According to the "bible" for retail stockbrokers, Registered Rep magazine, this is the life of the "BOM", the Branch Office Manager.
"In 1998, the average non-producing (for you investors out there who hate paying huge fees and commissions to brokers, non producing means non-selling or non-commission producing) BOM earned $515,860, thanks in part to hefty bonuses of around $100,000, according to the Securities Industry Association.
In 2003, the figure dropped 24 percent to $391,618, then rose slightly to $410,560 in 2004. Producing managers are also feeling the pinch as they saw their average compensation fall from $318,433 in 1998 to $273,202 in 2003 -- and only rose to $293,808 in 2004.
Watch your money all ye clients of Wall Street brokerage firms.
And ask your stockbroker where your yacht is.
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