Best way to start to end up going indy

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May 22, 2006 8:01 pm

where is the best place to start, to end up going independent.


I see a couple of people here on the boards who started as bank FCs and they went independent after that. I was just wondering where would be the best place to work in the beginning if in the end the goal was to go independent.  Wirehouse, bank, ... etc

May 22, 2006 9:04 pm

are you capable of doing your own thinking?

May 22, 2006 9:15 pm

The best place is the place without a non-compete/non-solicit agreement...I'm only partially kidding about that one as a good non-compete/non-solicit agreement can really throw a wrench into your efforts to leave and stay in the business and move clients.  Your prospective employer should furnish a copy of the agreement PRIOR to employment.  My understanding is that if they spring it on you after you've started employment, it's a lot harder for them to enforce unless you've accepted something of value (i.e., stock options) in exchange for signing...and don't even think that you won't sign it if it's put in front of you...the pressure to do so, even though you have a "choice", is immense.  That's my thoughts and opinions for what they're worth.


You might consider Raymond James, even though Farmboy and others have exposed a few warts, as they have both employee and independent channels and I understood that you have some ability to move from employee to independent at some point.


...and don't even consider using this post as legal advice...I'm not a lawyer and don't even play one on TV.

May 22, 2006 9:52 pm

all i want are opinions and suggestions. The experiences that all of you FA's have been through can help a great deal to a new guy in this field

May 23, 2006 7:51 am
brothaK:

all i want are opinions and suggestions. The experiences that all of you FA's have been through can help a great deal to a new guy in this field


Quit thinking, get a job, and see if you last.

May 28, 2006 11:08 pm

Just do a bunch of annuities like "remotecontrol" does.

May 29, 2006 8:29 am
Incredble Hulk:

Just do a bunch of annuities like "remotecontrol" does.


Someone has to sell them...might as well be me. If your clients aren't buying them from you, they're buying them from someone...might as well be you.

May 29, 2006 1:43 pm

back on topic guys, i know you all love going off topic :)
but i would rather know what's the best route so maybe I could have an easier 3-4 years than a rather grueling one.

May 29, 2006 3:10 pm

Indyone:

Your prospective employer should furnish a copy of the agreement PRIOR to employment.  My understanding is that if they spring it on you after you've started employment, it's a lot harder for them to enforce unless you've accepted something of value...


---------------------------------------


This was my experience with Dean Witter (DW), back in the early '90's. Three interviews with DW and I'm hired. (No mention of an employment contract.) So, I quit my bank job, sold my house, and moved across state with my wife. First day of employment at DW, the BOM says sign this. Huh? Well, I had to sign it, since I had burned all my bridges.


Long story short, I broke the contract. DW legal calls me, after numerous written demands for reimbursement of "training fees". I tell the attorney just what I told you above, along with a veiled threat to counter sue for not telling me about the contract prior to employment. Attorney says thank you and hangs up. That's been 12 years ago, so I can safely assume they dropped the matter.

Apr 20, 2007 7:19 am

Thought I would dig up this thread and see if there are any more comments.  I would like to hear more opinions on the best way to end up Indy.  Is it to start at a wirehouse, bank or go indy from the start?

Apr 20, 2007 8:35 am
bondo:

Thought I would dig up this thread and see if there are any more comments.  I would like to hear more opinions on the best way to end up Indy.  Is it to start at a wirehouse, bank or go indy from the start?



The best way to go indy is to start at a wirehouse or a regional because they have training programs.  Plan on spending at least 5 years learning and building a book of clients.

You could start indy only if you find a well qualified mentor willing to sponsor you for licensing and to spend time teaching and training you.

Apr 20, 2007 1:41 pm

I'm researching this career field myself.


I'd like to know what the REQUIREMENTS are for going "independent"?


Cyber bullies need not respond.  Thanks for your cooperation.

Apr 20, 2007 2:17 pm
goforbroke:

I'm researching this career field myself.


I'd like to know what the REQUIREMENTS are for going "independent"?


Cyber bullies need not respond.  Thanks for your cooperation.



Call an independent firm and ask them.

Apr 20, 2007 5:29 pm

I would think it would be pretty difficult to start in a bank or with an independent.  You just won't learn enough unless you have gone through a training program from a wire or regional. 


I know a couple of exceptions, but most successful brokers in all 3 channels have big firm experience on their resume (wire, EDJ or Ameriprise).  No one else can afford to train you, since realistically 80% of the trainees are going to wash out.

Apr 20, 2007 11:36 pm

Throw them in the fire and make sure the principal looks at all the paperwork and transactions.



Either way someone has to be close by to give the new guy guidance.



SELL, sell and sell some more.