Could I be making more at another brokerage house? Currently making $65k/year as a Registered Associate at Morgan Stanley Wealth Management. Fully licensed. 3 years experience. Understand and trade options.
Yes you’re definitely underpaid! I’d say $75-80k is more realistic.
More comp is possible at an RIA but it really depends on complexity and planning capabilities. Pursue a CFP and comp will increase. PM me for more details...
You’re near the peak unless you negotiate a % of the book.
Unfortunately registered csa's salary is very arbitrary, when I was at MS salary ranged from 50 all the way to the low six figures. See if you can get promoted to portfolio associate or wealth management analyst the firm might bump you up another 10 15k
I’m 3 years experience as a CFP at an independent RIA. I’ve found independent firms are way more willing to give responsibility and client facing opportunities where you can add value and attract new assets. Base is 80k with variable comp. this year TC will be between 150-170k. Lots of older advisors wanting to offload
Where do you work?
this is all sounds par for the course. somewhat what i expected to hear. my current goal is to join an advisor training program in april. if i get stonewalled, then i will consider other options in the firm or making a lateral move to a competitor for a higher salary
Enrolling in the CFP program will give you a much better opportunity to get into a training program. I’ve heard Merrill Edge is a decent program but the BD world is dying out so I’d heavily consider finding an independent
Honestly, I’ll be considering all options come April. My work environment has become toxic and coming in everyday has become a chore. I work for an FA now that is willing to help me through the FA training process and trickle clients down to me (he’s looking to retire in about 5 years). That’s the only reason I’m still here.
I would also mention that I wouldn’t put your ability to trade options on a resume. Irrelevant for 99% of jobs and employers are less likely to hire someone who they might assume (potentially incorrectly) is a high risk investor who might influence clients to act the same.
The reason I bring that up is not because I suggest options. More because we have clients that are active options traders and I’m the only non FA that understands them enough to make the trades for the clients. Doesn’t sound like a big deal, but you’d be surprised how little people understand them and how often i get asked questions on options from other support staff.
Ultimately depends on your value added to the FA team. Your range sounds about average. Your biggest boost will come from supplemental comp from the FAs.
If you are just a registered client associate you are probably on the higher end of comp for a major wirehouse. Is 65k your base from MS or does that include additional comp from advisors?
65k is TC with FA pay included.
Make yourself as irreplaceable as possible with the advisors client base and you can try to ask for a raise; but unless you are bringing in outside assets or taking over relationships entirely, you are probably nearing the peak. See if you could join as a junior advisor on the team, alot of senior advisors need succession plans for their practices.