Wirehouse Rep Wanting To Join Established RIA
Go indy, get a bigger payout..100K production will get you in at most places, RJ,LPL,Commonwealth maybe exceptions.. no salary but if you have $7mil in fee based @1% you could have $56K(based on 80%) payout..plus what ever other production you are doing in addition..
Yes, it is an option, and an attractive one for any growing RIA.
My RIA just picked up someone from AGE not too long ago in a similar situation. We put him in the 'hunting' mode, and now he organizes seminars, and also sits on the planning portion of our firm putting his CFP to work. Sometimes, you get more bang for the buck when you offer your services as a specialist within a firm, rather than an individual that wants to do it all.
We pay a straight salary to our newbie, and don't have hurdles... we just make sure that we utilize his time effectively, AND that we keep him working as a team player.
Again, think through all your options, but you have a modestly attractive book for a newbie. The only detractor to you being hired-in, would be the potential litigation liability by your former employer.
Thanks for the info. How would I go about searching for a growing RIA? Any websites you could pass on. Also, are compensations usually straight salary or salary and commissions?
I agree with everyone that Independent is the way to go.
Girard Securities has a great advisory program that you should look at. Go to www. girardsecurities.com for more information.
They require a minimum production level of !50,000 to join unless you join an established division, then it depends on the Division Requirements. If you are interested in Girard, I'd be happy to help you. You can send me a private message if you are interested.
Also, it may help if you contact a recruiter. There are a couple of good ones that are independent and can recruit for a broker/dealer. Their website is http://www.finetoothconsulting.com. They are really great at placing reps at the broker/dealer that fits them best. You should definitely get in touch with them.
i hope this helps and Good Luck!