What does FYC mean in COMMISSIONS
First Year Commission (FYC) is a type of commission earned by Financial Advisors for completing new business activities in the first year of employment with a company. The FYC differs from ongoing compensation, which is based on sales, services, and revenues the advisor receives on an ongoing basis. This article provides an explanation of FYC and answers to frequently asked questions (FAQs) related to it.
FYC meaning in Commissions in Miscellaneous
FYC mostly used in an acronym Commissions in Category Miscellaneous that means First Year Commission
Shorthand: FYC,
Full Form: First Year Commission
For more information of "First Year Commission", see the section below.
Essential Questions and Answers on First Year Commission in "MISCELLANEOUS»COMMISSIONS"
What types of activities are rewarded by FYC?
FYC rewards advisors for successfully recruiting clients, onboarding them with the company, obtaining sufficient assets under management (AUM), and meeting specific sales goals.
How long does an advisor have to receive FYC?
An advisor typically has one year to meet all criteria for receiving FYC payments in full.
Is there a cap to how much an advisor can earn through FYC?
Yes, many companies have a cap on the amount that advisors can earn from their FYC structure.
Can advisors lose their eligibility to receive FYCs?
Generally speaking, yes. Most companies will revoke eligibility if certain performance benchmarks are not met or if new business activity is slow or non-existent after the initial hire period has ended.
How often do advisors get paid their First Year Commission?
Typically advisors will receive payment on either a quarterly or annual basis depending upon the company they work for.
Final Words:
Understanding how First Year Commission works is essential for financial advisors who wish to maximize their earning potential within the first year of employment at a firm. In addition to regularly monitored performance requirements, it is important for financial advisors to keep up with any changes that their employer may make to the rules surrounding First Year Commission eligibility and payments in order to ensure they are paid in full according to those terms and conditions.
FYC also stands for: |
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| All stands for FYC |