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1099 or w2 employee at RIA?

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Dec 29, 2017 2:39 pm

I am joining up with an established RIA in a couple of months, leaving a wirehouse. I am the first guy that is coming onto this RIA (one owner, one junior partner that is salaried for him), then me. We are both unsure about how to set up the employment contract. My understanding is that i will basically be a 1099 employee, and that i'll have my own dba or llc. All revenue comes through his side, then he pays me out after his cut/expenses based on a prior agreement.

Any input on this from someone who has made the switch?