AGE Retention Money

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Oct 14, 2007 12:47 pm

What are fcs thinking they might do with the check? Assuming you have access to cash (if WS doesn't work out) and you don't go out and buy a Porsche or some other depreciating asset, there are lots of options out there.  Paying off some debt and investing some of the remainder will probably be my plan.

 
If investing is some/all of where yours is headed, what are you looking to invest in?
Oct 14, 2007 8:53 pm
pay off all debt. hopefully that means your house.
2. then invest as you would any client. believe in what you practice
 
extra credit..... if you have extra pay off your parents house...without them knowing it.
1. find out where their mortgage is at.  ( hopefully you know their ss#)
2. call get account number, pretend you are them
3. wire money in to pay off their balance. 
4.  then do nothing until they call you.
 
 it really is funny especially if you have depression era parents.
 
 
Oct 14, 2007 9:12 pm

If my parents had a mortgage, I think for some odd reason that move would tick my dad off. Good feedback though!

Oct 15, 2007 2:50 pm

pay off debt

American Funds @ NAV
Oct 15, 2007 9:00 pm

Decline it and take LPL's transition money instead, which is surprisingly hefty, solving my BD problems forever.

Oct 16, 2007 11:21 am

YHWY...care to share the current package?  I understood it to be better than it was when I made my transition...just curious as to how much better.  When I left, it was 10% of trailing 12 interest-free for a year, and 3% for transfer fees, etc.  I also got some help with business cards, letterhead, etc., and they qualified me for the national, even though my first year of production didn't make the cut.  Where's everything now?

Oct 16, 2007 11:52 am

Gold.

Gordon are you a FA asking for advice?
Oct 16, 2007 1:04 pm
Indyone:

YHWY...care to share the current package?  I understood it to be better than it was when I made my transition...just curious as to how much better.  When I left, it was 10% of trailing 12 interest-free for a year, and 3% for transfer fees, etc.  I also got some help with business cards, letterhead, etc., and they qualifies me for the national, even though my first year of production didn't make the cut.  Where's everything now?

 
I'd be curious to hear other LPL offers too so I can compare. This is what I was offered by LPL: 6% of TTM free $ (can go up to 10% based on production), 10% of TTM interest free loan for 6 months, paid national conference, sent to Ron Carson's basic coaching seminar, covering ACAT fees for accounts of $50K or higher if transferred w/i 120 days, $1,500/month of rent assistance for first six months of transition.
Oct 16, 2007 1:44 pm

Sure I'll share. I am getting 3% of my T12 (that % goes higher at $500k and again at $1 mil T12) also, I'm getting six months' rent reimbursement (at $1500 per) and, finally, they are reimbursing ACAT fees (that I choose to cover for the clients) in accounts over $50k in value.

 Hope this helps.
Oct 16, 2007 1:46 pm

 3% of my T12

 Sorry, typo there. It's 6% of my T12 (and that % does go higher at $500 & $1 mil)
Oct 16, 2007 4:04 pm

Wow...the packages HAVE gotten better.  Not enough that I wish I'd waited, but I'm glad for you guys just the same.  I'm on the edge of hitting the number to go to the national next summer, so I'll see you guys in San Diego...

Oct 16, 2007 4:59 pm

Are you sure you want to pay off your house?  That's a big deduction on your taxes that you'd be giving up.  I work with a couple of different mortgage guys who believe that paying off your mortgage should be one of the last things you do with a large chunk of money.  It's your tax bill.  I happy that you guys are getting some money out of the AGE deal.

Oct 16, 2007 8:55 pm
Indyone:

Wow...the packages HAVE gotten better.  Not enough that I wish I'd waited, but I'm glad for you guys just the same.  I'm on the edge of hitting the number to go to the national next summer, so I'll see you guys in San Diego...

 
What is the number to go to the national conf??  I am thinking of joining LPL, but still undecided on that..and a lot of things.
Also....will they pay to fly you out to SanD to see the home office, etc before you join?
Oct 16, 2007 9:52 pm

So wait...how a 6% of trailing 12 is a good deal???

Oct 16, 2007 10:37 pm
PinBroker:
Indyone:

Wow...the packages HAVE gotten better.  Not enough that I wish I'd waited, but I'm glad for you guys just the same.  I'm on the edge of hitting the number to go to the national next summer, so I'll see you guys in San Diego...

 
What is the number to go to the national conf??  I am thinking of joining LPL, but still undecided on that..and a lot of things.
Also....will they pay to fly you out to SanD to see the home office, etc before you join?



Yes....generally they will.

Oct 16, 2007 10:52 pm


So wait...how a 6% of trailing 12 is a good deal???
 IMHO, hell yes. 6% T12 + the other incentives I'm getting (which are transition-by-the-end-of-the-year incentives) are an incredible deal. What makes it great is not the immediate gratification of up front money. What makes it great is that LPL will cover ALL of my transition expenses (including building out the nicest office space in town to my specs.) Once on board, I'll get @92% payout and actually reap the rewards of my practice. Frankly, it's  questions like yours that boggle my mind.  For me, it was the hugest "no contest" of my life. (i.e. take a bribe to stay at a wirehouse that I didn't sign up for, or take complete control of my practice for the rest of my career, with no money out of my pocket.)
 Good luck, all.

Oct 16, 2007 11:06 pm

I am not downing your decision, I just thought you left a digit off I really thought it was an error when you said great transition package and 6%. Good Luck, Indy is not my cup of tea at this point in life, I dont want to deal w fixing the copier etc etc.

Oct 16, 2007 11:16 pm

Nest,
 No offense taken. All of our situations are different. For me, Paying 60% + of my money to have someone fix the copier (your metaphor) (and frankly, in my branch, about all the support I get) is now unthinkable.
 Good luck with WB. I have no doubt it will be a great firm; just not for me.

Oct 16, 2007 11:18 pm
nestegg:

I am not downing your decision, I just thought you left a digit off I really thought it was an error when you said great transition package and 6%. Good Luck, Indy is not my cup of tea at this point in life, I dont want to deal w fixing the copier etc etc.



I don't down your decision to give up 60% of your income, I just don't understand it.

Your EMPLOYER wants you to think like you are an entreprenuer....but when push comes to shove they don't want to treat you like on.

Oct 16, 2007 11:55 pm

$275K gross sends you to national with one optional night (motel room) out of pocket.