When I first spoke with Mike, he had been approached by nearly every firm. As a former accountant, Mike understood that he would only net 53% of those upfront checks after taxes and would be right back to the 43% payout at his current wirehouse.
I introduced Mike to a firm with 60-70% net payouts and an advisor-centric culture, where he ultimately moved and has never looked back. Because of his net effective 40% increase in payout, he was able to fund both daughters’ colleges and is retiring early.
Never underestimate the meaningful, long-term advantages of a much higher payout.
– Michele Mandeville, Founder/President, PRISM Wealth Management Recruiting