Let’s not.
There.
Is this current job the same job you said you were excited to start because you could start your own investment practice?
Don’t leave until offer is signed. When you do, no negative comments at all. Just a very brief simple explanation about good opportunity for you or something. Don’t get dragged into a discussion and if you do don’t say anything negative.
Sounds like anything would be better than what you are doing and the way you are being treated right now. But get the offer in hand before you go tell the guy to F&** off. But do it in a nice way, you don’t want to burn any bridges with this guy since as you mentioned you’ll likely still run into his circle in the future.
Absolutely. We wouldn’t want an ounce of authenticity to get in the way, right ?
Especially if the boss is clueless and genuinely wants to know what went wrong.
Thank him for the great opportunity and tell him that everything was awesome ; it absolutely won’t raise questions that he quit after 6 months.
No, boss is likely to become defensive and disregard those negative comments. Greenman is not the only employee who has come and gone in that company.
What Ohai said, plus Greenman’s job is to look after Greenman, not his former employer at the risk of burning bridges. It doesn’t take a whole lot of perception to see that based on his last convo with boss, things are unlikely to go the direction of a reasonable conversation.
Aye, do not give notice until you have a written contract with the new employer. Something unforeseen could happen in the meantime and it could take some time for the other firms to get ready to bring you aboard.
Also, as others have said, go out in a professional manner. Don’t give him a piece of your mind. Thank him for the opportunity and go.
I’m I the only one GreenMan might be making the same mistake by moving to the new employer under similiar circumstances?
- He finds your resume that is 4-years old and wants to hire you
- Hires you on the spot with the carrot of one-day taking over the business
- He’s an old man that wants to retire soon
Venture forward Greenman and I hope this works out for you my friend.
Greenie, I too would be cautious about the offer to take over the practice from the 72 year old. A good transition takes years and each book of business can be incredibly different. Is he just giving you the business or is he expecting you to buy it from him? Is he expecting to continue to take the profits and just pay you salary?
The reason I ask is because there are lots of older advisors who are trying to jump ship before those DOL changes hit. Those won’t be that big of a deal (see the new share class…T shares…which are basically A shares). However, if he hasn’t seen these clients in forever, it might be difficult for you to successfully transition those clients into a new investment model or new share classes.
There’s an incredible amount of information that needs to be understood when purchasing a practice, probably worthy of it’s own thread. If this is the path you’re looking at, I might plan on about a month of due diligence before taking the offer.
Taking a job from someone who has a copy of one’s cv from four years ago sounds risky to me. Wouldn’t accept it without a longish face to face meeting to get a feeling for the business, the people who work there and the person who wants to pass over the business, but thats just me.
Green, I don’t want to pour cold water on your opportunity but do yourself due diligence if the plan is to one day takeover the business. Your jumping into a relationship business where it could possibly be that most of his clients are only with him because they have known him for a long-period of time and will jump ship once he retires. This 72 year old is going to have to put you in front of clients fast in order for them to develop a relationship with you and be willing to stay on board once it becomes “Greenman’s LLC”.
“You know paying 1.25% isn’t that big of a deal considering our kids grew up together, etc.”
+1
There you go.
This. I spoke to him a couple of weeks ago, telling him that I felt overworked, underpaid, over-stressed, underutilized, and underappreciated. His response was basically, “Tough. Work harder and keep your eyes on the prize a few years down the line. I pay you plenty well.”
And I also provided the new boss an updated resume and had a two-hour interview with him, so it’s not like he’s completely turning the company over to me based off a four year old resume.
And I’m starting out as an employee. The idea is to transition into a revenue sharing arrangement, but that will take some time. We need to get comfortable with each other first.
All in all, I’m pretty optimistic that it will work for both of our benefits. I do less tax, more investments, and virtually no back-office-monkey bookkeeping.
how long is this feeling-out period? what happens if he chooses not to share revenue?
Ah . . . new data.
You owe him no loyalty. Leave on your schedule, social conventions notwithstanding.
^Don’t know. Don’t know. We’ll cross that bridge when we get there.
I’m not saying this is a 100% perfect job, or that I’ll never ever ever leave. But I think it’s a better fit than my current job.
Sounds like you’re making the right moves GM. Hope karma works in your favor and you land your dream gig. Screw that D-bag you currently work for.