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3bcswins3 View Drop Down
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    Posted: Sep/24/2017 at 3:30pm
Hello, I've been licensed for two years through a regional bank. I have started the quest of becoming a full time financial advisor instead of being a licensed banker with several other responsibilities besides investments. I have been offered a job by a different regional bank's investment company to be a junior advisor. I have not yet accepted this offer because I expect another offer from a smaller family owned firm. I will be accepting one, but not sure which one yet. The bank is offering 20% commission on sales over 25K. Does this mean I would make 18K on a 100K sale? That seems unreasonably high. Anyways, I look forward to being a member of the advisor heads community!
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bc2051 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Sep/24/2017 at 3:51pm
It means you’ll earn 20% of the commission or management fee. They keep 80%. So if 100k is managed at 1%. You get 20% of that 1k or 200 bucks. Or if they pay a commission of 4% on the 100k, you end up with $800. Keep looking as most places pay double that or more than triple if you’re an indy.

Does it come with a salary? If so, this might make sense

BCS = Bowl championship series? Who’s your team?
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advisorman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Sep/24/2017 at 7:31pm
I think it stands forBig Chrese sucks
King of sarcasm and speling
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3bcswins3 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote 3bcswins3 Quote  Post ReplyReply Direct Link To This Post Posted: Sep/24/2017 at 8:18pm
The bank I currently work at pays 20 basis points on the amount of the sale so I make $250 on a 100K sale as a licensed banker. I will need to call and find out more tomorrow because I figured I would be getting at least $1,000 on a 100K sale. I assumed I would get much more substantial commissions as an advisor working for an investment firm than as a banker. Also, I did get offered a salary, but it is much lower than my current salary I'm receiving as a licensed banker.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jmhalvo Quote  Post ReplyReply Direct Link To This Post Posted: Sep/24/2017 at 8:54pm
Originally posted by 3bcswins3 3bcswins3 wrote:

Hello, I've been licensed for two years through a regional bank. I have started the quest of becoming a full time financial advisor instead of being a licensed banker with several other responsibilities besides investments. I have been offered a job by a different regional bank's investment company to be a junior advisor. I have not yet accepted this offer because I expect another offer from a smaller family owned firm. I will be accepting one, but not sure which one yet. The bank is offering 20% commission on sales over 25K. Does this mean I would make 18K on a 100K sale? That seems unreasonably high. Anyways, I look forward to being a member of the advisor heads community!
A-share mutual funds pay about 2,750 on 100k. You would get 550 bucks. If you went to Edward Jones you would get 1100 bucks. If I did that at my Indy B/D I would get 2530 bucks, but you won't be able to get that kind of payout for years.
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3bcswins3 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote 3bcswins3 Quote  Post ReplyReply Direct Link To This Post Posted: Sep/24/2017 at 9:03pm
Would annuity sales be about the same?
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Jmhalvo View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jmhalvo Quote  Post ReplyReply Direct Link To This Post Posted: Sep/25/2017 at 8:35am
Annuity commissions are higher, but dropping. About 5% up front, or 5000.00 on 100k sale of which you'ld get 20%. Keep in mind the world is moving away from commissions to Advisory Fees (nothing paid upfront). Clients prefer to "pay as you go", and the government discourages commissions as well. Commissions mean you are a "salesperson", not an advisor. Fees are generally about 1% per year although it sounds like you're not yet licensed to do that. Moving forward it will be very tough to only do commissions- no one on this forum does that anymore.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Macduff Quote  Post ReplyReply Direct Link To This Post Posted: Sep/25/2017 at 10:03am
Honestly? Based on your verbiage, I don't know that I want you selling anything to anyone. I think you need to learn more about the industry and what we do before you worry about selling anything to anyone. 
“I was born for the storm, and a calm does not suit me.”

― Andrew Jackson
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