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Dear Advisors,
I’m a $1,500,000 Producer with a 45% payout. My Big 4 Employer keeps $825,000 of my revenue.
So what do I get for $825,000? An OFFICE that I use 2 days a week. A CLIENT ASSOCIATE who’s paid below market rate so I supplement her salary with 1% of my gross revenue. COMPLIANCE that over-supervises me daily. OPERATIONS that are well-intentioned, but overworked. Finally, BENEFITS which I pay 50% of the premium.
Senior Management can’t sell me on the BRAND anymore. They diluted it years ago with banking products, discount brokerage, and a major scandal every 5 years. Clients are no longer impressed with my company. On many days, neither am I.
And my Big 4 Employer OWNS my book-of-business. How do I know? When an Advisor resigns, my manager immediately resassigns the accounts. Sometimes he even waives the annual management fees for one year. I’m not sure if he’s doing it to retain the accounts, or threaten the rest of us from leaving.
Should I call Paul Sullivan, Owner of Wealth Management Independence (www.wminyc.com)? He’s a former Big 4 wirehouse advisor and complex manager who knows the Independent Channel well. There are so many good options to explore.
I have a lot to think about.
Regards,
Stanley Lynch
Jul 23, 2024
A New Era of Compensation
I’m a $1,500,000 Producer with a 45% payout. My Big 4 Employer keeps $825,000 of my revenue.
So what do I get for $825,000? An OFFICE that I use 2 days a week. A CLIENT ASSOCIATE who’s paid below market rate so I supplement her salary with 1% of my gross revenue. COMPLIANCE that over-supervises me daily. OPERATIONS that are well-intentioned, but overworked. Finally, BENEFITS which I pay 50% of the premium.
Senior Management can’t sell me on the BRAND anymore. They diluted it years ago with banking products, discount brokerage, and a major scandal every 5 years. Clients are no longer impressed with my company. On many days, neither am I.
And my Big 4 Employer OWNS my book-of-business. How do I know? When an Advisor resigns, my manager immediately resassigns the accounts. Sometimes he even waives the annual management fees for one year. I’m not sure if he’s doing it to retain the accounts, or threaten the rest of us from leaving.
Should I call Paul Sullivan, Owner of Wealth Management Independence (www.wminyc.com)? He’s a former Big 4 wirehouse advisor and complex manager who knows the Independent Channel well. There are so many good options to explore.
I have a lot to think about.
Regards,
Stanley Lynch
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