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Joint rep number at lpl?

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Nov 18, 2009 5:03 pm

Ice I tried to pm you. it was a office in Richardson. Tannery wealth management and Michael and Tina Tannery

Dec 3, 2009 3:09 pm

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 
Dec 3, 2009 3:35 pm

I can be an advisor for $1,250 a month?

Feb 22, 2010 5:48 pm

[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