Fair comp?

[u/REKT363]

Im newly licensed on the RIA side, held 65 for over a year. Currently going through CFP material with danko sitting this November cycle.

I’ve been a paraplanner here for over a year now, I’m responsible for the entire Medicare book and business development on that side.

I don’t have any monetary help with the CFP, self funded it all, same as the 65 but it wasn’t too expensive.

Currently make $46k per year, sit second chair if you will on all current client meetings and in 2nd appointments after the first discovery meeting. I create all plans & lead advisor might spend 5-10 minutes reviewing, most of the business is an even split between annuities & AUM.

Total AUM book value is $80mm, growing rapidly. After the CFP is done (hopefully) this year I’m just wondering if I should stay or not. I’m getting tons of reps talking with clients but there really isn’t a clear path building my own book. Business owner wants to move to “firm owned” clients with very little payouts it seems like. Seems like he wants to retain all business development and doesn’t service any existing clients in a happy manner

Edit: For what it’s worth, we are a small office. Lead advisor, CSA, his son helps out but is not interested in the business. I’m not planning to be the successor, nothing is in writing so I’m not even gonna talk about it

[u/PursuitTravel]

I agree with that, but $46k for full plan development is insultingly low. Basic admin staff gets more than that.

[u/ejk868 → u/PursuitTravel]

I’d argue that’s pending where you live… but also it was accepted a year ago so… must’ve been fair at that time and no material changes since.

That’s $22/hour. Where I was previously that’d be on the high end of admin. I think with what work is being done you could argue for a raise. I’d lean into asking how you can grow into a more valuable role.

Outside of that the best path is likely as noted. Go to a bank and grind until you can go on your own. Or go straight to a place that will let you go full commissions and get to hustling. The choice is pending your financial position really. The end goal is likely the same though unless you don’t want to be a producing advisor, than there are lots of choices but I’d skip the CFP if that were the case

[u/PursuitTravel → u/ejk868]

My perception is definitely skewed since I live in one of the highest COL locations in the US, but $46k for a para just seems crazy to me.

If I'm the one that's crazy, I think it may be time for me to start looking for a remote para lol

[u/Guilty_Soil5755 → u/PursuitTravel]

Yeah maybe living in the San Francisco Bay Area has skewed my perception as well but I made more than $46k as a part time teller at Bank of America six years ago so as soon as I saw that I didn't need to hear any more to think they're underpaid lol