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Mar 31, 2006 12:24 pm

Does anyone here work in a team?

Mar 31, 2006 12:59 pm

Yep

Mar 31, 2006 1:56 pm

Thanks for the insight. 


How did you know if it as a good fit for you and how did you know what would make a good fit?

Mar 31, 2006 4:11 pm

yea i work in a team with a premier banker that isn't worth a sheet, who is a glorified checking acct. opener and yet is treated far better than any FA at BAC

Mar 31, 2006 5:21 pm
frumhere:

Thanks for the insight. 





frumhere:

How did you know if it as a good fit for you and how did you know what would make a good fit?



I looked for someone I thought was honest and did ethical biz (bang up your U-4 and your career should be over), had skills that complimented what I do and like to do (I'm a planner and SMA kind'a guy so I looked for a stock/strategy jock) and had a different social circle (lived in a diff part of town, had diff hobbies, etc) and first and foremost, someone I could trust to be honest with me and work hard. I think I managed all of the above.


Then we sat down with help and put the entire deal, to include how we might divorce, on paper.


Mar 31, 2006 5:39 pm

Mike, thanks for sharing that.  Do you and your partner go 50/50 on all fees /commissions? 

Mar 31, 2006 6:11 pm
mikebutler222:
frumhere:

Thanks for the insight. 





[quote=frumhere] How did you know if it as a good fit for you and how did you know what would make a good fit?


[/quote]


I looked for someone I thought was honest and did ethical biz (bang up your U-4 and your career should be over), had skills that complimented what I do and like to do (I'm a planner and SMA kind'a guy so I looked for a stock/strategy jock) and had a different social circle (lived in a diff part of town, had diff hobbies, etc) and first and foremost, someone I could trust to be honest with me and work hard. I think I managed all of the above.


Then we sat down with help and put the entire deal, to include how we might divorce, on paper.





Tell the truth. You've bounced from job to job so much that the only way you could get hired was to hook up with someone.

Apr 2, 2006 8:33 am

I am on a team, and here is what I would suggest:



1.  Segment abilities to compliment each other...ex: 1 person does
planning and bonds, another does prospecting, another does managed
money and stocks, etc...  This leverage is HUGE and, if done
right, will allow your team to grow 4x as fast.



2. Put it on paper.



3. Have short weekly sales meetings and monthly operations meetings.



4. Choose a leader to drive the teams direction, but not to be the boss.



5. Don't gang up on other team members EVER.



6.  Have an exit strategy.



Forming a team was the best thing I ever did.  We all can take 4
weeks of vacation per year and not even mis a step.  Our days are
shorter, we are more focused, and we do not cary as much mental or
physical work home.





 

Apr 2, 2006 2:03 pm

I work a "modified" team approach. I have MY book, my associate has HIS book and we have a JOINT book. Mainly throw more complicated business into the joint book and have our own book(s) for the type of biz we each specialize in. As time goes by and as we BOTH become more comfortable, entire book will prob. be put into the joint acct. If not, no messy divorce needed. Had a messy team divorce once.  

Apr 3, 2006 7:23 am
Mike Damone:

Mike, thanks for sharing that.  Do you and your partner go 50/50 on all fees /commissions? 


No, we have a split of all production based on the 12T prior to the team forming.

Apr 3, 2006 7:26 am
Dirk Diggler:
mikebutler222:
frumhere:

Thanks for the insight. 





[quote=frumhere] How did you know if it as a good fit for you and how did you know what would make a good fit?


[/quote]


I looked for someone I thought was honest and did ethical biz (bang up your U-4 and your career should be over), had skills that complimented what I do and like to do (I'm a planner and SMA kind'a guy so I looked for a stock/strategy jock) and had a different social circle (lived in a diff part of town, had diff hobbies, etc) and first and foremost, someone I could trust to be honest with me and work hard. I think I managed all of the above.


Then we sat down with help and put the entire deal, to include how we might divorce, on paper.





Tell the truth. You've bounced from job to job so much that the only way you could get hired was to hook up with someone.  




 


I think what you mean to say is "been recruited". I formed the team AFTER I came to the firm, Ms Cleo.


BTW, thanks for the input on my career. I appreciate the advice coming from someone with such an ethical approach to business and so willing to detail their own career path for all to see. 

