The grass is always greener over the septic field.  If you get to the point where you do not want to show up to work tomorrow, then make the move.  I’ve worked for Jones, Wachovia, and independent with Raymond James for the past 5 years.  LPL may need to improve but why risk your book in a move? 

I get the same feelings at times about LPL.  Little client fees annoy me, things not working the best way in my mind, slow to change... those are a few EDJ things that seem to be deja vu for me.  I have gotten a lot more patient though.  It seems just after I make a change on something, the previous provider cleans up their act and comes out with something better.  LPL seems to be really rolling this year on new systems and capabilities.  Still slower than a tiny B/D but I think you lose a lot of scalability and other benefits.  I would like to see more of a unified uprising amongst LPL reps on things like getting new websites rolled out, cutting client fees not just advisor fees, giving us more portfolio management tools vs. the very weak recent portfolio rebalance now tool (that thing is a joke).

Indy,

Risk in moving would be exactly what you described, ACAT’s and a lot of ‘change of b/d’ forms for all your other biz not held at the B/D.  Clients would obviously be involved in the process and changing firms frequently is going to tire out the clients just as much as it will tire you out.  I think you have to be pretty unhappy to go through the pain of moving every few years.  Of course there are the folks who move frequently just to avoid accountability and complianc.

If you die (or leave) at LPL, and do not have a signed succession plan in place with another LPL broker, all of your accounts become LPL house accounts.  They will get a letter stating that you left, died, whatever. 

The first and foremost thing I am referring to is that clients do not like change.  Everytime you change firms or B/D you will lose 10-20% of your clients.  I have been through 4 moves and I lose some everytime.  I know, I know someone out there took 110% of their clients but they are the exception rather than the rule.  If you are out there as an independent already with a decent firm, why risk it?

Definitely don’t jump ship ever time you get frustrated, likely that means you just aren’t suited for the job.  I left EDJ fast, but wont’ move again unless something horrible happens.  Changing just costs you a lot of money in client frustration, headaches for yourself, learning curve, new marketing materials, etc…  I brand our practice so if I do change, only the tiny little disclosure part would change, but accounts would still need to be moved, performance history, cost basis, legal documents imaged, etc… would all have to be done, again.  Make a good choice so you don’t have to make another change soon.  I also look at other reps to possible add to my practice, and when I see 3 or 4 firms in as many years, I figure they are just running from compliance so they can keep switching people.  I am sure there are other reasons, but that is easy enough for me to screen out.

Yeah, I hear compliance is becoming a real stickler but you should really just go out and visit several advisors who clear with the firm to get a good feel for how they operate the b/d.