Need Independent B/D recommendations

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Dec 16, 2011 2:53 pm

Here is the basic rundown of my situation. I started at a quasi independent broker dealer that focuses on selling financial plans to the average Joe.  I am series 7 & 66 licensed. I left that B/D for an Insurance Company & Broker /Dealer ( one of the 4 big Mutuals). I left for better training but that has not happened. The training consists of 2- weekly  2 hour classes where they push their LEAP, e-Money, Living Balance Sheet, software program to us.  Furthermore, I want to focus on building my book of business through selling muni bonds and I am getting alot of resistance from the Agency becuase they want me to be primarily Insurance focused.

I would like a recommendation for an indie broker dealer with monthly fees that won't break the bank. Is that even possible? I really like LPL but at $931 a month, I just can't do it.  If I joined an existent LPL FA, would the cost still be roughly the same?

HELP, please!!!

Dec 19, 2011 12:41 am

Hi,

What is your trailing 12 month securities GDC (not including fixed insurance biz)? I ask this because I know of some BD's that would be less expensive on monthly basis, but they have min GDC requirements...I am an indy recruiter, BTW. Feel free to PM me, if you dont feel comfortable talking via the public forum.

Thanks.

Dec 19, 2011 2:45 pm

Hi Aguilartx,

Thanks so much for your reply. I've sent you a PM with more details.

Dec 19, 2011 4:57 pm

[quote=Wannabe Bond Chick]I would like a recommendation for an indie broker dealer with monthly fees that won't break the bank. Is that even possible? I really like LPL but at $931 a month, I just can't do it.  If I joined an existent LPL FA, would the cost still be roughly the same?

HELP, please!!!

[/quote]

Wow where are you getting $931? That's probably for an office etc.. The affiliation fee is 600-1500/ year.

Financial Planning broker dealer data 2011 provides info for fees/payouts etc for 80 biggest indy's

Dec 20, 2011 12:18 am

I know that number seems wrong but I've compiled that number from talking to LPL advisors, LPL recruiter (although they are not that forthcoming with the numbers),  this forum and recent articles in Reg Rep.  All the numbers below are divided into 12 months even if some of them are annual charges.

I know some of them are optional. I'm just not sure if I could live without some of them.

Dec 20, 2011 4:11 pm

If you wanna sell munis, you need to come to The GMS Group.  That's our bread and butter.  www.gmsgroup.com

Dec 22, 2011 3:21 am

Thanks Won't stop for your input.

I am reposting the fees for LPL...Please chime if these figures seem wrong. Also, for someone focusing on munis which services do you think someone could live without. Thanks

Errors& Omission  230

Technology 150

LPL Association 125

Contract fee 125

Branchnet access 75

bonding 10

S&R research 45

Porfolio Review tool 35

Finra Compliance Fee 50

State licences 6

OBA fee 50

Zacks30

Grand total $931

Jan 20, 2012 3:34 pm

Jan 23, 2012 11:19 am

Frank .. please tell us the hubcap story!  I've never seen someone jacking hubcaps on a u4 before.

Jan 23, 2012 8:49 pm

You should look into being an RIA. 

Mar 5, 2012 5:03 pm

We would love to speak with you.  I'll zip you a PM to introduce myself.

Mar 12, 2012 6:10 pm

Good to read your post. I recently took a meeting with this same company based off the never ending calls of a head hunter who told me this company was looking for sales managers. It was an interesting meeting, the guy first tells me they don't have sales managers so he doesn't want to step on my toes, then go's on for awhile about how he does not believe in VUL and SUL or any UL and it should only be WL. So after we debate that for awhile and how one product fits everybody! (his mind) he shows me the living balance sheet and shows how a person would have 18 mill vs my scenario, to which I ask about estate planning, and he can't answer that. He also has no come back when I tell him some SUL's have a first to die rider. ETC ETC ETC He also tells me how they pay 18% renewals, but after probing it's just the WL like all the other mutuals.

Bottom line, it's a fancy system for sure to find the money to sell 1 product, WL. Hey fine no problem, I know that's how Mutuals make their money and it's a good product, but let's get real was my feeling.

Sorry for the vent, but people in this industry can be so stupid at times.

Anyway, I've explored about 17 independent BD's, let me know if you wanna talk or email me or what ever, I'll tell you what I know. You can pick what you want.

Wannabe Bond Chick:

Here is the basic rundown of my situation. I started at a quasi independent broker dealer that focuses on selling financial plans to the average Joe.  I am series 7 & 66 licensed. I left that B/D for an Insurance Company & Broker /Dealer ( one of the 4 big Mutuals). I left for better training but that has not happened. The training consists of 2- weekly  2 hour classes where they push their LEAP, e-Money, Living Balance Sheet, software program to us.  Furthermore, I want to focus on building my book of business through selling muni bonds and I am getting alot of resistance from the Agency becuase they want me to be primarily Insurance focused.

I would like a recommendation for an indie broker dealer with monthly fees that won't break the bank. Is that even possible? I really like LPL but at $931 a month, I just can't do it.  If I joined an existent LPL FA, would the cost still be roughly the same?

HELP, please!!!