Independent capital management

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Oct 12, 2012 4:23 pm


hey guys. i have an interview next week with independent capital management and the recruiter mentioned how we could work off some of their current clients. its straight commission but do pay for my licenses. is this like other independent firms that fa's leave firms like ml or smith barney for? im new to the industry and would love any feedback that could help

Oct 13, 2012 11:43 am

I don't know that anyone is leaving anywhere for them, but it sounds like they are not a national wirehouse. Will you be working under an advisor or will you be working on your own as a true independent?
It's not clear from what you wrote what they are actually offering, but it sounds like you'll get commissions (what %?) off of new assets, but they will share some client lists so you can try to get anything that hasnt' yet been captured. If they manage 401k plans they may have hundreds of people that they haven't approached to do more with, which would be your job. Will they be assisting you with marketing costs? E&O insurance? What will your other duties be? Are you required to do plans for them, etc. There's a lot more you should find out before determing if this position is worthwhile. Getting your 7 is valuable, but depending on your living situation and expenses, you need to make sure you can make a living, as well. The wirehouses will pay a salary for a couple years, I'd be worried starting out at a place with no base salary.

Oct 13, 2012 2:59 pm

I agree. My concern is the details of paying back ml training costs. I've been looking through the forums and most guys have been saying they don't usually go after you but haven't specified if that's if I leave rather than if I got fired.