- On May 8, 2017
Wirehouse advisors represent most of the biggest producers in the industry primarily because they do a great job at helping their clients preserve and grow assets, helping them prepare for retirement. We encourage you to financially advise yourself with the same fervor you give your clients. You’re worth it.
3 ways to drastically increase an advisor’s wealth:
- Monetizing your business within W-2 channel
You can monetize your business through recruiting transition deals within the W-2 channel without jumping from the frying pan to the fire. Nationals and regionals are aggressively recruiting wirehouse advisors. A $1 million dollar producer can make an extra $2 to $3 million over the next 9 years than if he or she stayed put.
- Monetizing your business through independence
There are several ways you can go independent including options where you plug into offices providing full support. A $1 million dollar producer can get payouts in the 90s and a transition package from 20% to 80%. You can plug into another indie office give up 10% to 20% for full support team (minus assistant) and still net more than what you would likely do setting up and paying for everything yourself.
- Selling is more lucrative than sunsetting
While sunsetting is the path of least resistence it will cost you dearly and significantly reduce what you could be retiring with. Why sunset your practice over 5 years for around 150% and taxed as income when a $1 million dollar producer can sell their practice for about 260% to 300% with 90% taxed as capital gains and get about 75% of the purchase price at closing?
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