Fastest way to take tests and go indy!

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Jul 14, 2006 5:34 pm

just wondering what is the best and fastest route to take my tests to go independent.

Jul 14, 2006 5:36 pm

Change your name to Special K and the world will be yours...

Jul 14, 2006 5:37 pm

You really have no idea about this business do you?

Jul 14, 2006 5:44 pm

maybe i do maybe i dont


but I would rather stick to the question I have currently and then go offtopic with any other questions

Jul 14, 2006 5:55 pm
brothaK:

maybe i do maybe i dont


but I would rather stick to the question I have currently and then go offtopic with any other questions



Funny.

Jul 14, 2006 5:57 pm

i have seen a couple of people go to ameriprise get their liscenses and just quit after they receive their liscenses.  I am thinking about doing that, but I am wondering if there are any other suggestions.


I am highly considering going independent as soon possible

Jul 14, 2006 6:02 pm
brothaK:

i have seen a couple of people go to ameriprise get their liscenses and just quit after they receive their liscenses.  I am thinking about doing that, but I am wondering if there are any other suggestions.


I am highly considering going independent as soon possible



What a great idea!  You have no clients and you want to start your own financial advisory firm--no need to spend time learning how to present investment ideas.


What the hell, master two statements:



Mrs Jones you need a variable annuity
Mrs Jones, the stock market always goes up--have you never heard of inflation and how good it is for stock prices

That should be all you need.

Jul 14, 2006 6:05 pm
NASD Newbie:
brothaK:

i have seen a couple of people go to ameriprise get their liscenses and just quit after they receive their liscenses.  I am thinking about doing that, but I am wondering if there are any other suggestions.


I am highly considering going independent as soon possible



What a great idea!  You have no clients and you want to start your own financial advisory firm--no need to spend time learning how to present investment ideas.


What the hell, master two statements:



Mrs Jones you need a variable annuity
Mrs Jones, the stock market always goes up--have you never heard of inflation and how good it is for stock prices

That should be all you need.




NASD-


Your forgot this one:


Suck it up Mrs. Widow and stop that crying. Here, let's put all your money into some 30 year bonds...... now get the hell outta my office.


Jul 14, 2006 6:15 pm

How about this for a positioning statement; "Mrs. Jones I want to take your money and my experience....and make it your experience and my money".

Jul 14, 2006 6:15 pm

I worked at UBS for a year or so, and linked up with a fee-only advisor in my area.  Now I'm studying for my Series 65, and will register as an Investment Advisor Representative (hence the forum handle).  Once I have enough experience, and once other established RIAs agree with me on that, I will start my own RIA.  Granted they may tell me I'll never be ready so that I'll stay with their firm forever 

Jul 14, 2006 6:17 pm

...so your best bet is becoming an IAR for some fee-only firms to learn the ropes.  What's nice is that you can become an agent for multiple firms, thereby broadening your experience.

Jul 14, 2006 6:18 pm
no idea:

How about this for a positioning statement; "Mrs. Jones I want to take your money and my experience....and make it your experience and my money".


I like it.


I wonder how many of these annuity fans explain to their clients that the "guaranteed income" requires that they annuitize the contract.


If Mrs. Jones wants to leave her estate to her children how much of it passes to them if she's annuitized the contract?

Jul 14, 2006 6:23 pm

Since the money in a Variable Annuity is locked up for, say, nine or ten years why not just invest in ten year Treasury bonds?


I understand that Treasury bonds don't spin off anywhere near as much in fees--I was asking as if I were a customer.

Jul 14, 2006 6:25 pm

lol... ok guys tell me what do you suggest.


I feel I am confident enough to do anything and felt this would be the best option.


Instead of wasting my time and efforts in a wirehouse and making only 30% of my transactions and then at the end transfer under 70% (if I am lucky) to go independent.


I am very motivated, even enough to teach myself or train myself through books, tapes, whatever there is.


Even though I do appreciate the negative comments because it does keep me thinking, I am still not convinced.


However, what would be great is to post at least something to my initial question. I know ameriprise is a POS company and that is why I am choosing them to get my liscenses from and then simply walk away from them, without them trying to get at me for fees for the liscenses and training etc..


I believe this career is accomplished mainly through: time, money, hard work and a good personality.


So why waste that on some wirehouse while they will try as hard as possible to retain my clients, while also in the begininning I will be running around like a dog trying to get clients and not relationships.

Jul 14, 2006 6:36 pm
NASD Newbie:
no idea:

How about this for a positioning statement; "Mrs. Jones I want to take your money and my experience....and make it your experience and my money".


I like it.


I wonder how many of these annuity fans explain to their clients that the "guaranteed income" requires that they annuitize the contract.


