Move from discounter to Lincoln Financial
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I am currently a broker with a discount firm and have been presented with
an opportunity to partner with a 25 + year veteran at Lincoln Financial
Advisors. Basically this Advisor is starting to think about retiring and wants
to concentrate on a few select clients which leaves a ton of clients she needs
someone to work. I’m thinking this might be a great opportunity.
Any thoughts?
I think this guy is smoking dope if he’s going to hand his book to an order taker from a discount firm…<!–
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Actually, it's a symbiotic relationship. He gets a former "order taker" who is willing to pound the phone and do the legwork on literally hundreds of accounts he no longer has time to keep up with for a split of the business. I get to leave the crappy discount brokerage job for what i really want to do while minimizing the risk of not making any money at the beginning. I also get to learn from a very knowledgable advisor along the way.
But thanks for your thoughts, smart guy.
LFG has had some issues, so be wary of that. My thoughts are why do that when you can build your own book through leads and referrals that come from corporate.
[quote=StLbroker]
Actually, it’s a symbiotic relationship. He gets a former “order taker” who is willing to pound the phone and do the legwork on literally hundreds of accounts he no longer has time to keep up with for a split of the business. I get to leave the crappy discount brokerage job for what i really want to do while minimizing the risk of not making any money at the beginning. I also get to learn from a very knowledgable advisor along the way.
But thanks for your thoughts, smart guy.
[/quote]If you're so willing to "pound the phones" and "do the legwork" and all the other hard stuff, why then are you at a discount brokerage? Just catching your breath before you go build a million dollar practice?
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i'm at a discount brokerage for two reasons: 1. I guess I was apprehensive about going to a full-service brokerage and starving while i find my own clients. 2. because when i interviewed here the manager grossly over-stated the income potential.
the phone-pounding and legwork will pay me a lot more handsomely in full-service than it ever will here.