Opportunity to join team

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Nov 2, 2010 6:22 pm

Here's my story....I met a high producer ($400MM+) and we have developed a relationship.  I am currently on the retail side of banking but have always been interested in becoming a broker.  This gentleman has shown interest in me joining his team which right now consists of him but there may be another experienced partner soon. 

We recently met to discuss this opportunity and he told me that if everything works out I would going into the firms training program with a base salary of $75K.  I will be meeting with the BOM next week. 

My questions....

1. During the training program are there opportunities for bonus income? Currently make a lot more than $75K. The opportunity is with a major wirehouse.  This gentlemen has said that he will help me meet my goals. 

2. How are most junior partnerships setup?  Splits?

3.  What should I ask the BOM?

Your help is greatly appreciated.

Nov 2, 2010 9:22 pm

1- Bonus opportunities 10-15k a year at most wires I know of.
2- Most splits will be likely 25%+ with you doing all the work and likely will only include a small portion of the $400mil. But if you out produce your salary, you will get compensated for the over.
3- See if you can get added as a Team FA otherwise you will still have to hit newbie numbers for NNA all by yourself. And if you don't you could be shown the door.

If this is truely a good partnership he will likely have you work his book for more assets (warm leads are better than cold). As you bring him more assets and revenue he will give you more clients to work on. If all goes well you will be on his "team" after the training program is up. If it doesn't, well he just brought in more assets and more revenue and you're on the street.