Interesting, since I am just now reviewing and will probaby "ok" this exact thing. We have never given a commission over-ride to mentors, it's illegal. Some do charge something, normally pretty small for their time. But, our latest plans highlight sharing of the profits with mentors. Not a bad way to go. If you were to mentor someone, you would want to be compensated in some way, and this is not a bad way to go. I'm working on the legal aspects within the LLC at this point. Don
Don, are you sure about that? I maybe be 100% wrong on this and if I am, I will offer a full apology, but I have talked to a few people and I am almost 100% certain they got an over ride. If I am wrong, I will apologize. They had a branch office btw.
And Don, mentors have to get something. If you are not giving them over rides, or p&l, what the hell are you paying them with...poker chips? There is no way in hell I would waste a single minute of my trading day mentoring your traders so you and your brother can collect the vig everytime they trade. You have to be paying them something.
I'm pretty sure if you are under a mentor you either pay a higher commission than you would otherwise or you pay a flat monthly fee. If its part of the commission then the mentor is conflicted right off the bat.
Mentors have been paid in $50, $100, per month or whatever the number might be, but certainly not based on shares or commissions. Pretty fair in all cases. I would not allow any type of rip off, money earned, money paid. And, with the "vig" as you put on it's way to zero due to all the costs involved running a firm, there simply isn't room these days. Thanks for bringing up the fact that yes, we do have to pay these traders something for their time and effort. Many have made lifelong relationships that continue to pay off long after any payments are made. I don't like getting beat up like this, but I still feel, in my heart of hearts, that we offer the best value. I have had people come from many other sources and even from FNYS and the like, who have thanked us over and over for the training. And, come on, $1000 for a lifetime fee, pretty cheap overall, IMO. I'm truly sorry that everyone cannot appreciate what we try to do, but I will never apologize for our efforts in this regard. Let me know when "Maverick Mentoring" starts a class, I'll be sure to attend, LOL. All the best my friend, Don
Not trying to "beat you up" Don. I would never treat a veteran that way. It's an interesting topic though. Regarding paying a mentor $50 or $100. Don, I paid my mentor 500k. And to be fair, he made me into a great trader. If someone offered me $50 to mentor someone, I would politely wish them good luck. LOL. There is an old saying, you get what you pay for in life.
Hmm? OK, in the past we did have a limited amount, some sort of extra fee added, but with a low ceiling (max) of very few shares. This was determined by the mentor and the "mentee." I don't think we do that any longer. Just a way to spread out the payments. Very limited, not like they get paid for every share or anything. Sorry for any confusion, I'm pretty tired tonight. Anyway, looks like we will be going to a % of profits (and I'm sure someone will find fault with that as well). Don
This is part of the group mentoring, we have limits of what we think someone should pay, so putting a few people in a group can make it worthwhile for some mentors. And, now I'm conflicted...."get what you pay for" ...hmmm? Are you saying my guys aren't charging enough? LOL. Geez, can't get a break here. Don
Don, I'm saying I'm not sure I would ever want a guy showing me his edge for $50. LOL. In other words, his edge would have to be worthless.