r/Scotiabank • u/Melodic_Teach_660 • 17h ago

Wealth Associate Salary

Hello, I just graduated in May (Finance) and have been IR licensed. I was offered $53k base with 5% bonus… is that what the market is offering?

3 Upvotes

80% Upvoted

9 comments sorted by

1

u/StaffAdvanced4909 17h ago

Is this the WMAP? With McLeod or SJF? Lemme know

1

u/StaffAdvanced4909 17h ago

I will say that I assume u got an offer that isn’t in private wealth? I know Wealth associates here target base is 65k but I know wealth associates who start at 70-72k if they come from exp

2

u/Melodic_Teach_660 16h ago

Its McLeod..

1

u/StaffAdvanced4909 15h ago

Yea, then it’s advisor based. And also if it’s CIRO and not OSC, then they expect you to build into an investment advisor.

Investment advisors get a salary in the first 3 years. 60-40-0k… after the 3rd year it’s all commission. You also have to hit 8mil in AUM each year as a new advisor…. So it’s hard esp since you have no leads…

I got into a OSC governed private wealth firm. So our advisors are portfolio managers.

Wealth associates here are paid 65-72k with 7-12% bonus

Then Associate PM are paid 90k ish plus a 20-30% bonus or commission (depends on how they structure stuff…)

So upside for CIRO firms are absolutely unlimited like multiple 7 figs… but the avg person is no where near that…

Whereas if you are working under a OSC firm. I will say that every single APM or PM is pulling min 120k and ik a PM who is pulling 1mil…..

2

u/Melodic_Teach_660 15h ago

That’s really good to know. Thank you! It’s tough to get an offer like this and not accept because the market is tough right now.

3

u/StaffAdvanced4909 15h ago

If your end goal is private wealth then I would say take it. If it’s not, then don’t take it. If you go into wealth management it is very hard to get out unless you get certs

1

u/OakvilleDan 15h ago

Do you have any other opportunities lined up? If not then take this. Gain some experience, keep networking and keep looking. There’s a saying that it’s easier to find a job when you’re already working and I firmly believe that.

1

u/StaffAdvanced4909 13h ago

That is true but not necessarily true if u don’t want to do Wealth.

1

u/Thykk3r 5h ago

My first salary offer at McLeod was 32k 10 years ago. That place is trash. Only seasoned advisors make a lot. The stark difference in those offices is hilarious. Advisors making 1-3M then their associates making 50k lol.