EDJ to Ameriprise Indy
I'm a seg. 3 at EDJ and have about a 16k avg. and about 10mm on the books after 18 months. I just got an offer to join an Ameriprise Indy practice. The guy I'm considering joing up with is a LARGE producer .. 2mm+ and he just bought a book he can't service. It's around 100mm.
Am I missing something here? This sounds like a great chance to take my income up another level. We are neg. payouts and a short 6-9 month salary. What questions should I be asking? Any insight would be great. Just plain sick and tired of giving 60% away each month.
Sounds like a no-brainer...go forth and prosper! Just remember to check out your 3yr contract and nonsolicit agreement at Jones. Ameriprise will help you with that.
This guy you're joining up with. Make sure you fully agree to a mutually beneficial arrangement. Then, put it in writing, have it legally valid. If you don't do that, you are a complete, total fool.
I have a junior partner, has worked with me for 9 yrs, straight out of college. We have a funded buy sell, non compete, and covered the bases should we decide to split. It is all legally prepared by an attorney.
Do it. Take BFP's advice about the legal stuff, but I think it's a good opportunity. You've not been at Jones long enough to drink too much kool aid. Who knows, if the Ameriprise guy wants to retire someday, maybe you could be the one making $2 mil a year.
Like BFP said... make sure you have in writing what you will do for your cut and what they will do for their part. Also pay attention to who owns the relationships. AMP is bad for not disclosing that.