Taking the leap to Indy

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Oct 20, 2009 9:53 am

Up front. Thanks for an awesome forum guys and girls.  I've been lurking on the board for a few weeks and have really enjoyed all of the posts (informative and entertaining).

A little background. I've been series 7.63,65,L&H, Medsupp/LTC since 1993. Been with 3 firms now. Started with IDS (Ameriprise), then drank cool-aid for 10 years, now I'm like Ron24 (series 7 licensed teller).  Needless to say the last 3 years at a bank have absolutly sucked.  I've decided to go Indy and I've been talking with LPL, RJ, and Harbor Financial (a tip I picked up here).  They all seem excellent. I'm leaning to LPL at the moment.

I'm sure these topics have been covered but I haven't been able to find them searching the forums. I'm planning on running a one man shop but want some advice on.

1. What technology should I look at to make my life easier. (I'm not tech savy and want a great, simple system). Both Hardware (laptop, printer/scanner/copier/fax) and CRM package. Besides Bill Good, do any have a turn key program with DRIP campaigns and pre-approved letters?

2. I hear a lot about different methods of investing on here that I've never been exposed to (being at big firms, they keep things as simple as possible). Big firms don't condone Technical Analysis in general but I know there are lots of methods that have been proven effective.

3. Financial Planning software? Both robust and simple for smaller clients. I'm planning to try to utilize fee based accounts, c-shares, annuities, as well as fee-based financial planning.

I know this is a bunch but I'm very excited right now and overwhelmed.

Thanks for any tips.

Cheers

Oct 20, 2009 2:22 pm

If you go with Harbor or RJ.. you won't CRM as I understand it is built into their system.



Indyone's set up is pretty good for technology(printer,fax,tvs(if needed))



Some software you will get from your b/d



I would decide what type of business you want to run.. If you are all fee discretionary HARBOR is the best because of the TDA and RJ systems.







Oct 20, 2009 4:09 pm

I'm sure either one you chose will be good.  LPL has a great platform, many preapproved marketing brochures, letters, semminars, etc.  They also have great managed account platforms.   they have alot of extra technology you can subscribe to like financial planning, portfolio review, morningstar, etc.  Their research dept I think is very good.  They provide daily conference calls and many other resources both direct from LPL and via perferred fund families.  

Oct 21, 2009 12:43 pm

I would also suggest TRADE_PMR as an option.  I think many of the firms you are looking at offer similar products and services, how much they pay attention to you is dependent on the assets you have or will bring in.  As far a technology there is a Technology forum you should search. Very interesting comments and ideas.

Good Luck

Oct 21, 2009 10:29 pm

Yeah it is.. because your firm will change names again next year..

Oct 23, 2009 1:19 am

Thanks for all of the input.  After some pm's i'm also looking at some smaller indy's but still leaning to lpl.  No offense but definitely not looking at the WFA route. I'm there now ( not on the indy side) but have absolutly no faith in the company.  I reviewed the top 10 bio's of the peeps running the show and only 1 has ever been an advisor (1 great thing I admire about the kool-aid factory is they all have had a pin in the map, except John Buerline but he is a true visionary).  Also, on a conference call last week, my manager let it slip how they are paying for the awesome 10 year lock in foreskin payments (cutting commissions) the new 2010 comp plan is coming out in December. They were so proud that they will have the new comp plan in our hands by the end of the year instead of 2 months after you are affected by it.

They also have record earning up 98%. happy happy joy joy.

Like the Indy's feel on here. I think it's time to write my own success story.

Oct 23, 2009 1:23 am

One more rant in my manifesto.  I'm being micromanaged by the bank manager/leader whatever he is called.
He has never worked with clients and never had to make a mortgage payment with a commission check.
Oh how lucky I am.  I'm just gonna stand by the door and hand out toasters

Oct 23, 2009 7:50 am

An LPL wont be changing names when it goes public? You always have your team name to separate yourself from your clearing firm, i woud think of it like that. Whether your with FCC, pershing or whomever.....the name on the door is yours

Oct 29, 2009 2:35 am

Where are you located?

I went with Trade PMR as a custodian and so far no issues... only that Ivy funds cant be held... go figure.

Otherwise, for what you are paying, great value, good system.

but this is only if you are ok going with RIA route.

Oct 29, 2009 9:09 am
aeromaks:

Where are you located?


I went with Trade PMR as a custodian and so far no issues... only that Ivy funds cant be held... go figure.



Otherwise, for what you are paying, great value, good system.



but this is only if you are ok going with RIA route.

 
TradePMR can't hold Ivy Funds?  WTF?  Can they hold Waddell & Reed Funds?  Don't they have an equivalent fund to the Ivy version?
Oct 29, 2009 9:20 am

You find some oddity's in the Indy world. For instance, not every firm does business with Goldman Sachs.

Oct 29, 2009 12:04 pm

Tell me you aren't talking about Goldman funds.... because who would want to?

Oct 29, 2009 12:06 pm
Squash1:

Tell me you aren't talking about Goldman funds.... because who would want to?

 
Yeah, for all of Goldman's strengths, retail funds don't seem to be one of them.  They are probably about 25th on the list of fund families I would use.  I get the feeling they are much better in the UHNW/hedge fund/banking world.  Mutual Funds....not so much.  When you take away their ability hedge, use leverage ,etc. they are just another average fund family with way too many funds.
Oct 29, 2009 12:15 pm

Didn't they steal fund managers from PUtnam too? Not exactly what you are looking for... You are dead on, stock picking not that great... strategy, hedging... their strengths but almost impossible to recreate in a fund.

Nov 1, 2009 5:36 pm

I'm located in NC. I'd love to find out what tech set up indyone has.

Nov 1, 2009 9:38 pm

ROOGLE

Nov 2, 2009 2:54 pm

I think I've got one or two GS funds in all of my portfolios; I've never even been a fan of their managed portfolios. 

 
It just surprises me that having them available wouldn't be universal to all independent firms.
 
 
Nov 2, 2009 4:07 pm
LockEDJ:

I think I've got one or two GS funds in all of my portfolios; I've never even been a fan of their managed portfolios. 

 
It just surprises me that having them available wouldn't be universal to all independent firms.
  
 
Every B/D has to negotiate selling agreements with every mutual fund company they want to do business with.  Some MF companies have certain requirements that don't work well with certain firms.  A good example is Dodge & Cox.  They are in our advisory program, but you can't use them for a custom portfolio (only model portfolios) because of how they settle trades.  Apparently our platform needs to settle model trades quicker than D&C can handle, so they can't be included.  I think there might be one other fund family like that, but I don't recall which one.  So those types of situations might be valid reasons for excluding a fund family from a selling agreement at a particular B/D.  Also, some MF firms may not want to pay the Revenue Sharing that the B/D might want (yes, most B/D's still have revenue sharing arrangements).
Nov 4, 2009 11:59 pm
Clueless39:

I'm located in NC. I'd love to find out what tech set up indyone has.


Look in the tech forum...I've described it a few times...