Financial Advisors

Has anyone ever considered bringing on a Jr. Advisor and paying them a salary?

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I hired a Jr. Advisor who I handed about $5 million in shit accounts. I can say he has made my life easier as I don't have to deal with those customers again. He got a salary for 2 years, now swims for his life.

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I just hired a salaried planner ($40k plus bonuses).

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Where did you guys find them? I’m wanting to take on an intern/junior planner to market and be an assistant when needed.

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Start with interns from the local business school. Hire 8-10 keep the good ones and hire them AFTER they are full trained if you like them. If not there's a fresh batch of interns every semester. Check out www.handshake.com

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By hire I mean pay them after they intern.

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I took on a shared junior who had a salary and 2 other senior FAs. Gave about $6mm AUM of <$100k households. Didn’t benefit me at all other than offloading the clients. Also didn’t cost me anything. So....

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I have hired 2...both salary. One didn’t work and the 2nd appears to be going well so far. I’m a big fan of paying salary, providing ownership oppo’s over time and all working toward common goals. It matters that we are at capacity and don’t have growth problem so only way to grow is by adding people (or firing small clients and going to get bigger ones, but I’m not willing to do that).

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We pay a floor to everyone. So it’s like a salary but they can make more if they produce more.

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