Any Company Like This?

I think that it would be hard to do it part time.  I am not for sure who would give you the ability to do this.  I also think that you have to have an office, because of regulations. 

Great idea, but most likely impossible.

Hey dollarbills, I already have an office. I would not need a company to provide an office because I can provide my own. I do not expect to do it part-time and gain a full-time income from it. I just want to do it 20 hours a week and make whatever it is I would make from that much work.

HDVest comes to mind as a possibility, but if you search around these boards (perhaps use the phrase “part-time” in the search string), I recall that at least one other firm has been recently mentioned as accomodating part-time reps.

Go apply at Primerica.  They are a perfect fit for the part time wannabe advisor.

Seriously though.....

It seems to me that your best bet would be to become a fee(retainer style) only advisor, preparing financial plans and doing "piece work" since most clients that are looking for full service brokerage might expect more accessibility, service and expertise.  Plus charging asset management fees is only appropriate if you are actually doing something to add value to that component, which would generally imply a greater commitment than 20 hours a week. 

You would be entering one of the most competitive industries out there with everybody from the local bank to insurance companies to independents to major brokerages to tax preparers and CPA's elbowing each other to get a piece of the action (not to mention the MLM Primerica guys!).  Also add that this is one of the most complex, changing professions out there and you have a recipe for 40 hours being part time in your first couple years unless you are a dynamo marketer, lucky or well connected.  I spend at least 10 to 15 hours a week reading up on various topics to keep current. 

Like I said, Primerica.

Quest Capital advertises that it allows part-time brokers to work with them. Here’s the website: www.qcwelcome.com . I cannot offer any opinion on them, however.

ask  yourself this question;  would you trust your life savings to a person only working part time? 

I don't think I would trust my money to most of the people on this board so enough said about that. 

Parahost if your registered as an RIA and work on a fee only basis you don't neeed to be affiliated with a Broker/Dealer.  You can charge AUM fees, I believe datalynx has no asset minimum in other words I think the only requirement would be to check with your state securities regulator to register as an RIA probably need the Series 66 and Form ADV.

Otherwise the B/D route will either require you to work for them or have a certain amount of assets to transfer in.

He'd need the series 65 if he doesn't have his series 7.  Series 65 is much harder than the 66.

As far as not trusting any of us to manage your money, I got this great variable annuity where you'd get all your money back if things didn't work out. 

Bankrep hit it right I think - consider setting up as an RIA with you doing it part time I doubt you’ll ever run into the issue of having enough assets to have to go through the additional filing requirements that larger RIAs have to go through.  The trick would then be to find the proper trading platform to utilize but there are many out there.

I once met a guy who worked for a company called HBWinc...I think they have a website.  I think its MLM like Primerica, but not captive...I think you can do it part time with them.

BTW...I don't believe (I am speculating) that the NASD cares how many hours a week you work...as long as you submit a minimum amount of business each year, I don't think you'll be dinged.  I wouldn't go to the trouble of setting up as an RIA for a "part-time" hobby.

Side note:  Anyone else find it a little unsettling that there are folks out there like this guy that think this career can be done "part-time."  Income aside, what about the fiduciary responsibilities of advising people on their life savings????

P/T really isn’t concerning if he has the p/t amount of clients.  In terms of establishing as an RIA it’s not all to difficult or cumbersome when you have less than $25m in AUM. 

[quote=BankFC]

I once met a guy who worked for a company called HBWinc...I think they have a website.  I think its MLM like Primerica, but not captive...I think you can do it part time with them.

BTW...I don't believe (I am speculating) that the NASD cares how many hours a week you work...as long as you submit a minimum amount of business each year, I don't think you'll be dinged.  I wouldn't go to the trouble of setting up as an RIA for a "part-time" hobby.

Side note:  Anyone else find it a little unsettling that there are folks out there like this guy that think this career can be done "part-time."  Income aside, what about the fiduciary responsibilities of advising people on their life savings????

[/quote]

I agree with your comment re "part time".  But that's the widely held perception amongst the public.  Otherwise why would discount brokers and no load funds be so popular?

In all honesty, I find it a bit unsettling that many on this board cannot grasp how someone could do this part-time. If it takes you 70 hours a week to service one client, then I suppose you might be shocked. If, on the other hand, you service many clients, then I would imagine you could see how servicing fewer clients would allow one to do this on a part-time basis and still be educated enough to provide them value. I do believe there is a correlation between clients and time required? I doubt all you work 50 hours a week keeping up with the trade and then 1 hour to service all your clients. So, enough said about me wanting to do this part-time.

