Union for Financial Advisors

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Nov 2, 2011 11:52 am

Just of the cuff, I am generally anti-union. I am certainly anti the people who tend to be pro-union. A few years back, I would have said that nothing would make me join a union.

However a union is supposed to be a voicepiece for a larger contingent of people who have no collective voice. In today's enviroment, I am surprised we have not unionized as an occupation. Watching the SEC along with brokerage firms determine What we do, what we get paid, and who owns our clients is an agonizing issue for me.

Ideas?

Nov 11, 2011 1:53 am

What  !!??

That is off the cuff, you have that right.

You get fees or commisions for the amount of work you do or how great you have done for your clients and  bringing in new business. If you have a gripe with your payout or who owns the business and client relationship, go indy , get rid of the W2.
Please, keep this a simple clean business between you and your client.

Nov 18, 2011 5:09 pm

I don't see your point. What I am saying is that we as professionals are no longer in control of our industry. Huge investment firms and Congress are.

Doesn't anyone else feel like wherever you go to set up shop, you are still going to be treated like !$@#.

I also don't think that this business is simple in the least bit. All the documents we have to track, the ability for one client complaint to go against our permanent record. Things are very complex and no one represents the Financial Advisor.

Nov 24, 2011 2:03 am

Real World, First , stop being an employee and be a business owner. Second, if you don't like working and clearing through a large wirehouse you can clear through a small one or just give up your 7 and become an RIA.

The other other option is to work for a nice regional that will have your back on a client compliant that was no fault of your own, unlike the big wirehouse.Our industry has been regulated for a long time and it will always be that way.

Sounds like you need a good assistant.

Dec 2, 2011 2:41 pm

[quote=Baron Automatic]

Real World, First , stop being an employee and be a business owner. Second, if you don't like working and clearing through a large wirehouse you can clear through a small one or just give up your 7 and become an RIA.

The other other option is to work for a nice regional that will have your back on a client compliant that was no fault of your own, unlike the big wirehouse.Our industry has been regulated for a long time and it will always be that way.

Sounds like you need a good assistant.

[/quote]

I appreciate having the conversation. I am just astonished at how you and our industry as a whole can watch what big banks, broker-dealers and the insurance industries lobbyst have done to our industry.

Of course our industry will be regulated but that regulation is always going to screwed up. In the days of computer trading, transaction costs, series 7 and mutual fund salesmen I am surprised that it is that terribly difficult to see the shape our industry is in and the future for it.

Dec 4, 2011 12:35 am

I have never met a Lobbyist. My idea is they want what is beneficial for the industry not the other way around.

Transaction costs have gone down not up.

Again, for some reason you don't like the 7 or the industry, but you want to be an advisor, so why not just be an RIA ?

Just curious, what 2 or 3 specific things are you most upset over ? Your complaints are very generic and somewhat political.