Going independent-benefit to customers?

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Apr 25, 2008 3:17 am

Sounds like many of you that have taken the independent route seem to be leaning towards LPL or EJ. Is there any benefit that can be passed on to the clients if you choose one independent over the other ( EJ or LPL)? Seems like EJ can’t negotiate discounts as much with fund companies as much as some of the bigger players (IE.  ML)  , where does LPL sit in this matter? Sorry if I am not specific I am new to the industry.

Apr 25, 2008 6:02 am

b-rad, be careful because the little bit of “knowledge” that you currently have is incorrect.

  Do you know what it means to be an independent? What do you mean by negotiating a discount and how would this help a client?
Apr 25, 2008 11:54 am

Edward Jones is a regional–not an independent!

Apr 25, 2008 1:38 pm

I wish we had those Merrill Lynch discounts on our funds.  I guess the prospectus doesn’t apply to them.

Apr 25, 2008 2:48 pm

We’re just lowly little EDJ.  We probably don’t do enough mutual fund biz to matter to those companies.  I’ll bet if we were more important to say, American Funds, we’d get our clients better discounts.

Apr 25, 2008 4:21 pm

Keep churnin your clients accts into American Funds, and maybe 1 day their wholesaler will stop by…

Apr 25, 2008 4:55 pm

Apr 25, 2008 5:38 pm

b-rad: your post is well-meaning but so off the mark that no one knows where to start. I think you should just read and browse for a few months. good luck.

Apr 25, 2008 6:01 pm

Psssst.  Hey Spiffy come over here...yeah, here's a secret (shhhhh) 

         "Jones is not important to AmFunds.  AmFunds is important to the lemmings at Jones." 
Apr 25, 2008 6:16 pm

Newnew thanks for the input. Sorry guys if I am off base I am still a student. Don’t mean to be so general not too sure what the industry is all about. How many of you guys are CFP’s by chance anyway??

Apr 25, 2008 8:43 pm

What year are you in school?  There are some really good internship programs out there that will get your foot in the door and give you some really good experience and knowledge about the industry.  If you still have at least a year of school left it might be worth while to look into one of those programs.

  Good luck!