Advice needed

[rl3355]

People, I need some advice here. This past Friday, I was asked to resign my current position as a financial advisor with a major bank due to violation of corporate policy. Completely unexpected and took me by surprise. I do have some client info (luckily my top clients) in the event I go to another firm. Here’s the dilemma.

A brokerage firm will pay me an upfront bonus of 162k to join the firm with some additional performance based incentives at the end of 12 months. This is due to my level of production and client asset base at the firm I just left. What this really means is that they would expect some assets and production to come over with me right away. However, the new firm knows I don’t have all of my client info as I have been completely upfront with them. Sounds good, right? Well, the problem is that I have to start all over and begin building my business again. I can’t assume that any of my clients will come over with me and could be faced with the 162k check but no clients and no income coming in.

A national bank is willing to bring me on, pay me a 3 month salary, and give me an existing book of business (clients) totaling 50mm. In addition, I’d have the bank clients and deposits (200mm) to go after to rebuild my business. Therefore, I can go in and right away start making money by calling the existing book of business and working the bank clients. If I move to the bank, I’m certain none of my clients will move with me because the bank doesn’t offer the right type of products and is out of the local area.

So would you take the more consistent opportunity or the upfront check and rebuild? Keep in mind that the 162k is what I’ll be living off of for a good 2 years. It’s not like it will just be sitting in the bank.

 

[oldfella]

Well I suppose it all depends on your earning potential with either one. Which one will, over time generate the most growth and earning potential. I hear you about the clients you have been working with, but as you said, no guarantees they will move with you! The bank has a portfolio ready to work. You can always build that one and expand it. Tough call but I might lean more toward the bank! Sounds like in the short run you will be better of financially and in the long run you can grow and expand their base as it is now. Again it all boils down to which one in the long term will generate more wealth? Good luck.