What does Jones pay transfer brokers?
Serious here. I have been offered a Jones office of decent size. I'm at BAI and truly hate ML. What is Jones paying transfer brokers? Please skip the Jones sucks posts.
I'm at 250 ttm.
Well, they will show you what they will offer, but generally speaking, the deal is something like this:
In addition to regular commissions,
1) Income Gurantee - 1 month (based on previous production) for every $10mm AUM brought in during months 1-12. Minimum guarantee is 3 months, maximum is 12 months. So if you brought in $40mm AUm, you would be guaranteed your previous firm's average T-12 production for 4 months (at 40% payout).
2) First 6 months bonus - $2K for every $1mm in assets gathered in first 6 months (this is 100% payout bonus).
3) Months 7-12 - bonus based on production targets. Your target for these 6 months is 50% of your prior firm T-12 (in your case your target would be $125K for months 7-12):
85%+ of target = 40% bonus
70-84% = 30%
50-69% = 20%
<50% = 0%
This is a 100% payout bonus.
So, let's say in the first 6 months you brought in 25mm AUM, you would get a 50K bonus. If you hit 107K production in months 7-12, you would receive a 42K bonus. That would equate to about 230K in gross production (50K net + 42K net). This would be in addition to any income gurantee and your regular commissions. If you are taking over a decent sized office, that would just be gravy.
If you have any questions, PM me.
B24 is almosr right,
1. t12 x 40% divided by 12 is your monthly guarantee
2. number of months you get said guarntee is determined by assetts you HAD @ previuos firm, for every 10 million you get 1 month of a guarantee
3. for every million you bring over in your first 6 months you get a bonus of $2,000.
the rest he has right. You can go to jones careers.com and run your numbers. hope that helps.