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You hand over nothing you package it and sell it!
They are your clients and your business.
Yea. Thats the issue i had with Jones. Kinda BS that some millenial that didnt have to work to build a business gets to walk into a situation wherw they are set for life. It happened a lot. And then those FAs act as of they built it and are hot sh*t
Yep, nothing like having someone that bought an office/ were given an office lecture me on market volatility after being in the business for two years. Or lecture about how to gather assets when they've never prospected a day in their life. Welcome to the dog and pony show.
Either your company should implement a retirement transition or you may consider going Indy so you can sell your book at that point
We can choose who our successor is as long as they can pass firm requirements to get hired. Then the firm structures a four year buyout based on trailing revenue. I've had buddies leave but only because their kids couldn't get through the interview process.
EJ1... we can choose our successor, but now they aren’t permitted to take over the entire branch worth of assets. If your branch is too large, they’ll split your book between multiple people, with your chosen successor getting the lion’s share. It’s horse shit.
150mm to family, no more than 100mm to non-family? That my understanding, could be wrong. You also get bonuses and payout for creating new branches.
I would be interested in discussing your options.
Where are you located?
Find an experienced female advisor to sell to.
My biggest pet peeve was when those FAs would get tge leadership positions. I understand that someone needs to take over that office, im kind of ok with that. But then when the leadership team starts blowing them and giving them roles is what really got my goin
Get your kids into the business,
Depending on who you’re with, is there an internal succession plan process? Also, look for various ways that your company will facilitate a loan/purchase of your book. You don’t have to or ever want to hand it over to or give it away. Research your options within your company, then research your options outside. You don’t need to go Indy to sell it - there are tons of options before reinventing the wheel for yourself.
Yeah you have the option of going out and picking your successor and developing them over the long run.
OP, which companies do this?
Move over to wells (call me and I will get you in) and after a year, you can set up secession plan and they pay you again
Fayetteville, ar. (NWARKANSAS) 479-530-0702
Wealth advisor 1... you are so right about that. These jack holes hit the jones lottery, and then everyone in the region all of a sudden forgets they took over a giant book, and they get treated like they built that shit themselves.