Buying Into Indy
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How would someone that does not have industry experience bring value to a table for an Indy firm to consider bringing them on as a producer?
I have an Indy firm that is very interested in bringing me on, etc. however they are about 1 1/2 - 2 yrs away from being at the point of adding someone based on their target $ under managment. I have a very strong sales and sales management background and some business ownership experience. At the end of the day these two guys I don't think want to have the additional cost and to split the revenue among a 3rd producer. So I keep asking how I could make myself more appealing today in place of 1 1/2 - 2 yrs. Capital, experience both come to mind as well as starting without any kind of pay just an opportunity therefore not taking anything away from them. Ideas, suggestions, etc?
Madman,
Unfortunately, unless you bring some unique skill to the table that will either (1) increase assets under management through portfolio growth, or (2) bring in new assets, you provide little value. And I don't mean YOU personally, I mean ANYONE in general (based on the circumstances you describe).
I agree I have no advantage other than being able to develop assetts. I was curious if there is other benefits that people in the industry may see. If I understand what you are saying I could become a producer with straight commission and that would be a benefit to them if A. I produce and B. am not a hinderance to their current business. There would be some expense but very little under that type of arrangment.
[quote=Madman]
I agree I have no advantage other than being able to develop assetts. I was curious if there is other benefits that people in the industry may see. If I understand what you are saying I could become a producer with straight commission and that would be a benefit to them if A. I produce and B. am not a hinderance to their current business. There would be some expense but very little under that type of arrangment.
[/quote]
Yes, if you were "self funding", then I'm sure they would want you now. But, they may also need to buy space, furniture, PC, pay for licensing, etc. It sounds like they want to unload some small accounts on you, but might not have enough to give away and have you make enough (or keep enough for them to still make money).
They probably assume they will have to subsidize your income with theirs for some time, so they haev to wait until they raise a few more new assets.
Madman, When I bring someone in as a rookie, it takes 5+ years of being an assistant before I ever let them have any clients.
I know the wirehouses give the rookies 90 days and they are a so called money experts but in the real world it just does not happen.
As an Indy my name is on the door.
Ask if you can start at the bottom inputing data into there Act or planning software.
But finding an Indy firm is the right way to go. At least you will have someone holding your hand.
This profession is littered with rookie reps that never were trained right and that hurts all of us.
Good Luck.
B24 thanks for the clarification. We are speaking the same language. I'm sure you are right in many respects the one unique thing about this firm is that they are Dave Ramsey referred and get more call in business than they can handle at this point. Some of the smaller stuff and that headache small stuff they would like to shift as part of the training and upbringing of the new guy. The business model here is quite a bit different than many I've seen.
Greenback I couldn't agree with you more with your approach. As a part owner in a company currently I understand that all to well. If I was going to go that route I would get on with a wirehouse, Jones, etc. and spend 2-3 yrs and then do it on my own. I'm not straight out of school and come with alot of sales experience, a network and business operations experience. I unfortunantly couldn't start in admin with the hopes that in 5 yrs I may be able to work into an FA role. I agree with you statement and your caution however.