Whosthere Intro

[Whosthere]

1. Type of firm you are at. - newly Indy
2. Title. FA/CFP
3. Years in role. 15
4. AUM (if applicable). $300mm+
5. Trailing 12 (if appliable). $2.25mm+
6. What you hope to get out of this forum: learn more about running an efficient office.
7. Anything else you feel is relevant: I show up every once in a while and happy to help where I can!

[luvindy]

Are you part of a team or a solo shop?

[Nero]

Nice numbers.

[Whosthere]

Are you part of a team or a solo shop?

Me and another FA. 3 admins. Those are my numbers. He is double me

[Whosthere]

Nice numbers.

Thx! Never thought it would be possible!

[luvindy]

Are you part of a team or a solo shop?

Me and another FA. 3 admins. Those are my numbers. He is double me

Holy shit. High volume or low volume businesses?

[Whosthere]

Are you part of a team or a solo shop?

Me and another FA. 3 admins. Those are my numbers. He is double me

Holy shit. High volume or low volume businesses?

Between the two of us we have about 600 HH and $1.3B. It’s too much to service and we are likely going to have to make a hire of some sort of relationship manager role.

We have approx 240 A and B clients which produces over 80% of our revenue( approx $5mm).

We have approx 360 C and D clients which produces less than 20% of revenue but is 60% of households. We can’t just dump these as it’s still almost $1mm of revenue. Our idea is to hire a salary/bonus advisor to manage these.

Open to ideas as to handling this.

Thanks!

[luvindy]

Me and another FA. 3 admins. Those are my numbers. He is double me

Holy shit. High volume or low volume businesses?

Between the two of us we have about 600 HH and $1.3B. It’s too much to service and we are likely going to have to make a hire of some sort of relationship manager role.

We have approx 240 A and B clients which produces over 80% of our revenue( approx $5mm).

We have approx 360 C and D clients which produces less than 20% of revenue but is 60% of households. We can’t just dump these as it’s still almost $1mm of revenue. Our idea is to hire a salary/bonus advisor to manage these.

Open to ideas as to handling this.

Thanks!

I'm the wrong guy to ask. My numbers are similar to yours individually. I can't cut people either, and the idea of going through the hiring process makes me want to just say fuck it and deal with it myself for another year.

[Nero]

Could one of your assistants grow into a servicing advisor?

[Whosthere]

Holy shit. High volume or low volume businesses?

Between the two of us we have about 600 HH and $1.3B. It’s too much to service and we are likely going to have to make a hire of some sort of relationship manager role.

We have approx 240 A and B clients which produces over 80% of our revenue( approx $5mm).

We have approx 360 C and D clients which produces less than 20% of revenue but is 60% of households. We can’t just dump these as it’s still almost $1mm of revenue. Our idea is to hire a salary/bonus advisor to manage these.

Open to ideas as to handling this.

Thanks!

I'm the wrong guy to ask. My numbers are similar to yours individually. I can't cut people either, and the idea of going through the hiring process makes me want to just say fuck it and deal with it myself for another year.

Adding a JR FA is possible but I’m not looking at giving away $1mm of revenue. And a JR won’t have the resources to buy into the business. This is why I’m contemplating another salary plus bonus based on new assets with no ownership. I have a candidate who would be perfect. I am unsure of where to set that salary though. I would like the bonus to be a large enough part of total comp in order to encourage growth.

[Whosthere]

Could one of your assistants grow into a servicing advisor?

Unlikely. They are good at what they do but don’t really have any interest in stepping out of that role.

[luvindy]

Between the two of us we have about 600 HH and $1.3B. It’s too much to service and we are likely going to have to make a hire of some sort of relationship manager role.

We have approx 240 A and B clients which produces over 80% of our revenue( approx $5mm).

We have approx 360 C and D clients which produces less than 20% of revenue but is 60% of households. We can’t just dump these as it’s still almost $1mm of revenue. Our idea is to hire a salary/bonus advisor to manage these.

Open to ideas as to handling this.

Thanks!

I'm the wrong guy to ask. My numbers are similar to yours individually. I can't cut people either, and the idea of going through the hiring process makes me want to just say fuck it and deal with it myself for another year.

Adding a JR FA is possible but I’m not looking at giving away $1mm of revenue. And a JR won’t have the resources to buy into the business. This is why I’m contemplating another salary plus bonus based on new assets with no ownership. I have a candidate who would be perfect. I am unsure of where to set that salary though. I would like the bonus to be a large enough part of total comp in order to encourage growth.

This is WarPig's model, so he'd be the guy to provide a couple of ways he's done it.