Oh, and Joe, LPL’s 92% payout starts $250,000.00. (They pay everyone with my business mix at least 90%).
It is a given that overhead (including ticket charges) detract from the payout. You are spot-on that it absolutely KILLS even the old AGE, which is going bye-bye specifically because it “paid its brokers too much.”

Any concerns about health insurance costs going indy?

Well, they’re not cheap.  My LPL quote went from $470-$740 per month for a family of three, depending upon what coverage level I selected, but I figure my net/net differential is about 30%, and on any respectable level of production, that gap will buy health insurance and still leave a fair sum extra in my pocket.

I recently left AGE for LPL and so far am thrilled with the decision.  I need to change my screen name to something else, since I’m no longer Going.  The insurance plan at LPL is pricier than AGE without question, but was a cost of doing business.  The new insurance starts in January.

Have brought over about 85% of total fees/trails that I had at AGE in 5 weeks and only lost 2 of my top 50 with another 5 or so on the fence in my next 75 of total wanted.   Sent letters to all clients, but no forms to the 80 C households, and only taking the ones that call me, besides friends.  Cleaned up my book, lean and mean again, expecting to produce about 90% of trailing in the next 15 months (1 quarter for trails to get back on track).   Left the retention, and AGE $ on the table.  Will recoup in about 3 years.  More importantly feeling more comfortable Indy now that I know how things look going forward.  Should be able to recoup the 160% offer from SB (my 2nd choice) in about 4-5 years with no contract dangling over my head.   Been a tough 5 weeks, wish I was able to post more during it, but just too much paperwork. Now able to breath a bit.   For those on the fence hope this helps. 

[quote=GoingIndy???]I recently left AGE for LPL and so far am thrilled with the decision.  I need to change my screen name to something else, since I’m no longer Going.  The insurance plan at LPL is pricier than AGE without question, but was a cost of doing business.  The new insurance starts in January.

Have brought over about 85% of total fees/trails that I had at AGE in 5 weeks and only lost 2 of my top 50 with another 5 or so on the fence in my next 75 of total wanted.   Sent letters to all clients, but no forms to the 80 C households, and only taking the ones that call me, besides friends.  Cleaned up my book, lean and mean again, expecting to produce about 90% of trailing in the next 15 months (1 quarter for trails to get back on track).   Left the retention, and AGE $ on the table.  Will recoup in about 3 years.  More importantly feeling more comfortable Indy now that I know how things look going forward.  Should be able to recoup the 160% offer from SB (my 2nd choice) in about 4-5 years with no contract dangling over my head.   Been a tough 5 weeks, wish I was able to post more during it, but just too much paperwork. Now able to breath a bit.   For those on the fence hope this helps. 

[/quote]

Welcome!  PM me or indyone if you need any tips, but it sounds like you’re doing fine without us!

GoingIndy…congratulations.  Like you, the turning point in my career was the day I decided my freedom wasn’t for sale…

the turning point in my career was the day I decided my freedom wasn’t for sale…

What a great line - love it!   Good on ya, mate! 

[quote=GoingIndy???]I recently left AGE for LPL and so far am thrilled with the decision.  I need to change my screen name to something else, since I’m no longer Going.  The insurance plan at LPL is pricier than AGE without question, but was a cost of doing business.  The new insurance starts in January.

Have brought over about 85% of total fees/trails that I had at AGE in 5 weeks and only lost 2 of my top 50 with another 5 or so on the fence in my next 75 of total wanted.   Sent letters to all clients, but no forms to the 80 C households, and only taking the ones that call me, besides friends.  Cleaned up my book, lean and mean again, expecting to produce about 90% of trailing in the next 15 months (1 quarter for trails to get back on track).   Left the retention, and AGE $ on the table.  Will recoup in about 3 years.  More importantly feeling more comfortable Indy now that I know how things look going forward.  Should be able to recoup the 160% offer from SB (my 2nd choice) in about 4-5 years with no contract dangling over my head.   Been a tough 5 weeks, wish I was able to post more during it, but just too much paperwork. Now able to breath a bit.   For those on the fence hope this helps. 
[/quote]

Welcome!  PM me or indyone if you need any tips, but it sounds like you’re doing fine without us!

Glad I could be of help Fee.

Going indy involved some extra challenges for me because of some unique twists in my story.  But it has been worth every bit of the work.

Thanks for your good wishes.  I’m making some big new moves this year, so it’s pretty exciting.

…Like you, the turning point in my career was the day I decided my freedom wasn’t for sale… 


Not sure if you remember my posts, but its something I’ve been thinking about for the last few years, yet needed the push to do it.  I can relate to that line above very much.  Was in the background for a while.

