My situation is this; I'm a junior in college and work as an intern at an RIA. I love my job and I love working with clients so I've decided that I want to pursue this as a career.
I want to start my career as quickly as possible and in an efficient manner. I like the firm I'm currently with and would like to join them as an IAR, while bringing in my own clients and building my book. I'm a good salesman and I network well; I believe that I could bring in around 10MM in the first year. While I don't graduate for another year, I signed up to take the series 65 in the next couple months, so I will be able to register as an IAR in my state.
I haven't mentioned any of this to my boss, the firm's managing partner yet. I want to wait till I have the series 65 in order to show the initiative and that I'm not just full of hot air. Once I have the 65 I want to approach him about taking me on as an IAR and work to build my book. What I haven't been able to find is the normal split of fees for such a relationship. I realize it's dependent on a lot of variables. The managing partner does the allocations in our model portfolios and that isn't something that would change, however I would plan on taking the lead in the day to day managing of the accounts. What is a reasonable split of the fees? Our normal AUM fee is somewhere between .9-1.5%, plus all trading costs.
What am I missing here and what is the best way to convince my boss that it is a worthwhile enterprise? Thanks for your help.