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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Dec/14/2022 at 7:47am
Originally posted by Nathan Explosion Nathan Explosion wrote:

You can’t open a job req without an asset sharing commitment.  

This. Every new FA, if they don’t already have assets to bring gets assets. This is policy now. Try hiring someone. Doesn’t work unless there is a veteran with assets to give them or unless they are an experienced advisor with assets at some level to bring (and those folks are likely getting assets and large ones at that too). 

I miss him, it’s policy now. Started last year, possibly the year before even. 
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Originally posted by HCCWManager HCCWManager wrote:

Originally posted by Nathan Explosion Nathan Explosion wrote:

You can’t open a job req without an asset sharing commitment.  

This. Every new FA, if they don’t already have assets to bring gets assets. This is policy now. Try hiring someone. Doesn’t work unless there is a veteran with assets to give them or unless they are an experienced advisor with assets at some level to bring (and those folks are likely getting assets and large ones at that too). 

I miss him, it’s policy now. Started last year, possibly the year before even. 

Got it. Thank you for the explanation. This makes sense.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Dec/14/2022 at 11:20am
Originally posted by Nathan Explosion Nathan Explosion wrote:

Originally posted by helado helado wrote:

Originally posted by I Miss Jim I Miss Jim wrote:

Not sure I agree with everything HCCWM says here but we may be arguing semantics. 

It’s possible to get hired as a new FA and be placed in a legacy plan where you have a physical branch to work from but don’t receive assets from the hosting FA. I know because I’ve done 3 of these plans in the last 5 years. I later opted into doing GKs with 2 of them but that was after they’d been in my office for a while. The third one sucked and he washed out. But there was zero requirement I give him assets when I agreed to host him in my branch. Neither I nor the firm promised that to him. 

I agree Jones has, in practice, phased out scratch starts, but I’ve never seen an actual policy that mandates asset sharing on day one. We’ve just accepted it greatly increases their likelihood of success if we do it. The actual amount will vary widely by region and market. In my region (rural, low growth) we’ve made a decision as a region not to hire anyone unless we have at least $20 million in pooled GK assets to share. Occasionally it has been much more than that. 

And yes, it does make the new people soft as fuck. Most have ZERO idea how hard it is to gather $20 or $40 or $60 million on your own. It’s just given to them and they assume that’s how it was/is for everyone. They don’t understand or appreciate they just got a 5-10 year head start in the business. Entitled is a good word to describe it. 





What are the differences between a Legacy plan and a GK?  From the veteran and newbie perspectives.  

legacy is just office sharing agreement....maybe a bit of help from BOA.  GK is actual asset sharing and it may be in the same office or not.  

What's the incentive to the hosting FA to do a legacy plan?
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Originally posted by helado helado wrote:

Originally posted by Nathan Explosion Nathan Explosion wrote:

Originally posted by helado helado wrote:

Originally posted by I Miss Jim I Miss Jim wrote:

Not sure I agree with everything HCCWM says here but we may be arguing semantics. 

It’s possible to get hired as a new FA and be placed in a legacy plan where you have a physical branch to work from but don’t receive assets from the hosting FA. I know because I’ve done 3 of these plans in the last 5 years. I later opted into doing GKs with 2 of them but that was after they’d been in my office for a while. The third one sucked and he washed out. But there was zero requirement I give him assets when I agreed to host him in my branch. Neither I nor the firm promised that to him. 

I agree Jones has, in practice, phased out scratch starts, but I’ve never seen an actual policy that mandates asset sharing on day one. We’ve just accepted it greatly increases their likelihood of success if we do it. The actual amount will vary widely by region and market. In my region (rural, low growth) we’ve made a decision as a region not to hire anyone unless we have at least $20 million in pooled GK assets to share. Occasionally it has been much more than that. 

And yes, it does make the new people soft as fuck. Most have ZERO idea how hard it is to gather $20 or $40 or $60 million on your own. It’s just given to them and they assume that’s how it was/is for everyone. They don’t understand or appreciate they just got a 5-10 year head start in the business. Entitled is a good word to describe it. 





