Smaller Asset Size Firms

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Jan 10, 2009 12:27 am

Has anyone went independent with a book of approx. 12MM of which 90% is fee-based? Which independent firms are the best for this size, if any?

Jan 10, 2009 12:37 am

No but have gone indy with no fee-based(EDJ) and similar assets, and built it up to a lot more in fee-based..

Jan 10, 2009 12:47 pm

Send me a PM and I will give you my methodology.

Jan 11, 2009 10:57 am

I have the same question. Approx. 11mill, about 6mil fee based and currently with an independent group. Could seperate and start my own firm, primarily because not happy with the direction our group is going in. Am I crazy to do that? Any advice?

Jan 12, 2009 3:58 pm

You're not crazy, but I think your timing sucks.  I'd get on a lot more solid ground before you make that leap.

Jan 13, 2009 11:15 pm
If you are looking for a BD/RIA Production is what you will primarily deal with. 
 You'll find many indy B/Ds  can find you an OSJ if they won't take you direct. They let the OSJs aggregate the total production for their grid.
 
That is one of the reasons you find a lot of independent groups / partnerships. 
 
If you are just looking for a custodian for an RIA, I think Scotttrade has no minimums and a bunch of others that are not as branded.
Jan 15, 2009 1:33 am

Harbor Financial Services has a fee based platform that costs 20 basis points and unlimited trading at no cost. The B/D / RIA charges $1,100 flat fee per month and 98% payout on fee based business. $100 credit per ACAT account within90 days. I know a Smith Barney rep that just moved.

Jan 20, 2009 3:45 pm

I went with around 20ml 92% fee based to Fidelity.  They offer at least as much as my old small insurance b/d that I was with(technology wise, research, support, etc) at no cost.  I pucrchased Morningstat Advisor Workstation which integrates with Advisor Channel for reporting and research.  Fidelity is rolling out a new system called Wealth Central that will incorporate Advisor Channel, Navi Plan, Advent, and Northfield into one program with one login.  Looking forward to it.

Jan 20, 2009 8:00 pm
advzrguy:

Fidelity is rolling out a new system called Wealth Central that will incorporate Advisor Channel, Navi Plan, Advent, and Northfield into one program with one login.  Looking forward to it.


Huh?  Northfield? 

Jan 20, 2009 9:43 pm

I think any B/D would take your book.. assuming you are getting 1% on the fee based side... so that is 10.8mill @ 1% or 108K plus the $2mill in comissions.. won't get you in LPL $125K, but might be able to find an OSJ to stake you....

 
Or try some other B/Ds: most just have $50K productions mins to get in....
Jan 22, 2009 6:28 pm

Cantella out of Boston will talk to you.  They are family owned and more concerned that they hire reps that put their clients first.  If they see potential without too much risk they will probably take you aboard.

Jan 22, 2009 6:37 pm

I just looked at their website.. pretty simple and straight forward, anyone have any experience with them?

Jan 22, 2009 6:40 pm

Harbor Financial Services, 888-397-7358, www.harborfs.com

If you do not have compliance issues they would be more than happy to speak with you.
Jan 22, 2009 6:56 pm

Thanks but don't understand why I would pay you $1100 a month...now if that included ticket charges I am in...

Jan 24, 2009 12:40 am

Northfield Information Services  www.northinfo.com