So, you've been recruited by a so-called independent offshore recruiter and he promised you a world of fame and riches. You can't resist and you are on your way to a presentation in Knightsbridge for one of the biggest Offshore Financial Advisers in the World. It's a dream come true.
Now, it wouldn't be fair to tell you everything at the presentation. You might be told enough to get your juices flowing. Most of the fine details arrive when you get to your destination.
But behold. I can help. Here is a guide based on information recorded during the "˜Offshore Adventure':
Self employed-of courseCommission Only-naturallyYou will need to find and pay for all your travel and accommodationYou will receive roughly 50% of the commission, but of course, this doesn't include any over-ride, so in reality, you will be lucky to get 40%.You normally pay your co-ordinator 20% of the commission (whether you have one or not!)You pay for 50% of your coordinators accommodation-although this might be shared by a couple of advisers so 25% eachYou pay an additional 5% of you commission away in the first few months until you bank 60K to repay your training costsYou pay a further fee from your commission to pay for the office costs such as telephones and paper etcYou will be expected to find data, i.e. names of people to call and then cold call them if you don't have a coordinatorYou will have to bring your own laptopYour destiny is in your hands-of courseThis is based on information obtained in 2009 and therefore, may be subject to change without notice and is a guide only.
The commission structures vary considerably amoung firms but one thing to consider, you will almost always be commission only and self employed and rarely do you get a cut of the full commission the firms recieves, no matter what they tell you….