Looking at Joining LPL

IndyOne wrote a great piece on his experience deciding between RJFS and LPL.  I think the title was “Raymond James vs LPL”.  Click the search option at the top and search that for a pretty darn good blog.

Thanks, i am not looking to join as a FA, would be more like a key account manager, would be more like a wholesaler for the FA's.

CMB

[quote=CashMoneyBrothe]

Thanks, i am not looking to join as a FA, would be more like a key account manager, would be more like a wholesaler for the FA's.

[/quote]

It would depend on what you were looking for.  If your idea of a great sales force is wire house cast offs LPL would be a great place to look for them.

Ignore  him.  DA keeps getting kicked off the forum and comes back on as another name.

CMB, did you already interview with them?  Would you be recruiting advisors to LPL or working with existing advisors?

[quote=FreedomLvr]

Ignore  him.

[/quote]

Which of the independent firms has lower standards to be met in order to be accepted as a registered rep?

Do your own research, DA/Newbie/Put/worthlesstroll.  I suggest reading the latest indy b/d report.

[quote=FreedomLvr]

Do your own research, DA/Newbie/Put/worthlesstroll.  I suggest reading the latest indy b/d report.

[/quote]

I have, and it is my conclusion that among the leading independent firms none is easier to hook up with than LPL, they seem to have close to no standards at all.

Who hired you?

Different BDs cater to different FAs who cater to different investors.  While LPL does have a lower threshhold, they do have a higher average production than many of their competitors.

Not every firm is going to be in the category of Goldman, nor will they be an Ameriprise.

Newb, I know for a fact that an EJ rep with more than 10 years at Jones was turned down fo LPL.  I also was told, but can't confirm, that LPL rejected Herula before he went to RJ.

So yes, LPL does have standards...they're just not all AUM and production-based.

[quote=BrokerRecruit]

Different BDs cater to different FAs who cater to different investors.  While LPL does have a lower threshhold, they do have a higher average production than many of their competitors.

[/quote]

How does their average production rank compared to RJFS?  Wachovia's FinNet or whatever it's called these days?  How about Financial Network?

I believe you'll find that not only is their standards for acceptance very so is every other way of measuring a broker dealer--except body count.  When counting noses they rank numero uno--lots and lots of teenie weenie producers.

[quote=Indyone]

So yes, LPL does have standards...they're just not all AUM and production-based.

[/quote]

That sounds like an investment banker's dream.  "We are goign to bring public a company that ranks near the bottom in average assets under managment and also near the bottom in average production per registered rep......"

How long do you think the private equity group that bought LPL is going to keep the dead wood around?

If they severed relations with every producer doing less than 500,000 would they have more than 500 left?

[quote=Indyone]

Newb, I know for a fact that an EJ rep with more than 10 years at Jones was turned down fo LPL.  I also was told, but can’t confirm, that LPL rejected Herula before he went to RJ.

So yes, LPL does have standards...they're just not all AUM and production-based.

[quote=CashMoneyBrothe]

Could somebody give me a little background information on the firm.

CMB

[/quote]

Try this link as a start;

http://www.ia-mag.com/directories/0602-BDDirectory-FORWEB.pd f

What's with NASD Newbie? New handles and the same bitterness all the time?

[quote=Seeker15]

Try this link as a start;

http://www.ia-mag.com/directories/0602-BDDirectory-FORWEB.pd f

[/quote]

As was said, LPL ranks 17th in average production per rep--their average producer would be fired at a real brokerage firm.

$168,000 is LPL's average--I'll ask again, do you suppose there more than 500 producers who do more than $500,000?

If the average is $168, what do you suppose the lowest half must actually do?  How many are doing less than $100?

It's the graveyard for mediocre wirehouse brokers--one last-gasp effort to stay in the business by working out of your home or an "Office Suite" where a girl answers the phone for a couple of dozen self employed types who share a conference room, a printer, a fax and a copier.

If it was such a good idea the wires would have no big producers.  You know it, I know it, all God's children know it.

Different strokes for different folks.  Some like the idea of being their own boss, while some like having a boss down the hall. 

Just out of curioisity Devil, why would you or anyone else care?  Is it simply out of boredom or mean-spiritedness on your part?  If someone is at an indy firm, doing what he or she likes, what difference does it make how much they earn?  If they're not making 7 figures, is that somehow less honest and honorable than posting meaningless tripe all day, earning nothing?

