Partnering with a family member

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Apr 29, 2007 10:54 am

I may have the opportunity to partner with a family member who will be retiring in about 7 yrs.  We have tried twice to partner up, but each time his respective managers were not open.  One was major wire and other was regional, which he is still at.  He has been in the bus over 30yrs and me 12.  I would be unable to take my clients. Does anyone know the best firms who love these kinds of partnerships?

Apr 29, 2007 4:10 pm

Sounds like your relative should be looking to leave his/her current B/D, within the next year or so. Talk to Raymond James, LPL, etc. I'm sure they'd welcome this type of arrangement, assuming there's sufficient AUM (which, after 30 yrs, there should be).


However, an issue that should be addressed now, before going indy, is the agreement between you and your relative. Ideally, you should each have your own attorney give input as to a partnership agreement. Once a mutually agreed upon partnership contract is established, then you can take the contract around to find the B/D that best fits its terms.

May 2, 2007 4:51 pm
doberman:

Sounds like your relative should be looking to leave his/her current B/D, within the next year or so. Talk to Raymond James, LPL, etc. I'm sure they'd welcome this type of arrangement, assuming there's sufficient AUM (which, after 30 yrs, there should be).


However, an issue that should be addressed now, before going indy, is the agreement between you and your relative. Ideally, you should each have your own attorney give input as to a partnership agreement. Once a mutually agreed upon partnership contract is established, then you can take the contract around to find the B/D that best fits its terms.



I agree, I work with a couple family members and typically the Indies are going to be the best fit for you.