[quote=BerkshireBull][quote=buildingwealth][quote=BerkshireBull][quote=buildingwealth]

In this day and age there are many vets out there who would like to retire but cant just get up and walk away from a recurring revenue business. 

I'm trying to figure out the best avenue to find a pre-retiring vet in the independent channel who would take me on to do all of the grunt work of running an exisiting business.  I would gradually ease into the full time advisor over the years and the vet could then retire "slowly" and work as hard or as little as they wanted.   I don't know how easy it is to work out a deal like this but feel this would be a great opportunity for both myself to get up and running, and a vet to get his money's worth for retiring on their own terms.   My background:  Merrill Lynch training program and independent intern with over two years financial advising experience, Series 7, 63, 65, and currently ready to move from the bank channel.[/quote]   That's what I did, minus the independent channel part.[/quote]   Any starting points or negotiation help would be greatly appreciated :)  Also, I would be open to starting on a team at MSSB but don't know how to start that process either.  I will be looking build my business in a large city like San Diego as well if that helps!  [/quote]   The vet I work for offered me a job when I was 2yrs into the business.  He's in his late 40s and will start cutting back within 5yrs.  That'll work out well, that way I'm in my early 30s before I start taking over parts of his book and I'll be late 30s when it all becomes mine.  I guess if you could start somewhere and impress with your knowledge and work ethic and do joint-work you could arrange something with one of them once you've shown the vets there something. [/quote]   What type of agreement do you have in place Berkshire?  The main thing that worries me about this guy is that the best guarantee he'll get is a handshake deal from a senior advisor, and that won't hold up for 10 seconds in court if the advisor changes his mind about either who he sells the biz to or if he wants to work for another 5 years.  And if buildingwealth isn't EXACTLY the type of person that the big advisor originally thought he was bringing on then it could be 2-3 years of wasted time working for a guy who ends up passing the biz onto someone else. 

B24:

On the flip-side, that’s what business is all about - taking risks.  I think I would rather take that risk than go start from scratch at Jones.  As long as the Jr. has his own book he is building (he better make sure he does), what’s the worst that could happen?  They part ways, and he keeps growing his own practice, which is exactly where he would be if he started from scratch on his own.  Which way has the higher chance of success?

  Jones

[quote=3rdyrp2][quote=BerkshireBull][quote=buildingwealth][quote=BerkshireBull][quote=buildingwealth]

In this day and age there are many vets out there who would like to retire but cant just get up and walk away from a recurring revenue business. 

I'm trying to figure out the best avenue to find a pre-retiring vet in the independent channel who would take me on to do all of the grunt work of running an exisiting business.  I would gradually ease into the full time advisor over the years and the vet could then retire "slowly" and work as hard or as little as they wanted.   I don't know how easy it is to work out a deal like this but feel this would be a great opportunity for both myself to get up and running, and a vet to get his money's worth for retiring on their own terms.   My background:  Merrill Lynch training program and independent intern with over two years financial advising experience, Series 7, 63, 65, and currently ready to move from the bank channel.[/quote]   That's what I did, minus the independent channel part.[/quote]   Any starting points or negotiation help would be greatly appreciated :)  Also, I would be open to starting on a team at MSSB but don't know how to start that process either.  I will be looking build my business in a large city like San Diego as well if that helps!  [/quote]   The vet I work for offered me a job when I was 2yrs into the business.  He's in his late 40s and will start cutting back within 5yrs.  That'll work out well, that way I'm in my early 30s before I start taking over parts of his book and I'll be late 30s when it all becomes mine.  I guess if you could start somewhere and impress with your knowledge and work ethic and do joint-work you could arrange something with one of them once you've shown the vets there something. [/quote]   What type of agreement do you have in place Berkshire?  The main thing that worries me about this guy is that the best guarantee he'll get is a handshake deal from a senior advisor, and that won't hold up for 10 seconds in court if the advisor changes his mind about either who he sells the biz to or if he wants to work for another 5 years.  And if buildingwealth isn't EXACTLY the type of person that the big advisor originally thought he was bringing on then it could be 2-3 years of wasted time working for a guy who ends up passing the biz onto someone else.  [/quote]   We're going to finalize an agreement in Jan 2010 when I've been working for him for 1yr.  I really hope everything goes as planned, but if it does not I'll take my experience and connections and go elsewhere.  The clients I had before he hired me will follow since although they're part of his book, I continue to service them.  I'm 26 and have a lot of time.  For someone 46 and breaking into this business this might not be the greatest situation. I didn't feel after 20 months that I had a strong indicator one way or another that I'd make it on my own so taking this opportunity doesn't seem like taking any additional risk.  I was a middle-upper of the pack rookie that survived, it's not like I was hitting Seg 3 or anything...

[quote=BerkshireBull][quote=3rdyrp2][quote=BerkshireBull][quote=buildingwealth][quote=BerkshireBull][quote=buildingwealth]

In this day and age there are many vets out there who would like to retire but cant just get up and walk away from a recurring revenue business. 

I'm trying to figure out the best avenue to find a pre-retiring vet in the independent channel who would take me on to do all of the grunt work of running an exisiting business.  I would gradually ease into the full time advisor over the years and the vet could then retire "slowly" and work as hard or as little as they wanted.   I don't know how easy it is to work out a deal like this but feel this would be a great opportunity for both myself to get up and running, and a vet to get his money's worth for retiring on their own terms.   My background:  Merrill Lynch training program and independent intern with over two years financial advising experience, Series 7, 63, 65, and currently ready to move from the bank channel.[/quote]   That's what I did, minus the independent channel part.[/quote]   Any starting points or negotiation help would be greatly appreciated :)  Also, I would be open to starting on a team at MSSB but don't know how to start that process either.  I will be looking build my business in a large city like San Diego as well if that helps!  [/quote]   The vet I work for offered me a job when I was 2yrs into the business.  He's in his late 40s and will start cutting back within 5yrs.  That'll work out well, that way I'm in my early 30s before I start taking over parts of his book and I'll be late 30s when it all becomes mine.  I guess if you could start somewhere and impress with your knowledge and work ethic and do joint-work you could arrange something with one of them once you've shown the vets there something. [/quote]   What type of agreement do you have in place Berkshire?  The main thing that worries me about this guy is that the best guarantee he'll get is a handshake deal from a senior advisor, and that won't hold up for 10 seconds in court if the advisor changes his mind about either who he sells the biz to or if he wants to work for another 5 years.  And if buildingwealth isn't EXACTLY the type of person that the big advisor originally thought he was bringing on then it could be 2-3 years of wasted time working for a guy who ends up passing the biz onto someone else.  [/quote]   We're going to finalize an agreement in Jan 2010 when I've been working for him for 1yr.  I really hope everything goes as planned, but if it does not I'll take my experience and connections and go elsewhere.  The clients I had before he hired me will follow since although they're part of his book, I continue to service them.  I'm 26 and have a lot of time.  For someone 46 and breaking into this business this might not be the greatest situation. I didn't feel after 20 months that I had a strong indicator one way or another that I'd make it on my own so taking this opportunity doesn't seem like taking any additional risk.  I was a middle-upper of the pack rookie that survived, it's not like I was hitting Seg 3 or anything... [/quote]   I have the same mind set as to what you and B24 have said in your last posts.  I don't want to start from scratch again, and by partnering up at the very least I will be learning a ton and building a book of my own.  I am very inticed to the independent world , which is why I would like to try that route first if possible.    The only wirehouse I could see myself working for right now is MSSB, but I know that any company is not as safe as working as an independent where you are only responsible for your activities and not the investment firm's as well.