At the new place - are you required to bring a portfolio ? What is the onboarding comp structure like versus the current comp structure ? I manage a decent sized book that is mine but all recruiters and hiring managers want me to bring my book and I am like , well some will come but I want a concrete succession plan to acquire retiring FAs portfolios and that is what interests me as I am established but don’t want all that risk of moving 100 percent of my asset base and they dance around that a bit . As an established advisor these hiring managers put all the risk on me /advisors to bring your book and we will give you a “ check “ which is basically an unforgivable loan .
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Relationship Manager
Author
Not required to bring a portfolio book in. They would guarantee my comp for 2 years (would be slightly higher than where I am at now) then after 2 years they would assume I would be paid on my new book and that would be greater than the comp guarantee. So I would be starting with no book. I can't get a read on the Succession plan. Most of their advisors are in their 60's and they need younger people. But I don't know, nobody is explicitly saying they are going to transfer their book over time. So I am weighing if it is worth taking that risk for the upside, assuming I do well with the referral business and the succession eventually comes. It is hard to get anything in writing though and who knows maybe they work until they are 75.
At the new place - are you required to bring a portfolio ? What is the onboarding comp structure like versus the current comp structure ? I manage a decent sized book that is mine but all recruiters and hiring managers want me to bring my book and I am like , well some will come but I want a concrete succession plan to acquire retiring FAs portfolios and that is what interests me as I am established but don’t want all that risk of moving 100 percent of my asset base and they dance around that a bit . As an established advisor these hiring managers put all the risk on me /advisors to bring your book and we will give you a “ check “ which is basically an unforgivable loan .
Not required to bring a portfolio book in. They would guarantee my comp for 2 years (would be slightly higher than where I am at now) then after 2 years they would assume I would be paid on my new book and that would be greater than the comp guarantee. So I would be starting with no book. I can't get a read on the Succession plan. Most of their advisors are in their 60's and they need younger people. But I don't know, nobody is explicitly saying they are going to transfer their book over time. So I am weighing if it is worth taking that risk for the upside, assuming I do well with the referral business and the succession eventually comes. It is hard to get anything in writing though and who knows maybe they work until they are 75.