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Any advice for creating a tangible pool agreement?

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Jan 5, 2012 5:04 pm

A bit of background about my situation. My partner and I are both about 1 year in to the PMD program from hire date. We have already opened our pool. Our relationship goes back much further than working at the firm. We were college roommates, college baseball teammates and now direct partners together.

With that said, I'd like some advice/help with creating a set in stone pool agreement between us both. We just closed our first afluent HH as a pool yesterday. That was an easy decision as we both door-knocked her together.

What I'd like help with is the gray areas...people we each know personally and are starting to prospect. I've downloaded a few templates for some "business partnerships," but I'd love to hear advice specific to FAs.

Realistically, he is the bird dog and I'm the man with the gun. He has tons of affluent contacts he knows on a personal level. My strengths lean far on the professional and business side and generally we generally take a "good cop, bad cop" approach(for lack of a better way to put it) . Again any help or constructive criticism would be greatly appreciated. We are going to be building an agreement that would include:

-Designated duties and roles

-When to pool a client or to keep individually

-How to keep tabs on each other's productivity

I want to be able to have a specific agreement, so as to try to worry as little as possible about our friendship coming into play on this.

Jan 10, 2012 3:48 pm

Any constructive criticism at all is greatly apprciated. I've never had to deal with a situation like this so it would be a tremendous help to have guidance from someone who has.

Feb 16, 2012 8:25 am

Hey therightadvisor, I am posting a reply simply to move this topic up in the forum. Hopefully someone will answer soon, I would benefit as well from someone answering the question. If you got any advice from somewhere else could you post it?