Ready

Keep the overhead down to the lowest common denominator. Shortest possible lease if any on office space, part time employee, no services (shredding,house cleaning etc..). Shop for used office equiptment. The only thing I can say to pay top dollars for are reliable communication stuff....at least 3 land lines and a dedicated fax #. Don't rush into a Vonage type product just yet, give that industry a few years to work out the imperfections. Don't commit yourself to anything that is more than a year contractually.

good Luck

I paid top dollar for furniture and technology…I wanted to make a good first impression and it sure is nice to hear the clients say how much nicer my new office is than the one I had back at the bank…

Great info folks.  Please keep it coming.  What communication
systems have you all used?  Any thoughts on not having an office
immediately, but having several places to meet clients, including their
homes?

[quote=Indyone]I paid top dollar for furniture and technology...I wanted to make a good first impression and it sure is nice to hear the clients say how much nicer my new office is than the one I had back at the bank...[/quote]

Me too.  My clients always remark on what a nice office I have. I paid a lot for the furniture, conference table, real leather chairs and brought in a lot of my personal antique/collectible items plus plenty of plants for ambiance.  Music in the background is nice too.  Technology too.  Top of the line computer, flat screen monitor etc.  Software is good too, the clients can't see the software, but they can sure see the results in their semi annual review kits.

[quote=Ready2Jump]I did $14k in April... my take home was $3300.  Nice.... Makes the decision VERY easy.  I can't understand why someone would say I'm not "big enough" to go Indy yet.  Why get big and THEN move? 

Oh, Indy:
$14,000 gross
$8k take home after expenses.

Done.
[/quote]

I guess because not all of your customers will come with you and you will experience a drop in volume at the first.   I went Indy with less than the amount of AUM that others are recommending, but most of my clients came with me due to long standing relationships (some over 10 yrs) so it worked out well.

And yes, I make a lot more net than I ever did at Jones.  Yeah those 10K months... woo hooo  (sarcasm). You take home about 2K after expenses, insurance etc.  Now a 10K month after overhead nets me 8,500.  Who has to work harder to get the same results????  Clue, it isn't me.

We paid mid $ for the furniture & decorations, but made extra effort to make sure the new office looked markedly different from the old office. Especially in terms of design, style, function, colors etc. 

We set up what we call the "bistro" area w/ smooth jazz, a kuerig coffee machine and tv running msn, place for clients to stop in, grab coffee catch up on market news etc.(even looked into color wheel mental impact on people - after a client confessed he loved the new office colors, said the Edward Jones green depressed him every time he came to visit)

Coming from Jones where you have the "government issued" decor - it will make an impact on your loyal clients about your OWN "brand" so to speak.

There's a Van Kampen peice out called storyselling (I think) talks about set-up and office layout of successful advisors to HNW clients. Common denominator in all was photos of New York monuments, Wall Street etc, reminds clients that YOU are their link to Wall Street.

Anyway...something to consider.

AND!!! Don’t get me started on the $28k month I had
recently.  $10k net???  My BOA doen’t make THAT much. 
I’m in that place where I have location gain but am not "profitable"
due to home office costs… very frustrating…

even looked into color wheel mental impact on people - after a client confessed he loved the new office colors, said the Edward Jones green depressed him every time he came to visit)

No kidding,  he should have to come and work in that putrid color scheme every day.  Huge walls painted dark green of death and putty grey . I did like the desks however and kept that cherry color for my new furniture. Softened up everything with beige walls, white woodwork and sage green carpet and oriental carpeting under the conference table area.  Art deco travel posters, a framed reproduction set of Fortune  Magazine 1920's covers and colorful art deco pottery etc. ( I am a collector).  Lots of living plants and a gas stove that looks like a fireplace.  Very cozy in the winter.  

The guys are probably rolling their eyes right now, but color and decor are very important in creating an impression of peace, prosperity and comfort.  I love coming into my office now, because it IS mine.

Here! Here!

We did varying shades of beige, with chocolate brown and black accents. Waiting room chairs chocolate brown leather, lots of vintage (30's 40's era) black & white New York photos of Wall Street, Rockefellar Center, Waldorf Astoria, Central Park etc. Carpet is lovely beige, chocolate, black basket weave pattern. Office came with french doors and blonde woodwork, so we stuck to that for desk colors. Included a nice slate waterfountain in front office for sound effect.

Clients really like it, and wholesalers who knew us at Jones comment on how nice everything is. Not to mention the transition from retail office space - to professional plaza. No subway meatball smell in office on Monday morning, no creepy Cigarette World shoppers lurking and looking in window.

OK…so sorry. Did the total girl thing there. I can hear the manly groans.  I might as well go hand out with Ida the handbag seller.

There are no fancy office buildings in my little town.  There are a few houses that can be converted.  Any thoughts?

Geesh! Maybe I should get my wife to respond to all these “interior design” posts! Me? I have problems getting any two socks to match.

[quote=doberman]Geesh! Maybe I should get my wife to respond to all these "interior design" posts! Me? I have problems getting any two socks to match.[/quote]

I think for an appropriate fee Devoted and I could come and decorate for you .  I'll throw in a few portfolio construction tips for free.

[quote=Ready2Jump]There are no fancy office buildings in my little town.  There are a few houses that can be converted.  Any thoughts?[/quote]

If you decide to ago that route, make a few calls on local attorney to see how their offices are set up for ideas.

[quote=babbling looney]

[quote=doberman]Geesh! Maybe I should get my wife to respond to all these "interior design" posts! Me? I have problems getting any two socks to match.[/quote]

I think for an appropriate fee Devoted and I could come and decorate for you .  I'll throw in a few portfolio construction tips for free.

[/quote]

I'll throw in the phony european accent (like Martin Short from Father of the Bride) for free!

Ready…that would be a neat location, charming. (Im picturing a cozy little victorian cottage type…complete with front porch)Think of all the client appreciation bbq’s, fourth of July bbq’s, swar-EEs you could throw there!