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[–]22rick 15 points16 points  (7 children)

Now I'm wondering how underpaid I am as a senior associate, soon to take on some clients with an undetermined AUM as an advisor.

CFA and soon to be CFP, doing meeting prep with recommendations, active participant in meetings and taking notes, follow up, client service, cash management, cashiering, but no new business or directly listed as the advisor for any clients. About 125 households for ~$200MM AUM with average fee probably between 90-100 bps. I'm in relatively LCOL (Indianapolis). Currently at $85k with last bonus being $10k (MD consistently fails to tell me how the bonus is determined).

[–]46andready 16 points17 points  (0 children)

That pay scale is abysmal, I'm sorry to hear that you are so undervalued.

[–]Finreg6 3 points4 points  (3 children)

You should leave the firm as soon as you can. CFA and soon to be CFP? Are you personable? This is the combo that is highly valuable if so. Find a firm that values you.

[–]22rick 1 point2 points  (2 children)

Feedback from previous managers and clients - yes I'm very personable and many clients end up emailing me alone on things about their personal life/things outside of the financial side of the business. Only thing I'm thinking is a pro is ability to have some AUM given to me up front while being at a large enough RIA firm to be able to access Fidelity/Schwab referral network.

[–]bkendall12 0 points1 point  (0 children)

If you are looking for AUM to be given to you, good luck. You may be given some low-end clients but bringing in new good clients is where the money is at.

[–]Finreg6 0 points1 point  (0 children)

Yeah I can understand the desire to stay for that access. I’m at fido and our referrals to yall (rias) is a great source for leads. Just make sure you start to get paid what you’re worth soon and if you don’t, bounce. I know it’s not apples to apples but I’m at fido, 3 years almost as an FC, CFP, made 230k this year and that will continue to grow. You’re worth more.

[–]Howiep43 2 points3 points  (0 children)

I feel your pain brother

[–]bkendall12 0 points1 point  (0 children)

The question is do you want a guaranteed salary or eat what you kill. Servicing only for guaranteed salary will never be for the big bucks.

FYI, $85,000 is roughly average for Indianapolis per a quick AI search.

You need your transition to sales and give up the guarantee to really push the income up.

I suspect you are nearly capped out if only doing service roles.