If You Are a $350,000 Wire House Producer......

“Good morning, Danny Sarch here.” “Hi Danny, this is Bill Smith; Jack Schwartz suggested that I call you. “ “Nice of Jack to think of me, Bill. I’ll make sure to call and thank him.” “Jack said that you got him a great deal at BigFirm and I want that deal too.” “Tell me about your practice, Bill.” “Well, I’ve been in business for 13 years, all with the same ReallyBigFirm. I’ve got about $45 million in assets, about one-third is fee based. My trailing 12 months’ production is about $350,000. But two years ago I did about $450,000.” “Bill, I don’t mean to sound cynical, but that means your ACTUAL trailing twelve is….$325,000. That about right?” “More like $310,000.” “And two years ago, at your peak, you really did about $425,000?” “Actually, $410,000.” Sarch internal monologue: “At least he’s consistent with his lies.” “Bill, there is no deal for you at BigFirm.” “But Jack got 250% all in!!!” “Jack was doing $1.5 million, with $200 million in assets, almost all fee based.” “But I want the same deal that he got!!” “Bill, I want to be 6’2” tall and have all my hair back, but that’s not happening any time soon either.” “What the hell happened? Two years ago, they were all over me.” “The world changed, Bill.” “What the hell do I do now??” “Now, you think about smaller firms, or going independent, or joining another group that already is independent. And Bill, your payout might be cut where you are also. You need a Plan B. And quickly.” Uncomfortable silence. The truth always hurts.