Investment Consultants: Td Ameritrade Salary Insights

Investment consultants at TD Ameritrade can expect to make an average of $119,768 per year, with salaries ranging from $47,000 in entry-level positions to $156,000 for top earners. The position offers a base salary of $40,000 with the potential for large quarterly bonuses ranging from $5,000 to $25,000. The role involves contacting high-net-worth clients, analyzing their investment strategies, and providing advice on suitable channels for their financial goals. It requires a bachelor's degree, preferably in a business or finance-related field, as well as sales experience and specific certifications.

Salary and bonuses

Salaries for investment consultants at TD Ameritrade vary depending on the source consulted. According to one source, the average yearly salary for this position is $119,768. However, another source states that the average annual salary for all employees at TD Ameritrade is $86,358, with salaries ranging from $47,000 in the bottom 10th percentile to $156,000 in the top 90th percentile. Another source reports that the average salary for TD Ameritrade employees is $76,352, with a range of $50,246 to $120,169 per year.

It is worth noting that salaries can also vary depending on geographic location. For example, TD Ameritrade employees in Jersey City, New Jersey, earn the highest salaries within the company. Additionally, the department an employee works in can also impact their salary. At TD Ameritrade, employees in the engineering and business development departments earn higher salaries on average compared to those in customer service and administrative roles.

In terms of bonuses, one source mentions that TD Ameritrade offers a bonus structure, with quarterly bonuses that can be "very, very large." For example, an investment consultant at the company mentions that they received two guaranteed bonuses of $2,500 each in their first two quarters, with the potential to earn between $80,000 and $100,000 in their first year, including year-end bonuses. However, it is important to note that performance plays a significant role in determining bonuses, and employees are expected to meet certain standards and targets.

Working week

The working week for an investment consultant at TD Ameritrade is typically Monday to Friday, 8 am to 5 pm. However, the schedule can be flexible depending on the manager, and there may be opportunities to work overtime or on weekends to meet client needs. The role is a salaried position, which means that there is less flexibility in terms of working hours compared to a commission-only role.

Investment consultants at TD Ameritrade are expected to maintain a high level of activity and meet daily targets for client contacts and dials. The current minimum standard is 15 client contacts and 50 dials per day, with targets potentially increasing to 20 contacts and 75 dials.

The role involves a significant amount of sales and client interaction, and investment consultants are responsible for building and maintaining relationships with high-net-worth clients. This includes analysing their financial situation and providing advice and recommendations on investment strategies to help them reach their financial goals.

While the role does have sales targets and metrics to meet, there is also an emphasis on providing excellent client service and building relationships. Investment consultants at TD Ameritrade have the opportunity to work with clients from diverse backgrounds and locations across the country, which can make for a varied and interesting working week.

Overall, the working week for an investment consultant at TD Ameritrade involves a combination of sales, client interaction, and analytical work, with a focus on helping clients achieve their financial goals through investment strategies. The schedule can be flexible, but there are also expectations for maintaining a high level of activity and meeting targets.

Education and skills

A Bachelor's degree is required for the role of an investment consultant at TD Ameritrade, preferably in finance, accounting, or business with some training in finance. A high school degree is also necessary. There are also several examinations that must be passed, including the Series 7 and Series 66 certifications. Sales experience is also a must, with some roles requiring a year of prior experience.

The role is well-suited for those with a passion for following the market and an ability to carry on conversations with clients from a range of financial backgrounds. A desire to continuously learn and take on higher education is beneficial, as the market is ever-changing.

In terms of personal qualities, an investment consultant should be self-motivated, adaptable, and able to maintain consistency during the sales cycle. They should also be comfortable with strict sales metrics and working within a team.

While not mandatory, some employees at TD Ameritrade have pursued further education, such as a Master of Business Administration (MBA) in Finance, or a Master of Science (MS). This additional education can enhance an individual's skills and knowledge in the field, contributing to career advancement opportunities.

Pros and cons of the job

Pros and Cons of Being an Investment Consultant at TD Ameritrade

Pros

• The salary is good, with a starting point of $40k and the possibility of earning over $100k in the first year.
• There is a bonus structure in place, with quarterly bonuses ranging from $5k to $25k.
• The role offers flexibility and the opportunity to be your own boss.
• There is a clear path for career advancement, with the possibility of moving into a senior financial consultant role.
• The work is varied and ever-changing, with the opportunity to connect with people from different backgrounds and perspectives.
• The company provides a great culture and fantastic growth potential.
• TD Ameritrade treats their employees well and offers good benefits.
• There is an emphasis on diversity and inclusion.
• The company offers a client-driven, open, and fun work environment.

Cons

• The role requires a significant amount of sales experience and can be cut-throat.
• There are strict sales metrics and short lunch breaks.
• The work hours can be long, with some employees reporting working from 8 am to 8 pm, Monday to Saturday.
• There is a requirement to be in the office every day, which can impact the ability to travel and take vacations.
• The benefits do not line up with the competition.

Career advancement

TD Ameritrade offers ample opportunities for career advancement, with employees reporting high chances of progressing within the company. The company provides a client-driven, open, and fun work environment and offers roles in various teams, including investment management, sales, operations, and institutional teams.

The company values experience, with 40% of employees having worked in the industry for several years before joining. This prior experience can be beneficial for career advancement, as it allows individuals to bring valuable knowledge and skills to their roles at TD Ameritrade.

In terms of education, a Bachelor's degree, preferably in finance, accounting, or business with training in finance, is typically required for roles like investment consultants. Additionally, specific certifications such as the Series 7 and Series 66 are necessary for entry-level positions.

Investment consultants at TD Ameritrade can also advance their careers by transitioning into other roles within the company or the industry. The company offers a range of positions in different departments, and employees can leverage their experience in client interactions, financial analysis, and sales to pursue new opportunities.

Furthermore, TD Ameritrade values diversity and inclusion and provides growth opportunities through training and tools necessary for career advancement. The company endorses employees with the resources needed to succeed and encourages them to take advantage of the various teams and departments within the company to enhance their skills and build their careers.

While TD Ameritrade offers ample growth opportunities, it is important to note that the company also has strict sales metrics and short lunch breaks, which some employees may find challenging. However, the company's high compensation, bonuses, and benefits can make it a desirable place for career advancement.

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