Question for Established RIA's
For the established RIA's out there who came from B/D's.....Did any of you have "7 Envy"? In other words....did you have a hard time cutting your apron strings from your old broker history?
I'm going to make the jump from Regional B/D to RIA here shortly, and I'm having 'issues' with letting go of my old transactional thinking. Dont get me wrong, 90% of my business is Fee based now, but the pshchological strain of letting go of my "7" is weighing on me.
Is anyone using TD Ameritrade Institutional? I am thinking down the road this might be the best bet for me…
Windknot,Yes, I was very hard for me to let go of my 7. And it was even harder to "stop thinking like a broker." Squash1, Yes, we use TDA. What kind of questions do you have?
In the past year I have been advising most of my clients to drop 7. If you are an advisor, then you do not need it. It is a great story to tell clients. You cannot make money from transactions… you are on the same side of the table. Clients get this message and many do not hear it.
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