{ "media_type": "text", "post_content": "I want to approach a top producer in the office and offer to help with planning, anything he needs admin wise, marketing and business development in exchange for 5% of his book revenue. Is this a good", "post_id": "5dd1eb5fb6d9d2002b6fd18a", "reply_count": 9, "vote_count": 1, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors", "feed_type": "crowd" }

I want to approach a top producer in the office and offer to help with planning, anything he needs admin wise, marketing and business development in exchange for 5% of his book revenue. Is this a good

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deal for myself and for the top producer? I’m in an FA development program 2 months in and idk how else people make it through these revenue goals unless they’re teaming up with someone.

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I don't think you are out of line. I did something similar, I took 35% of new client business. But I was more experienced and could handle most of the client relationships, I'm just a poor marketer and the other advisor only likes to sell and dislikes the relationship aspects...so it was a great fit for both. I took half on the small clients he didn't want to work with. Both of our practices exploded. He tripled in 3.5 years and my GDC was up 6x in the same time frame.

But be careful, the owner of the RIA was jealous of the growth and offered me 10% to work with his top 40 clients. A 60K revenue offer...until the first quarterly fees came out. He charged his clients 1% and the RIA kept 90bips...so I only got 1% (10% of the 10bips "excess" fees charged.) This deal didn't work out long term.

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Wow, you worked for 1bp? That's slavery. The guy did be ashamed of himself.

He will send you packing. I would. You also don't say much about revenue so one can only guess.
I would suggest you offer to do plans, marketing, etc for a 50% cut of revenue from new assets found. He and his wholesalers have to fund the marketing budget. In five years renegotiate.

Thank you! I will try that route

So you want to be his sales assistant basically.

I am not sure any established FA would do that and risk exposing their clients to another FA. Your only appeal is your ability to develop new business, otherwise, if a FA needs help servicing his/her book, she/he would just hire more assistants.

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