Unique Opportunity to start Indy

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May 11, 2014 2:15 pm

Hello Everybody-


I think I may have incorrectly posted this in the wrong forum earlier (independents and RIA).  Seems more appropriate in the newbies and rookies area.  




I have a unique opportunity on the table to go independent and I was wondering if you all could provide some feedback.  

I have over 7 years experience in the industry and started out as a financial advisor but have been with a mutual fund company for the last 4 years. (I have a series 7,66 and just finished my CIMA) I want to get back on the advisor side and move closer to my family so my good friend who is an independent advisor and has offered me and incredible opportunity.  He's willing to let me work out of his office with virtually zero overhead costs other than a small $200 monthly rent after the first six months.   He's also going to provide me with a salary of 2k a month for the first six months and access to an assistant.   I've managed to save up 9 months living expenses as a buffer for when I make the jump.  I will be starting with zero clients which is a little concerning but I'm confident in my work ethic and ability to build relationships. 

Current Expectations set for myself

Average 5 new accounts per month after month 3.  

100k of new assets AUM per month for months 2-6 

300k of new assets AUM for months 6-12

I'm hoping to have at least 2 million AUM in my first year.  

I've built a business plan with client aquisition strategies needed to hit these numbers. 

 

What are your thoughts?  Is this realistic?  Should I think about staying and saving up more money? Any feedback would be greatly apprecaited.