I actually welcome the conversation.  Also, any advice on what can be a fair and equitable split with a senior FA.  This FA wants to grow the book.  What has worked for others.  What has not worked.  Any incentive ideas?

Thanks EXMerrillFA... There is not much traffic on this site (other then Bobby picking on someone which I enjoy the laughs) anymore but maybe it will get a response or two next week. As for me, I am always looking for opportunities and this thread has the potential to educate me on identifying some opportunities no matter which side of the desk I may find myself on.

Hello,

I am an am not a rookie, what I mean by that is lots of time in the industry but changing roles.  That is my preface to say that I have not been in a team and am just sharing misc thoughts that have been shared with me recently.

Two different brokerages told me the best way to join a team was to join an office, put my head down and work and within 6 mos teams would notice me and if they liked me I could be asked to join.

Having said that, that isn't my goal so the next plan was that I could be brought on as an investment associate type position that would pay me a flat salary.  Good in the beginning but not so in the long run.   Was given an example of two people on a team one is earning the salary of 125k and the producer makes 400k and they both work equal, of course this is several years after the joined together.

My preferred would be to pay me a salary of xxx and then I would split 50/50 with the team or producer anything over a reasonable amount.  For example, salary of 50k.  Current production is 500k by the producer and I would split anything over 600k.  That way it would incent me and he/she would pocket all the money until we hit that bogey.  Having said that haven't gotten a taker yet, but really just came up with this in the last week.

Different things for different folks, my goal and my only goal is to work in a good atmosphere and make good money for the next 5 years.  Most folks are looking for what is the best path for the next 20 years and for those the best advice is go solo, unless you need a mentor to close or learn from.

Best of luck to you.

don't do it.

[quote=NOVA]

don't do it. [/quote]don’t do what?  

[quote=N.D.]…(by team I mean any entity hiring a rookie/newb/fng)…[/quote]

All though I respect other's opinions and feel your response comes with reason, I believe the focus of this thread asks more then what you have provided especially since you did not provide supporting information to your opinion.

Joining a team when you are a real newbie only makes sense if:

a) you think you will fail out without the supprot fo the team

b) you plan on building your career around this team

If you think that you would rather move off on your own at some point, then joining a team as a junior is a BAD idea.  Your assets are even less portable than if you left a B/D for another.  That's why some of the most successful teams have juniors that are "working their way up" on the team, or are family members.

[quote=B24]

Joining a team when you are a real newbie only makes sense if:

a) you think you will fail out without the support fo the team- (everyone new needs the support of something otherwise you would not be new)

b) you plan on building your career around this team- (you need to learn how to build from someone)

If you think that you would rather move off on your own at some point, then joining a team as a junior is a BAD idea.  Your assets are even less portable than if you left a B/D for another.  That's why some of the most successful teams have juniors that are "working their way up" on the team, or are family members.

[/quote]

Thanks B24... But again by team I feel this means any entity hiring a new person. So let me change it from "team" to "practice" if it helps. A newer person needs to grow with the help of someone or someplace and even if it is a one man shop that hires a new guy, it then becomes a "team" of sorts.

If you could, please add what you think is a good idea. You can speak from the point of view of the person hiring the new guy or from the new guy looking for an opportunity.

Someone like EXMerrillFA, for example, is fairly new, few assets, if any portable, and has potential. He just left a crap deal and is looking for a potential opportunity. What should he consider is a good deal? What will a potential hiring person look for most in his potential?

[quote=B24]

Joining a team when you are a real newbie only makes sense if:

a) you think you will fail out without the supprot fo the team

b) you plan on building your career around this team

If you think that you would rather move off on your own at some point, then joining a team as a junior is a BAD idea.  Your assets are even less portable than if you left a B/D for another.  That's why some of the most successful teams have juniors that are "working their way up" on the team, or are family members.

[/quote]

What if an older FA invites you to join him and you know that  a) he has a decent book  b)  is looking to retire within 5 yrs c) offers an acceptable split and the opportunity to take over his book ?

[quote=careerchngr]

[quote=B24]

Joining a team when you are a real newbie only makes sense if:

a) you think you will fail out without the supprot fo the team

b) you plan on building your career around this team

If you think that you would rather move off on your own at some point, then joining a team as a junior is a BAD idea.  Your assets are even less portable than if you left a B/D for another.  That's why some of the most successful teams have juniors that are "working their way up" on the team, or are family members.

[/quote]

What if an older FA invites you to join him and you know that  a) he has a decent book  b)  is looking to retire within 5 yrs c) offers an acceptable split and the opportunity to take over his book ?

[/quote]

Absolutely.  That would apply to my point (b) above.  The situation you want to avoid is joining a team of 4 hard-charging 45 year-olds with 500mm AUM that just need a gopher to get them coffee and talk to the clients they don't want to deal with so they have more time to make serious money. 

But I think if you are joining  a one-man team, and that one man is 60 years old, it's pretty clear what the goal is.  But I would make sure there are some things in writing, and also ask about his family.  The 25 year-old son may not have been interested in the "family business" when he got out of college (he saw dad as a "suit" that made enough to buy a nice car and go on fancy vacations), but a few years go by, he sees the real world, and realizes Dad is giving away a $400K paycheck to someone he doesn't know, well, he might just have a change of heart.