Sales Assistant Survey 2010: The Numbers Oct 1, 2010 12:00 PM
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How They Spend Their Time
Which of the following best describes your job responsibilities?
Respondents
Percentage
Client service (answering simple questions, helping with paperwork, communicating with clients)
85
50.3 Client management (taking trade orders, advising clients on investments, developing investment strategies)
61
36.1 Other 22
13
Do you have prospecting or cold calling responsibilities?
Respondents
Percentage
Yes
12
7.1 No -- Company uses specialized cold callers
6
3.6 No -- Financial advisors do it
123
72.8
How much time do compliance duties take up?
Respondents
Percentage
The vast majority of my time
19
11.2 Half my time
51
30.2 Some of my time
80
47.3 Very little time
17
10.1
Is this more or less than last year?
More
94
55.6 Less
6
3.6 The same
68
40.2
Does your office engage in social media activities (Facebook, LinkedIn, etc.)?
Respondents
Percentage
Yes
27
16 No
142
84
If yes, to what extent are you involved in developing/maintaining social media activities?
Very involved/I'm primary contact
7
25.9 Somewhat involved
10
37 Not at all involved
10
37
About how many hours per week do you work?
Respondents
Percentage
26-35 hours
5
3 36-40 hours
82
48.5 41-45 hours
65
38.5 46+ hours
21
10.1
Which best describes your involvement in setting business strategies and goals of the financial advisor(s) you work for?
Respondents
Percentage
Not involved in/aware of strategies and goals
15
8.9 Aware of strategies and goals but not involved in their development
44
26 I provide some input into goals and strategies
74
43.8 I am an integral part of goal and strategy development
35
20.7
Client Engagement
What percentage of your time is spent talking with clients about how their investments have performed?
Respondents
Percentage
60-79%
5
3 40-59%
25
14.8 20-39%
45
26.6 Less than 20%
92
54.4
What percentage of your calls are you able to resolve without the help of an advisor?
Respondents
Percentage
80%+
63
37.3 60-79%
22
13 40-59%
29
17.2 20-39%
17
10.1 Less than 20%
33
19.5
Compensation, More Optimism
Which best describes your firm?
Respondents
Percentage
Wirehouse firm (Merrill Lynch, Morgan Stanley Smith Barney, UBS, Wells Fargo Advisors)
64
37.9 National full-service brokerage
39
23.1 Regional full-service brokerage
14
8.3 National independent broker/dealer
18
10.7 Regional independent broker/dealer
7
4.1 RIA, AUM over $1 billion
1
0.6 RIA, AUM under $1 billion
5
3 Financial planning firm
6
3.6 Bank brokerage
8
4.7 Other
6
3.6
What's your bonus based on? (note: some multiple answers)
Respondents
Percentage
At the discretion of the advisor
74
43.8 Financial advisor's production
59
34.9 At the discretion of the firm or branch manager
59
34.9 Achievement of preset goals (performance review)
29
17.2 Do not receive bonus
16
9.5 No reply
5
3 Other
4
2.4
How do you expect total compensation (salary and bonus) in 2010 to differ from 2009?
Respondents
Percentage
More than in 2009
78
46.2 Same as in 2009
58
34.3 Less than 2009
29
17.2 No reply
4
2.4
2009 total compensation (salary and bonus)
Respondents
Percentage
Less than $20,000
2
1.2 $20,000 to $24,999
--
-- $25,000 to $29,999
5
3 $30,000 to $34,999
9
5.3 $35,000 to $39,999
23
13.6 $40,000 to $44,999
25
14.8 $45,000 to $49,999
22
13 $50,000 to $59,999
30
17.8 $60,000 to $69,999
23
13.6 $70,000 to $79,999
12
7.1 $80,000 to $89,999
8
4.7 $90,000 to $99,999
2
1.2 $100,000 to $109,999
4
2.4 $110,000 to $119,999
--
-- $120,000+
2
1.2
2009 bonuses
Respondents
Percentage
None
26
15.4 $1 to $999
16
9.5 $1,000 to $2,499
32
18.9 $2,500 to $4,999
26
15.4 $5,000 to $7,499
19
11.2 $7,500 to $9,999
11
6.5 $10,000 to $14,999
13
7.7 $15,000 to $19,999
6
3.6 $20,000 to $24,999
6
3.6 $25,000+
13
7.7
An Associate At A Glance
Gender
Female (88.2%) Age
44 Average years of experience
14.1 Jobs held since beginning of career
2.6 2009 average pay (salary+bonus)
$53,862 2009 average bonus
$6,571
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