Went Independent...Chose Wachovia's FiNet platform
Hey guys and gals,
Not that you care, but I spent some time on this site all of last year (primarily summer)as I prepped for my departure from a major wirehouse to the independent channelafter 13 years.
Now that it is done, for what it's worth...thought I would let you know that I chose Wachovia's FiNet platform over LPL. There are multiple reasons for such and I will gladly share them at some point. But here are some bullet points...
1. I act as portfolio manager on my assets and act with discretion. FiNet by far had the best platform for this.
2. Name recognition...during the transfer process I underestimated the importance of this. It does matter...big time.
3. Culture..after being with a NYC firm for so long, the warmer, client friendly culture is much appreciated.
4. Technology...especially the trading and performance reporting capabilities - far outweighed my old firm.
5. Envision - financial planning software. Simply the best, no question.
Anyway, just thought I would let you know that I left the darkside and am pleased to be where I am.
Hey Maverick...welcome to the jungle. Glad you found a good fit and things are working well. I'd appreciate hearing more details about your transition/decision-making process as you have time, but I'd guess time will remain very precious for you over the next six months. Also, when the dust settles and it's safe to come out, if you could comment on any firm litigation related to your transfer without breaching confidentiality, that would likewise be helpful to the masses here.
Good luck and enjoy your freedom...
I will be interested to see how you like Fi-Net...
And you are right Envsion rocks..I cantr wait to get my hands on that! I was always jealous of Wach for having it, so now that we have it I cant wait...bar none...the best
Welcome! I've been with FiNet for about 3 years now and love it. It really feels like a small firm because it is actually seperate from the Wachovia wirehouse side. But like you said, the affiliation with the big name is also nice. When I made my transition, from a mid-size regional firm, I used the Wach name to my advantage. More recently, I've custom branded my practice and dropped the name. I don't think FiNet gets enough respect on this board as some have called it "quasi-independent". They are wrong. I looked at LPL and RayJay and FiNet had the same payout, same freedoms, and we do own our practice. What I also really like is that to affiliate with FiNet you have to do at least $250k in gross or up. This prevents "guy working out of his basement" type of situation that I know exists at some of the other firms. Everyone here is serious and very tenured in the business.
This is not to say there are some shortcomings. Operations is not all that great and I'm worried it will get worse with the AGE merger. We also have lost a few home office people due to them not wanting to move to St. Louis. My biggest complaint is that we cannot charge flat, hard-dollar, financial planning fees (such as hourly) unless it is the mega expensive plan offered through CFP's at the home office. However I know Peluso and his team are working to change this.
Good luck in your transition and stay in touch!