My story is that I am 20 and have graduated from college. I have no interest in pursuing a typical after college job at 40 hours a week. Fortunately, I run a business that provides me with a lot of flexibility. I do not want to work on a fee only basis because I do not like the concept of a strict hourly wage, especially when it would only be $50-60 an hour. I have an interest in finance, so I would like motivation to learn more about it, which is why I am wondering what sort of opportunities are available that would not conflict with my business. If I were to take the appropriate tests and register as an RIA, would I be able to charge a management fee (% of assets or % of positive performance) or other such arrangement?

Para

You honestly must not understand the business.  Yes it seems like an easy concept of less clients, less time.  But it takes multiple clients and time to make it worth while.  No one is talking you down because of your desire to do this part time, but everyone and there brother is selling investments.  Also to get started, it takes a considerable amount of time just to prospect people/business to make clients.  Stop being so defensive, remember you asked our OPINION. 

Thanks  

[quote=parahost]

In all honesty, I find it a bit unsettling that many on this board cannot grasp how someone could do this part-time.

Could it be that we understand this business and you don't?

If it takes you 70 hours a week to service one client, then I suppose you might be shocked. If, on the other hand, you service many clients, then I would imagine you could see how servicing fewer clients would allow one to do this on a part-time basis and still be educated enough to provide them value.

Would you let your mom go to a part time oncologist? Surely he'd know enough to provide her some value.

I do believe there is a correlation between clients and time required? I doubt all you work 50 hours a week keeping up with the trade and then 1 hour to service all your clients. So, enough said about me wanting to do this part-time.

My story is that I am 20 and have graduated from college.

Not many people with money are going to do business with a kid.

I have no interest in pursuing a typical after college job at 40 hours a week. Fortunately, I run a business that provides me with a lot of flexibility. I do not want to work on a fee only basis because I do not like the concept of a strict hourly wage, especially when it would only be $50-60 an hour.

All 20 year olds are worth at least $120,000/year.

I have an interest in finance,

This isn't "finance." Maybe, when you turn 21, you'll learn what finance means.

so I would like motivation to learn more about it, which is why I am wondering what sort of opportunities are available that would not conflict with my business.

I don't see how finance would conflict with throwing newspapers in the morning.

If I were to take the appropriate tests and register as an RIA, would I be able to charge a management fee (% of assets or % of positive performance) or other such arrangement?

How would a 20 year old kid, with all the answers, not know the answer to your simple questions?

[quote=parahost]

In all honesty, I find it a bit unsettling that many on this board cannot grasp how someone could do this part-time. If it takes you 70 hours a week to service one client, then I suppose you might be shocked. If, on the other hand, you service many clients, then I would imagine you could see how servicing fewer clients would allow one to do this on a part-time basis and still be educated enough to provide them value. I do believe there is a correlation between clients and time required? I doubt all you work 50 hours a week keeping up with the trade and then 1 hour to service all your clients. So, enough said about me wanting to do this part-time.

My story is that I am 20 and have graduated from college. I have no interest in pursuing a typical after college job at 40 hours a week. Fortunately, I run a business that provides me with a lot of flexibility. I do not want to work on a fee only basis because I do not like the concept of a strict hourly wage, especially when it would only be $50-60 an hour. I have an interest in finance, so I would like motivation to learn more about it, which is why I am wondering what sort of opportunities are available that would not conflict with my business. If I were to take the appropriate tests and register as an RIA, would I be able to charge a management fee (% of assets or % of positive performance) or other such arrangement?

[/quote]

You find it difficult to grasp how some of us cannot understand how you would handle this business part time.

I, meanwhile, understand very easily how a callow, arrogant 20 year old with his ink still drying on his diploma would actually believe that ANYONE with two brain cells would pay a part timer with no experience for investment advice.

Good luck.  Maybe there are enough stupid people with money to make your effort a succesful one!

You guys are really harsh on the kid. Im 26 and started in the
financial rep business for less than a year and insurnace for 2 years.
Its not even a 9-5 thing; its the opposite of part time, its overtime
all the time. I had to give up going out all that time and spending
lots of $ and made other sacrifices. Throw away that stock market
broker “I made it” attitude (its so '90s). What bothers me is that it
seems like everyone wants to be a financial services rep these days and
they really dont know why. Maybe it still sounds cool to be one. lol

The day,

It's always been that way.  The idea of unlimited income is attractive to most people.  Most people start fresh out of college when they would be better off doing something else for 10-20 years then getting into the business.

