Jr Financial Advisor / Producer - does this stack up?

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Nov 19, 2010 11:23 am

Wondering about the deal I am currently being offered, and how does it stack up for someone very new to this industry.  I am returning to the workforce after being out for 5 years.  I have 20 years experience in other industry sales/customer service.  Have spent last 6 months working for a RIA advisor - he is currently not operating fully fee-based-is moving that way.  He's offering to move me into a Jr. role. This means I will be present in client meetings with him and then handle all aspects of paperwork for TOA's and all client communication until it is time for him to walk into a future meeting with said client. Also, do marketing, find ways to bring in clients, free him up to prospect, make contacts. He's offering me .5 on AUM brought in above Qtrly goal, and a base salary of 12.50/hr-with office (phone, computer, etc.). Total flex schedule.  I have no production requirements, except to get assets he's secured transferred to our firm, and to work on getting my series 7.  I live in a rural area.  Is this fair?

Nov 19, 2010 11:45 am

I've been a junior advisor twice in my early career. I've also had numerous admin folks over the years, and my last one has become my jr partner in an indy situation. 

WK, there are lots of variables, and you've listed some. What I can tell you is, that if you are really valuable to this person, you can negotiate and deal later with the person. The real question is, can you trust this guy, is he a straight shooter or not. You can never make a good deal with a bad person, and you'll never have a bad deal with a good person....

I'd say that if you feel good about the situation, then proceed. Getting licensed is important, and your alternatives probably aren't beating your door down...