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Anyone knows about the base for chase PCA?
Woohoo just closed my first client!!!!
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I think it depends on the individual situation and what you are looking for. Is there light at the end of the tunnel for him potentially taking over for you? Or is he someone you are looking to lighten your load. Is he brand new where you will have to teach him everything? It doesn't have to be a zero sum game. I wish I had an advisor who took me under their wing but I would have only done it under the right terms. What about if for any accounts he brings in he gets 75% and you get 25%. (Assuming you would help close and help with the investing side). Any accounts that are yours that he assists with he gets 25%. Taking calls/admin work/operational assistance. Any PIA clients you offload to him you split 50/50. Moving forward any new clients you get do 90/10. Revisit after a year - you may want to adjust his share down for clients he brings in if he's a rockstar and give up something on your end. I think if you find the right person it's worth getting their beak wet and making them feel like they are vested in your practice. It may be more complicated than you were thinking but good talent is hard to come by.
Wow that is a lot to think about thanks. I know of another advisor who accepted a trainee (brand spanking new) and the split is 50/50 for all future business and basically the only thing the kid gets out of it is marketing material, help with closing etc. I thought this was just unfair so wanted to hear everyone else's experience.
All future business the kid bring in is 50/50. No split from what the advisor brings in.
Yea how will that kid ever be successful. Some guys just don't care. When I started at a wire I had something like that. Didn't last long. For every dollar of revenue the firm gets 50 cents and some old guy gets 25 and I'm left with 25 cents? Sounds like socialism.
We hire and train our Advisors with a Base salary declining over three years. $40k to start dropping to $14k. Fees and commissions are evenly split 50/50. Each rep receives about 75 clients.