Joint rep number at lpl?
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Thinking of a LPL office. The deal looks ok but i dont like the fact the OSJ wants me to put my book under a joint rep number. OSJ wants a 30% override for a turnkey office and to be my OSJ. OSJ does biz as a DBA (under his “his name wealth managment”) and wants me to use his DBA business cards. Does many LPL OSJ’S do this?
I am with LPL as my own OSJ.
I would not ask a new rep to use a joint #. He can still get his 30% and see your accounts. I would ask for for own rep # Just my thoughts.No joint rep # needed. OSJ would need you to sign off on an LPL form that gives him/her access to your accounts for look up purposes. You can also give him access to your production info if you want with the same form.
30% seems high for an override…just my opinion. As far as the DBA, up to you whether you really want to brand with his name.
Maybe I read it wrong but 30% pays for his office?
If not then 30% is to high. Find another OSJ.It’s his way or the highway. If you could make it on your own, you wouldn’t be in this position.
[quote=Greenbacks]I am with LPL as my own OSJ.
I would not ask a new rep to use a joint #. He can still get his 30% and see your accounts. I would ask for for own rep # Just my thoughts.[/quote] +1 I OSJ for a guy through LPL and I don't have to have a joint number to get an override and see his accounts. It sounds like a mechanism to help him take your accounts if you decide to leave or flame out. Either way, I think it's a total bullsh*t request.I was offered turnkey office including computer and everythign else plus OSJ for 10%.
I didnt take it, because i wanted my own office. While 10% was a great deal from what i know in my limited experience, 30% seems outrageous. You are better off as an employee. Which is what you would be, using his DBA and having your accounts in a split number
I’m with Indy on this one; it puts his finger in your pie.
Keep your pie, man. Keep your pie.I agree. Don’t take it… unless you have no other options(no capital, no production…etc) then you don’t really have a choice
I am getting ready to jump to LPL. Contact your recruiter. Mine has put me in touch with about 5 different LPL shops here in my town. I have called each one. They have all been very cool regarding overide, except for the clown that wanted to give me a 65% payout. Most are looking for 5%-10%. One of my friends pays 5%. If you join LPL, you have 90 days to get your 24, so should not be an issue. in reference to the joint rep code, tell the guy to fu## himself. Oh, maybe not, he then would not be able toscrew you for the overide.
It depends what the 30% pays. If it pays for everything, including a secretary and all office expenses plus country club membership, that is not too bad. You need to sit down with him to find out what you are getting for the 30%.
IndyEDJlpl will do it for 15% but they have laid off about 20% of of the staff and they will not osj reps that are not new recruits. So if you come to LPL and plan to get your 24 do it
It gets a new rep time to get his book transferred so he doesnt have to worry about the exam. But after 6 months and they can't pass the 24? Then they need to join another branch. IndyEDJThat’s what I heard…that seems so odd to me. They’ll do it indefinitely for new people, but would rather lose existing reps because they lose their OSJ/DS? I don’t get it.
I agree with the general sentiments in regard to the 30% – what are you getting for this payout? It does seem high but I don’t want to jump to conclusions. Best of luck to you in your search.
gordo to answer your question it was a LPL office wealth management in richardson
[quote=Indyone][quote=Greenbacks]I am with LPL as my own OSJ.
I would not ask a new rep to use a joint #. He can still get his 30% and see your accounts. I would ask for for own rep # Just my thoughts.[/quote] +1 I OSJ for a guy through LPL and I don't have to have a joint number to get an override and see his accounts. It sounds like a mechanism to help him take your accounts if you decide to leave or flame out. Either way, I think it's a total bullsh*t request.[/quote]