If I started over I would work at a fund or insurance company for 10 years maybe even something on the floor in chicago or NY.  Then when I was bored I would get into the biz.  Grey hair has so many benefits in this business it is ridiculous.

One more time Parahost,  You asked for an answer about which company would allow part time:

PRIMERICA

Now go scam some lil' 'ol ladies out of their pensions.  After your conscience gets too heavy and maybe you've emptied the hot air out of your head (I am assuming you wanted advice and insight from people who actually DO what it is you are wanting to do) then bring your humility and sincere interest in hearing the truth back here and maybe you'll learn something.

Look, it's not impossible to do this part time, in fact I know a lot of guys who come pretty close (30 hours a week and take 3 or more months off a year), except the fact is that they all have been doing this for a long time.   That's one of the potential perks of this work is that at some point in time you can do it less than 40 hours a week and make a nice income, but that's not until you have a healthy book of clients with whom you have spent many years earning their loyalty through providing outstanding service and advice.  When those relationships are cemented to you, you can start to relax a little; until then you'll have guys like Blarmston and I calling on them regularly (or bank tellers, or their tax preparer etc....) and creating lot's of little fissures in your relationships with your clients.  If I was talking to one of your clients (assuming you were in the business part time), I would say to them point blank "Look Mr. Anderson, I work 60 to 70 hours a week and live and breathe this business. About 15 to 20 hours of that time is spent in researching the various markets and investment oportunities alone.  Do you really think that some one who only puts in 20 hours a week is a better person to steward your financial life than me?" 

Para, I would have more humility if I were in your shoes.

Para:

I don't think you understand how much work goes into actually acquiring clients. 

To give you an idea, I have recently had to restart my career after an out of state move, so my activities reflect somewhat what a new person in this business should be doing, except I know how to get people's money now (it takes a good year at least, of falling on your face and getting rejected FULL TIME to get your pitch really smooth).

Heres what my day looks like (generally speaking):

Monday through Friday

In at 8:00 am catching up on markets, previous tasks while eating my breakfast

9:00 to 10:00am cold calling

10:00am to 10:15am quick break

10:15am to 11:30 cold calling

11:30 to 12:30 calling clients and taking care of misc paperwork

12:30 to 1:30 lunch at my desk

1:30 to 2:30 cold calling

2:30 to 2:45 quick break

2:45 to 3:30 cold calling

3:30 to 5:30 open for appointments, calling prospects, clients and taking care of openning accounts paper work etc...

5:30 to 7:30 warm calls to prospects or clients. preparing mailers and various marketing materials.

7:30 to 8:30 reading

Saturdays

10:30 to 3:30: reading, cleaning up misc...  some calls

I'm about 3 months into my new job and I can tell you that I am far from making even a decent income off of my business, if it weren't for a temporary salary I'd be dead in the water.  I'm by no means as successful (yet) as a lot of the guys on this board (assuming that they are honest).  Understand that before I got into the business 3 years ago, I knew it was really, really hard; but even then I had no clue.

There are a ton of people in this business who work 60 hours a week in their first 3 to 5 years and only make $30k to $40k in income.  Now you said that you weren't willing to work for $50 to $60  an hour, do the math bud. 

Now put down the bong and lighter, open the windows to let the smoke out of the dorm room dude ().

Para:



I don’t know you and really don’t care what you do, but the one piece of advice I would say is LISTEN TO THESE POSTS.



You said you have another business, so you probably think it doesn’t
matter if you have few clients because you make money another
way.  Fine.



Putting the money and the prospecting aside, what I find so ridiculous
about your posts is your complete niavity and ignorance of what WE
(true financial professionals, not product pushing salesmen) ACTUALLY
DO!!!



So you meet with a business owner with no retirement plan…are you
gonna recommend a 401K , a SEP, a 412i, a SIMPLE, or what?  Do you
know why you would do one or the other?  Ever heard of
ERISA?  Backtesting?  ANYTHING???



You meet with someone about to retire with a pension?  Which
option are you going to recommend?  Max pay?  Reduced pay
with survivor bene? Lump sum?  Why?   What else could you
do?  How would life insurance play in?



Don’t take the time to go try and research these questions…they are
examples of some of the issues we deal with every day, and they are the
tip of the iceberg.



I could go on and on…fact is you are too STUPID to realize how
IMPORTANT this career is, and how the recommendations we make can have
a profound impact on people. 



