Looking for some honest feedback/experience on going indy. Have been an FA for 1 year at a wirehouse and was recently laid off even while exceeding expectations. I want to go Indy but after talking with several I don't think I can handle all the overhead immediately, and want to work out of my home for the first 6 months. I know I want to stay in this career and while I don't like the idea of having a home office it is going to be nescessary for me for a little while. I know it will not be easy and am prepared to do whatever it takes to make it, but am wondering if anyone has any experience doing this or any suggestions for me.
And yes I rooogled.
Are you able to bring assets(i.e. Would your clients come with you if you are working out of your house instead of MSSB?)
Do you have enough saved to get started(computers, furniture, etc)?
Depending on your area I would find an office ASAP..(look for something like regus or office suites all in one package..so you don't have to worry about it)..
Finding a broker dealer maybe tricky depending on your t-12
Go to a bank if all else fails(Or another wire)
Ditto to what Squash said. I would also look up all the indy and RIA offices in town and see if they would be interested in taking 30% to provide you with a name and a conference room. If you have clients that may be a good option.
I would not make it a big deal about not having an office. You can always meet clients at a restaurant or their work. But they could get use to you coming to see them as opposed to the other way around. You don't want to spend anymore time traveling than absolutely necessary.
Of course all this depends on what you have in savings plus what business you think you can bring with you.
You can go indy if you can afford to live off your, or someone else's savings, for a while. It's tough to make real money the first couple of years from close to zero.
Icecold made it. Go for it.
PS: If you are anywhere near me, I'm looking to add to my staff so you can PM me.
Find an indy office nearby and see if they need a partner. If you aren't requiring office space, they should be able to bring you onboard - depending on your t-12 of course.
Top, what justification did they use to terminate you? If you were exceeding expectations...?