Sharing Retention Package
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I love my assistant, but let's be realistic. I am the one that has to make a commitment, not her. I understand if it is a long time relationship, but my assitant that has been with me a year? and could leave tomorrow with no strings? No thank you.
But, that being said I think I may be more inclined to increase her bonuses and pay now that I am in a better financial position.
By the way, why do grownups have to come to this forum and make fun of others? Aren't you entrusted with managaing millions of client dollars? Anything better to do?
[quote=benjamin]
By the way, why do grownups have to come to this forum and make fun of
others?[/quote]
It’s fun. The question is, why do you think you are so superior?
I don't. If I thought I was, I wouldn't be asking questions and caring what the answers are/were.
Ok just checking. It sounded like you were trying to pick a fight.
Here's my take on the loan bonus. I pay my assistant each month, so I've decided to up that amount instead of giving her a percentage of the bonus. It's to my advantage to take the upfront money, but that doesn't mean she doesn't deserve something. Now if she is gone in a year then I'm not out anything.
[quote=Devil’sAdvocate]
I have more experience with Wall Street than every other poster on this forum put together.
[/quote]
Yet you couldn't make a go of it actually dealing with clients....
Actually our office shares an assistant, and I very rarely utilize her because I prefer to do my own paperwork after the market closes so I can be comfortable knowing it was done correctly. She does not have her 7 or otherwise. Our wire clerk merely does her job, nothing more, nothing less. Don't get me wrong they're nice people but I'd like to hear a few more opinions.
Thanks
Actually, I think that is riduculous. They must know you would never leave and are taking advantage of you. A retention bonus is paid to brokers because their is a value to them staying. If they wanted to pay the SAs they would, but they don't. Tell your branch manager to get stuffed. Has he ever done anything for you?
The whole thing stinks.
Are you the only broker in the office asked to share? Approx. how much are they asking you to "share" dollar wise.
good luck. If you want a branch, go to RJ.
Well it looks like I have to go along to get along. Despite the fact that they bring no value to the table they’re still getting 10%. From the three brokers in my office they’ll make out with about 80k. Nice
[quote=Brokermike99]Well it looks like I have to go along to get along. Despite the fact that they bring no value to the table they’re still getting 10%. From the three brokers in my office they’ll make out with about 80k. Nice [/quote] Yet another reason I’m glad to be independent…no one tells me how to compensate my assistant.
[quote=Indyone][quote=Brokermike99]Well it looks like I have to go along to get along. Despite the fact that they bring no value to the table they're still getting 10%. From the three brokers in my office they'll make out with about 80k. Nice [/quote] Yet another reason I'm glad to be independent...no one tells me how to compensate my assistant.[/quote]
And nobody is going to offer you hundreds of thousands of dollars just to get you to stay.
You should be so lucky as to have to deal with a "suggestion" that you should contribute 10% of found money to a pool for the girls in the office.
[quote=Indyone][quote=Brokermike99]Well it looks like I have to go along to get along. Despite the fact that they bring no value to the table they’re still getting 10%. From the three brokers in my office they’ll make out with about 80k. Nice [/quote] Yet another reason I’m glad to be independent…no one tells me how to compensate my assistant.
And nobody is going to offer you hundreds of thousands of dollars just to get you to stay.
You should be so lucky as to have to deal with a "suggestion" that you should contribute 10% of found money to a pool for the girls in the office.[/quote]
That's a trade-off I'm willing to accept. I'll get mine in the form of a buyout when I'm ready to hang it up. Meanwhile, I'll enjoy making more than 50% more net in my 2nd year as an indy than I did in my best year as an employee...different strokes...
[quote=DAtoo][quote=Indyone][quote=Brokermike99]Well it looks like I have to go along to get along. Despite the fact that they bring no value to the table they’re still getting 10%. From the three brokers in my office they’ll make out with about 80k. Nice [/quote] Yet another reason I’m glad to be independent…no one tells me how to compensate my assistant.
And nobody is going to offer you hundreds of thousands of dollars just to get you to stay.
You should be so lucky as to have to deal with a "suggestion" that you should contribute 10% of found money to a pool for the girls in the office.[/quote]
That's a trade-off I'm willing to accept. I'll get mine in the form of a buyout when I'm ready to hang it up. Meanwhile, I'll enjoy making more than 50% more net in my 2nd year as an indy than I did in my best year as an employee...different strokes...
[/quote]
Making sixty grand instead of thirty grand is not a victory.
Unfortunately it isn’t “found money” as it involves a rather large commitment from me for the next 6 years. Gifts to other employees are irrevocable, consequently anything I gift, plus my pro-rated share of the upfront money, I’m liable for in the event I leave or go indy. Essentially I’m taking all of the risk and garnering 90% of the reward.
[quote=Indyone][quote=DAtoo][quote=Indyone][quote=Brokermike99]Well it looks like I have to go along to get along. Despite the fact that they bring no value to the table they’re still getting 10%. From the three brokers in my office they’ll make out with about 80k. Nice [/quote] Yet another reason I’m glad to be independent…no one tells me how to compensate my assistant.
And nobody is going to offer you hundreds of thousands of dollars just to get you to stay.
You should be so lucky as to have to deal with a "suggestion" that you should contribute 10% of found money to a pool for the girls in the office.[/quote]
That's a trade-off I'm willing to accept. I'll get mine in the form of a buyout when I'm ready to hang it up. Meanwhile, I'll enjoy making more than 50% more net in my 2nd year as an indy than I did in my best year as an employee...different strokes...[/quote] Making sixty grand instead of thirty grand is not a victory.[/quote]
It is if you're my assistant. Thankfully, even the bank paid me a lot better than that...
...and check your math...I wasn't claiming a 100% increase...just a measly 50%...on a considerable larger number than your little joke suggested. Come on, DA...it was funny when Bobby originally used it on you, but not nearly as funny when you parrot it on me...
[quote=Brokermike99]Unfortunately it isn’t “found money” as it involves a rather large commitment from me for the next 6 years. Gifts to other employees are irrevocable, consequently anything I gift, plus my pro-rated share of the upfront money, I’m liable for in the event I leave or go indy. Essentially I’m taking all of the risk and garnering 90% of the reward.[/quote] So if you left in a year, the assistants would literally get most of your bonus? That does suck. It sounds like another way for your BOM to keep his hooks in you, frankly.
Making sixty grand instead of thirty grand is not a victory.
You are an idiot. Another example that you are not too intelligent if you cant grasp the fact that 50% more on 30K is 45K, NOT 60K.
[quote=blarmston]
Making sixty grand instead of thirty grand is not a victory.
You are an idiot. Another example that you are not too intelligent if you cant grasp the fact that 50% more on 30K is 45K, NOT 60K.
[/quote]
I gave him the benefit of the doubt---in an attempt to inflate his ego.