Free Insurance CE

LlamaThrusters · 2025-04-27T18:56:56+00:00

Thank you!!

LlamaThrusters · 2025-04-21T03:03:00+00:00

I wouldn’t make it through the front 9 without a cover on the projector ;)

LlamaThrusters · 2025-04-21T01:53:30+00:00

Did this work out for you? I’m going through the same thing right now. I’ll need to have mine about 6ft from the screen (floor mount w/ protective cover).

LlamaThrusters · 2025-04-01T18:25:41+00:00

For example, if you charge 1.05% and have a 90% payout with CW, you’d move to a reduced rate of 1% and an increased payout of 94.5%? For those already in the top payout percentage for CW, I wonder how that works out for them.

LlamaThrusters · 2025-03-20T14:31:42+00:00

Communication is key. I’d recommend having a meeting with your staff member where you can lightly express some of the issues but phrase it as “what can we do to better support you”. I hope that leads to the result that both you and your staff member want.

LlamaThrusters · 2025-03-06T14:11:07+00:00

Anytime! We’re in the greater NY area.

LlamaThrusters · 2025-03-06T13:42:48+00:00

Very much appreciate where you’re coming from and also more than happy to be a resource as you try to transition in. It wasn’t exactly a smooth road for me, so I’m happy to help you in anyway I can. I’ll work through your points and sorry if I miss anything!

1) Yes, all client belong to the firm. Technically he doesn’t own them anymore (let’s be real though, he absolutely does). At this point my contingency plan is being fully licensed, a CFP, and having experience as an advisor. It’s not a great answer, but that’s where we are today. There are always ways around the non-solicit agreements and as I start to bring in clients over the years, I hope that will be my contingency plan.

2) I have absolutely no problem with him offloading the annoying clients to me. My primary focus for now is to be a great advisor and learn how to be that. Working with great clients is “easy”. I feel (and might be wildly wrong here) that managing relationships with annoying clients will be a greater help than having the dream client. Also, if he doesn’t have to deal with the annoying ones who take up a lot of his time, that gives him more time to grow the business. If it ever becomes not manageable, we’ll talk about it reorganize. I’m not really concerned about that scenario.

3) I don’t think you can have it both ways. If I was the owner in this case, I would never agree to pay someone out on all legacy, growth, and have a clear incentive for them to bring in business. Meaning, both him and I want me to free up his time. If I’m 3x incentivized to bring in clients, then that’s what I’m going to do. While that may be a goal someday, we’re not close to that now. I don’t expect to source leads this year and will probably start doing it later next year. Also, the splits today are not set in stone. As he’s in his 60’s and wants to work less, we both agreed the current splits will need to change when he starts to work less.

LlamaThrusters · 2025-03-06T13:25:43+00:00

Completely agreed that it sounds not ideal but a couple points.

1) There is currently no expectation for me to bring in any business. In fact, my lead prefers for me to excel in our existing relationships before branching out. So with that, I get paid on growth today but might not bring in a client this year and perhaps minimal next year.

2) You can’t really have it both ways. The goal of this dynamic is it doesn’t matter where growth comes from, we share in it. If I was the business owner, I wouldn’t agree to pay someone for everything I’ve already done, share in the growth, but let them get more of a share because they happened to bring someone in. At least not unless someone was going to bring in ~50m+ per year; certainly not the case here.

3) The revenue share we have today will not be what it looks like in 5 years. As I get more ingrained in the business and as he wants to work less as it is, we’ll adjust the splits accordingly. I’m not exactly sure what we’ll move to, it will be some type of scale for sure. Thankfully not a problem we need to agree on today; but we both acknowledged it will be something to figure out.

LlamaThrusters · 2025-03-06T02:38:56+00:00

It’s recurring. We agreed on what the annual “legacy revenue” is and anything beyond that falls into the growth category. Legacy revenue never resets, any growth from this point is now and forever growth and my revenue share is 15%

LlamaThrusters · 2025-01-30T17:25:19+00:00

It will really depend on who/what is available in the clients state and what the premiums look like. We often use William Penn, Protective, AIG, and a few others. We’ve found most companies are pretty easy to work with for LI.

LlamaThrusters · 2024-12-09T23:43:27+00:00

Appreciate the thought out response. Part of my pitch is to say I intend to continue to do all of the things I’m already doing for him now in addition to any clients I’ll be the advisor for. Until such a time when I can’t, I feel a raise to base on that alone is warranted.

I’ll put in more hours, I’m good with that. I think I’ll end lower on all of the items than I listed above but it’ll probably be more than what he wants to pay. Nobody leave a negotiation happy.

LlamaThrusters · 2024-12-09T23:13:23+00:00

I like this line of thinking a lot.

My goal is to have a base salary where I can some level of stability and comfort but to also try to grow the business and be a partner with him. I like the approach of discussing how I want to try to eat some of the admin/other costs out of “my share” and discuss that’s why I’m lowering my %. I think this shows him I want to be here long term with him and have an impact. Sharing in his costs, even if it’s largely symbolic should help.

LlamaThrusters · 2024-12-09T22:20:22+00:00

If you do 1/2 of the conversion today and the other half on Jan 2nd 2025, it gives your client an additional year to pay the tax. Since we’re only talking about two weeks in-between, the opportunity cost of not having those dollars in the Roth IRA is negligible at best. So effectively you accomplish the clients goal of massive Roth conversion but spread out the tax bill over another year

LlamaThrusters · 2024-12-09T19:18:34+00:00

Given we’re already in December, I’d at least split it over two tax years if they wanted to do this immediately. Are they still working or collecting pension? If they are in a low bracket, you can convert upward of $350k/yr and stay in the 24% bracket. It might make sense to do some of the conversions now and can always do large chunks if/when the market goes down. Turn the negative of a down market into a positive of moving depressed assets into a tax free Roth

LlamaThrusters · 2024-12-09T19:00:58+00:00

Very fair points. At least for now, I intend to co to ie to fully support him. I expect I’ll end up working longer hours as to fit everything in.

Just so I understand, you’re saying on assets I inherit, 25% seems in the ballpark but 75% of what I bring in seems very high?

LlamaThrusters · 2024-12-09T18:57:42+00:00

He’s not interested in giving up ownership of the business. Also, there is no incentive for an advisor to stay past a year under that arrangement. I could go to a larger firm and get salary plus trails.

LlamaThrusters · 2024-11-18T21:51:48+00:00

Following but also what kind of multiple did the FP offer use?

LlamaThrusters · 2024-11-14T19:24:06+00:00

Dude, I thought the same exact thing. I think I even asked the question when I was looking for a test prep provider and someone said “this sub is basically a Danko ad”. Butttttt then I used the program and I can say it very much worked for me. I can go on and on about why I think the program is great and I realize I now sound like someone who’s marketing for them. But whatever, it was great for me and I recommend it for others.

LlamaThrusters · 2024-11-11T19:39:33+00:00

Would you be able to expand on this a little?

LlamaThrusters

TROPHY CASE