After "interviewing" with local wires and not recieving any call back due to lack of education/sales experience, I have been made an initial offer with an indy. My mentor would is the largest producer of the firm and the idea is I learn the ropes and prove that I can build my own book, then buy his from him, then who knows, the CEO of the firm is getting old, perhaps take on his position. We havent finalized any commission/salary/draw details but I have yet to attain my licences, which they will pay for.
I have incredibly unique relationships with some professional sports agents that are getting starting and gaining clients themselves. I also have a vast network of highly affluent individuals within a private school system.
I have been told I have all the needed traits and personality characteristics and I am passionate about the business. I believe I could be a great value, however I'm not sure what to expect payout wise from this indy. Talks are just getting underway but they have said they want me.
PS. my "mentor" has 60-80 AUM and is looking for a "young buck" like me to take over in 5-10 years.
Its a great oppurtunity, though I may need to wait tables 3-4 nights a week untill I can get my business rolling. Any input on getting started with an RIA would be greatly appreciated. Thanks!
With no proven skills, I cant think the pay will be that great. Perhaps in the $30k range? (Depends on your locale) Initially you are a para-planner. I know a lot of the magazines provide surveys on payroll. Perhaps you can get some idea from there.
I would work a deal that any new biz you bring in you get a cut. Some %. Also... and this is critical.... any new biz you bring in is YOUR client should you ever leave.
Always enter with an exit strategy.
Good luck. This is the BEST career out there!