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I have been given a verbal offer of 145k base for a Sr. Associate role as Data Analytics Lead. The offer doesn’t come with any kind of bonuses or stocks.
I have a Masters and 5+ years of exp and my current comp is 115.5k + approx 5k bonus + ~20k in stocks (yearly refreshes) which makes my total current comp to 140k.
Is it worth taking the offer for increase in just the base?
What are my chances of negotiating into a VP level role with at-least 155k?
#data #dataanalytics #datascience #Jpmc JPMorgan Chase
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I’m a Client Transition Leader so happy to answer any questions or concerns. Are you thinking of giving one or receiving one?
I’ve did 2 GK plans. I can’t imagine if I still had all those houesholds in addition to what I have now. It’s a great program. Do it and don’t look back.
It’s a no brainer. Assuming you have clients that aren’t ideal since you’re already thinking of letting them go. Why not free up your time, get some comp for it, and build your practice with more ideal clients that will generate far more revenue? Only way to move up is to move on.
I received a mediocre 5m Goodknight in 2017. I’ll probably do my first Goodknight by the end of this year or early next year. What are you skeptical about?
You need to do to what is best for your family, you, your clients, then the firm...make sure it is that order. There is lots of people who benefit from your goodknight. You can always mentally goodknight them...don’t forget the $45/million/month you will lose on your P&L. I did a goodknight and the guy quit after four years and then the firm sent in some goofball new hire who has actually caused other good FAs to quit because they don’t want to be associated with them. Only way I ever see myself doing a goodknight is if my kid or their spouse wanted to start in the biz...but I am not sure I could tell them to work at Jones with all the new agendas that are caused kore harm to the firm than good. Anyways...that is my 2 cents but make sure you do it for the right reasons, not to help someone in home office or your region/area check a box on a goal. The firm doesn’t need to hire more slackers for us to give money to...we are losing FAs every months this year and profits are great because the ones staying are workers and workers are who Ted needed to share the profits not these people who want a handout
Coach
You are at a crossroads in your career where you either need to leave and go independent, or fully embrace the Jones way.... If you decide to stay, do the GK plan. It will help you long-term by freeing up your time to bring on more assets with less households. If you decide to leave, you will likely retain 80-90% of those assets, plus you will now own your business and your book of business, and you can get a decent sized check to help you through the transition. I described my transition as a reverse Goodknight. After 5 years I have double the assets and still less households. If you are open to discussing the second route, let me know. I, along with another former Jones advisor, have started a sub-firm within the Raymond James independent channel where we help advisors transition, provide ongoing compliance support (that you would have to do on your own, otherwise), and provide a better payout than joining RJ on your own. Good luck either way!
Hello - can we connect regarding this?
I’ve done 2 GKs in my 7 years at Jones. Each time I did it, I replaced the assets and increased revenue within 3 months or less with very ideal clients. Plan moving forward is to continue this discipline at least every 3 years. I would support this all day long, IMHO.
replaced w client acquisition strategy was already executing on. client events, referrals from top 30% clientele, COIs, etc —IMHO, when you create capacity, you get in return right type of clientele
As a recipient of one, I can say it’s made a difference in my business. I also think I could share it’s been a good thing for the giving FA as well. He got to shed 200+ households that maybe weren’t ideal clients. Those clients never returned calls, but were mostly A share business. I believe I took the branch expense for lease, but you’ll have to check with real estate. For myself, a few of those have turned into good relationships that help me grow. I would just say as a newer FA, I hope you also go into it with the intent to help someone else get started and one day be successful as well. After all, a rising tide lifts all boats.
Mentor
Just curious but isn’t giving away “non-ideal” clients just a burden on the recipient? Often times these are the problem clients or require a lot of time for little $. Wouldn’t the firm be better suited coaching these clients out the door versus pawning them off on another advisor?
Maybe your average client when you were at Jones wasn’t what you consider “ideal wealth management clients” but you shouldn’t make a sweeping generalization against all Jones clients. I have 200 households that meet your definition with higher investable assets and I’m not the exception.