Cdn, if that's the case, does that mean financial planners / stockbrokers snub those that don't have large asset and only deal with the large accounts? sucks for the little guys
Depends on the broker. But generally client service is better(not necessarily rates of return) the more assets you have as a client.
1/2 the people I work around are former brokers. Many of them did make a good six figures at one time as brokers. But ALL of them now say the commission structure has changed so much for the worse that it is hard to make much at all. I was not a broker though, so I can't speak from personal experience.
Back in 1996, I knew of an equity-derivative sales/trader that was hired right out of business school at UCLA by a global investment bank to the tune of $125,000 total package. Salary: $85,000 Signing Bonus: $15,000 Guaranteed Bonus: $25,000 About 5 years later he had to leave the firm ahead of getting axed and is now at a buy-side fund at substantially less pay. As we all know, the buy-side guys get worked to death and the pay sucks, with most upper-level management guys unable to really quantify what kind of value a "trader" adds to portfolio management.
Thanks Torn- for postings this. All the I-Banking positions worth having either here or overseas(Asia or Europe) are with base salaries at a min. mark of 250k. I was laughing out loud when I read some of these posts with bases at 85k and 10k signing bonuses. Sounds like a floor clerk's package to me. Nonetheless was worth a good laugh. Hell if the guy who started this thread even took a second to jump on Hotjobs or Monster could get an idea of where the salary ranges sit. Personally I think checking Craigslist for the NYC area would lend better results. Heres a posting from a while back: Equity Trader Original URL: http://www.craigslist.org/nyc/bus/4443185.html Posted by: abarbato@stammagency.com Posted on: Wed Jun 26th 10:03 AM Making markets in NASDAQ stocks is the heart of this career opportunity for the Market maker with at least five years experience and their own list of equities. Your OTC market-making experience and active NASD Series 55 will win this interview with our client. Our client makes markets in over 700 NASDAQ stocks, including NASDAQ initial public offering and secondary issues. Several of their senior traders make over half a million dollars a year. The customers of their NASDAQ/OTC and OTCBB market making operation are correspondent broker-dealers, on-line retail order flow and institutional investors including investment managers for mutual funds, and banks, life insurance companies and options traders. Salary Survey: A typical Senior Market Maker working in New York, NY is expected to earn a median base salary of $210,060. Half of the people in this job are expected to earn between $154,086 and $277,487 (i.e., between the 25th and 75th percentiles). These numbers are based on national averages adjusted by geographic salary differentials. (This data is as of December, 2000:NYTimes) This is an excellent career opportunity for the sell-side Series 55 registered senior market maker that would like to join a growing broker dealer. Contact Arthur Barbato for confidential off-hour interview. Now is the time to make your move! Call Arthur Barbato to discuss a confidential meeting today. Send resume: abarbato@stammagency.com http://www.jobs4wallst.com Please put your name in the subject line. 212)-509-6600 Call Arthur Barbato to follow up on your resume email. Happy Hunting! -momo
MOMOTRDR: "Several of their senior traders make over half a million dollars a year." "Salary Survey: A typical Senior Market Maker working in New York, NY is expected to earn a median base salary of $210,060. Half of the people in this job are expected to earn between $154,086 and $277,487 (i.e., between the 25th and 75th percentiles). These numbers are based on national averages adjusted by geographic salary differentials. (This data is as of December, 2000:anytime)" You can live with that kind a salary? My girlfriend alone will "eat" the whole year salary...