What are the differences between a Legacy plan and a GK?  From the veteran and newbie perspectives.  

legacy is just office sharing agreement....maybe a bit of help from BOA.  GK is actual asset sharing and it may be in the same office or not.  

What's the incentive to the hosting FA to do a legacy plan?

They eat the rent 
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Originally posted by freebird freebird wrote:

Originally posted by helado helado wrote:

Originally posted by Nathan Explosion Nathan Explosion wrote:

Originally posted by helado helado wrote:

Originally posted by I Miss Jim I Miss Jim wrote:

Not sure I agree with everything HCCWM says here but we may be arguing semantics. 

It’s possible to get hired as a new FA and be placed in a legacy plan where you have a physical branch to work from but don’t receive assets from the hosting FA. I know because I’ve done 3 of these plans in the last 5 years. I later opted into doing GKs with 2 of them but that was after they’d been in my office for a while. The third one sucked and he washed out. But there was zero requirement I give him assets when I agreed to host him in my branch. Neither I nor the firm promised that to him. 

I agree Jones has, in practice, phased out scratch starts, but I’ve never seen an actual policy that mandates asset sharing on day one. We’ve just accepted it greatly increases their likelihood of success if we do it. The actual amount will vary widely by region and market. In my region (rural, low growth) we’ve made a decision as a region not to hire anyone unless we have at least $20 million in pooled GK assets to share. Occasionally it has been much more than that. 

And yes, it does make the new people soft as fuck. Most have ZERO idea how hard it is to gather $20 or $40 or $60 million on your own. It’s just given to them and they assume that’s how it was/is for everyone. They don’t understand or appreciate they just got a 5-10 year head start in the business. Entitled is a good word to describe it. 





What are the differences between a Legacy plan and a GK?  From the veteran and newbie perspectives.  

legacy is just office sharing agreement....maybe a bit of help from BOA.  GK is actual asset sharing and it may be in the same office or not.  

What's the incentive to the hosting FA to do a legacy plan?

They eat the rent 

not really....they do split the incidentals but only an in office GK really eats the costs of the branch.  

EDIT...ill add one of the issues of the GK program is that there is an incentive for the hosting FA to find a recruit and give them assets and keep them in office for 18 months......big P/L incentive.....but the region doesn't care and if something comes open that newbie is going in and the vet is left with nothing.  


Edited by Nathan Explosion - Dec/14/2022 at 11:48am
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In my situation the hosted GK has worked out really well. The other FA assumes 100 percent of the occupancy cost (base rent plus buildout). My office currently costs me nothing. In addition, the firm allows flexible staff pay cost sharing (most people don’t know this.) So less than half my payroll cost goes against my P&L. The rest is applied to the other FA. And before anyone accuses me of abuse, my BOA truly does service their clients. 

No rent and low payroll = big profitability bonuses.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Dec/14/2022 at 12:33pm
Originally posted by Nathan Explosion Nathan Explosion wrote:

Originally posted by freebird freebird wrote:

Originally posted by helado helado wrote:

Originally posted by Nathan Explosion Nathan Explosion wrote:

Originally posted by helado helado wrote:

Originally posted by I Miss Jim I Miss Jim wrote:

Not sure I agree with everything HCCWM says here but we may be arguing semantics. 

It’s possible to get hired as a new FA and be placed in a legacy plan where you have a physical branch to work from but don’t receive assets from the hosting FA. I know because I’ve done 3 of these plans in the last 5 years. I later opted into doing GKs with 2 of them but that was after they’d been in my office for a while. The third one sucked and he washed out. But there was zero requirement I give him assets when I agreed to host him in my branch. Neither I nor the firm promised that to him. 

