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Retention packages are currently one-off discussions that your firm does not want appearing on the pages of Advisorhub.  But, if you are working for a major firm, the answer is 'increasingly yes'.

 

Our industry is now run by banks and as we all know, banks cherish assets. It is helpful to understand where your firm is making money on your business. Assets are the name of the game, and banks -- your bank -- will do anything reasonable to hold onto them. Don't look for the Welcome sign on your Manager's door -- it isn't there, and "we don't do that" is a common response. or else everyone would ask. In Retention, you get what you negotiate and that in a nutshell is how hundreds of Advisors at many levels -- guys and gals just like you -- are walking away with these packages. 

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We are often asked what are the production minimums for obtaining a package. We are also asked if age is a factor. This perhaps is how you view yourself -- as a producer at X age producing Y revenue. Your firm looks at it differently. If your business has strategic value to them -- a big client for example -- then they are more that willing to write you a Retention package. We have seen them written for Advisors in the 4th year of business and 40th. It does not matter. It is all in your approach. What 's the RISK?

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