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Adivce regarding going independent

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Jul 19, 2011 8:13 pm

I'm hoping to get some advice regarding leaving a large firm to manage a small book as an independent rr.

Here's my situation:

I currently have worked for the last two years at a major wirehouse here in NYC, but decided to go back for b-school and start at CBS in about 45 days. I haven't told my manager yet and instead of just quitting and leaving my book, I want to take my closest clients with me that are either (a) friends or (b) family. Total clients i want to take will be 7 for about 8 million and t-12 of around 80k.

I spoke to LPL, but i needed to make over 124k in revenue last year to qualify which i didnt make last year. I could work under another LPL group here in the city but I'll have to give them another 8% of my revenue.

So my question is this:

In your exprience as an Indy, which clearing house would work best for a small book (80k) that basically consists of one Charitable lead trust and 6 other 500k-1m accounts?

Thanks for your help.

Jul 26, 2011 9:18 pm


Just to be upfront wih you...I am in biz development for Next Financial Group (an indy BD in Houston)...

So, are you getting out of the financial services biz ? Just curious, not sure what your intentions are (with CBS, and going back to school).

My BD only requires $50K in GDC, and payout would be 80%-85%, depending on what you and your OSJ negotiate. If you have any questions, feel free to PM here...

Good Luck.


Jul 29, 2011 2:35 pm

I think you first need to be realistic.  You only want to bring with you a half a dozen clients.  Do they want to come with you and have their life savings managed by a part timer that is not fully invested in their success?  It would be pretty easy for the reps reassigned your accounts to keep them right where they are under this scenario. 

The only thing I could see you doing is joining up with an existing successful independent branch.  That way, there would be a branch manager and probably a sales assistant available when your customer calls the office and you are not available.  If someone would be foolish enough to do that for 8% of your gross, you should jump at the opportunity. 

100% of nothing is nothing and I think that may be where your book is heading if you want to keep all of the pie.  Also, think about these friends and family.  Don't you want to give them the best possible service?