Career Planning for a Financial Advisor - Paper Example

Introduction

In the United States, the average salary for a financial adviser is $57,059 per year. However, based on the skills and experience for this job, the pay is likely to go up with time in most companies. Other additional compensations for this job include an overage of the following; bonus at $9,661, profit sharing $4,948, Commission $34,127. The two companies that regular hire financial advisors are the Edward Jones Investment limited and the Wells Fargo & Co.

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The average pay at Edward Jones for a financial advisor is about $51,174 per year while the compensations are categorised as follows; bonuses are $10,000, profit sharing is $5,000 and commission $50,000. The company is famous for its wide variety of compensation framework which ensures that a financial advisor benefits as much as the company does, these framework includes a 9-10% commission for starters and increases to 27-30% in the next four years. The organisation also gives compensation on specified new assets and clients acquired by the advisor. Other benefits include profit sharing, travel award program and profitability bonuses.

At Wells Fargo & Co the average salary for a financial advisor is approximately $68,400 per year, while average compensation for the job is generally categorised as follows; Profit sharing is $400, the Bonus average is about $17,000, and the average commission is $183,000. The average salary paid by this company is on the higher side based on the average pay for the job. However, what makes the organisation more popular is the handsome rewards and compensation scheme for its workers which is aimed at motivating them and retaining the employees. For a financial advisor, the following benefits are attributed to working with the company; higher payout on revenue generated under one of the three hurdles, full salary during the training period, non-monetary benefits such as educational tours, occasional training and promotions.

These two organisations have a keen interest in retaining their employees by ensuring that they are rewarded for their work and occasionally trained to help them serve the customers better. Occasional training increases the level of knowledge and the scope of understanding in an employee and thus increases their value significantly. Highly trained and experienced employees are valuable assets who ensure the survival of the company. Therefore each organisation is keen on keeping their employees happy and motivated. Other benefits which are non-monetary benefits given by Wells Fargo & Co include mentorship programs, health insurance to the employee and immediate family members, free training, more freedom, parking spaces, and paid time off. For the Edward Jones, the benefits include travel award program, medical insurances, retirement matching, free training and professional growth and promotions.

The relationship of the employees at Wells Fargo & Co can generally be termed as above average, where most of the employees have praised the top management of being understanding, considerate and fair in how they treat their workers. Based on the feedback of most workers, it would be safe to say that Wells Fargo & Co management ensures that the workers enjoy the freedom and some extent independent decision making. On the other hand, the Edward Jones limited can be termed as average when it comes to how it treats its employees. Most workers have complained of lower pay which is below the average market salary and that some delays in paying the wages. However, the company has been praised for its training and mentorship programs which ensures that the workers get the necessary skills.

Conclusion

As I conclude, I find working for Wells Fargo & Co more attractive and rewarding. This is because of the numerous benefits that they offer their workers and the fact that their salary is better compared to the average base pay for the job. The other reason is that there are higher chances of career growth at Wells Fargo & Co due to its large size and many clients available.