I agree Jones has, in practice, phased out scratch starts, but I’ve never seen an actual policy that mandates asset sharing on day one. We’ve just accepted it greatly increases their likelihood of success if we do it. The actual amount will vary widely by region and market. In my region (rural, low growth) we’ve made a decision as a region not to hire anyone unless we have at least $20 million in pooled GK assets to share. Occasionally it has been much more than that. 

And yes, it does make the new people soft as fuck. Most have ZERO idea how hard it is to gather $20 or $40 or $60 million on your own. It’s just given to them and they assume that’s how it was/is for everyone. They don’t understand or appreciate they just got a 5-10 year head start in the business. Entitled is a good word to describe it. 





What are the differences between a Legacy plan and a GK?  From the veteran and newbie perspectives.  

legacy is just office sharing agreement....maybe a bit of help from BOA.  GK is actual asset sharing and it may be in the same office or not.  

What's the incentive to the hosting FA to do a legacy plan?

They eat the rent 

not really....they do split the incidentals but only an in office GK really eats the costs of the branch.  

EDIT...ill add one of the issues of the GK program is that there is an incentive for the hosting FA to find a recruit and give them assets and keep them in office for 18 months......big P/L incentive.....but the region doesn't care and if something comes open that newbie is going in and the vet is left with nothing.  

Legacy is 18 months and the credit is only $500 towards rent a month  and split cost for printer ink etc. 

GK is 24 months and a big benefit is they pay full rent and give the boa a $200 a month bump on pay. This all goes away if they backfill an office for the veteran. So they lose a big part of the benefit of the plan in total. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Dec/14/2022 at 12:34pm
Oddly enough if GK advisor stays behind the end of 24 months the costs are all split 50/50 with vet. Not so with legacy which makes no sense to me. 
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Oh yeah, you guys are right
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Originally posted by freebird freebird wrote:

Oh yeah, you guys are right

It’s cool.  You are finally draining the kool aid out of your system.  We will keep you informed. 
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Originally posted by Nathan Explosion Nathan Explosion wrote:

Originally posted by freebird freebird wrote:

Oh yeah, you guys are right

It’s cool.  You are finally draining the kool aid out of your system.  We will keep you informed. 

Slow drip. I’m replacing it with former Edward Jones guy rage so I can fit in around here.
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What If you work out of your car instead of an office like Wolf did, do they pay you the amount they would be charging you for rent?
Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society.

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Originally posted by missionshooter missionshooter wrote:

What If you work out of your car instead of an office like Wolf did, do they pay you the amount they would be charging you for rent?

In theory……..if wolf built it big enuf before an office and had that much in profitability….he would get a good bonus
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What happen to wolf, did he eventually hit burn out?
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Originally posted by newbieRIA newbieRIA wrote:

What happen to wolf, did he eventually hit burn out?

Doubtful.   Dude was/is a machine
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Dec/14/2022 at 8:30pm
Originally posted by missionshooter missionshooter wrote:

What If you work out of your car instead of an office like Wolf did, do they pay you the amount they would be charging you for rent?

That’s how I built mine. But none of those exist any longer either. You get an office and assets. Like a real company I guess. 
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Well, after 7 months, I resigned from EJ. Couldn’t cut the mustard with the doorknocking requirements to
Build out my prospect pipeline. On the hook for $50k in training costs if I stay in the industry as well. I want to keep doing this job and pursue this career path but EJ wasn’t the right home for my business model. Not sure what to do now. I am interviewing at ML and a Virginia bank advisor position that uses RayJay for their back office/tech stack. Also going to talk with Prudential and a Financial Growth Partners (definitely an insurance first gig). 

I really want to work in the RIA space but have no clue how to find those opportunities as they almost never post jobs online. Any suggestions or advice.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Mar/21/2023 at 9:56am
You should've let them fire you for non-production and that $60k for training wouldn't be enforceable.  
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Just curious, was all of your training on zoom? Got to be a discount if so. They never enforce this by the way. Not that this is legal advice.
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how does resign v fired reflect on U5 and getting hired on at new firm?
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