OSJ stipend
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I'm looking for some guidance on stipend pay. I work with/through an independend channel. Our group consists of eleven reps which take up a little over twenty rep ids including joint id's. There are three different offices in three different towns. A few of those are licensed staff who also work a small book of business. The two owners are offering me a stipend as I have a Series 24 license to perform OSJ duties for the group. I also have my own book of business which is about 30 million of AUM. My question is this, what should I be looking to receive in pay for taking care of those duties for our offices. I cannon seem to find anyone with a similar situation. tks
So the owners don't have a 24? If they do and they are trying to pawn the duties off on you for just a small stipend, don't do it unless they pony up some serious cash. They are putting the liability on you so you should be compensated accordingly. The normal rate is 5-10% of gross of those you are supervising.
No less than 10% of production..maybe more depending on travel time to different locations if necessary(probably would be in your best interest)...
5 - 10% seems to be the going rate. If they do boring, plain vanilla mutual funds, asset allocation and SMA business - the low end works, if they do option and Reg D stuff RUN AND HIDE.
Some time ago, someone, i think it was Indyone, mentioned that he was OSJ'ing someone as a favor, was a friend of his and it was temporary. He was getting 7.5% and said it wasnt worth the time and risk, and he couldnt wait till the guy got his 24.
If I was just OSJing someone, nothing else, i would take 10%, not less. If i was providing them with an office and services as well, i would take 20%
[quote=Sportsfreakbob]
Some time ago, someone, i think it was Indyone, mentioned that he was OSJ'ing someone as a favor, was a friend of his and it was temporary. He was getting 7.5% and said it wasnt worth the time and risk, and he couldnt wait till the guy got his 24.
If I was just OSJing someone, nothing else, i would take 10%, not less. If i was providing them with an office and services as well, i would take 20%
[/quote]
I concur Dr. Bob
I appreciate all comments. Seems like I would have been selling myself short based on the offer I was given. No where near 5% of prduction for the whole office. Time for a counter offer it appears.