ING Financial Partners
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Guys,
Is anyone here with ING Financial Partners? I had a meeting at a relativeliy nearby office last week and got a pretty solid offer from them. Basically, I'd be independent (with only one other INGFP rep within probably 30 miles of me), but to start I'd license my house as a branch. No big deal from a "back office" POV, I have a rather extensive home office already - but I am concerned that my closest brick & mortar ING office building would be about 50-60 miles away (although my payout would start at 70% on the securities side, and move to 85% at 270K gross - pretty easy to hit I think). Aside from that, my top concerns are TECHNOLOGY and their FEE PLATFORM (both flexibility & haircuts). I've gathered as much info on SmartWorks as possible online, but I'd like to hear from current reps at INGFP if possible. My current firm's technology (from trading, to reporting, and contact management) is GARBAGE - embarassing. The fee platform is VERY restrictive as far as using individual securities goes, and the haircuts are BULLSHIT (at 1.5%, the haircut is 50 bps as a program fee, BEFORE it even hits my "grid" for my 50% payout). I could go to a freakin' wire for better net payouts + salary & benefits (I get zilch from current firm). Thanks for input in advance guys. PS - I've looked at Commonwealth, RayJay, and LPL as well, but I don't qualify in terms of AUM yet, and RayJay is the only one of the 3 that has an indy office within 75 miles that I could affiliate with.Ice - just out of curiosity, what are the requirements for Commonwealth, Rayjay and LPL.
That is unbelievable. I thought my wire was bad.
You need to move and soon. Obviously you've already figured that out.Ice first of all what part of the country are you in with no established office of the big three Indy’s you could go to? As for ING I am not with them but did go to a sporting event and there was about ten reps there. They liked their firm and most of the reps in your situation had a similiar payout to you. Overall they have a decent platform and offering from what I can gather. I can tell you that you would probably be better with LPL with your concerns being technology and capability on the fee side. But it might not matter since LPL is looking to acquire more BD’s and the ING BD’s are being looked hard from what I gather. Regardless enjoy getting out of your current situation sounds like your at Waddell or Ameriprise.
Hi,
I'm Saul4paul, I would rather sell vacs than work for Ing. All I can say, is get your production up.[quote=iceco1d]
LOL, thanks Borker...hopefully I won't need it, but it never hurts to be prepared!
[/quote] You Will need it. Get your production up! Saul4paul...outYep. I'm at ING. I like it and the technology is pretty good. Basic platform cost is deducted monthly and for extra fees I can add on research packaged and other features.
Trading is easy day and I can trade basically anything I like, stocks, bonds, etf, options, private reits, even pink sheet stocks. The fee based platform is nice too. Wrap accounts, SMAs (several companies to choose from) or... my preference advisor managed accounts. I set my fee to be anything within the allowable grid but usually 1.75% to 1.25 or less depending on the size of the account and if they have chosen to pick up the ticket costs or if I have to eat the ticket costs. 1.5% average and paid out on my same grid 80%. Lots and lots of product to offer. Clear through Pershing and the ING back office staff is really helpful. My OSJ is great. Minimal interference in my practice from either the OSJ or INGFP as long as you produce enough and keep your paperwork clean. PM me if you want more info.Oh… and the ING lion is a pretty good draw especially with all the advertising they are doing for their Orange Savings (banking side) I do quite a bit in that area too and get a .25bp trail on it. That’s a good source of money to prospect for me and it also gets it out of the target of the bank brokers. They just came out with a business Orange Savings and CD option with which I plan to start hitting the many mom and pop type businesses in my area.
Even though I use a DBA in my biz, I also prominintly display ING and the Lion in my advertising and signage. Lots of brand recognition[quote=babbling looney]Oh… and the ING lion is a pretty good draw especially with all the advertising they are doing for their Orange Savings (banking side) I do quite a bit in that area too and get a .25bp trail on it. That’s a good source of money to prospect for me and it also gets it out of the target of the bank brokers. They just came out with a business Orange Savings and CD option with which I plan to start hitting the many mom and pop type businesses in my area.
Even though I use a DBA in my biz, I also prominintly display ING and the Lion in my advertising and signage. Lots of brand recognition [/quote] Babble...Do you get paid by your posts?[quote=saul4paul][quote=babbling looney]Oh… and the ING lion is a pretty good draw especially with all the advertising they are doing for their Orange Savings (banking side) I do quite a bit in that area too and get a .25bp trail on it. That’s a good source of money to prospect for me and it also gets it out of the target of the bank brokers. They just came out with a business Orange Savings and CD option with which I plan to start hitting the many mom and pop type businesses in my area.
Even though I use a DBA in my biz, I also prominintly display ING and the Lion in my advertising and signage. Lots of brand recognition [/quote] Babble...Do you get paid by your posts?[/quote] No. Do you? At least I'm actually in the business and try to be helpful.Does this mean you are a Jones FA?
Your numbers certainly don 't match...I mean 50% payout...huh! Not happening here at ole EJ. Good to see people discussing another firm or two on here beside EJ. Looks like WS/Commonwealth/RJ, and LPL get good press. Locally, I have heard this is not the time to join LPL due to growth/service issues. Need to do my due diligence; seems like RJ may be most helpful during your transition. Any other input? Thanks...BTW Babs, you can post as much as you want. I will protect you from any Louts that may lurk about.
Is babs in your buddy list dork face?BTW Babs, you can post as much as you want. I will protect you from any Louts that may lurk about.
How about this…I have a legit shot at a $200MM account (inherited). Since I have no discretion on fee structure, extremeliy limited fee-based offering (IMO), and my bd will not allow me to use options (covered, naked, no matter), LPPs, or even SMAs (without a special approval from the PRESIDENT OF THE COMPANY), I went to the director of advisor services (who is probably top 10 management in the whole company), WITH THIS $200MM statement IN HAND, and his response was “that is out of our league.” Yes, verbatim. I CAN’T TAKE IT ANYMORE! This company wants to peddle wrapped mutual funds to every teacher on Earth, and nothing else.
** This sounds like LEGEND or AIG VALIC. I'm with an ING BD and I do a little 403b work in a few schools. Good way to starve focusing exclusively on the k-12 marketplace.I understand that restrictive compliance is becoming a huge issue with ING. I know several advisor groups leaving.
You should randomly contact ING advisors and get some honest feedback. Don't just call the list of ING advisors the recruiting department provides you.