When to begin?
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I am with a wirehouse right now, but looking to go indy. For the experienced FAs, would it be better to begin during the month of June or wait until the first of July? I believe that the E&O insurance would catch me for the whole 2nd quarter if I started in June. What’s your thoughts?
Just do it. You will come up with any reason not to… if you really want to make the jump, make the jump.
I’ve helped a lot of Advisors make the jump and based on my experience, some Advisors transition once they’ve received their quarterly managed account fees and/or trail income. Also, if you plan on establishing your own RIA and going that route, expect that process to take anywhere from 45 - 90 days although I know some states like North Carolina complete the process in as little as one week! You’ll want to plan ahead for sure because if the wirehouse firm notices that you have established an RIA (or beginning to establish one) – that might be considered an unauthorized outside business activity and failure to report it could lead to termination thus also a nasty mark on your record. Call me if you wish for guidance on this matter. 1-888-579-8640.
The best time is when you’ve completed your due diligence, know where you want to go and why, and have planned for a smooth and quick transition so that you are up and operating from the moment you walk out the door of your wirehouse and make one call to set the plan into motion. The rest is just noise, really.
Take Frederick up on his offer and call him - he could help quickly clarify many of the issues for you which might otherwise take you weeks or months to figure out on your own.
[quote=MainStreet]I am with a wirehouse right now, but looking to go indy. For the experienced FAs, would it be better to begin during the month of June or wait until the first of July? I believe that the E&O insurance would catch me for the whole 2nd quarter if I started in June. What’s your thoughts?[/quote]
Leaving after you get paid is a good idea, but you should be thinking about just more than E&O. Your due diligence should take you about 3 months and you should understand how all your numbers will work. Because the process to register does take a little time, I would suggest registering first. You can always withdraw if you decide this is not the correct decision for you. One thing to note is that the wirehouse are looking to see who registers. They hire a company called Discovery to monitor the filings and if a name hits, they inform the firms. I have a program where you can register anonymously. Also Trade_PMR is a good resource.
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