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Mar 8, 2007 10:19 pm

This is a question primarily for the independents but all constructive opinions are welcome.

I have 8 years in the Investment field (trading) and just over 1 year in Investment Advisory. I have accumulated a decent sized book of just about 10mm. AUM.

For a number of reasons which I will not go into here, I will be leaving the firm I am with. This is not by choice. I LOVE what I do and I could not imagine doing anything else. Nor, due to anything bad, (clean U4, never a viloation or complaint)

So, this brings me to a situation in which I always knew in the back of my mind would happen (I would change firms or go independednt) Just much sooner then I had anticipated.

My true goal is to go independent or to join in a partnership that will allow me to combine my strengths and skills with anothers. However, at this stage of the game I think I would be better suited to go into a partnership. (and if it is a good fit, remain that way) 

I love investing and the markets and I am skilled at gathering assets and building relationships. I have a great deal of prior experiance running my own business. So the only thing that concerns me is my size and relative inexperiance in the Advisory side.

So, I post this rambling question to get feedback from those who have gone before me.

Independednt, Partnership, or (sigh)employee?

Thank you in advance for your opinions.

Mar 8, 2007 10:57 pm

Sorry, I don't know what your question is.

Would I give you an interview. Sure sounds like it, yeah. (I'm an Independent with a multi man branch, looking to add more.) What would you be called at my branch? An associate. You're not a partner, but you're not an employee either!

10MM doesn't sound like Indy nums (although LPL has LOTS of guys who are doing under $100,000 gross, so does Raymond James!) but you couldn't afford to run an office with nums that low (IMHO).

That's about all I can tell ya.

Mar 9, 2007 1:06 am


Thank you for your response. You are right associate, not partner. Yes, you are absolutly correct 10mm is not indy #s. I ran the numbers it won't work and it would not be in the best interest of my clients to put them in that situation.

To clarify my first post, what I am looking for ideally, is to work as an associate where I bring something of value to the table (besides just my book) in order to benefit the group as a whole, and at the same time have the support I need to continue to grow.

I think there should be a forum where people like you and people like me could connect. mabey organized by geographical location. IMHO

My clients have put there trust in me so I do not want to make the wrong choice. I cannot control the markets but I can control my actions.

Mar 9, 2007 1:50 am

I like the middle option for you, but with an escape clause that allows you to separate your clients and establish your own office down the road when you're of sufficient size and aptitude to do so.  You show an excellent understanding of your decision and I like the way you think.  Depending on your geography, you may very well find a good match here.  Whomit is obviously looking to expand so you might PM him and see if you're by chance close to each other.  Heck, I'd be open to the possibility of adding someone such as yourself and sharing overhead for awhile.

You might want to check the various independent firm websites (LPL, Raymond James, Wachovia FINET, Commonwealth) and search for advisors geographically close to you and make contact.  It wouldn't surprise me at all if you'd get some hits by doing just that.  Good luck.

Mar 9, 2007 4:13 pm

If you want an honest answer, you have to be more honest about why you are leaving.

Are all of your assets dead?  What is your T12 revenue?

Mar 10, 2007 5:12 pm

Happy to chat offline to see if you could be a fit at our firm.

We are a Registered Investment Advisor and branch office of an independent broker dealer looking for new financial advisors.

Please reply privately: [email protected]