Going Independent

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Sep 30, 2009 4:42 pm

Please help me with my situation. I have been a sales assistant with my Series 7 and 63 at two different major wireshouses since 2001. I got my 65 about a year ago and have now left the latest wirehouse. I am thinking about going independent with no existing book but a nice amount of referrals. My question is, what is a realistic/attainable goal for my first 12 months in the business? 24 months, 5 years? What should I shoot for?

Oct 1, 2009 12:21 am

Going indy with no book?  I wouldn't.  Almost all of my referrals are CLIENT referrals.

Oct 1, 2009 7:08 am
Indyone:

Going indy with no book? I wouldn't. Almost all of my referrals are CLIENT referrals.







Yeah, it will be real tough to make it as an Indy without a book.   I'd look at a bank program where you will get referrals. Build up a book and after a few years then go Indy.

Oct 1, 2009 7:47 am

Where are you, I am hiring to handle my growth.  Send me a pm, pure chance but you never know we might be in same city.

Oct 1, 2009 10:11 am

Maybe that is why I doing some research before I do this?

Oct 1, 2009 2:45 pm
BioFreeze:

It should be a piece of cake for you. The independent firms are tripping over each other to hire male secretaries, with no assets, as brokers. 

 
OK, that was funny.
Oct 1, 2009 9:20 pm
B24:
BioFreeze:

It should be a piece of cake for you. The independent firms are tripping over each other to hire male secretaries, with no assets, as brokers.



[DIV] [/DIV]

[DIV]OK, that was funny.[/DIV]





Pretty much what I expected. I figure why work for a clueless broker when I can just be one? This male secretary is probably twice the man that BioFreeze is!

Oct 1, 2009 9:36 pm
steve246:
B24:
BioFreeze:

It should be a piece of cake for you. The independent firms are tripping over each other to hire male secretaries, with no assets, as brokers.



OK, that was funny.





Pretty much what I expected. I figure why work for a clueless broker when I can just be one? This male secretary is probably twice the man that BioFreeze is!





Another tough guy. Why is it everyone on the forum is over six feet tall, 200+ pounds of solid rippling muscle, and as well-trained as Richard Marcinko, Ken Shamrock and Ralph Macchio combined?

Oct 1, 2009 9:56 pm

Moraen, I for one have NEVER claimed ANY those things.  I am only 5'7", 175, but women are constantly telling me I am the spitting image of Matthew McConaughey.  It's SOOO degrading! 

Oct 8, 2009 2:21 pm

The independent firms work on very tight profit margins.  Most of them are paying 80 to 90%, so there is not much room for error.  I would not expect any of the top firms to take that chance.  If you land with an independent, it will likely be a B team broker/dealer.  Raymond James probably won't look at you unless you have $200,000 in trailing 12 commissions.   Consider finding a local office that is already independent and ride on their coat tails until you are well established.  The barriers to entry will be smaller as most independents allow reps to group branch production together.

 
It might help to post where you are located in case someone works near you and is looking for help in their business.  You also might get lucky and find an independent that is looking to retire in a few years.
 
Good luck.
Oct 8, 2009 8:13 pm
Independent:

The independent firms work on very tight profit margins. Most of them are paying 80 to 90%, so there is not much room for error. I would not expect any of the top firms to take that chance. If you land with an independent, it will likely be a B team broker/dealer. Raymond James probably won't look at you unless you have $200,000 in trailing 12 commissions. Consider finding a local office that is already independent and ride on their coat tails until you are well established. The barriers to entry will be smaller as most independents allow reps to group branch production together.



It might help to post where you are located in case someone works near you and is looking for help in their business. You also might get lucky and find an independent that is looking to retire in a few years.





That isn't entirely true, if you can find an OSJ to stake you. There are lots of people at RJ under $200K.



Scan LPL site, they have a list of existing branches that are looking for additional reps.

Good luck.
Oct 8, 2009 9:49 pm
B24:

Moraen, I for one have NEVER claimed ANY those things.  I am only 5'7", 175, but women are constantly telling me I am the spitting image of Matthew McConaughey.  It's SOOO degrading! 

 
c'mon.
What? I'm taller than YOU?
 5'9" (but over 6 ft w/a high heeled platform shoe....)
Oct 8, 2009 9:52 pm
steve246:

Please help me with my situation. I have been a sales assistant with my Series 7 and 63 at two different major wireshouses since 2001. I got my 65 about a year ago and have now left the latest wirehouse. I am thinking about going independent with no existing book but a nice amount of referrals. My question is, what is a realistic/attainable goal for my first 12 months in the business? 24 months, 5 years? What should I shoot for?

 
The first thing you should look for; after a new suit, is a lawyer willing to take you on retainer to protect you from the lawsuits your former employer will throw at you for taking the information about clients from the brokers you worked for and trying to make those "referrals" your clients.
 
Oct 9, 2009 9:35 am
Takingnames:
B24:

Moraen, I for one have NEVER claimed ANY those things.  I am only 5'7", 175, but women are constantly telling me I am the spitting image of Matthew McConaughey.  It's SOOO degrading! 

 
c'mon.
What? I'm taller than YOU?
 5'9" (but over 6 ft w/a high heeled platform shoe....)


 
Yeah, but I'm a STUD.
Oct 9, 2009 9:51 am
B24:
Takingnames:
B24:

Moraen, I for one have NEVER claimed ANY those things.  I am only 5'7", 175, but women are constantly telling me I am the spitting image of Matthew McConaughey.  It's SOOO degrading! 

 
c'mon.
What? I'm taller than YOU?
 5'9" (but over 6 ft w/a high heeled platform shoe....)


 
Yeah, but I'm a STUD.
 
I really hate to correct the wee people but it is impossible to be a STUD when you are in the 5'7" to 5'9" range.......
Best of luck guarding your pot of gold.....
 
 
Oct 10, 2009 9:52 pm
 
c'mon.
What? I'm taller than YOU?
 5'9" (but over 6 ft w/a high heeled platform shoe....)


 
Yeah, but I'm a STUD.
 
I really hate to correct the wee people but it is impossible to be a STUD when you are in the 5'7" to 5'9" range.......
Best of luck guarding your pot of gold.....
 
 As a female on this site, this response was by far the best!  
 
Oct 11, 2009 11:39 pm
B24:
Takingnames:
B24:

Moraen, I for one have NEVER claimed ANY those things.  I am only 5'7", 175, but women are constantly telling me I am the spitting image of Matthew McConaughey.  It's SOOO degrading! 

 
c'mon.
What? I'm taller than YOU?
 5'9" (but over 6 ft w/a high heeled platform shoe....)


 
Yeah, but I'm a STUD.
 
You are a stud.
 
Oct 12, 2009 8:17 pm
indexwiz:
 
c'mon.
What? I'm taller than YOU?
 5'9" (but over 6 ft w/a high heeled platform shoe....)


 
Yeah, but I'm a STUD.
 
I really hate to correct the wee people but it is impossible to be a STUD when you are in the 5'7" to 5'9" range.......
Best of luck guarding your pot of gold.....
 
 As a female on this site, this response was by far the best!  
 





I guess you've never date an Italian guy like me.
 
Oct 12, 2009 9:21 pm

Oct 14, 2009 7:37 pm
mlgone:

it's girth anyway



 
I see you've spent some time with Italian men?