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It can be challenging, especially if you don’t understand wirehouse compensation, which is complex, to say the least.

The RIA principals wanting to recruit have to come up with a fair compensation comparison and be able to explain the difference.

Bottom line, the breakaway broker can anticipate a revenue increase of about 120% after joining an RIA, because their pay will be based on actual revenues the advisor produces, versus “production credits” paid by the wirehouses.

Sounds great, right? Problem is that the wirehouse brokers are expecting at least 12 months of guaranteed compensation, versus the usual three or four month guarantee that most RIA principals are offering. Now combine this hurdle with the complexity of transferring assets out of the wirehouses where there are so many “fingers” in the pot, and the breakaways are faced with losing a pretty good percentage of their book.

That brings me to the point of all this…you need an experienced financial services recruiter to act as your agent and to make the transition as smooth, painless, and as profitable as possible. Willis-Consulting has the knowledge, the experience and the skills to make this happen…Give us a call.