Update on my situation and advice needed
So, to give a little background again: I am having a house built (comes into play here soon) and I've been a recuiter with Firm A for 2+ yrs and am getting into production. I've been presented with the following offers and want your opinion on where and how my thought process should be in making the best decision.
Had an interview with A.G.E in a very well respected office. So far not a clear picture has been painted but here is what I know: They want me to come in and work with two fellas who do strictly retirement planning for employees of energy companies. They want me in a marketing role for two years. Paying me base and comp. Unknown is whether I am working FOR the team or WITH. They are selling me on ego stroking. Their BOM is a celebrity and well known manager nation wide and they claim that being in an office under his reign = win!
-If the team dissolves for one reason or another, they will have in writing that I will have a place within the branch.
-Bom is a genius.
-Team is a great bunch of guys
-Do clients really care about how clique-ish and well respected the branch i work in is?
-No clear cut picture painted for future opportunity.
Now that Firm A (whom I work for now) knows I'm scouting around:
a) With the help of a manager who I recruited for, Our second highest team nation wide in a different city wants me to back out of the new housing contract and relocate (with no help from the firm to relocate nor help with losing money on house deposit).
-The team is a 2 person group doing $1.6 million in gross.
-Coming in, I would be handed 15 mil to work on after an aggressive period of training.
-I would get 2500 a month, training from the company AND the team, and
-once the second partner retires come the end of the year (she just signed a sunset deal), I'll move up in responsibilities and be given more assets.
-I will not be a part of the team coming in (fair enough)
-no help relocating
-cost of living much higher than where I am now
-still unsure that taking a deal I could probably get here in my current city is worth relocating
-wife won't have a job off the bat
I mean, I can understand not being married to the team immediately. It's a huge risk for the team and they have to protect themselves if I turn out to be a w**ker of a broker. However, given my record of success with hiring salesmen, my manager in city B is taking a huge risk putting a young person in a 1.6 mil team so the confidence is there on both of our parts.
What makes it hard is personal variables, having a house built, getting the same deal in this city, my wife already having a job. The upside potential is what I can elarn and probably achieve from a $1.6 mil team (fee based btw, no transy).
Professionally i need to be scouting for the best upsiode potential, but what else, realistically, should I consider before moving to another city and giving up a house for something that could, in one way or another, be a lateral move?
You probably understand your situation better than anyone else. But
from what you’ve said, personally, i would go with the guaranteed AUM,
training, salary, a team, and more assets at the end of the year. That,
compared with, “BOM is a genius” and "Team is a great bunch of guys"
seems like no contest at all. So what if your BOM is Brad Pitt, what
does that mean for you? So what if they’re a great bunch of guys, how
much are they making and why do they need you around?
Also, how old are you?
i'm trying to look for the best upside potential and yet, I cannot justify why I need to move just because the $1.6 million team is a $1.6 million team. I can also get onboard with someone here in my city with the same firm who's doing $810 in t-12 and still get the training I need to move on later (or not depending if the team structure is awesome).
I'm 26 BTW.
Well, I don’t know if you will like my advice, but I will give it to you anyway. Pray. Ask for help and guidance. It will come. Best of luck.
Am I reading this right: One of your choices wants you to uproot your employed spouse, and back out of a real estate contract to move to their city at your expense to "maybe" become part of their team? And this you'll do for a pair of 800k producers? I see what's in it for them, a no risk looksee, what's in it for you?
You sound like a talented person who would be an asset to any office or team. Don't sell yourself short.
Stay where you are. Starting in this biz is a big enough stressor - no need to throw a fun relo in the mix.
[quote=maybeeeeeeee]Well, I don't know if you will like my advice, but I will give it to you anyway. Pray. Ask for help and guidance. It will come. Best of luck.[/quote]
I agree, completely.
Am I reading this right: One of your choices wants you to uproot your employed spouse, and back out of a real estate contract to move to their city at your expense to "maybe" become part of their team? And this you'll do for a pair of 800k producers? I see what's in it for them, a no risk looksee, what's in it for you? [/quote]
Yeah it's really dissapointing. I have a good relationship with the BOM in that office and all things considered, I'm surprised by his vision in this. He tells me "They're doing ok, if you want to be a part of this then that's your decision (to pack up and move)."
Spoke to my wife lastnight and told her how insulting that was. Everyone else's mentality was "we like you, your mind is in the right place, we can train yuo to be better, you have proven success, here's the risk WE'RE willing to take to have you onboard."
I need to have a "scratch my back I'll scratch yours" deal not a "scratch mine for 2 yrs and I'll scratch yours then"
Thanks so much for the input guys.
That, compared with, "BOM is a genius" and "Team is a great bunch of guys" seems like no contest at all. So what if your BOM is Brad Pitt, what does that mean for you?
Breast on 15--you think Brad Pitt (hypothetical BOM) is a genius???
Well, AGE offered a deal that simply caught me off guard.
$50k base along with a split in the revenues guaranteed for my first 3 yrs.
I tried hard not wheelcarts in the office so I just looked at them with a striaght face and said "I have a lot of hard thinking to do"
That sounds like a pretty doggone good offer, assuming you’re relatively new to the biz…
it is. i’m going to negotiate a lower slaray and higher comp structure on my second year. if that falls in place i’m in. but going in for 50k on my first year …
Professionally i need to be scouting for the best upsiode potential, but what else, realistically, should I consider…
I don’t understand why you’re thinking of leaving recruiting. You’ve already paid your dues and learned the ropes as a recruiter. There is a LOT of upside to being a headhunter in this industry.
Sounds like you have enough experience to go independent. Not that I need the competition, but staying in recruiting is definitely something to consider.
I cannot stress how many times a week I hear this but to put it simply, I would not be happy. I enjoyed my stint, I was highly successful but in the end I would slit my throat if I knew I had to do it for another 10 yrs regardless of how much money could be made.
I am stressing with everything as it stands right now.
AGE deal starts well in yr 1 but as in most cases, yr 2 and 3 are unknown and uncertain.
I am still being recruited by the manager in austin with my current firm. His logis is simply: work for a 800k team at AGE who are new to their retirement rollover plan, or come work in austin with a 1.5 million team that's going to be a 2.3 million dollar team in about a couple of yrs.
it still does not answer any questions regarding ownership of assets. AGE is giving me a good indication that there will be ownership as soon as revenue starts rolling in. My manager in austin is only selling me on "what if" and is really annoying me.
Either way, there is uncertainty, the money making question now is, who's least likely to screw me while at the same time going to pay for success.
if someone could provide me with input please pm me. i could use all the unbiased opinion and advice I can get.