From the desk of James Eccleston at Eccleston Law, LLC:
Wells Fargo Finet has marketed a recruitment deal to financial advisors which consists of an upfront cash payment between 25% to 75%. Additionally, the hurdle in order to meet back-end production goals under the deal is:
· Year 1: Hurdle – 75% of revenue Payout bonus: 0% to 50%
All proposed deals are negotiable and reflected in numerous agreements such as promissory note and employment agreements. Reps should retain qualified legal counsel to review those documents in advance of committing to transition to a new firm.
