Teaming / Pool / Help!
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I have been on a team for about 2 years. They gave me a separate pool of assets for my income that i have a majority split on. However I do not meet with those clients. I primarily prospect and help manage the portfolio and do other things.
Our "verbal" deal is that once i fill the remaining whole of assets (which go to their main team pool) we will split all new assets 50/50 in a separate pool.
I was hoping to get rid of the first pool and become part of the main pool but they say that it makes more sense to give me more assets in a separate 50/50 pool.
I am in the midwest and part of one of the Wirehouses. Why don't these organizations require more spelling out of these arrangements and why aren't the managers more involved. I now feel like I have to go to the manager and ask him to broker the best arrangement for all parties involved.
HELP! with some direction here please!
You're yet another example of "get it in writing".
First step for you, is to quit digging a deeper hole. Get it in writing...now.
If they don't want to get it in writing, then terminate the deal. Then, you'll have to go it alone...
Your employer will side with the biggest producer 99% of the time, and would be just as happy to kick the weaker hands to the curb.
I've been in 3 partnerships in my career, so, take it from a person with direct experience, and the knowledge of other colleagues.
Diito to Big;s comments. But even if you had it in writing I doubt a wirehouse would back it. They are not known for there honesty or there morals or ethics. You must remember you are working with and for snakes!