HSBC Premier Financial Adviser
Discussion
Hi guys,
My sister has gone for a job as a Premier IFA with HSBC but she has been told the basic is £37,500 but this isn't enough for her as she earns more than this at present.
Does anyone know the flexibility as to if they can increase the basic salary if you can show you aren't after it for greed but you will be worse off than you are at present? For example, let's say her basic is £45,000 now and she gets a 20% pension contribution and car she can argue that that's worth £9k pension plus say £8k car so that's a package of £62,000. Then you can contrast the HSBC £37,500 and £3k pension plus £8k car which comes to say £48,500.
So, do you think it's worth her continuing and asking the AM to match her current package (about £15k higher) or do you think this is too much of a big ask and she should just stop wasting everyone's time.
Cheers
My sister has gone for a job as a Premier IFA with HSBC but she has been told the basic is £37,500 but this isn't enough for her as she earns more than this at present.
Does anyone know the flexibility as to if they can increase the basic salary if you can show you aren't after it for greed but you will be worse off than you are at present? For example, let's say her basic is £45,000 now and she gets a 20% pension contribution and car she can argue that that's worth £9k pension plus say £8k car so that's a package of £62,000. Then you can contrast the HSBC £37,500 and £3k pension plus £8k car which comes to say £48,500.
So, do you think it's worth her continuing and asking the AM to match her current package (about £15k higher) or do you think this is too much of a big ask and she should just stop wasting everyone's time.
Cheers
So why leave the better paid job? Surely she can negotiate her own remuneration?
What a company is prepared to pay for a given job is up to them, likewise if she is willing to accept it or stay put with the better package.
There must be a reason other than pay why she's looking to move that benefits her in a way other than purely her pay. Better working conditions, lower hours, closer to home so less of her own time taken up travelling etc.
There's usually *some* reason why people consider taking a dip in pay.
What a company is prepared to pay for a given job is up to them, likewise if she is willing to accept it or stay put with the better package.
There must be a reason other than pay why she's looking to move that benefits her in a way other than purely her pay. Better working conditions, lower hours, closer to home so less of her own time taken up travelling etc.
There's usually *some* reason why people consider taking a dip in pay.
Does it not depend quite a lot on whether her current job is safer or indeed about to disappear? If the current job is definitely going or has high risk then a lower salary is more palatable surely. If her present position is secure as far as anything can be these days then asking for more is something to try as there is less overall risk, assuming the current employer would only find out via references after a firm offer.
Given the economic climate even HSBC Premier won't be handing out readies like confetti so unless HSBC senior management are on here reaffirming corporate largesse it could be difficult - and will there not be reasonably good applicants for the post who are currently earning less? Virtually every marketplace is tough right now, I'm sure nobody needs reminding.
Given the economic climate even HSBC Premier won't be handing out readies like confetti so unless HSBC senior management are on here reaffirming corporate largesse it could be difficult - and will there not be reasonably good applicants for the post who are currently earning less? Virtually every marketplace is tough right now, I'm sure nobody needs reminding.
suppose there are 2 reasons she is looking at moving from her current employer
1. She thought the HSBC basic was between £50-£60,000 which would mean she could have been better off - this was the main reason but she has since found out the basic is much lower during the application process.
2. She wants to be an IFA to give the best advice and not be just a tied adviser which she is at present.
Seems like she is asking too much
1. She thought the HSBC basic was between £50-£60,000 which would mean she could have been better off - this was the main reason but she has since found out the basic is much lower during the application process.
2. She wants to be an IFA to give the best advice and not be just a tied adviser which she is at present.
Seems like she is asking too much
This:
Cake. Eat. Have. Not possible.
Dave9 said:
She thought the HSBC basic was between £50-£60,000 which would mean she could have been better off - this was the main reason
Doesn't square with this IMO:Dave9 said:
the basic is £37,500 but this isn't enough for her as she earns more than this at present.
Does anyone know the flexibility as to if they can increase the basic salary if you can show you aren't after it for greed but you will be worse off than you are at present?
So she's going for a job that she assumed would pay more and isn't prepared to do it for less than she's currently on. Sounds like greed to me...Does anyone know the flexibility as to if they can increase the basic salary if you can show you aren't after it for greed but you will be worse off than you are at present?
Cake. Eat. Have. Not possible.
Edited by 4988cc on Saturday 11th December 13:30
4988cc said:
This:
Cake. Eat. Have. Not possible.
well obviously she is looking at more money of course we all are, but she's not going to do it at present if she's worse off. The commute is much longer (an hour each way longer) and she would have to pay for parking whereas she doesn't at the moment. But, if she was going to get a basic that put her a little better off to compensate for the extra 10 hours commute per week and to offset her parking costs which will be £250 per month now as opposed to nothing then she'll do it if she can become an IFA.Dave9 said:
She thought the HSBC basic was between £50-£60,000 which would mean she could have been better off - this was the main reason
Doesn't square with this IMO:Dave9 said:
the basic is £37,500 but this isn't enough for her as she earns more than this at present.
