For independent’s with GDC 1-2 million… what % do you spend on staff?
As we have grown we have needed to add people… para planners…. Investment traders for the managed account… just added a junior guy good with computers just to keep the desk tops and laptops working with all our software programs and the required security.
We are spending about 35% for salary and benefits.

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With the right tools, tech and resources you wouldn't need to spend as much on staffing. We lease employees to our Advisors so they don't have to deal with payroll, benefits, etc. Plus they are getting the benefit of full training of those employees and our technology relationship managers as a resource as well. Let me know if you might be interested in learning more.

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Does the 35% include owner salary and benefits? If not, that number is really high. Most of our teams in that range spend 15% or less. They are getting around an 80% net payout from the BD after our supervision override, and end up netting between 60-65% after all costs.

Just staff… but including health plan, retirement plan and requirements like workman’s comp, fica, disability.
We get 90% after BD
35% on Staff
10% other costs
Netting 45%

It’s on 2 million but I remember when we were at 1 million just the two of us keeping it all 😢

We manage money, and do financial plans, also. But I get what you are saying. Hopefully it’s true that you are able to keep growing without hiring more.

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