Producing Mgrs and NASD Rules

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Aug 2, 2006 12:38 pm

Congrats to Registered Rep. Magazine for having the guts to finally print the facts on the growing controversy behind the regulators efforts to drive smaller BDs out of business by effectively trying to ban producing managers at smaller firms.  Read this excellent article:


http://registeredrep.com/newsletters/bom/secsmall_firms/ind ex.html

Aug 2, 2006 9:31 pm

Bill--

Does this affect branches of indy firms as well?  I would presume it does!

Aug 3, 2006 1:08 pm

Just another reason not to aspire to Branch Management

Aug 3, 2006 1:25 pm
vbrainy:

Just another reason not to aspire to Branch Management


Why not?  If you're well paid, have a very good retirement plan and all the challenges you'd care to face what could be better?


Do you really think the optimum way to spend your working career is trying to build a book, then keep it from self destructing?


As I said earlier in the day, this idea of AUM eventually leading to "easy street" is too new to actually prove itself to be true.


If you're offered a chance to manage an office, or join a regional staff, you should give the offer a very serious consideration.  There's about a 90% chance that your retirement years will be more enjoyable if you retire as a well paid middle manager than as a producing broker because as you get older your clients will be dying and there is absolutely no reason to think that you'll be able to retain their heirs as your clients--to them you will be an unfamiliar person who was never their choice.


"I understand you worked with my mother and father, but you are 1,000 miles away and our next door neighbor is a financial advisor.  We have asked him to arrange to transfer our account here. We thank you for what you did to help Mom when Dad died, and then what you did to help us when she died.  It's just that my husband and I would be more comfortable dealing with somebody locally."

Aug 3, 2006 1:37 pm

newbie,


Isn't there anything out there that you WON'T comment on or do you know everything about the industry?

Aug 3, 2006 1:59 pm
NASD Newbie:
vbrainy:

Just another reason not to aspire to Branch Management


Why not?  If you're well paid, have a very good retirement plan and all the challenges you'd care to face what could be better?


Do you really think the optimum way to spend your working career is trying to build a book, then keep it from self destructing?


As I said earlier in the day, this idea of AUM eventually leading to "easy street" is too new to actually prove itself to be true.


If you're offered a chance to manage an office, or join a regional staff, you should give the offer a very serious consideration.  There's about a 90% chance that your retirement years will be more enjoyable if you retire as a well paid middle manager than as a producing broker because as you get older your clients will be dying and there is absolutely no reason to think that you'll be able to retain their heirs as your clients--to them you will be an unfamiliar person who was never their choice.


"I understand you worked with my mother and father, but you are 1,000 miles away and our next door neighbor is a financial advisor.  We have asked him to arrange to transfer our account here. We thank you for what you did to help Mom when Dad died, and then what you did to help us when she died.  It's just that my husband and I would be more comfortable dealing with somebody locally."



What other advice should we expect from a failed advisor who spent the vast majority of his career making money off the backs of the advisors on the front lines.  An active participant in the self-perpetuating bureauracracy that does little good for investors or advisors?

Not all of us are spending our days contemplating how comfortable our retirments will be, newbie.  In fact, I already consider myself "retired" from your world because now I spend much of may day doing what I WANT to do, and luckily for me I get paid to do it!  Someday I suppose I'll work fewer hours and squeeze in more golf, but I'll choose when that happens and my retirement plan will be quite well funded, thank you very much!

Why spend the prime of my life dealing with corporate BS when I can enjoy being "retired" now?

Aug 3, 2006 2:03 pm

What are you going to do to keep your book from self destructing?

Aug 3, 2006 2:09 pm
compliancejerk:

newbie,


Isn't there anything out there that you WON'T comment on or do you know everything about the industry?



I know everything about the industry--what would you like to know?

Aug 3, 2006 2:20 pm
NASD Newbie:
compliancejerk:

newbie,


Isn't there anything out there that you WON'T comment on or do you know everything about the industry?



I know everything about the industry--what would you like to know?



I'd like to know why such a valuable resource as yourself got canned over at Morgan Stanley.

Aug 3, 2006 3:24 pm
NASD Newbie:
compliancejerk:

newbie,


Isn't there anything out there that you WON'T comment on or do you know everything about the industry?


I know everything about the industry--what would you like to know?



I'll let you know when I need to know anything from you, ok?

Perhaps if you didn't blather on so much when you did speak we would be more interested?

Aug 3, 2006 3:53 pm
joedabrkr:
NASD Newbie:
compliancejerk:

newbie,


Isn't there anything out there that you WON'T comment on or do you know everything about the industry?



I know everything about the industry--what would you like to know?




I'll let you know when I need to know anything from you, ok?

Perhaps if you didn't blather on so much when you did speak we would be more interested?
 


Joe, just because you can say everything you know in two sentences doesn't mean that we all can.

Aug 3, 2006 10:51 pm
NASD Newbie:
joedabrkr:
NASD Newbie:
compliancejerk:

newbie,


Isn't there anything out there that you WON'T comment on or do you know everything about the industry?


I know everything about the industry--what would you like to know?




I'll let you know when I need to know anything from you, ok?

Perhaps if you didn't blather on so much when you did speak we would be more interested?
 


Joe, just because you can say everything you know in two sentences doesn't mean that we all can.



::yawn::

Are you done yet?