Which BD?

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Jan 9, 2010 11:59 am

Am looking to open my own office.  19 years in the biz, but the last few were not in sales so I have no trailing 12 and must go under someone else's wing.  Am looking at Securities America because they seem so flexible in the business model.  My niche will be to prospect business owners for managed money and retirement plans.

 
Thoughts on which broker dealer?  What percentage will that wing cost me?  Any misc. advice is welcome.
 
(I did roogle and did not see anything on SA.)
 
Thanks all.
Jan 9, 2010 4:39 pm

Based on my experience, many of the Independent B/D's today require that you show past proven GDC production before they would consider an affiliation in order to contract directly.  If not, often times they would refer you to work underneath one of their existing OSJ offices which may be OK depending on the OSJ and his/her value proposition.

 
These production requirements do not exist in the RIA World depending on the RIA Custodian you choose to partner with.  Similar to joining an existing OSJ, if you do not want to establish your own RIA today you might wish to consider joining an existing RIA Firm as an IAR (Investment Advisor Representative) and later down the road establish your own RIA.
 
Securities America is a good firm but last I recall, they had a few rogue brokers who have created some legal issues for them I think something to do with non-traded limited partnership investments, etc.  You might want to consider pulling their public FINRA report.
 
If you need more info on the RIA side please contact me.  All the very best in whatever option you end of choosing.
 
Fred
Jan 10, 2010 3:55 pm

Securities america is ameriprise P3.

After UBS, all the indy BD's I talked to had minimum requirements, and tons of fees anyway. It was at that point I decided to go RIA. Fred is a great person to talk to.

If you want, shoot me an email.

Jan 10, 2010 3:56 pm
Roxie:

Am looking to open my own office. 19 years in the biz, but the last few were not in sales so I have no trailing 12 and must go under someone else's wing. Am looking at Securities America because they seem so flexible in the business model. My niche will be to prospect business owners for managed money and retirement plans.


Thoughts on which broker dealer? What percentage will that wing cost me? Any misc. advice is welcome.

(I did roogle and did not see anything on SA.)

Thanks all.

btw, you say 19 years in the business.... how many years have you been working as an advisor, dealing directly with clients.

Jan 10, 2010 8:34 pm

Thanks Maks.  I have it on my to do list to call Fred, may take may a few days, but will work it in.


In sales 10+ years.  Was pretty good in sales, hopefully it has not changed too much.   


CFP and did not let it slow me down from selling.   Book was 50m when I changed paths.  My last job was handling complaints over the phone and in person and that was some sales training! 
 
I will spare you all the details but like alot of folks the changes in programs led to my changes and my potential change.  Time to just get out, start fresh and build it up.  Read the majority of threads in RIA this weekend and looking to do it the right way out of the box, at least the right way for me.
 
Thanks All!
Jan 11, 2010 9:59 am

Wow, walked away from a $50mm book.  That must hurt to have to re-build.  I think RIA is a good avenue for you if you want to build from scratch and have your own shop.

Jan 11, 2010 6:24 pm

Well the good news is I know alot more than I did before, although after reading so many posts, feel like I do not know anything!  Oh well, my eyes have been opened.  In my old world it was bring 'em in, sell 'em, move on to the next one and let the firm keep most of the profits. 


 
I will take your advice and learn more about the RIA route, still seems foreign, maybe the hybrid would be a better fit.
 
Thanks,
 
Thanks!!