Creating Jr Broker program at a bank
Never mind, I got it worked out. thanks
Throw it back in his face. He isn't "already giving you a lot of his profits" - you're earning the money. His profits are after all expenses, and you are an expense. I think he's blowing smoke up your ass. New relationships you bring in should give you a higher cut. If you want to go FA, then take the leap elsewhere (if you two don't come up with a mutually satisfactory arrangement).
Personally, I would go for an arrangment where you work as SA, and get 100% of all business you bring in - and ignore the existing relationships. How would that cost the FA money? I could see some conflicts though.
As for the 1%---if you're licensed, your boss should be paying you 1% or more of the commissions brought in as an incentive for what you bring to him as a registered SA. That is compenstion that is separate and apart from any assets you bring in under your own production number. Good SA's are hard to find.
I'm currently a series 7 licensed sales assistant for a financial advisor at a bank. The bank does not have any kind of Jr Broker program, but I am wanting to create it. The bank doesn't have any kind of general fund to pay a salary while I build up a book, so I will need to keep working as an assistant so I can have income while I try to slowly build my book on the side.
Given this situation, any suggestions on how you would structure the commission split? Right now my boss is proposing that I get 1% of everything that happens (his clients and mine), but the clients I generate get coded under me, so that when I launch into full advisor role at some point those people are mine.
I like the idea of being able to "safely" build up my book of business, since I will still be earning income as a sales assistant, but only getting 1% doesn't sound exciting. However, I do understand my boss' point of view. The bank doesn't pay my salary, my salary is paid out of the profit my boss makes, plus he has to pay for his office space for us both, computers, computer software programs, etc. So he is already giving me a lot of his profits.
So in this situation should I just be thankful for the opportunity and take the 1%. Or does anyone see a better way to structure the splits? Also the bank is only willing to consider this if it doesn't cost them any money. So there is no option for the bank to put money towards this.
You should go elsewhere. This boss will be taking advantage of you. He gets a good, hardworking assistant, who is building up his(the bosses) asset base. This is happens alot in the industry. It's hard for a SA to move into a sales position. You'll probably need to go elsewhere---where you are hired with an understanding/guarantee that you will build YOUR OWN book of business and be paid appropriately.
You're a secretary. Deal with it. Go sharpen some pencils or something.
No, he's a "Branch Office Administrator."
Russ - that's bullsh*t. Go get hired by a b/d or wirehouse. His presence is not helping you sign clients - they're signing to do business with you, not him. Keep what's yours.
"The bank does not have any kind of Jr Broker program,..."
Yes it does. Every broker it employs is a jr broker.