Independent office?

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Jul 20, 2006 10:21 am

I'm curious about this - how do these independent guys open these little hole-in-the-wall offices where they sell insurance and securities?  I see them here and there and wonder how it's done?  If someone wanted to specialize in insurance, but also offer IRA rollovers and other not-too-complicated services to small clients, how do they do it?  I'm with a regional firm (four offices) that does all of this and we have a lot of support staff to do a lot of the work.  I just wonder...



Jul 20, 2006 11:02 am

You affilliate with a b/d and custodian who offers all that stuff.  You have to start somewhere.  Your firm  was quite likely a little hole in the wall when it started too!

Jul 20, 2006 11:37 am

It is not that difficult most indys have very good back office support.


Your current b/d would like you to think that it is difficult, then they can continue to keep the majority of the revenue you generate.


Jul 20, 2006 2:06 pm

Over the past 12 months, of all the veteran brokers that have resigned from my regional wirehouse...


25% of them have gone independent & are now truly free.  75% have gone on to another wirehouse with a fat up front bonus plus a contract which indentures them for many years.


I would venture to guess that those ratio's are the norm.


Jul 20, 2006 2:07 pm
Registered Rep:

Over the past 12 months, of all the veteran brokers that have resigned from my regional wirehouse...


25% of them have gone independent & are now truly free.  75% have gone on to another wirehouse with a fat up front bonus plus a contract which indentures them for many years.


I would venture to guess that those ratio's are the norm.



Were they replaced by "veteran" brokers from other firms who came to your shop in return for up-front bonuses?

Jul 20, 2006 2:15 pm

That's a good question. Actually no.  We have a number of open offices in our complex.  My bom is constantly bragging about how we're down headcount but up in production & revenue.  I know he has tried to hire veteran and newbie's, he has had 2 good hires in three years.  I'm not sure if this is good or not, I guess it depends on the quota.  He has even hit me up for referrals occassionally & I just tell him..."hey we didn't change our name to Edward Jones did we?" 

Jul 23, 2006 10:56 pm

Here is a bunch of independent broker dealers to check out if you want to open your own shop http://www.financial-planning.com/cgi-bin/bdconnect.pl

Jul 23, 2006 11:05 pm

I know this is completely off topic and I apologize in advance.  I am curious if anyone can offer insight on the best place to search for employment in this industry.  I am not currently a producer (series 24 manager) but am interested in learning of opportunities in the Charlotte area.  I have recently tried the usual suspects i.e..... monster, careerbuilder, brokerhunter and such but am getting tired of only being contacted by insurance companies.  Any ideas would be greatly appreciated.

Jul 23, 2006 11:34 pm
moss84:

I know this is completely off topic and I apologize in advance.  I am curious if anyone can offer insight on the best place to search for employment in this industry.  I am not currently a producer (series 24 manager) but am interested in learning of opportunities in the Charlotte area.  I have recently tried the usual suspects i.e..... monster, careerbuilder, brokerhunter and such but am getting tired of only being contacted by insurance companies.  Any ideas would be greatly appreciated.



Gee why don't you try looking up the branch offices for some of the firms in Charlotte, like Wachovia, EdJones, AG Edwards, Merrill, Smith Barney, and UBS?  You could call and ask for the branch manager and ask for an interview.......just a crazy thought!!!

Jul 23, 2006 11:41 pm

Thanks Joe. 


I guess I am a little naive in the sense that I was hoping that there was a site for this industry that I was not aware of.


Jul 24, 2006 8:07 am
joedabrkr:
moss84:

I know this is completely off topic and I apologize in advance.  I am curious if anyone can offer insight on the best place to search for employment in this industry.  I am not currently a producer (series 24 manager) but am interested in learning of opportunities in the Charlotte area.  I have recently tried the usual suspects i.e..... monster, careerbuilder, brokerhunter and such but am getting tired of only being contacted by insurance companies.  Any ideas would be greatly appreciated.



Gee why don't you try looking up the branch offices for some of the firms in Charlotte, like Wachovia, EdJones, AG Edwards, Merrill, Smith Barney, and UBS?  You could call and ask for the branch manager and ask for an interview.......just a crazy thought!!!
 


