How much could I get upfront?

or Register to post new content in the forum



  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Dec 1, 2008 4:20 pm

I have a small book about 10mm. These clients would follow me where ever I go. less than 100k is annuitized and I work at a discount firm.Want to open my own practice and have a B/D. Don't be fooled. I can bring a book with me from this firm and probably more. What can I negotiate?

Dec 1, 2008 4:43 pm

Honestly? You’d be lucky to get a spot in a training program. Discount clients are cheapskates and aren’t worth messing with at a real firm. 

Dec 1, 2008 5:13 pm

forget about upfront $...thats not gonna happen. but you could get an aggresive payout structure for 6-12months. maybe some backend bonus money based on assets you bring over and production.

Dec 1, 2008 5:14 pm

Bobby’s right.  $10mm gets you into the trainee program at most majors.  When I was talking to ML about moving there, and had about $15mm in AUM, I could get into the trainee program and get a 3 year salary (but no upfront check).

Dec 1, 2008 7:00 pm

Agree not too much leverage, but you never know.  My MS branch hired a guy last year who was a SA’s brother and he said he would never do any business and did not want to be in the business.  He had his 7 and they somehow played with numbers and gave him 75K upfront and 2 year Salary. He had no book at all and said he would never prospect, bottom line is manager needed to bring in a pulse and he was the one.  Guy got fired after 12 months for doing 6K gross and never had to pay back a dime.  Check around, this time of year you might get lucky.

Dec 1, 2008 7:34 pm

If its more than 20 households on 10MM, not a good book. You should stay where you are at and hope they don’t “rightsize” at your firm.

Dec 1, 2008 9:10 pm

I’d give my eye-teeth for a 3 year salary right now.

  Where'd I put that number for Merrill...
Dec 1, 2008 9:49 pm
Dec 2, 2008 5:07 pm

It’s mostly been said here, but, 1 firm I know of will offer you a chair and a super tiny ‘deal’- AMP. 
Otherwise, not going to happen.  But, I have known people who’ve gone to AMP after failing out or loosing their chair for whatever reason, ‘rehabed’ their business and moved out to their indy platform eventually.   Not my recommendation but an option.  I’ve got a few Field VP friends over there. PM me if you want