Also, I’ll be in Chicago.  Negotiated a trip to the conference in my deal before we knew where it was.  Told my wife we’d be going to San Diego.  Now I won’t even need to go to the airport.   I just hope its not at the O’Hare Hyatt like the AGE regionals were.  That would be funny. 

Happy Thanksgiving!

I am with those on the board who want to go indy, especially the AGE reps. I am wondering if there is a logical reason not to use Wachovia’s Finet platform. It has the benefit of not having to move the book and you get to keep the retention check. What am I missing?

[quote=illinoisrep]I am with those on the board who want to go indy, especially the AGE reps. I am wondering if there is a logical reason not to use Wachovia’s Finet platform. It has the benefit of not having to move the book and you get to keep the retention check. What am I missing?[/quote]

the fact that it isn’t really indy…

Joe,

Can you elaborate? I have talked to some Finet reps who may disagree.

[quote=illinoisrep]I am with those on the board who want to go indy, especially the AGE reps. I am wondering if there is a logical reason not to use Wachovia’s Finet platform. It has the benefit of not having to move the book and you get to keep the retention check. What am I missing?[/quote]


The Finet option is a total sales pitch.  Odds of switching to it are slim as it is used to RECRUIT from the outside.  I personally spoke with 4 WS advisers that were denied the option of doing finet.  All were had been with the company for about 8+ years.  Production was between 500-800k each.  They were told of a waiting list and needing $1Million in production to do it.  Before leaving AGE I specifically called the regional mgr and couldn’t get a straight answer.

I am with those on the board who want to go indy, especially the AGE reps. I am wondering if there is a logical reason not to use Wachovia’s Finet platform. It has the benefit of not having to move the book and you get to keep the retention check. What am I missing?

[quote=illinoisrep]Joe,

Can you elaborate? I have talked to some Finet reps who may disagree.[/quote]

Well-for starters-they have requirements that they impose on you that, as I understand it, require you to include the Wachovia brand in your office signage and any time you advertise.

Too, the FiNet channel is owned by bank, as noted by others, that already has several thousand advisors in the bank channel and several thousand in the full-service brokerage channel.  In fact, they are adding a few thousand more now that they’ve become WachEdwards.

Let’s apply a little common sense here…or perhaps call it constructive cynicism, ok?  There are less than 1000 advisors in the FiNet channel, and over 10,000 in the other two if I’m not mistaken.  The ‘gross margin’ that the bank earns FiNet advisors is about 15% of all gross revenues.  The gross margin for the full service brokerage advisors is around 55%, and for the bank channel dolts around 60-65%.

When push comes to shove, if business conditions are challenging, who do you think is going to get the resources?  Hmmmm…the 15% gross margin guys or the 50-60% gross margin generators?

And in the end…they’re always going to be bankers…they just don’t think the same compared to indy managers.

Raymond James and most of the other Indy firms also require you to use their sinage and info on business cards.
Requirements for Indy through FiNet is 250+ Trailing 12. You need more than 1 Million to the Profit Formula

[quote=nestegg]Raymond James and most of the other Indy firms also require you to use their sinage and info on business cards.
Requirements for Indy through FiNet is 250+ Trailing 12. You need more than 1 Million to the Profit Formula

[/quote]

You are wrong about the spelling of the word ‘signage’, and the requirements of indy firms.

It is a regulator requirement to include the 'Securities offered by XYZ Broker/Dealer" language on your business card or signs. But you can operate under your own brand name.

It is my understanding, on the other hand, that Wachovia may allow you to use a DBA, but requires prominent mention of the Wachovia brand.  I am open to correction.

Wachovia’s sign requirements are exactly like LPL and RJFS. I have not investigated any others. Regarding all the comments from others, they are appreciated. There is nothing that I have not considered. I am going to try it the easy way first. If that does not work out as WS senior management says it will I can always move later.

[quote=illinoisrep]Wachovia’s sign requirements are exactly like LPL and RJFS. I have not investigated any others. Regarding all the comments from others, they are appreciated. There is nothing that I have not considered. I am going to try it the easy way first. If that does not work out as WS senior management says it will I can always move later. [/quote]


With XMAS around the corner, you might as well wait till March 10th or so to get the AGE 401k match and bonus if you’re above 300k.  Leave the WS money behind in Feb.  If you took the upfront check don’t spend it.  Keep prospecting, staying active in the community, you’ll be fine no matter what happens.  Just get to 400k (if you’re not already there) asap to be a solid free agent and you’ll have no problems with wachwards.