Every time I think that your posts couldn't possibly get any more ignorant, you manage to surprise me!  (And to think that YOU, of all people, presume to lecture these boards on the meaning of 'class'!)

[quote=BrokerRecruit]Different strokes for different folks.  Some like the idea of being their own boss, while some like having a boss down the hall.  [/quote]

I have spent my life in a wirehouse environment and I'm here to tell you that most branch managers do not consider themselves to be the boss.

Most managers will go out of their way to foster an "Open door" policy where the producers realize that he or she is there to help when they are needed and to stay out of the way when things are going fine.

Oh sure, if the producer is not hitting on all cylinders there may be some conversations about how things could be better, but the idea that your firm is your enemy is simply not true.

I have spent some time going through the LPL and RJFS websites' ability to find a rep in your area.  I have come across hundreds of names that I recognize.  Names that I know were on "cut lists" for various reasons ranging from negative attitudes to compliance issues to poor production.

I don't care if some guy is happy with income of $60,000 so he becomes an "indy" because they will facilite his sloth.  What is offensive to me is the constant suggestion that running a place called "Acme Securities and Dog Grooming" is the zenith of this industry.

As I keep asking, if it's such a big deal why do the wirehouses have any big producers?

For some, the wires are the epitome of success.  For others, it’s the indy life.  There are successful and not-so-successful brokers at both.  Again I ask, why do you care?

"I have spent some time going through the LPL and RJFS websites' ability to find a rep in your area.  I have come across hundreds of names that I recognize.  Names that I know were on "cut lists" for various reasons ranging from negative attitudes to compliance issues to poor production."

Wow!  Hey that store down around the corner from you has a few lives still for sale; you ought to hurry down and buy one. 

Who's the real loser, the advisor that jumps from an environment they're not happy at and makes a better life for him and his family or the idiot who gets on his soap box in a discreet postboard, posting all day long, never having lived the life he so proudly advises about? 

Weren't you the same dolt who claimed LPL didn't have any million dollar producers then never posted in reply to facts that were presented proving you wrong again?  Have you seen the analysis done by Morgan Stanley Research that discusses in detail how broke the wirehouse model is specific to their brokers?  Now, click your heals 3 times and repeat "there's no place like home"  you may eventually wake up and get a clue.  Now hurry down to that store there aren't many lives left for you to buy.

Heels

Loser

[quote=Devil’sAdvocate]

[quote=BrokerRecruit]Different strokes for different folks.  Some like the idea of being their own boss, while some like having a boss down the hall.  [/quote]

I have spent my life in a wirehouse environment and I'm here to tell you that most branch managers do not consider themselves to be the boss.

Most managers will go out of their way to foster an "Open door" policy where the producers realize that he or she is there to help when they are needed and to stay out of the way when things are going fine.

Oh sure, if the producer is not hitting on all cylinders there may be some conversations about how things could be better, but the idea that your firm is your enemy is simply not true.

I have spent some time going through the LPL and RJFS websites' ability to find a rep in your area.  I have come across hundreds of names that I recognize.  Names that I know were on "cut lists" for various reasons ranging from negative attitudes to compliance issues to poor production.

I don't care if some guy is happy with income of $60,000 so he becomes an "indy" because they will facilite his sloth.  What is offensive to me is the constant suggestion that running a place called "Acme Securities and Dog Grooming" is the zenith of this industry.

As I keep asking, if it's such a big deal why do the wirehouses have any big producers?

[/quote]

It's not the managers that consider themselves to be the boss, it's those that work for them.

And again, I stress that different people want different things.  Yes, there are big producers at wires and big producers at independents.  Some like having someone else control expenses, back office operations, etc., while some enjoy doing it themselves. 

You keep coming back to the question "if it's such a big deal, why do wirehouses have any big producers" - joe likes life at LPL while blarm likes life at ML.  It's a personal choice.  You have a small dog with a bow-tie while I have a 110 lb black lab with a bandana around his neck.  Neither are wrong.  Your dog appeals to you while mine appeals to me.  Personal preference.

See, that’s where you got it all wrong BR. It’s not other folks opinion that matters, it’s his. The sooner we can all come to grips with this, the sooner we can all take this industry to a higher level. Let’s you and I start today!

I know - it’s like trying to reason with a wallet sometimes.  And even though I think that bow-tied dog is a bit fruity, I’m glad it makes him happy.

