How to go Indy the right way

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Dec 24, 2006 6:57 pm

New to this forum and this is my first time post.  I am basically looking for some advice and wisdom from individuals who have done what I plan to do.  Background on myself is that I am new advisor as in first year.  I come from a sales background and had my own business for a little over a year.  I am very entrepreneurial and know that I will need to have my own company soon as in first quarter 08.  The reason is primarily I am locked in to what I can offer to my clients and really need more flexibility.  I plan to get both the CMFC and AWMA this upcoming year for more education and intend to sit for the CFP right when I have hit my three year mark.  While I know going indy is generally discouraged early on  the reason I can is I have is I have an ability to land high level clients.  Example one of my very close friends is a well known major league baseball player on a large market east coast team.  He is a client and I am taking care of him a-z.  Just looking for some info.

Dec 24, 2006 7:04 pm
DodgerDraftpick:

New to this forum and this is my first time
post.  I am basically looking for some advice and wisdom from
individuals who have done what I plan to do.  Background on myself
is that I am new advisor as in first year.  I come from a sales
background and had my own business for a little over a year.  I am
very entrepreneurial and know that I will need to have my own company
soon as in first quarter 08.  The reason is primarily I am locked
in to what I can offer to my clients and really need more
flexibility.  I plan to get both the CMFC and AWMA this upcoming
year for more education and intend to sit for the CFP right when I have
hit my three year mark.  While I know going indy is generally
discouraged early on  the reason I can is I have is I have an
ability to land high level clients.  Example one of my very close
friends is a well known major league baseball player on a large market
east coast team.  He is a client and I am taking care of him
a-z.  Just looking for some info.





Did you have a question, or are you just talking about yourself?

Dec 24, 2006 7:05 pm

My question was basically just what are some proper steps to prepare before you go independent and what are some of the pros cons of the indy bds out there like LPL etc.

Dec 24, 2006 7:10 pm

The biggest thing about indys is that it is assumed that you already know

what you're doing. There will be no hand holding.

Dec 24, 2006 7:12 pm

Thanks for the info Starka

Dec 26, 2006 10:58 am
DodgerDraftpick:

New to this forum and this is my first time post.  I am basically looking for some advice and wisdom from individuals who have done what I plan to do.  Background on myself is that I am new advisor as in first year.  I come from a sales background and had my own business for a little over a year.  I am very entrepreneurial and know that I will need to have my own company soon as in first quarter 08.  The reason is primarily I am locked in to what I can offer to my clients and really need more flexibility.  I plan to get both the CMFC and AWMA this upcoming year for more education and intend to sit for the CFP right when I have hit my three year mark.  While I know going indy is generally discouraged early on  the reason I can is I have is I have an ability to land high level clients.  Example one of my very close friends is a well known major league baseball player on a large market east coast team.  He is a client and I am taking care of him a-z.  Just looking for some info.



What is AMWA?  I've been in the industry for nearly 15 years and never heard about it...

Dec 26, 2006 7:20 pm
DodgerDraftpick:

My question was basically just what are some
proper steps to prepare before you go independent and what are some of
the pros cons of the indy bds out there like LPL etc.





No hand holding.



Make sure you have a loyal book.



Make sure you have far more living expenses saved up than you thing.



Develop a rolodex ahead of time, so that you have all your contacts in place.

Dec 26, 2006 9:25 pm

AWMA is accredited wealth management advisor.  Some of it's benefits are specific estate planning, risk mangement & investment issues for high net worth individuals.  You can go to the website for the college for financial planning and they have a description of it there.  The main reason I plan on getting it is for more insight, and the fact that all of their smaller designations count for part of the CFP curriculum you need to complete before you can sit for the test.

Dec 26, 2006 9:36 pm

[quote=DodgerDraftpick] AWMA is accredited wealth management

advisor. Some of it's benefits are specific estate planning, risk

mangement & investment issues for high net worth individuals. You can

go to the website for the college for financial planning and they have a

description of it there. The main reason I plan on getting it is for more

insight, and the fact that all of their smaller designations count for part of

the CFP curriculum you need to complete before you can sit for the test.[/

QUOTE]



The Accredited WM title, is a joke. Everyone's a 'wealth manager', blah,

blah. Anyone with money who takes their net worth seriously will see

right through that designation. It's no different than 'mutual fund

specialist', or 'senior advisor', blah, blah.



I'd save your time and your money.



Get a CIMA, CFA, or CFP if you want substance, seriously.



Good luck.



C



Dec 26, 2006 11:01 pm

I've heard of the AWMA designation before from an LPL guy who was

looking to add a few letters after his name (not joking, really...).



But in looking at their website, it just looks like a hack attempt at having

people review the materials, and taking a short exam.



For crying out loud, they let you take the final exam only 24 hours after

enrolling in the class.



Yeah... explain that one to your major league clients...



"I enrolled just yesterday, and am now only 24 hours later I'm an

Accredited Wealth Manager."



I laughed..... and hard.



C

Dec 27, 2006 12:03 am

Yes that can go with the MBA, AMAW



Dec 27, 2006 1:08 am
Captain:




Get a CIMA, CFA, or CFP if you want substance, seriously.



Good luck.



C







You don't want advice from a Certified Fraudulent Asshole? Have I got a variable annuity for you.



Honestly, there are too many crap designations in this field. The CFFP
is responsible for much of this, by producing worthless designations
for people who arent smart enough to pass CFP. The American College
also doesn't help matters by doing the same in the insurance industry.




Dec 27, 2006 1:11 am

That may be true but my three year clock in the industry hasn't hit yet so unfortuantely I have to wait a little bit for the CFP, which I intend to get.  As for saving money my firm will be paying at least half the cost.  But I have to admit I am laughing hard at  your line of explain that to your major league client.  Good points by given by all.

Dec 27, 2006 1:27 am
DodgerDraftpick:

AWMA is accredited wealth management advisor.  Some of it's benefits are specific estate planning, risk mangement & investment issues for high net worth individuals.  You can go to the website for the college for financial planning and they have a description of it there.  The main reason I plan on getting it is for more insight, and the fact that all of their smaller designations count for part of the CFP curriculum you need to complete before you can sit for the test.



It sounds like "CFP for Toddlers".....