Ladies & Gents- I am in need of some advice. I am a registered client service associate for a major wire house in NYC. I come from a previous non-industry sales background and now I work on a large wealth management group. I am a few years out of college. We ( I should really say they) produce about 5 mill a year. When interviewing, I explained my passion for becoming a broker and junior partner and that I'm using this role as a stepping stone into the industry to learn the business, and move forward appropriately. They were impressed with my enthusias, and said they would never hold me back. I've been with the firm for 7 months, and set the branch record of obtaining the 7 and 66. Now that I am fully licensed my group is going to allow me to start selling, and help bring in assets. We do a lot of managed money, and all of our clients fall into a model. It's all tactical asset allocation. Since, I can use my group and leverage their experience to help sell to prospects. I am going to ask for my own production number. Since I am not a broker or a junior partner yet, I am def going to have to split it if not more. If I am going beyond my daily routine, and putting in the relentless hard work to bring in new assets, I want to be rewarded for it. I've spoken with some people who said 50/50 is fair..and other brokers have said that the hardest part is bringing it in and I should be rewarded with more like 60/40. Needless to say, I don't want them to take advantage of my hardwork and new assets I bring in ( since I will also need them for when I apply to the training program.) What do you guys think I should suggest? I want to earn a junior partner role in this group. In this cut throat business one learns quick you have to look out for yourself, and brokers will take clients if they can. Please advise, and any other information, feedback is more then helpful. I am a big fan of this forum, and grealty appreciate when experienced reps take the time to give helpful advice.
75/25 or 60/40 would be ideal but until you prove your worth to the group 50/50 would be a good expectation.
Prove your worth then you can set the rules.