Joint rep number at lpl?
24 RepliesJump to last post
Ice I tried to pm you. it was a office in Richardson. Tannery wealth management and Michael and Tina Tannery
I moved to LPL in 09 from a Major after 16 years in the business. I opened my own branch and have 3 fully furnished plug-n-play offices (besides my big plush corner office). I spared no expense on decor and infrastructure. I would offer any size advisor an office for $500 per month flat and a percent over-ride for OSJ responsibilities. Regardless of trailing 12 I would cap it at between $500 - $1,000 per month depending on the business that they do. I personally think that 30% is like borrowing money from the Mob. But then it would greatly depend on your production level. If you were producing $50,000 per year than 30% would not be unreasonable., 50m x 30% = 15m p/y override divided by 12 = $1,250. That cheap for a turn key office. Now let's say that your doing $150,000. Well, do the math.... now your paying $3,750 per month in over-rides. Now that is a bit much.
In all fairness to the guy (Tony Bag-of-Donuts) who is offering 30% for OSJ services I think one would need to know your t12 before we lable him a thief. IMO, open your own branch or work out of your house. Find an off-site OSJ and offer 10% until you finish your 24. Good luck[quote=Indyone][quote=Greenbacks]I am with LPL as my own OSJ.
I would not ask a new rep to use a joint #. He can still get his 30% and see your accounts. I would ask for for own rep # Just my thoughts.[/quote] +1 I OSJ for a guy through LPL and I don't have to have a joint number to get an override and see his accounts. It sounds like a mechanism to help him take your accounts if you decide to leave or flame out. Either way, I think it's a total bullsh*t request.[/quote]Indy i could not agree more