And yes, I say STUPID because I started this career right out of
college also (actually I had an internship WHILE in school with a firm)
and I NEVER thought for a moment that this was something easy or
something that could be done right working part-time (unless your 20
yrs in the biz, etc).



When you put yourself out to be a financial professional, people put a
certain degree of value in what you say, and you are obviously
unqualified to recieve it.



So why don’t you just stick to mowing yards and trimming hedges or
whatever “flexible business” you have and save some people some money.

[quote=BankFC]Para:

I don't know you and really don't care what you do, but the one piece of advice I would say is LISTEN TO THESE POSTS.

You said you have another business, so you probably think it doesn't matter if you have few clients because you make money another way.  Fine.

Putting the money and the prospecting aside, what I find so ridiculous about your posts is your complete niavity and ignorance of what WE (true financial professionals, not product pushing salesmen) ACTUALLY DO!!!

So you meet with a business owner with no retirement plan...are you gonna recommend a 401K , a SEP, a 412i, a SIMPLE, or what?  Do you know why you would do one or the other?  Ever heard of ERISA?  Backtesting?  ANYTHING???

You meet with someone about to retire with a pension?  Which option are you going to recommend?  Max pay?  Reduced pay with survivor bene? Lump sum?  Why?   What else could you do?  How would life insurance play in?

Don't take the time to go try and research these questions...they are examples of some of the issues we deal with every day, and they are the tip of the iceberg.

I could go on and on...fact is you are too STUPID to realize how IMPORTANT this career is, and how the recommendations we make can have a profound impact on people. 

And yes, I say STUPID because I started this career right out of college also (actually I had an internship WHILE in school with a firm) and I NEVER thought for a moment that this was something easy or something that could be done right working part-time (unless your 20 yrs in the biz, etc).

When you put yourself out to be a financial professional, people put a certain degree of value in what you say, and you are obviously unqualified to recieve it.

So why don't you just stick to mowing yards and trimming hedges or whatever "flexible business" you have and save some people some money.
[/quote]

You sure spend a lot of time posting at people that you don't know or care about. Why do you care about ME so much?

Dirk,



I don’t care about you.  I am taking the holiday off, and I have
been watching HBO and reading posts for about an hour…and look, Dirk
is on AGAIN.



I think you should ask yourself why YOU spend so much time posting…

Man you two really need to call a truce for a while…it’s getting a bit silly at this point.

[quote=BankFC]Dirk,

I don't care about you.  I am taking the holiday off, and I have been watching HBO and reading posts for about an hour...and look, Dirk is on AGAIN.

I think you should ask yourself why YOU spend so much time posting...
[/quote]

I'm just kickin' it with my baby's mama today. Word.

[quote=dude]

He'd need the series 65 if he doesn't have his series 7.  Series 65 is much harder than the 66.

As far as not trusting any of us to manage your money, I got this great variable annuity where you'd get all your money back if things didn't work out. 

[/quote]

Why do you say that.  I just took the 66 and it says it the front of the Dearborn book that the 66 is the combin. of the 63 and the 65

I think if you are working too hard in this business and you hate it, you are probably not right for the business . . and you never will be.

Accounts and working with people come very easy for me.  I love my job, but I have a family and they come first.

I bet this guy just has a HUGE portfolio and doesn't want to pay fees and comissions anymore.

The 65 is harder than the 66…that’s the consensus.

Why??

If you have a whole test full of hard stuff, or a test half full of hard stuff and half full of pretty easy stuff, which test would be harder???

Whatever Bank FC

Why would you take two tests instead of one?  That makes no sense.

The 66 allows you to be a fiduciary and manage your clients money.  The 63 or the 65 do not allow you to cover the full spectrum.

So again, take the 66.

I'm taking the 65.  The 66 requires that you hold a series 7, which I do as well as a 63, but the 65 can be a stand alone license so I could operate as an IAR even without a series 7....if I wanted to drop it in the future.  (I think...some one correct me if I'm wrong)  I believe that you can act in a fiduciary capacity with a series 65 as well as a combo 66/7.

Series 66 is the combined 65 and 63 exam.

You never know, so why not take the harder exam while I'm at it?  Its only 30 more questions. 

Maybe:

You have to take two tests if you want to be 66 licensed:

Series 7 (that's one test)

Series 66 (that's two tests)

Let's try the math again........nevermind.

the 65 is probably easier than the 7 and the 66 together, but is more difficult standalone compared to the 66.

The 65 is for guys who only want to be an RIA and don't want to have any possibility of the percieved conflicts of interest that a series 7 can establish, in addition to the extra registration requirements, compliance etc.....