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Apr 15, 2009 10:23 pm

These 3 broker dealers look good to me on paper.  Can anyone vouch for these b/ds?


BrokersXpress
ePlanning
ProEquities

Thank You


 
BL
Apr 16, 2009 5:20 am

BiLo, you aren't cut out for this business.   Why would someone take the time to try to help you on this board?


Can you add me to your list?
Apr 16, 2009 8:28 am
BiLo:

These 3 broker dealers look good to me on paper.  Can anyone vouch for these b/ds?


BrokersXpress
ePlanning
ProEquities

Thank You


 
BL
 
These are all rather obtuse choices and I doubt you'll get much data from this forum. But I'm sure we'd all like to hear more about them.
 
So here's an idea. Since you seem somewhat, shall we say, clueless about becoming an independent advisor, why don't you call these fine firms inquiring as to their platform (this means the types of products you will have available to sell) their service, fees, technology, payout, etc. Ask for and check 3 references. And then report back to us your findings. I think you'd find a much warmer reception if you become a little additive to the forum.
 
Anyone seriously considering making any career switch does this type of research.
 
This may seem daunting at first and you may be tempted to put it off, hoping that someone on this forum (who by definition would be a stranger) will just give you the answers. But if you just pick up the phone, I believe in 2 or 3 hours you will become much more enlightened. This is what you hear your peers calling "due dilligence." Try it, you'll like it.
 
Good luck.
Apr 16, 2009 9:03 am

I already did that due diligince pric*.  I was asking the forum to see if they had any experience with these firms. 

 
If you are going to keep being a pric* keep to yourself.  You sound like you are small tiny man with a small tiny....
 
There you go pal.
 
Anybody else that has any information about the three firms I've mentioned please let me know if you don'
Apr 16, 2009 9:41 am

What in the hell is the problem with you people.  I think I will go away if there are bunch of a holes on here.  I thought this was forum you could get some information and have some fun but I guess it's not.


For anonymous here some info on the three broker dealers I inquired about. 
 
Payout, clearing and cost of e & o insurance.  One reason I liked these guys is because their technology looks decent.  If no one wants to comment well so be it.  The order is broker express, eplanning and proequities
 

Apr 16, 2009 9:59 am

Finally!  Thanks for some good feed back.  One charges different prices for technology packages.  The most robust or most expensive was $200 per month.  I figure for the extra 10 - 20% on payout it pays for this stuff pretty quick.  I currently run my own office, pay rent, pay an assistant etc. but one thing I don't have to do is the accounting and reporting.  I know I will have to do the accounting / reconcilliation etc but do I generate the reports for the clients or is that done at another level?

Apr 16, 2009 10:02 am
BiLo:

What in the hell is the problem with you people.  I think I will go away if there are bunch of a holes on here.  I thought this was forum you could get some information and have some fun but I guess it's not.

For anonymous here some info on the three broker dealers I inquired about. 
 
Payout, clearing and cost of e & o insurance.  One reason I liked these guys is because their technology looks decent.  If no one wants to comment well so be it.  The order is broker express, eplanning and proequities
 





Avoid NFS. They are total idiots and don't understand retail brokerage.

Apr 16, 2009 10:32 am

Currently I get the checks and send them onto HQ and I'm done except for monitoring the accounts.  What I mean is as an independent, I get the check and now I send it to the clearing house ( I suppose) and have to make sure everything is kosher.  I don't even worry about that now...maybe I should.  As far as reporting, this is all done by HQ as well as 1099s.  As an independent do I have to generate the monthly reports on client holdings etc and mail them out?  If so my assistant will have to work more hours or I will have to hire another one which will put a big dent in my take home.  I currently only use an assistant part time.

Apr 16, 2009 11:01 pm

Does anyone have experience with BrokerXpress?

Apr 18, 2009 6:23 pm

BL,

 
Are you talking about going to an indy BD or becoming an indy BD. Agreed, keep a close eye on admin fees and ticket charges. Also, I personally would not want the added responsibility of generating performance reports myself. Should be done by the BD or outsourced. Too much liability.
Apr 18, 2009 11:04 pm

I don't know.  I want to run my own shop and do what I do now but get a higher payout.  I would like to use pershing or whatever and use their software.  I need analytic tools.  I want to sell stocks, bonds, mutual funds, variable annuities, life insurance, long term insurance, options, and financial planning.  So whatever it takes to get to do that is what I want to do.  I do all of that now but stock and bond trades are a nightmare and I barely make a dime.  I get a 50% payout on everything but stocks and bonds AND I pay most of my own expenses.

Apr 19, 2009 12:40 am

BiLo,

Morph was right, you are a dumbass. You can't even evaluate indy b/ds and yet you expect to make a living evaluating investments? You are a FINRA arbitration just waiting to happen. I wonder what the over/under is in Vegas for the date of your first client complaint?

Apr 19, 2009 12:44 am

You are the one that sounds like a dumbass.  I'm not independent but I'm trying to get the facts and make a decision.  I've got zero customer complaints.  I've done a pretty good job with my clients money in the worst bear market since 1929.  I wonder how well you've done dumbass. 

Apr 19, 2009 2:21 pm

BL,

 
IMO, you should be looking at going to an independent BD rather than becoming one. Are you at a wirehouse or regional now?
Apr 19, 2009 10:53 pm

What's the difference?  I'm at a wirehouse.

Apr 20, 2009 12:01 am

BiLo,

You're not a dumbass, you're a dumbf*%k. Sorry for the confusion.

Apr 20, 2009 10:19 am

Coming from you punk that means a lot.  What doush bag.

 
I'm sorry for being so ignorant but I really don't know the difference between working for a b/d and being one.  I think I want to be a b/d and use someone like lpl etc.  Is that correct or if I went with LPL would I be considered working for a b/d?
 
Please don't chime in PunkAs.
Apr 20, 2009 10:32 am

if you went with LPL you would be with a B/D... Can't really start you're own B/D(well i guess you could, but that would take some $$$) You can start a RIA.


Apr 20, 2009 10:46 am

Thank You!  I would prefer to go with a B/D and offer advisory services to those clients that would prefer to pay a flat 1-1.5% on AUM. 

 
Apr 20, 2009 10:51 am

If all you are going to be doing is advisory, it might make more sense to start your own RIA(fee only)