Buying a book of business
I am a broker in Los Angeles with a small book of business but 5 years experience. I spent the first 4 years working at my firms corporate headquarters and earned my MBA and CFP. I am getting frustrated building a book because of the up and down pay starting out and wanted to look into buying a book of business from an independent, maybe 60 to 100 million. Does anyone have advise on how to do this?
I cant speak from exp but only what I have observed. I have never seen anyone just shop around and "buy" a book. I have seen junior brokers toil away years working for million dollar producers with the agreement that they will one day buy the book from that senior producer. There is a ton of people already in place at firms just waiting for this kind of opportunity to come along. Its being in the right place at the right time and the chemistry has to be there between the interested parties. Most (if any at all) senior producers are not just going to sell their book to just anyone. There must be a relationship developed between the producers and also the clients. This takes a lot of time and trust being built up and yes in most cases a good friendship. This has been my observations anyway over the last 11 years in the biz.
No Thanks on the annuity statements. 3rd ID I agree with what you said on the wirehouses, but I have heard many independents are retiring and would like a payday as they go out the door. Has anyone worked with the web site www.fptransitions.com? They charge $150 bucks for one year and you get to look at the listings of books for sale.