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Nov 26, 2007 4:04 am

[quote=joedabrkr]

[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.
[/quote]
OMG I did a typo…crucify me lol!
Sorry my brain is faster than my computer. But bravo to you for pointing it out.
And you are incorrect…LPL, RJ, and Finet all have the same requirements as far as cards, and on site SIGNAGE…

Dec 1, 2007 9:28 pm

Q: Still working for a public company (i.e.: ML, MS, SB)?<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

  Like it or not, you are obligated by law to look out for the best interests of shareholders - not your clients.

Independent RIA's are obligated by law to look out for the best interests of clients.

What are you clients saying when you explain this difference to them?

Or even worse - you are not volunteering this information to them.

  Q: Still working for a public company (i.e.: ML, MS, SB)?If yes, you know this story will not end well.    
Dec 2, 2007 5:04 am

[quote=finadvnj]

Q: Still working for a public company (i.e.: ML, MS, SB)?<o:p></o:p>


  Like it or not, you are obligated by law to look out for the best interests of shareholders - not your clients.

Independent RIA's are obligated by law to look out for the best interests of clients.

What are you clients saying when you explain this difference to them?

Or even worse - you are not volunteering this information to them.

  Q: Still working for a public company (i.e.: ML, MS, SB)?If yes, you know this story will not end well.    [/quote]
I can tell you when I make decisons for my clients...sharholders dont have anything to do with it
Dec 2, 2007 7:41 pm

Explain that to your supervisor and your management team.

Better yet, explain it to your clients in writing. You will see how far compliance lets that go. The best thing any advisor can do is to accept fiduciary duty in writing on company letterhead. Any uncertainties in anyone's mind can stop right there!
Dec 2, 2007 10:37 pm

I love this holier than thou RIA stuff.  Just b/c you work as an RIA you are beyond reproach. Just b/c you work for a B/D you always act in the companies best interest.  Give me a break!  If we "company men" didn't act in our clients best interest, we wouldn't be in buisness period. Frankly, neither would you.  Get off your high horse and do what's right, PERIOD!  Don't lecture us about your "higher moral standards",

Dec 8, 2007 5:24 pm

Recently got a new client who was paying $2000 a year for “financial planning” from an RIA who had the $55,000 account at Schwab.  Pretty steep if you ask me, but I guess that RIA had the clients interests first.  

Dec 8, 2007 11:15 pm
GoingIndy????:

Recently got a new client who was paying $2000 a year for “financial planning” from an RIA who had the $55,000 account at Schwab.  Pretty steep if you ask me, but I guess that RIA had the clients interests first.  

  I can go you one better: Prospect came to me with statements for over $1,000,000, RIA was charging four tenths of one percent. Pretty cheap but more than what the advice was worth. The investments were a joke, no rhyme or reason, no apparent strategy, no monitor, just a spreadsheeet, showing approx returns. The RIA, turns out, does it on a part time basis.   I'm at a wirehouse, and you can say whatever you want, but I would rather pay 1% for my advice (which is what I charge fo $1mm or more, than .004% for that crap.   I agree with the previous poster, there are a lot of RIA's (and indy's) with a holier than tho attitude on this and other boards. That doesnt mean I'd paint them all with a broad brush, tho, and neither should they paint the wirehouse guys with a broad brush. I have plenty of colleagues that do the right thing for their clients and put the firm, and even themselves second. Those guys know, that if they have the right kind of clients, and do the right thing for them at all costs, it will come back to them in spades. Anyone who doesnt believe that is a fool, but dont call the wirehouse guys out as putting the firm (of all freakin things) before the client, because you dont know what you are talking about. (the poster, not all RIA/Indy's)