19	11.2
Half my time	51	30.2
Some of my time	80	47.3
Very little time	17	10.1

Is this more or less than last year?
More	94	55.6
Less	6	3.6
The same	68	40.2

Does your office engage in social media activities (Facebook, LinkedIn, etc.)?
	Respondents	Percentage
Yes	27	16
No	142	84

If yes, to what extent are you involved in developing/maintaining social media activities?
Very involved/I'm primary contact	7	25.9
Somewhat involved	10	37
Not at all involved	10	37

About how many hours per week do you work?
	Respondents	Percentage
26-35 hours	5	3
36-40 hours	82	48.5
41-45 hours	65	38.5
46+ hours	21	10.1

Which best describes your involvement in setting business strategies and goals of the financial advisor(s) you work for?
	Respondents	Percentage
Not involved in/aware of strategies and goals	15	8.9
Aware of strategies and goals but not involved in their development	44	26
I provide some input into goals and strategies	74	43.8
I am an integral part of goal and strategy development	35	20.7

Client Engagement

What percentage of your time is spent talking with clients about how their investments have performed?
	Respondents	Percentage
60-79%	5	3
40-59%	25	14.8
20-39%	45	26.6
Less than 20%	92	54.4

What percentage of your calls are you able to resolve without the help of an advisor?
	Respondents	Percentage
80%+	63	37.3
60-79%	22	13
40-59%	29	17.2
20-39%	17	10.1
Less than 20%	33	19.5

Compensation, More Optimism

Which best describes your firm?
	Respondents	Percentage
Wirehouse firm (Merrill Lynch, Morgan Stanley Smith Barney, UBS, Wells Fargo Advisors)	64	37.9
National full-service brokerage	39	23.1
Regional full-service brokerage	14	8.3
National independent broker/dealer	18	10.7
Regional independent broker/dealer	7	4.1
RIA, AUM over $1 billion	1	0.6
RIA, AUM under $1 billion	5	3
Financial planning firm	6	3.6
Bank brokerage	8	4.7
Other	6	3.6

What's your bonus based on? (note: some multiple answers)
	Respondents	Percentage
At the discretion of the advisor	74	43.8
Financial advisor's production	59	34.9
At the discretion of the firm or branch manager	59	34.9
Achievement of preset goals (performance review)	29	17.2
Do not receive bonus	16	9.5
No reply	5	3
Other	4	2.4

How do you expect total compensation (salary and bonus) in 2010 to differ from 2009?
	Respondents	Percentage
More than in 2009	78	46.2
Same as in 2009	58	34.3
Less than 2009	29	17.2
No reply	4	2.4

2009 total compensation (salary and bonus)
	Respondents	Percentage
Less than $20,000	2	1.2
$20,000 to $24,999	--	--
$25,000 to $29,999	5	3
$30,000 to $34,999	9	5.3
$35,000 to $39,999	23	13.6
$40,000 to $44,999	25	14.8
$45,000 to $49,999	22	13
$50,000 to $59,999	30	17.8
$60,000 to $69,999	23	13.6
$70,000 to $79,999	12	7.1
$80,000 to $89,999	8	4.7
$90,000 to $99,999	2	1.2
$100,000 to $109,999	4	2.4
$110,000 to $119,999	--	--
$120,000+	2	1.2

2009 bonuses
	Respondents	Percentage
None	26	15.4
$1 to $999	16	9.5
$1,000 to $2,499	32	18.9
$2,500 to $4,999	26	15.4
$5,000 to $7,499	19	11.2
$7,500 to $9,999	11	6.5
$10,000 to $14,999	13	7.7
$15,000 to $19,999	6	3.6
$20,000 to $24,999	6	3.6
$25,000+	13	7.7

An Associate At A Glance

Gender	Female (88.2%)
Age	44
Average years of experience	14.1
Jobs held since beginning of career	2.6
2009 average pay (salary+bonus)	$53,862
2009 average bonus	$6,571

TAGS: Research / WMIQ Practice Management

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