I was thinking of forming a horizontal team. I am LOS 5, the other two guys are LOS 10, LOS 15. I do 25k less than LOS 10, and 75k more than LOS 15. They have more in assets then I do, but I am growing and they have declined. The upside for me is the ability to go through their books to 'in-cover' dormant assets and revive them. My fear is that our work ethics don't exactly match. But in excahnge for that are these un-tapped books of at least 10-20mm in assets that could be residualized. Please give insight. I am on the fence.
None of you are doing much business or YOU wouldn't be trying to squeeze some juice of of their assets.
I wouldnt read it that way. That is one 'quick' way of doing about 150k more business but that is not the business plan, only one component of it. I just find that it is getting increasingly hard to be a one man shop and still grow my business and do everything else I need to do (take care of existing book, monitor, etc...).
If you are worried about work ethic, I would stop right now. Nothing will cause a team to dissolve faster than the bitterness that will fester b/c other people aren't pulling their weight.
Also, what makes you think that they haven't already tried to convert those dead assets AND why do you think you will have more success w/ those clients than the FA that has been working w/ them for "x" amount of time.
My fear is that our work ethics don't exactly match.
Don't compromise your ethics. Don't even think about it.