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Nov 9, 2008 5:05 pm

There are about 20 advisors in my office. All of us are very independent, there isn't a great deal of micromanaging. This is fine by me, but our MP is only in the office a few days a week at most.

So last week our admin tells me in confidence that almost all of our orphan accounts were moved to our MP's name, a few million in assets. It's possible that he doesn't enjoy being MP and just wants to go back to being a producer. My concern though, is that our company's advisor division is getting axed. He takes some assets for himself and sets up shop somewhere else.   I don't think this is likely, but I'd like to be prepared for a worst case scenario. Has anyone dealt with having the rug pulled out from under them?
Nov 9, 2008 10:46 pm

Make backups of all client info ASAP, can you say what firm it is?

Nov 10, 2008 5:19 am

Maybe he did that so he could collect the mutual fund trails?

Nov 10, 2008 8:13 pm
Ferris Bueller:

[quote=midwest]Has anyone dealt with having the rug pulled out from under them?

  I worked for A.G. Edwards.  I have some idea :)[/quote] Me, too.  But I won't have the pleasure of going through it again with Wells.   Fool me once, shame on you.  Fool me twice, shame on me!
Nov 10, 2008 9:02 pm
Ferris Bueller:

I’m at least going to wait to see what they offer before making that determination.

Makes sense to know what your options are before making a decision.   Are you also going to wait to see what you would offer yourself to go into business for yourself?  Hard to make an informed decision if you don't wait for that offer too.    I know it's a familar refrain, but I'm sure one big reason that more people don't go independent is they never get out of their familiar "reactive" mode of operating.  Obviously offers will come, and all your experience in this business is as a rep reacting to what your b/d does or does not do, and what other b/ds offer or do not offer.  It's hard to envision a different approach.  We're like so many high school girls waiting to be asked to the big dance.   Why not be the guy that is doing the asking instead?  How will you know if the best offer was really the one you never received because you never made the offer to yourself?   Just something to contemplate while you wait for Wells to make you an offer.   Excuse me now, this is my dance ...    
Nov 10, 2008 9:43 pm

When MS got rid of the DeanWhitter guys they litteraly came in with a security officer to escort them from the building. I use Act and a flash drive.