Does anyone know the flexibility as to if they can increase the basic salary if you can show you aren't after it for greed but you will be worse off than you are at present?
So she's going for a job that she assumed would pay more and isn't prepared to do it for less than she's currently on. Sounds like greed to me...Does anyone know the flexibility as to if they can increase the basic salary if you can show you aren't after it for greed but you will be worse off than you are at present?
Cake. Eat. Have. Not possible.
Edited by 4988cc on Saturday 11th December 13:30
Thanks so far, but can we stick to the original question and not whether or not she is being greedy etc!
Isn't this more about whether the move to a lower salary is worth it and doesn't that boil down to relative current risk and future potential, in a balancing act?
Nobody so far is offering much hope of HSBC falling over themselves to up the offer so I'd kiss that option goodbye leaving the choice of whether to take the lower salary for other reasons as discussed in previous posts.
If those other reasons don't apply then the short answer is probably 'forget it'.
Nobody so far is offering much hope of HSBC falling over themselves to up the offer so I'd kiss that option goodbye leaving the choice of whether to take the lower salary for other reasons as discussed in previous posts.
If those other reasons don't apply then the short answer is probably 'forget it'.
Dave9 said:
Can we stick to the original question and not whether or not she is being greedy etc!
We can. Just queried at as you mentioned it initially, then contradicted yourself.Also, not everyone is looking at extra money at present. Quite a few are taking less precarious jobs for a reduction in pay. A lower paid job is better than no job, which sadly quite a few are looking at.
Banks know they can fill the positions they do have readily enough, so they can lower their pay as they do not need to be enticing anyone away at present.
In her shoes, given the other factors you mentioned, increased commute/costs etc, combined with lower pay, I'd stay put on the higher pay - unless I valued becoming an IFA and the future possibilities that might bring me beyond the monetary loss in the immediate sense.
A difficult call perhaps, lose money on face of it to gain career progression, or just stick with the financially comfier option. She alone can decide which makes more sense to her in the context of the rest of her working career.
dave-therave said:
She applied for a job as an IFA without checking what the salary was? Fills you with confidence!
You tell me anywhere it states the pay on the website etc - it doesn't hence me asking on here. She had heard that people there were on 50-60k basic but how do you check what the salary is?dave-therave said:
She applied for a job as an IFA without checking what the salary was? Fills you with confidence!
..and also that she's asking her brother for advice and his solution it to post on a public website. 
The basic at HSBC is £37.5K, perhaps their bonus structure is better than where she is now?
Dave9 said:
dave-therave said:
She applied for a job as an IFA without checking what the salary was? Fills you with confidence!
You tell me anywhere it states the pay on the website etc - it doesn't hence me asking on here. She had heard that people there were on 50-60k basic but how do you check what the salary is?A quick search on reed shows that most "Premier Independent Financial Advisors" are on £34k
Do you really think it's normal to apply for a job, interview for a job and be offered a job with no idea what the salary is?
dave-therave said:
Dave9 said:
dave-therave said:
She applied for a job as an IFA without checking what the salary was? Fills you with confidence!
You tell me anywhere it states the pay on the website etc - it doesn't hence me asking on here. She had heard that people there were on 50-60k basic but how do you check what the salary is?A quick search on reed shows that most "Premier Independent Financial Advisors" are on £34k
Do you really think it's normal to apply for a job, interview for a job and be offered a job with no idea what the salary is?
OK thanks for your help guys it seems there is no point in her continuing.
I got offered this job a few years ago and turned it down.
3words
ound.of.flesh. HSBC are very demanding for the wage they pay and in addition gaining leads is tricky when they predominantly come from branches who are more slanted to providing them to the regular branch tied adviser.
£50-60k is generally only paid by IFA firms if the candidate has chartered/near to chartered status and a client bank to bring with them.
3words
ound.of.flesh. HSBC are very demanding for the wage they pay and in addition gaining leads is tricky when they predominantly come from branches who are more slanted to providing them to the regular branch tied adviser.£50-60k is generally only paid by IFA firms if the candidate has chartered/near to chartered status and a client bank to bring with them.
Pommygranite said:
I got offered this job a few years ago and turned it down.
3wordsound.of.flesh. HSBC are very demanding for the wage they pay and in addition gaining leads is tricky when they predominantly come from branches who are more slanted to providing them to the regular branch tied adviser.
£50-60k is generally only paid by IFA firms if the candidate has chartered/near to chartered status and a client bank to bring with them.
ok thank mate, we're getting somewhere now 3words
ound.of.flesh. HSBC are very demanding for the wage they pay and in addition gaining leads is tricky when they predominantly come from branches who are more slanted to providing them to the regular branch tied adviser.£50-60k is generally only paid by IFA firms if the candidate has chartered/near to chartered status and a client bank to bring with them.
the leads point is a good point thanks.
she can't take her client bank with her but I think she is 2 exams off chartered status.
thanks again
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