This one doesn't pass the smell test.  In order to hold a valid 24 you must hold one of several producer licenses--since Moss84 is saying they work for a big six firm we should conclude that the prerequisite held is a Series 7.


Why no mention of that?

Jul 24, 2006 9:51 am
NASD Newbie:

[quote=joedabrkr] [quote=moss84]I know this is completely off topic and I apologize in advance.  I am curious if anyone can offer insight on the best place to search for employment in this industry.  I am not currently a producer (series 24 manager) but am interested in learning of opportunities in the Charlotte area.  I have recently tried the usual suspects i.e..... monster, careerbuilder, brokerhunter and such but am getting tired of only being contacted by insurance companies.  Any ideas would be greatly appreciated.[/quote]

Gee why don't you try looking up the branch offices for some of the firms in Charlotte, like Wachovia, EdJones, AG Edwards, Merrill, Smith Barney, and UBS?  You could call and ask for the branch manager and ask for an interview.......just a crazy thought!!!
  [/quote]


This one doesn't pass the smell test.  In order to hold a valid 24 you must hold one of several producer licenses--since Moss84 is saying they work for a big six firm we should conclude that the prerequisite held is a Series 7.


Why no mention of that?



Perhaps because he already knows it's presumed that he holds a producers license....just that he hasn't been using it?

Jul 24, 2006 10:01 am

I do have 7 and 66 as well

Jul 24, 2006 10:10 am

I suggest that if you're having difficulty figuring out how to capitalize on having a 7, 66 and 24 that you will find locating and closing clients to be damn near impossible.


You are right that the top producers typically earn more than middle manager types--however, middle manager types will earn more than most producers and have a far more interesting career.


Are you male or female?

Jul 24, 2006 10:24 am

I haven't really been commited to the search process as of yet.  If you have ideas on capitalizing on licensing I am all ears.  I saw this forum that states you can get your questions answered so i logged on.  Male by the way.



thanks again

Jul 24, 2006 10:35 am

How old are you?  What is your education level?  Do you consider yourself to be outgoing?  Would others judge you as being phyiscally unattractive?


Would you take a 25% cut in salary if it meant that you would be included in a bonus pool that could result in a bonus that ranged from zero to 100% of your salary?


Do you have family and friends in Charlotte?

Jul 24, 2006 4:30 pm

31, business degree (bachelor), life of the party, above average attractiveness...... for whatever this is worth.


Ideally I would like to be part of a team or recognized training program.  True cold calling is a tough gig and not real exciting to me. 


Being in compliance, making 50 or 60 the first year is no big deal to me....almost an increase.  Pretty sad I know.


The one thing that is bothering me you nailed right on the head.  I am moving for my fiance's job and know only a handful of people in charlotte. 


Any ideas?

Jul 24, 2006 8:15 pm
moss84:

31, business degree (bachelor), life of the party, above average attractiveness...... for whatever this is worth.


Ideally I would like to be part of a team or recognized training program.  True cold calling is a tough gig and not real exciting to me. 


Being in compliance, making 50 or 60 the first year is no big deal to me....almost an increase.  Pretty sad I know.


The one thing that is bothering me you nailed right on the head.  I am moving for my fiance's job and know only a handful of people in charlotte. 


Any ideas?



Why didn't you tell us upfront that you were a compliance guy? I was starting to like you for a minute there. Don't move to follow a girlfriend. Just being a compliance guy tells people that you're a wussy...don't comfirm it for everyone!

Jul 25, 2006 10:57 am

The compliance thing fit the bill at a time when I needed a steady income.  I am now looking to build a book and have put together what I feel is a decent business plan......we will see.  As for the fiance, why would I hold her back?  I am comfortable in my own skin and love the fact that she is not a ditzy, look at my new beemer, kind of girl.

Jul 25, 2006 2:01 pm
moss84:

The compliance thing fit the bill at a time when I needed a steady income.  I am now looking to build a book and have put together what I feel is a decent business plan......we will see.  As for the fiance, why would I hold her back?  I am comfortable in my own skin and love the fact that she is not a ditzy, look at my new beemer, kind of girl.



So you're looking to move in to production, perhaps by joining a team, but don't want to do any cold calling?  Problem is that's what an established team is quite likely going to want you to do unless you're going to be a registered assistant.