Financial advisor TC at MERRILL
I was wondering how much is financial advisor TC at Merrill Lynch in Los angeles area with S7, S66, CRPC
This guy has no idea what you’re talking about. You’re not going to be working 80+ hours building a book as an FSA unless you absolutely suck. But yeah look at around 60k plus commission for FSA. FA on the other hand is a completely different scope of business where you bring your own book and work on your own. A true FA isn’t salary based. They are 100% grid/commission.
Little confused here. What is difference between FSA and FA? I thought both were same, they train you for 3 years through BOA book and then you go out to get clients to build the book?
Met a fidelity FA who said Merrill is grind house but the TC is super high and good WLB after few years once you put the initial work upfront
How is the career scope of Financial advisors? My friend is getting a Financial advisor major @ uiuc and the program started on 2019. I told him it might be dangerous as the program is still new.
Basically a sales job but if you are good after 10+ years its not uncommon to see guys making 500k+ TC. I think like 80%+ drop out though. The real money comes in the form of referrals over the years. Think mgmt fee is around 1% so if you can get 100 mil under management (could be a few dozen people, could be thousands) to make 1 mil a year.
That’s revenue. A wirehouse will pay you ~45% of revenue, so $450k
If by FA, you mean as in running a traditional advisory practice, your comp is 101% dependent on the size of your book. There are FAs at ML who -take home- seven figures in CA. Others starve and/or wash out. Its on you.
Hey OP RGKx38, Any tips on path to Google?
In 5 years you should make 1M plus if you have a network of high earning people such as engineers… seriously it is all commission and the job is just talking to people.
I’m guessing you don’t have a book of business given you are at Google. Salary is typically around 60k rest is bonus/commission. Enjoy working 80 hours+ a week building your book.
Says for FSA it’s 75-85K and FA is 100K max?
Are you talking about the top of the base range? Or are you asking about if there is a total compensation cap?