Apr 3, 2006 9:15 am
Revealer:

I work a "modified" team approach. I have MY book, my associate has HIS book and we have a JOINT book. Mainly throw more complicated business into the joint book and have our own book(s) for the type of biz we each specialize in. As time goes by and as we BOTH become more comfortable, entire book will prob. be put into the joint acct. If not, no messy divorce needed. Had a messy team divorce once.  



Learn from my past mistakes....have a written breakup agreement in advance.

Apr 3, 2006 10:10 am

does combining everything form the beginning make the most sense?  i believe it does, but what are other's opinions?

Apr 3, 2006 2:49 pm

...or forming a team with other trainees?

Apr 3, 2006 3:01 pm
mikebutler222:
Dirk Diggler:
mikebutler222:
frumhere:

Thanks for the insight.









[quote=frumhere] How did you know if it as a good fit for you and

how did you know what would make a good fit?



[/quote]



I looked for someone I thought was honest and did ethical biz (bang up

your U-4 and your career should be over), had skills that complimented

what I do and like to do (I'm a planner and SMA kind'a guy so I looked for

a stock/strategy jock) and had a different social circle (lived in a diff part

of town, had diff hobbies, etc) and first and foremost, someone I could

trust to be honest with me and work hard. I think I managed all of the

above.



Then we sat down with help and put the entire deal, to include how we

might divorce, on paper.









Tell the truth. You've bounced from job to job so much that the only

way you could get hired was to hook up with someone.









I think what you mean to say is "been recruited". I formed the team

AFTER I came to the firm, Ms Cleo.



BTW, thanks for the input on my career. I appreciate the advice coming

from someone with such an ethical approach to business and so willing to

detail their own career path for all to see.





Ok. You've been "recruited" 15 times in the last 10 years. You only have

2 brokers in your branch. If we asked, would she say that SHE is on a

team, too?

Apr 3, 2006 3:27 pm
Dirk Diggler:
mikebutler222:
Dirk Diggler:
mikebutler222:
frumhere:

Thanks for the insight. 





[quote=frumhere] How did you know if it as a good fit for you and how did you know what would make a good fit?


[/quote]


I looked for someone I thought was honest and did ethical biz (bang up your U-4 and your career should be over), had skills that complimented what I do and like to do (I'm a planner and SMA kind'a guy so I looked for a stock/strategy jock) and had a different social circle (lived in a diff part of town, had diff hobbies, etc) and first and foremost, someone I could trust to be honest with me and work hard. I think I managed all of the above.


Then we sat down with help and put the entire deal, to include how we might divorce, on paper.





Tell the truth. You've bounced from job to job so much that the only way you could get hired was to hook up with someone.  




 


I think what you mean to say is "been recruited". I formed the team AFTER I came to the firm, Ms Cleo.


BTW, thanks for the input on my career. I appreciate the advice coming from someone with such an ethical approach to business and so willing to detail their own career path for all to see. 



Ok. You've been "recruited" 15 times in the last 10 years. You only have 2 brokers in your branch. If we asked Linda, would she say that SHE is on a team, too?



 


You’re such a kidder, Dirk. Some day, when you’re not busy writing racist posts or pontificating about the quickest route to have your license pulled and your career ended, you might want to brush up on some simple math. BTW, I don’t know about your planet, but on mine people are not required to have a website, thus, the number of websites doesn’t necessarily accurately reflect the number of brokers in an office.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


BTW, when will we have a chance to review your career path and U-4? Come on, big fella, we could all use a laugh. 


Apr 3, 2006 3:30 pm
frumhere:

does combining everything form the beginning make the most sense?  i believe it does, but what are other's opinions?


I would prefer to combine everything from the beginning of the partnership to avoid sensitive questions about what business goes to the joint number and what doesn't. As to new guys forming partnerships, I'm having a tough time imagining a situation where there’s much synergy to be gained in that.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Apr 3, 2006 3:55 pm

I have worked with trainees 2 times so far and have found on both occasions that I wanted them to succeed more than they did/do.  If this one trainee fails out, I probably won't assist any more. 

Apr 4, 2006 10:43 am

Anybody have any recommendations on resources that one could use to write up the agreements, transfer of ownership upon retirement or death, etc?


Thanks!

Apr 24, 2006 2:11 pm

Any insight whether to set up a pyramid team (one guy on top and personal staff) or 2 FA team?  I am doing about 250k.