I am a 14 yr veteran at a wirehouse, pristine record, mostly fee based, credentialed, 700K.  Looking at hybrid dual registered vs. captive hybrid model.  My question is regarding recruiting deals on the captive approach.  At first blush, they are talking 40pct of T12, 5 year deal.  They pay out 300 to "lock in" 5 yrs of cash flow of 140 (20 pct of 700).  So here is my calc. of NPV: CFO -300, CF1 thru CF5 140, solve for IRR=36.99pct.  What am I missing?  How do I know a benchmark to compare recruiting deals?