AGE to LPL Thread

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Jun 9, 2007 10:48 pm

I'm an AGE FC...thinking about going indy.  Just received recruiting pack from LPL.  Hopefully going to meet with them in person this week or next.  Don't know what I'm going to do...may stay with Wachovia, may go with Morgan Stanley, Local Bank, Morgan Keegan, or Raymond James.  I'm putting all my options on the table.

Couple of questions for brokers familiar with LPL:

1.  Does LPL offer any upfront finanical help with establishing your office.

2.  How is there technology?  90% of my business is American Funds, Franklin Templeton, Hartford/Metlife/Lincoln Annuities, and a smattering of blue chip stocks.  Any reason I can't do this at LPL?

3.  My T-12 is a little over $300,000...my AUM is $30,000,000.  I'm still building.  How is it prospecting without the brand name of a big firm behind you?

4.  How does the compliance work.  Do I still hafve to submit letters for approvel?

Much Thanks.

Jun 9, 2007 11:22 pm
BILLYBOB:

I'm an AGE FC...thinking about going indy.  Just received recruiting pack from LPL.  Hopefully going to meet with them in person this week or next.  Don't know what I'm going to do...may stay with Wachovia, may go with Morgan Stanley, Local Bank, Morgan Keegan, or Raymond James.  I'm putting all my options on the table.

Couple of questions for brokers familiar with LPL:

1.  Does LPL offer any upfront finanical help with establishing your office.
Yes.  The recruiter can fill you in on the latest deal.

2.  How is there technology?  90% of my business is American Funds, Franklin Templeton, Hartford/Metlife/Lincoln Annuities, and a smattering of blue chip stocks.  Any reason I can't do this at LPL?
You can absolutely do this at LPL.  I think you'll be pleasantly suprised at the technology available on the platform.  Only one negative and that is that I've found the quote system to be rather lame.

3.  My T-12 is a little over $300,000...my AUM is $30,000,000.  I'm still building.  How is it prospecting without the brand name of a big firm behind you?
You'll have to ask some one else.  I've not been prospecting a lot...keeping busy with other things.

4.  How does the compliance work.  Do I still hafve to submit letters for approvel?
If your letter is going out to 10 or more people, it is considered advertising and you have to submit it for approval.   I think that is pretty much practice at any firm.

If you become your own OSJ(get a series 24) you can approve your own "one-off" correspondance, or you will have to submit it to your OSJ/Branch Manager.

Much Thanks.

Jun 10, 2007 10:14 am

lpl is prettyy hard to beat as an indy.

Jun 10, 2007 12:28 pm

In the case of a one man office, does the broker need to get registered series 8 and/or 9 as a branch manger/registered principal?

Jun 10, 2007 1:05 pm

010,



Series 24, unless you have your own office, but give a cut to a BM to sign off

on stuff. Then, he has the 24, but you are giving up a cut.



I am familair with many Indy outfits. Agree w/ Joe on LPL.



You will only have trouble if you spent 5 years selling AGE instead of

yourself.



Joe can confirm this, but LPL lets you buy, sell and hold no loads, AGE does

not in brokerage accts. Huge plus as boomers inherit trillions in Vanguard

funds and are not ready to liquidate.

Jun 10, 2007 11:39 pm
BILLYBOB:

I'm an AGE FC...thinking about going indy.  Just received recruiting pack from LPL.  Hopefully going to meet with them in person this week or next.  Don't know what I'm going to do...may stay with Wachovia, may go with Morgan Stanley, Local Bank, Morgan Keegan, or Raymond James.  I'm putting all my options on the table.

Couple of questions for brokers familiar with LPL:

1.  Does LPL offer any upfront finanical help with establishing your office.  Yes.  My old deal was 3% of trailing 12 as a "blotter credit" (basically free money) and 10% trailing 12 loan six months interest-free.  I'm told that the 3% number is considerably higher now due to competition...maybe 6-8%?

2.  How is there technology?  Excellent 90% of my business is American Funds, Franklin Templeton, Hartford/Metlife/Lincoln Annuities, and a smattering of blue chip stocks.  Any reason I can't do this at LPL?  You can do that and a lot more.

3.  My T-12 is a little over $300,000...my AUM is $30,000,000.  I'm still building.  How is it prospecting without the brand name of a big firm behind you?  Depends...are you accustomed to selling the firm or yourself?  I find it easy and mostly referral-based.

4.  How does the compliance work.  Do I still hafve to submit letters for approvel?  Yep...some things never change, although for the most part, these people seem reasonable...

Much Thanks.  You're welcome...good luck!

Jun 11, 2007 6:16 pm

Billybob...


I just made the move from AGE to LPL about 4 months ago.  I'd be happy to share my story and answer what questions I can.  Drop me a note at [email protected] and we'll connect.


In sum, it was what it looked to be.  No suprises, really.  The admin is a little heavier than expected, but it's all about building a flow and system.  It takes awhile to get used to the new systems.  All in all, the technology is first rate and even in 4mos I've seen it improve regularly.  Not like AGE, when they posted diagrams saying "Gee, we hope to get X done in 2008 and Y in 2010".


The products available will blow your everlovin' mind.  Your clients have more choice, period.  Nothing Wachovia will bring to the table is better on that end, I have no doubt.


All the best... I left AGE for the reasons now apparent.. it wasn't the same place it was when I started.  I think Bob Bagby is a dishonorable slug who can choke on his flippin stock-and-cash chairman's package.  Sorry that Ben E. was alive to see it.

Jun 11, 2007 7:14 pm
BILLYBOB:

I'm an AGE FC...thinking about going indy.  Just received recruiting pack from LPL.  Hopefully going to meet with them in person this week or next.  Don't know what I'm going to do...may stay with Wachovia, may go with Morgan Stanley, Local Bank, Morgan Keegan, or Raymond James.  I'm putting all my options on the table.

Couple of questions for brokers familiar with LPL:

1.  Does LPL offer any upfront finanical help with establishing your office.

2.  How is there technology?  90% of my business is American Funds, Franklin Templeton, Hartford/Metlife/Lincoln Annuities, and a smattering of blue chip stocks.  Any reason I can't do this at LPL?

3.  My T-12 is a little over $300,000...my AUM is $30,000,000.  I'm still building.  How is it prospecting without the brand name of a big firm behind you?

4.  How does the compliance work.  Do I still hafve to submit letters for approvel?

Much Thanks.


go to a top tier bank...you'll more than double your aum & production.with the same(or close to) payout as you're getting now