[quote=BrokerRecruit]

And again, I stress that different people want different things.  Yes, there are big producers at wires and big producers at independents.  Some like having someone else control expenses, back office operations, etc., while some enjoy doing it themselves.

[/quote]

You think it is a benefit of being independent that you get to worry about the power bill rather than letting somebody else do that?

Seriously?

Ok - some would rather have to pay the light bill, the rent, phone, technology, etc. instead of giving 60% back to the house.  For them, it makes more sense, or this is a trade-off they can live with because they like having an office to themselves.

The independent model is not for you.  I get that.  The forum gets that.  Your dog gets that. 

We also get that you are a narrow-minded, know-it-all blowhard who cannot understand that everyone has their own opinion and that may differ from yours.  Maybe everyone in the independent world is thinking that you are a complete boob for thinking the way you do.

Why do some people prefer a BMW over a Lexus?  Why do some prefer pizza over tacos?  They just do!  Get over it and yourself.  Some people like LPL, some don't, end of story.  You've ruined and high-jacked this thread from someone that was seeking information by turning it into a soap box to step up onto and preach your beliefs.  If you want to do that, tell someone who cares.

Sorry for the rant, all....

[quote=BrokerRecruit]

Seriously?

Ok - some would rather have to pay the light bill, the rent, phone, technology, etc. instead of giving 60% back to the house.  For them, it makes more sense, or this is a trade-off they can live with because they like having an office to themselves.

The independent model is not for you.  I get that.  The forum gets that.  Your dog gets that. 

We also get that you are a narrow-minded, know-it-all blowhard who cannot understand that everyone has their own opinion and that may differ from yours.  Maybe everyone in the independent world is thinking that you are a complete boob for thinking the way you do.

Why do some people prefer a BMW over a Lexus?  Why do some prefer pizza over tacos?  They just do!  Get over it and yourself.  Some people like LPL, some don't, end of story.  You've ruined and high-jacked this thread from someone that was seeking information by turning it into a soap box to step up onto and preach your beliefs.  If you want to do that, tell someone who cares.

Sorry for the rant, all....

I know, I know.  It irks me when someone is looking to gain knowledge and everything is derailed completely.  It, of course, doesn’t help matters when we argue back. 

[quote=Devil’sAdvocate][quote=BrokerRecruit]

And again, I stress that different people want different things.  Yes, there are big producers at wires and big producers at independents.  Some like having someone else control expenses, back office operations, etc., while some enjoy doing it themselves.

[/quote]

You think it is a benefit of being independent that you get to worry about the power bill rather than letting somebody else do that?

I wouldn’t disagree with you there.

[quote=joedabrkr]
I am happy to pay my own power bill

[/quote]

Joeboy, if you didn't pay your office power bill the lights in your children's bedroom would go off.

Of course it's no big deal.

Thanks for the information, it would be on the west coast if I get the job, i am in Houston, TX not a good place if you are trying to break in the Financial Industry.

[quote=CashMoneyBrothe]

Thanks for the information, it would be on the west coast if I get the job, i am in Houston, TX not a good place if you are trying to break in the Financial Industry.

[/quote]

Why do you say that?

Another day, another new handle for NASD Newbie.

Is it a medication thing or just the little voices in his head driving this guy insane?

"Most managers don't think of themselves as the boss"?

Many think of themselves as the Messiah let alone a mere boss. If it was so great at wirehouse why are they an ever shrinking force both in asset and headcount? The bigger point is control;

http://www.ia-mag.com/article.php?article=6822

We all have to meet regulations but aside from that, we own our practices and can trade them. That's just one level of the equity concept you choose to ignore.

You don't have to agree Newbie but why all the anger?

[quote=Seeker15]

Another day, another new handle for NASD Newbie.

Is it a medication thing or just the little voices in his head driving this guy insane?

"Most managers don't think of themselves as the boss"?

Many think of themselves as the Messiah let alone a mere boss. If it was so great at wirehouse why are they an ever shrinking force both in asset and headcount? The bigger point is control;

http://www.ia-mag.com/article.php?article=6822

We all have to meet regulations but aside from that, we own our practices and can trade them. That's just one level of the equity concept you choose to ignore.

You don't have to agree Newbie but why all the anger?

[/quote]

I have no idea who Newbie is, but speaking for myself I have zero anger--I'm sitting in the cat bird's seat.

