Eyes wide open
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An independent, who I admire and respect, wants me to meet with him. I have no intention on going anywhere but this person has earned the right to pitch his firm to me. I would appreciate some ideas on questions that this forum recommends I ask him.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
The most important thing for me is to be sure that I’m doing what is in my clients’ best interests. My book is very small but the bulk of the clients have >$1MM in assets. My typical/target client’s portfolio includes individual equities with covered call options, individual bonds, mutual funds and a fund of fund hedge fund. Will I likely run into issues with an independent’s platform since I do more than mutual funds and ETFs? Will I still be able to have access to a range of alternative investments including private equity and exchange funds?
If you’re looking at LPL, then you shouldn’t have a problem. We have some big producers. Ron Carson is one of our biggest, and he only takes clients with $5 million or more. You can be a broker AND use LPL’s RIA service, do options, private equity to a point, non-traded REITs, structured products, SMAs, 1035 exchanges, etc.I don't know exactly what you do, and there could be products that we don't have, but I would guess LPL can handle 90% of what you do.
You shouldn’t have any problems with Raymond James either. I would go and talk to the person involved and see what is in it for you.IndyEDJ