I’m considering working as a team with one of the advisors in the office. Basically I’ll be doing all the marketing and setting appointments, and he’ll be servicing clients and having meetings.
Do any of you work in teams?
What were the benefits & downfalls when you worked jointly?
Do a SWOT analysis on both of you before entering a formalized partnership arrangement.Get input from your manager. Have a DIVORCE clause in writing well in advance. It is MY opinion that prospecting is a task that is NEVER to be "outsourced" to anyone else but you. You can outsource case work, follow up tasks, filing, etc. But finding new blood to work with should be on BOTH of you ALL the time. Otherwise one will ALWAYS be subservant to the other. (And the one who prospects is ALWAYS in control of the direction of the growth of your partnership.)
I operate in an independent team environment. There are fours of us with two of the partners splitting all clients and revenue in their book of business. I handle all of the institutional business, the other partner estate planning life insurance. The two founding members have their own functions as well. One acts as the OSJ the other runs the company side of things freeing us up to do what we are best at. We have split numbers for when we all work on joint cases with a pre determined percentage based on who is doing what for whom. I strongly suggest that you build your own clientele and own book and look down the line to join an established team. While in theory it sounds great top be a jr. broker to some senior big dog you wil always be his glorified assistant and while you will be handsomely compensated and may inherit his book someday there is a great sense of satisfaction of having started from nothing and building your own book that I wouldn’t trade for anything. Now if you were operating in a ten team member Goldman team my answer would probably be different. But it sounds like you are in a typical wire situation. Just my two cents.
With the ups and downs in this business, I'll take the handsome compensation any day over the warm fuzzies of having made it on my own.