Wirehouses are going to great lengths to help older brokers sell their book to associates within the firm--normally junior members of the teams.

Because the firms are intent on keeping the book in house, yet feel a certain obligation to the retiring broker, the firms tend to work out some very attractive deals for all parties.

If you think your book is worth, say, $500,000 it's going to be far easier to get a better arrangement if you're at UBS than if you're "Ajax Financial Planning and Carpet Cleaning, Ltd."

That's just the way it is--all the joy of being alone means that you're going to be alone when it comes time to say adieu.

[quote=Devil’sAdvocate][quote=Seeker15]

Another day, another new handle for NASD Newbie.

Is it a medication thing or just the little voices in his head driving this guy insane?

"Most managers don't think of themselves as the boss"?

Many think of themselves as the Messiah let alone a mere boss. If it was so great at wirehouse why are they an ever shrinking force both in asset and headcount? The bigger point is control;

http://www.ia-mag.com/article.php?article=6822

We all have to meet regulations but aside from that, we own our practices and can trade them. That's just one level of the equity concept you choose to ignore.

You don't have to agree Newbie but why all the anger?

[/quote]

I have no idea who Newbie is, but speaking for myself I have zero anger--I'm sitting in the cat bird's seat.

Wirehouses are going to great lengths to help older brokers sell their book to associates within the firm--normally junior members of the teams.

Because the firms are intent on keeping the book in house, yet feel a certain obligation to the retiring broker, the firms tend to work out some very attractive deals for all parties.

If you think your book is worth, say, $500,000 it's going to be far easier to get a better arrangement if you're at UBS than if you're "Ajax Financial Planning and Carpet Cleaning, Ltd."

That's just the way it is--all the joy of being alone means that you're going to be alone when it comes time to say adieu.

If you think your book is worth, say, $500,000 it's going to be far easier to get a better arrangement if you're at UBS than if you're "Ajax Financial Planning and Carpet Cleaning, Ltd."

Nothing could be further from the truth Newbie. The rule of thumb is pretty simple, the more employed you are the less you are likely to get for your book. It almost is always better to shop and place it yourself on the recruiting market if you are opting to leave the industry on the employment side.

Not only nuts but ill informed as well.

After a lifetime of big firms haircuts on true product concessions, over bloated middle managers (where you are suspected of coming from), inflated service costs at every turn you haven't seen anything until the lemming lifetime employee approaches the management about getting comp on accounts when they want to leave the business. If you think 3 points credit on an annuity that pays the street 7 was bad firm practice (and it is) try selling "your book" as a firm "employee". No wirehouse book goes off on average at the same multiple at FP Transitions for self-employed parties. Get a clue.

Again, if was flattering average wouldn't you think they would publish it? Most wirehouse careers end with a major theft attempt, litigation and or despair. While "Wall Street" was a flawed but fun movie they covered this part very well. You would have fit right in as a suck-up hack and flunky office goon. Go rent it this weekend.

80 posts since 10/19/06 newbie?

[quote=Devil’sAdvocate][quote=Seeker15]

Another day, another new handle for NASD Newbie.

Is it a medication thing or just the little voices in his head driving this guy insane?

"Most managers don't think of themselves as the boss"?

Many think of themselves as the Messiah let alone a mere boss. If it was so great at wirehouse why are they an ever shrinking force both in asset and headcount? The bigger point is control;

http://www.ia-mag.com/article.php?article=6822

We all have to meet regulations but aside from that, we own our practices and can trade them. That's just one level of the equity concept you choose to ignore.

You don't have to agree Newbie but why all the anger?

[/quote]

I have no idea who Newbie is, but speaking for myself I have zero anger--I'm sitting in the cat bird's seat.

Wirehouses are going to great lengths to help older brokers sell their book to associates within the firm--normally junior members of the teams.

Because the firms are intent on keeping the book in house, yet feel a certain obligation to the retiring broker, the firms tend to work out some very attractive deals for all parties.

If you think your book is worth, say, $500,000 it's going to be far easier to get a better arrangement if you're at UBS than if you're "Ajax Financial Planning and Carpet Cleaning, Ltd."

That's just the way it is--all the joy of being alone means that you're going to be alone when it comes time to say adieu.

[/quote]

Do you have anything to back that statement up, or is it just another bumper crop of your bullsh*t, Newbie?