Go Indy Young Man!
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If one could go indy and take lets say 5-8 million fee based paying 1%. Work out of the house for a year or so. Is there any reason why anyone in their right mind wouldn’t do it? Help me out here, I’m a good christian looking to do the best for my familyand get the hell out from under a large no good national bank.
[quote=ezmoney]If one could go indy and take lets say 5-8 million fee based paying 1%. Work out of the house for a year or so. Is there any reason why anyone in their right mind wouldn't do it? Help me out here, I'm a good christian looking to do the best for my familyand get the hell out from under a large no good national bank.[/quote]
I'll play devil's advocate and give you a few reasons why not.
Some people are not able to work alone or be self motivating. They need an organization behind them, an overseer to kick start them everyday and a carrot on a stick to perform. It's scary and stressful to be on your own flying without a safety net.
Working as an independent you won't have the social and professional camaradarie with people who are in your profession, like you would in an office setting. Your spouse might get sick of being your only sounding board. We have a rule in our house that on Sundays and after 8 in the evening NO business talk. Meetings that are mandatory now are optional, at least in my indy world. This means you might not get the input on new sales ideas and products as soon or in the depth you would have gotten in the past. You'll need to do the research and reading yourself.
Working from your home for an extended period of time might not seem as professional to your clients and protects. Your good clients might not mind but new prospects would begin to wonder about why you don't have the bells and whistles of an office.
Being an independant works for me. I love it. But it may not be for everyone.
The biggest thing is the boredom factor of working alone. I've seen very few independents maintain a growth pattern, it's usually a plateau phase. If people can really grow business independent it can work but the value of practices (multiple) really isn't that good so you had better really like the lifestyle. I find vacations and staffing more stressful independent.
Corporate life can be insecure and it can even malfunction completely but many clients are turned off by the hungry independent persona of small shops. Corporate sales are easier day to day and you can better focus on your strengths rather than have your weaknesses highlighted as in the independent channel. The leverage at a bank for example can be huge but you know what they say about leverage. The back stabbing culture can find you anywhere in this industry or more so in any intangible field (like financial sales). Go talk to realtor's or people who sell artwork if you know any. It's worse.
You should do more study about everything might go with your clients if you moved in your house and tried to transfer them.
why are taking vacations more stressful? i would assume that it should be the opposite.
Question about BAC. Our office has lost a broker a week for the last 2 months. Are FA’s sticking around in other markets? BAC really took a turn for the worse this year. They just changed the premier reps comp so they dont even have to focus on investments.On the consumer side i count less than a credit card!!! They have no incentive to refer. the comp plan is the worse anywhere.
yes it’s bad. now it’s low payout and no referrals from premier or the bank channel. back to prospecting. However, i still have my bonus money that will subsidize my pay while i grow the biz for another few years, then i’ll make the jump.
[quote=ezmoney]yes it's bad. now it's low payout and no referrals from premier or the bank channel. back to prospecting. However, i still have my bonus money that will subsidize my pay while i grow the biz for another few years, then i'll make the jump.[/quote]
Ah, so you're finding out how vapid your "EZMONEY" ID is.
Why do you think you'll be able to "make the jump" if you're going to have to subsidize yourself while you prepare to jump?
[quote=Indyone]
Not much at my old bank...it has a bunch of pricks at the top...
[/quote]
Do you suppose that if you had been talented enough to make it to the top those who were not talented enough to do the same would sneer that you were a prick?
NASD, among other things, I’ve been CFO at a publicly traded bank, and I probaby had a couple of people at most that I didn’t get along with, so no, I don’t believe that happened too often.
[quote=brothaK]why are taking vacations more stressful? i would assume that it should be the opposite.[/quote]
We are planning on both heading to the National Conference at the end of the month.
Normally we wouldn't both go, but it's our first w/ LPL and my Rep felt it important I get to go along. We are having a hard time finding coverage for the office.
Going to end up sending a letter to the clients before-hand with emergency contact info, and making personal phone calls prior. Will check messages & e-mail daily, for any trade emergencies etc. It will be ok - but this is typical of having an indy office. With Jones we kind of have resource of trained on-calls who knew system and could attend client needs.
LPL has an 800 number for clients. Put that on your answering machine…along with your cell phone numbers.
Had surgery last night to insert a plate and some screws. Thanks to Lortabs, I’m almost as good as new…minus a functional right hand, of course! The bonus for forum readers is that my posts should be a bit shorter for awhile…
Devoted SA:
We are planning on both heading to the National Conference at the end of the month.
We are having a hard time finding coverage for the office.
Going to end up sending a letter to the clients before-hand with emergency contact info, and making personal phone calls prior.
------------------------------------
You could forward your calls to me and I would be happy to handle your clients. In fact, anyone (regardless of B/D) looking for emergency back-up can always have their calls forwarded to me. snicker, snicker (As I sit hunched over the keyboard, rubbing my hands together and letting go an evil laugh.)
(Of course, I don't work for LPL.)
[quote=NASD Newbie][quote=Indyone]
Not much at my old bank...it has a bunch of pricks at the top...
[/quote]
Do you suppose that if you had been talented enough to make it to the top those who were not talented enough to do the same would sneer that you were a prick?
[/quote]
Talent at the very top? Usually. (Except Purcell, right Put? You remember...the guy who "suggested" that you retire.)
It's middle management where the pick of the pricks live, trying to ass-crawl their way "to the top". You know, Put. You're an A1 prime example.
[quote=doberman]Devoted SA:
We are planning on both heading to the National Conference at the end of the month.
We are having a hard time finding coverage for the office.
Going to end up sending a letter to the clients before-hand with emergency contact info, and making personal phone calls prior.
------------------------------------
You could forward your calls to me and I would be happy to handle your clients. In fact, anyone (regardless of B/D) looking for emergency back-up can always have their calls forwarded to me. snicker, snicker (As I sit hunched over the keyboard, rubbing my hands together and letting go an evil laugh.)
(Of course, I don't work for LPL.)
[/quote]
Dobe....
had total mental image in my head of you like goofy going from GG Geef to "crazed motorist".