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Question about doing this part-time?

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Jun 14, 2009 3:46 am

Seriously, I know this idea is probably full of holes & is a pipe dream but here it is… About 7 years ago, I graduated with a degree in Finance, passed my 7, 66, insurance license then became part of the 90 percent drop out rate in short order. I honestly didn’t like the family and friends business plan at the time. Since then, I’ve been selling business software to both corporations & accounting firms.

Anyhow, I get asked quite a bit by family, friends, co-workers, etc about sitting down to go over something related to making a decision on their investments, big purchases, etc… Would it be offensive if I called an RIA to arrange an agreement where I get licensed again and bring in clients, do as much of the work as I feel comfortable with, but have them maintain the day to day things that I’m not interested in.(Heck, I’d give up part of my commission for a part-time prospector with practically no overhead)

I love solving business problems and I’m making too much to start over building a book & supporting my current lifestyle. I’m not looking to the leave software industry but I’ve always had a passion for the industry.

My goal is too take the next 7 to 10 years to slowing build a book of business, add professional designations, then pursue this full time.

Am I nuts? Any help, advice, thoughts, and humor are much appreciated!

Jun 14, 2009 12:56 pm

If I were an RIA, I’d be glad to discuss an arrangement that would be good for everyone. I would limit your involvement to making the introduction. 

Jun 17, 2009 2:28 am

Thanks for the response… I think I would keep looking for another firm if it was just an introduction. I would be interested learning and further communication & development of the client brought in.

Jun 17, 2009 2:50 am

As a managing partner at a modest-sized RIA, I’d most likely take a pass on this type of addition. If someone can’t make it on a full time basis at my firm, I’d be thinking that it’s just not their bag.

I don’t think it would be offensive. But, in looking at it from our perspective, we have a vested interest in our new employees, and only choose those that we feel can continually contribute… not just on a part-time basis. Smaller practices might be different, and would feel better about hiring someone on a PT basis… but, with the advisory community in the present state, we can pick from the litter when it comes to adding quality, permanent and full time, staff.

Part time employees just don’t provide the type of consistency that I’d consider for my practice. Hit the ground running, and keep running, I say… nothing worse than ‘stop and start’ efforts, in my opinion.

Just my take.


Jun 17, 2009 3:08 am

You have multiple problems from a sales and compliance perspective.

By being part time the firm is responsible for the client’s assets as well as your compliance.  Most firms will not want to take that risk unless you are bringing in large assests.

You can try to be a solicitor, but then you need to be registered. 

Although this may sound biased, I think it is your best option… register yourself with the state.  You are going to be responsible for the clients no matter what you choose, so why not start with your own shop from the beginning.  This way you do not have to answer to anyone.  You can easily start with Trade_PMR that does not require any assets to start.  I am sure Fred at Trade_PMR can help you.

I just spoke to an independent advisor today that is on the school board, is the Director of Finance for the School and a board member.  His advisory business is obviously part time.

Good Luck.
Ash - The Breakaway Expert
609-945-7100 x 101

Jun 17, 2009 3:39 am

Captain, I certainly understand your perspective about part -time. Ash, thanks for the idea, I may look into it!! I like the frank answers and perspective, this board is HELPFUL.

Jun 17, 2009 12:10 pm

[quote=MP11]Captain, I certainly understand your perspective about part -time. Ash, thanks for the idea, I may look into it!! I like the frank answers and perspective, this board is HELPFUL. [/quote]

Glad we can help.