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Sep 12, 2005 9:06 pm

I just received this offer from a bank here in town – 35% payout, 10% bonus if I hit 90k gross/6mos., and a 3% 401k match.  Is this competitive?

Sep 12, 2005 10:53 pm

Believe so.  Beats the heck out of what I had at the bank...but of course, I'm not there anymore...

Sep 13, 2005 1:17 am


make sure the 35% is on the gross commission.  you do not want to get paid on net commissions.

Sep 13, 2005 8:20 pm

Thanks for the responses. 

For Indyone (or anyone else that left a bank) was it really as hard to take clients as people say?  What would you estimate your transfer % was and how big would you recommend a person's book be before they move?

Sep 13, 2005 11:11 pm


It really depends very much on the relationship you have with your clients, both in quality and length.  Make it a point to really service and take care of the clients you want to move.  Return calls promptly, schedule regular reviews, call them when you have something of interest relating to their investments or profile.  All basic stuff, but it really pays dividends when you want to make the jump.  My expectations are that the old 80/20 rule will come into A list...20% of the accounts, accounting for 80% of the assets will mostly move over.  Those are the accounts that I want and they are the accounts that will migrate and in fact, to a large degree have already migrated.  Frankly, I am making a less than zero effort to move the $10,000-$20,000 short term CD accounts.  These are almost worthless and certainly not worth my time and effort to move.  I've told a couple of them that have asked, to stay put and call me when their CD matured and we'll see what can be done.

For the accounts that I want and had a good relationship prior to leaving, it has not been hard at all to move them...they've made an effort to find me and are asking to move.  I'd say I will get at least 80-90% of what I want by the time it's all said and done.  As far as AUM goes, I wouldn't try to go without at least 35-40 mil AUM and I would want a minimum three year relationship, preferably five with my A clients.  Transfers are only difficult if you're just an order taker and haven't established strong relationships.  In that case you'll be in for some real disappointment on the transfers.

Good luck...

Sep 13, 2005 11:35 pm


How long have you been in the business?

Whats your production level?

who do you work for now (bank, wirehouse, edj)?

Whats your product mix?  (fee based, annuities etc)

You can Pm me the answers.  I can give you some info on going indy and how to build your book to get there.

Sep 13, 2005 11:51 pm


Also make sure you do not sign a non-compete agreement.  If you can help it.  If you cant make sure an atty looks at it before you sign it.

Sep 13, 2005 11:56 pm

And God forbid, DON’T sign a non-compete.  That is a death warrant for your career.  A non-solicit is OK…at least you can be an advisor when you leave.  Even a one-year non-compete is a killer…your most loyal clients will not be inclined to wait for you that long.  With a non-solicit, your best clients will still find you…and you can transfer them over at their request.

Sep 13, 2005 11:57 pm

geez…we sound like twins now