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Feb 15, 2010 11:18 pm

Client just left, ACATs and Change BD forms all signed.  After I wrote that before they came in I got nervous I jinxed myself, I have always gotten along great with the client and his daughter, but his son is a s—head, and he has tried on a couple of occasions tried to get his dad to move to his advisor.  Son is one of those guys who is an expert on everything, he isn’t a surgeon, but he definitely has that attitude.  Fortunately, daughter told her brother to stay out of it, so Dad did sign papers to transfer all his accounts.

  Now back to work.
Feb 15, 2010 11:39 pm

I haven’t gotten a TRO, although I have been threatened with one.  I am also getting badmouthed quite a bit to my clients, not by the FA’s (as far as I know) but by the bankers and tellers.  I’m greedy, didn’t do a good job, glad I’m gone, etc.  They get small bonuses based on the bank’s investment revenue, and they get paid to make referrals, so they are saying whatever necessary to scare my clients into meeting with the “new” FA on the account. 

  The last 2 guys who left the bank had their books sit dormant for months before the bank did anything to go after the assets, but there is a  bit of a feeding frenzy going on with my book.  Instead of replacing me they split my book into 3 pieces and got everyone calling my clients.  I'm not terribly worried, but they are being pretty aggressive, where in the past they were pretty passive when advisors left.  Part of the problem is that the bank's investment revenue is in the toilet, so my former boss is pushing everyone to work my book.   Like I said earlier, I've got a good chunk of the assets and revenue transferred already, even though probably only 5-10% of the clients.  If I had worse luck with the purchased book I would work my bank book harder, but about 2/3 of the assets, and more than 2/3 of the revenue, are with the top 50 clients so I'm focusing on that right now.  If I pick up some of the remainder fine, if not, that's fine too.  There are 250 clients with less than $10,000, I'm not exactly freaking out about losing them.   I'm probably on track to pick up around $30mm total, and while more is always better, I'm pretty happy with where I am right now.  I've also found a couple of nice accounts with Ameriprise and Waddell and Reed that I didn't know about before.  So hopefully those can get transferred too.     I'm not really focusing on it right now, but I would like to use the move as an opportunity to move some of this book to managed money from A shares.  There is quite a bit of Putnam and Oppenheimer, mostly from the old advisor but I'm afraid some of the Putnam is from me a few years ago when I believed them that they had changed.  So there are definitely some unhappy people who are willing to listen to alternatives.  I'd take any advice people have on making that change in focus, I've done a few managed accounts in the past but I never really got into it because the bank's comp grid punished me for spreading income out instead of getting it upfront.  I also didn't have any training on it at all, basically I was told to figure it out so I could train everyone else. 
Feb 16, 2010 3:34 am

Tough to clean the bathrooms at your new firm?

A guy that has posted 1000 posts in a year on one of his 5 names can’t run a real business

Feb 16, 2010 6:39 pm

75% is a pretty darn good number … congratulations on making it to where you want to be. Must be liberating.

  Look forward to your next post!  
Feb 16, 2010 6:47 pm

I’m not there (75%) yet, but it looks like when the dust settles that’s a pretty good guess at where it will end up.  Lots can change though, the next couple of months are definitely critical.

  On the topic of the bank being difficult, I just found out why my 65 license was being held up - the bank hasn't given me a U5 yet, and until I get it my state won't let my license transfer to LPL, it's still with the bank.  So I have a call in to them on that.  F---ing banks.
Feb 16, 2010 6:55 pm

[quote=EDJ4now]I’m not there (75%) yet, but it looks like when the dust settles that’s a pretty good guess at where it will end up.  Lots can change though, the next couple of months are definitely critical.

  On the topic of the bank being difficult, I just found out why my 65 license was being held up - the bank hasn't given me a U5 yet, and until I get it my state won't let my license transfer to LPL, it's still with the bank.  So I have a call in to them on that.  F---ing banks.[/quote]   Watching your progress with great interest being in a similar position, keep up the good work!
Feb 16, 2010 8:00 pm

[quote=EDJ4now]I’m not there (75%) yet, but it looks like when the dust settles that’s a pretty good guess at where it will end up.  Lots can change though, the next couple of months are definitely critical.

  On the topic of the bank being difficult, I just found out why my 65 license was being held up - the bank hasn't given me a U5 yet, and until I get it my state won't let my license transfer to LPL, it's still with the bank.  So I have a call in to them on that.  F---ing banks.[/quote]   I thought only the state and FINRA held up licenses. The brokerage firm you departed from has 30 days to file the U5. I have never heard of a departing advisor being held up for this reason.
Feb 16, 2010 9:08 pm

I believe that there is some sort of temporary license that you can get if you quit, if you are fired it is more difficult.  I got that after a couple of hours.  I think the new firm has to give the releasing firm 30 minutes to report that you did something egregious, if they say you quit or if they don’t respond to the call then you are in the clear.

  My problem is partially at the state level, as I think in some other places you can use the 65 on a termporary license, but in my state you can do that for the 7 but not the 65.  So they are collecting the advisory fees on my accounts until the U5 gets processed and I can transfer those clients.  Unfortunately for me, there isn't really that many of them, but I have a client who wants to add $50,000 to his account, and we can't even get the account open yet.    I maintain my position, f---ing banks.  Even if it is the state being difficult with the rule, I didn't do anything wrong and they know I didn't, so file the damn U5 already.
Feb 17, 2010 8:06 pm

I could be stating it wrong, because frankly I didn’t care about the mechanics when LPL explained it to me.  But my understanding is that the license isn’t really officially transferred for a couple of weeks (possibly due to the U5, but I don’t know).  However, the temporary license, or whatever it is called, lets them move your license to get you started right away.  Maybe it is a conditional transfer, I don’t know.  All I know is that about 3 hours after I resigned from the bank, LPL called me and gave me a green light to talk to my securities clients, but not my IAR clients.