Negotiating Compensation at Independent

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Jan 22, 2017 7:44 am

I'm new to wealth management, however my business experience and network is attractive to the firm and the role we're discussing is a fit. It will allow me to build credibility in the field and learn, without immediate AUM pressure. However, the role pays only 75% of my minimum salary. We want to work together and are trying to come up with a custom, mutually beneficial compensation package to bridge the gap.

What are some things we should discuss, and what might be appropriate caveats/considerations for each? Below are some possibilities, to my mind. Thanks for your thoughts on them, or additional things to help me negotiate the best package for myself (while being reasonable).

1) Paying for licensing, RIA fees, CFP study fees (year 1); salary bump in year 2 if I achieve CFP

2) Equity or path to partnership that includes equity

3) Having my own P&L

4) 401(k) match, potential with a vesting period (e.g., 33% in year 1)