Financial Advisors

After making salary for 2 yrs on team, mgr. wants to pay base + % of production even if it means a pay cut. How should I feel about this, what’s the best move...

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Excited, challenged and a little bit nervous. But this is all good. You have unlimited upside and you know what your bottom is. Embrace it and never look back. What kinda firm is it?

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Full service firm. I’ve predominately been building on a managed money approach, very little transactions here and there @ Owner, Financial Advisor 1

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Ok. Then you can do fee based and can do commission if appropriate? Give the following some thought...if u r taking over smaller clients that a producer doesn't want to handle then after a year or two they should be all yours and if u leave u take them w u. If u bring the client in from your efforts there should be a scale of where u get a heavier percentage up front, after 2...5 years they are yours. If there is some clients that you will work jointly forever then you need an agreement as to what happens if one of you decides to end the relationship. My suggestion would be the all clients get rich rated a category 1 and Category 2 or Category 3 you have a signed agreement that says of a client gets a category 1 this is how we're working it if there a category 2 this is how we're working it if there are three this is how you're working yet Then you and the other advisor for every single client signs an agreement that says we have determined that this cap client is a joint client in falls under category number blank. If in 4 years you want to change that client and you both agree from a category 1 to a category 2 you can do it but you have got to think of what happens if this doesn't work out and I want to leave or the other person wants to end the relationship. You need to think about the end game before you start. And put the agreement in writing and possibly even consulted an attorney. Doesn't have to be elaborate but just like most marriages end in divorce the same thing with joint work and business Partnerships the majority of them or I should say more then not end up going their own separate ways and it's not amicable

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Isn’t that normal? 2 years to get situated and then sink or swim.

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Please excuse the typos I was using voice command

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