Between £45,000 and £70,000 a year.
Commission Plus Salary. Many banks -- Wells Fargo and UBS, for example -- pay financial advisors both a salary and a commission. However, other banks pay a salary only for the first two to four years. Thereafter, payment is by commissions and bonuses only. At Merrill Lynch, for example, which has a commission-only payment system for its advisors other than trainees, average total compensation is $71,255, approximately $20,500 above the industry average. Related Reading: Salary for an Investment Banking Financial Adviser. Commission Rules. A mortgage broker's commission is usually paid by the borrower in the form of closing costs or loan origination points. In 2011, the Federal Reserve issued rules that prohibited mortgage brokers from receiving commission from both a borrower and lender in the same transaction. The average yearly pay for a mortgage broker often depends upon the socioeconomic status of his clientele and the corresponding value of the loan products. Since a broker's income is partially based on commission, the economy and real-estate market often affect salary levels. According to The College of William and Mary, a mortgage broker's average salary range is between $60,000 and $90,000 per year. Since it's the responsibility of the mortgage broker to contact borrowers and locate suitable loan options, most independent brokers work on a commission basis. The average yearly pay for a mortgage broker often depends upon the socioeconomic status of his clientele and the corresponding value of the loan products. Since a broker's income is partially based on commission, the economy and real-estate market often affect salary levels. Income. As a mortgage adviser working for a company, you will usually be paid a basic salary plus commission. Your basic salary (without commission) would usually be around £22,000 to £25,000 a year. Your salary including commission (known as 'on target earnings' or OTE) could be between £45,000 and £70,000 a year. This would depend on your employer, and the property market where you work. A salary package may also include car allowance, insurance and pension benefits. (United Kingdom). A Mortgage Advisor earns an average salary of £24,374 per year. A skill in Regulatory Compliance is associated with high pay for this job. Most people with this job move on to other positions after 20 years in this field. Pay for this job rises steadily for more experienced workers, but goes down noticeably for the few employees with more than 20 years' experience. Some advisors work on a mix of salary and commission; others are paid by commission only. Glassdoor's data indicate a relatively wide range of salaries for financial advisors, from $30,000 to $105,000. Commissions and bonuses, however, can raise total compensation to $206,000, according to CNN Money. At Merrill Lynch, for example, which has a commission-only payment system for its advisors other than trainees, average total compensation is $71,255, approximately $20,500 above the industry average. Related Reading: Salary for an Investment Banking Financial Adviser. Insurance sales agents will earn base salary plus commission. Develop ongoing networking relationships with Real Estate Agents, Mortgage Lenders, Title \*.... We are the number one Reverse Mortgage Lender in the United States! We are an FHA-approved direct lender with a vast and diverse product set to help you... Money, money, money. As a mortgage advisor working for a company, you would usually be paid a basic salary plus commission, whilst as an independent advisor you would be paid either by fees or commission. A basic salary, without commission, ranges from approximately £18,000 to £25,000 a year. If you worked for an estate agent or mortgage broker, you would offer mortgages from a range of companies. If you are an independent financial Advisor (IFA), you would advise on all types of financial products including mortgages.
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