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Normally the Jr has to leave the firm because the Sr never is able to look past the history, training and longevity. If it has been this way for 10 years, then the Jr is still worthless in the eyes of the Sr.
For our team we left legacy biz as is and started team splits on all new biz. We split biz brought in together evenly but if I bring in new client from my contacts and referrals I get bigger split. Don't see why anyone would have to leave.
I’m in this exact situation and I’m the Jr. And as a lot of people are saying here, I’m leaving Monday to join a retiring broker at a different firm. I’ve been with my Sr partner for 6 years and he’s always my “mentor”. Problem is I’m a better/more successful advisor, he’s just been at it longer than me (11 yrs v 25 yrs). I approached him with a proposal to change our splits and no dice. Good luck - I know it sucks! Hopefully you have some leverage.
Probably should have been addressing this yearly. If not, then now is as good time as any to start.
JR needs to leave
JR needs to leave because they are being taken advantage of or the Sr doesn’t trust them enough to transfer business or retire. Wasting everyone time in this situation.