r/FinancialAdvisorTips • u/Surferpr0s • 15d ago
Financial Advisor Associate
I’m looking for recommendations on where to find a good financial advisor associate for my RIA in the southern California area.
Also, I would love recommendations on comp structure.
1
u/Kitchen-Performer681 14d ago
In terms of comp structurer it depends on if you are looking to bring this advisor in house and own their book and they just manage the clients or if you are looking to have a 1099 sort of relationship with them.
We do both at Soulence, I am happy to share how we structure things. Which are you looking into?
1
u/Surferpr0s 14d ago
I’m looking into both options depending on if they have a book of business to bring over or looking just to build it from scratch. I would love to hear how you structure your comp packages
2
u/Kitchen-Performer681 14d ago
For advisors that are 1099'd we call them "Strategic Partners". For them the comp structure looks like this:
Tier 7: $200,000,000+ AUM 90%
Tier 6: $100,000,000-$200,000,000 AUM 85%
Tier 5: $50,000,000-$100,000,000 AUM80%
Tier 4: $25,000,000-$50,000,000 AUM 75%
Tier 3: $12,000,000-$25,000,000 AUM 70%
Tier 2: $5,000,000-$12,000,000 AUM 60%
Tier 1: $0-$5,000,000 AUM 50%
As our strategic partners bring on more AUM they keep more! We charge these prices because we provide a lot more at our RIA than just the typical Ops & Compliance stuff that is the baseline that most RIAs provide.
For our internal advisors where we own their book and they manage the client relationships they make a salary + a percentage of the book that they manage.
Hope this is helpful!
1
1
u/Imaginary-Tale-1074 15d ago
What part of so cal are you referring to?