If Mrs. Jones wants to leave her estate to her children how much of it passes to them if she's annuitized the contract?



Some of the "guaranteed income" riders on VA's created in the last few years don't require an annuitization; they'll pay a flat % of the current account value for an additional fee.


If she annuitizes it for Life Only they'll get nothing.


If it's life with cash refund they'll get the full account value minus her payments in a lump sum (installment refund will continue to make her payments to the bene's until the full amount is repaid).


If she annuitizes it for a period certain it will pay for the duration of that period regardless of lifespan.

Jul 14, 2006 6:37 pm

That's the stupidest string of thoughts I have ever read.


In the second to final sentence the idea of intelligence never comes up--time, money, hard work and a good personality.  Obviously the ability to think is irrelevant.


Tell us, child, are you going to start your own broker/dealer or will you be asking another one to act in that role for you?


Put yourself in that B/D's shoes.  Would you want to represent a kid who has no clients and has never had one?

Jul 14, 2006 6:48 pm

sure intelligence can help but I have seen many top producers that do not even have a slight bit of intelligence so thats why i knocked it off my list.


Your telling me that there is not ONE B/D that would represent someone with no clients? I think your wrong.


I understand that the B/D that I will choose when I go independent may not be up in par with LPL or RJFS, but that doesnt mean I would be staying with that particular B/D for the long run.

Jul 14, 2006 6:52 pm
brothaK:

lol... ok guys tell me what do you suggest.


I feel I am confident enough to do anything and felt this would be the best option.


Instead of wasting my time and efforts in a wirehouse and making only 30% of my transactions and then at the end transfer under 70% (if I am lucky) to go independent.


I am very motivated, even enough to teach myself or train myself through books, tapes, whatever there is.


Even though I do appreciate the negative comments because it does keep me thinking, I am still not convinced.


However, what would be great is to post at least something to my initial question. I know ameriprise is a POS company and that is why I am choosing them to get my liscenses from and then simply walk away from them, without them trying to get at me for fees for the liscenses and training etc..


I believe this career is accomplished mainly through: time, money, hard work and a good personality.


So why waste that on some wirehouse while they will try as hard as possible to retain my clients, while also in the begininning I will be running around like a dog trying to get clients and not relationships.



brothak:


I'm normally one of the more forgiving guys on this board, but you are way too nieve about this business to be coming to the above conclusions.  You should be thankful to get an offer from any reputable wirehouse....assuming your lucky enough to get one.  Ameriprise is not a POS company (although I wouldn't choose work there) even though it is nowhere close to a wirehouse. 


It's hard enough to make it at a wirehouse, utter insanity to try and go indy without experience.  At least you would have a recognized name brand to back you up as an unknown rookie, which is far more palatable to people with money than NO experience and NO brand recognition.  You need waaaay more than licenses to do this business.  A wirehouse provides training in areas you would have a hard time duplicating on your own, especially when it comes to working shoulder to shoulder with veterans.


As far as only 70% of your clients going with you that can end up being a GREAT thing.  Trust me, if you make it you won't want 100% of your clients.  Paring down a book of business is one of the best things an established producer can do, really.  You should only want the clients that would follow you to another firm or indy (within reason of course) anyway.


Go to a wirehouse and quit acting like you deserve more than 30% until you earn it.

Jul 14, 2006 6:54 pm
FreedomLvr:

Some of the "guaranteed income" riders on VA's created in the last few years don't require an annuitization; they'll pay a flat % of the current account value for an additional fee.


If she annuitizes it for Life Only they'll get nothing.


If it's life with cash refund they'll get the full account value minus her payments in a lump sum (installment refund will continue to make her payments to the bene's until the full amount is repaid).


If she annuitizes it for a period certain it will pay for the duration of that period regardless of lifespan.



They will guarantee that Mrs. Jones can withdraw a certain amount from her own money if she pays them an additional fee?  What a deal.


Suppose Mrs. Jones has $1 million in CDs that are going to mature in the next six months.  She is age sixty, widowed, wants to leave the $1 million to her three kids who have no visible need for their inheritance before 2026.


How is this family better served with a Variable Annuity than by simply moving into the 2026 Treasury bond market at the CDs come due?

Jul 14, 2006 6:58 pm

Brotha,


You seem very sincere, so my advice is equally sincere.  You probably need AT LEAST five years working for someone else before you even consider going independent.  There's a lot to learn about this business, and there's no way you should try to learn the basics as an independent.  Most independents wouldn't take you as a rookie.  They want proven production and a fair amount of it before they'll consider you.  Suck it up and get used to the idea that you'll have to work for someone, at least for awhile.


Some businesses may allow for being self-taught...this really isn't one of them.