Advisor's bailing out
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Has anyone seen or heard of advisors getting out of the business? I hear a lot about advisors from wirehouses moving from firm to firm or Indy, but I haven’t really heard about advisor’s getting out of the business. Just curious.
I was just having this conversation with a wholesaler friend of mine tonight. He sees it all day every day. What surprises him is the fact that it's advisors 20-30 years in that want out. The problem is what do they get from their book now? There are some advisors I know personally that are 20+ years in this career that you can see in their face just how down and over this they are. On a side note, it's a great time to be buying books if it's the right deal.Has anyone seen or heard of advisors getting out of the business? I hear a lot about advisors from wirehouses moving from firm to firm or Indy, but I haven’t really heard about advisor’s getting out of the business. Just curious.
Where is a good place to look for books for sale??
I have heard of one website, but nothing in my area.. Any ideas[quote=Squash1]Where is a good place to look for books for sale??
I have heard of one website, but nothing in my area.. Any ideas[/quote] I would ask wholesalers about advisors they know who might want to sell their book. Or you could call the advisor up and ask if they would entertain the thought. The best place to start is with the advisors in your own office if your situation allows for it.I’d entertain the idea of buying a book. Any ideas for someone as the only advisor in “the office” and very little wholesaler support, where do you look?
You and me both. Except there's 8 other guys here, so it's possible, but not likely. The wholesaler I was talking to said it would be easier if you were with LPL or RJ as you would have more opportunity. It's tougher when you're solo.I’d entertain the idea of buying a book. Any ideas for someone as the only advisor in “the office” and very little wholesaler support, where do you look?
Well now you got me thinking. I remember when I was with Jones in 01 and 02 I heard about numerous advisors (not with Jones) looking to get out. My networking cirlce of wholesalers has shrunk considerably since then and I just don’t have the contacts that I once did. I’m going to look into this some more though.
It seems like some wholesalers are becoming advisors. I have an RIA right up the street that used to wholesale. That's a great gig if you do it right. You have a job where you get paid to look at the entire industry for years, and can formulate your own plan, and know exactly which firm, office, setup, etc. that you would like to pursue. Makes the ramp-up much quicker if you do it right.
[quote=Squash1]Where is a good place to look for books for sale??
I have heard of one website, but nothing in my area.. Any ideas[/quote]If you're an indy, you may want to ask your B/D. I know LPL provides us this info and even estimates how much your books cost now.