Switching firms
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Thinking of making a move to another firm, I understand every negotiation is different, but what are the average numbers?
Some brokers have told me 150% of your trailing 12 is possible.
I would like some feedback before I meet with anyone.
Any ideas?? Thanks.
We had a guy in my area that recently got 200% from SB. Of course, that involves a lot of deferred comp, hitting certain bogeys, etc. Still a nice pay off, though.
The negotiations are getting less and less flexible for reps. The
firms are creating canned transition packages and delivering them with
little negotiating. This is what I understand anyway.
Well, I think you have to look at why you are switching. If it is just to get the paycheck up front, I don't think it is a good idea. It is very hard to change brokers and bring your customers over.
Are you moving because you believe you will be able to grow your business better at another firm? Are you moving because the management at your current firm is not condusive to your building your practice? Are you moving because you will have access to more a better products for your clients? Let us know.
I intend to move for several reasons,
1 My current office is too far away - Too much travel time for me and my clients would prefer an office in the area.
2 I am currently on a team and I am not very happy, being last in the food chain in a team of 5
3 I have been talking about it to my clients for months now,explaining the pros and cons and they say they will stick with me.
4 With a paycheck upfront this could buy me some time to get the business running the way I want it. Start my own team, hire a junior partner and pay for a decent assistant (they don't come cheap) also some interns to do some callings, mailings etc
Basically it would give me the chance to run my business the way I want.
Why is taking a check to get some money wrong…I hear that a lot, so it is starting to sound cliche.
[quote=RedJacobs]
I intend to move for several reasons,
1 My current office is too far away - Too much travel time for me and my clients would prefer an office in the area.
2 I am currently on a team and I am not very happy, being last in the food chain in a team of 5
3 I have been talking about it to my clients for months now,explaining the pros and cons and they say they will stick with me.
4 With a paycheck upfront this could buy me some time to get the business running the way I want it. Start my own team, hire a junior partner and pay for a decent assistant (they don't come cheap) also some interns to do some callings, mailings etc
Basically it would give me the chance to run my business the way I want.
[/quote] Red: Be very careful about telling your clients you are planning a move. If your current firm hears of this (either now or later) you could be subject to firing,lawsuit, or at least a TRO after you leave.It depends upon the size of your book and the type of practice you have. The more those factors are in your favor ='s more negotiating power for you. And yes--it IS negotiable.