How to get started as an indy?

or Register to post new content in the forum



  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Apr 25, 2008 3:06 am

Does anyone have any input for a newbie that wants to go the independent route as an FA? Does lpl provide training for newbies to the industry? Is it even possible to start out with lpl to build a book in the same way that EJ “helps” newbies to build a book of business? Can you go the door knocking route with LPL? Seems like there are lots of you with good insights. Any info would help. P.S. As an LPL affiliate do you hang there sign on your place of business if you are an independent? There is not much brand recognition for LPL in my area while EJ has a much more recognizable name. Not sure if this is in my favor though. From the sounds of it LPL sounds like a better choice overall.

Apr 25, 2008 9:06 am

In your case, forget LPL, they don't take green advisors.  You have to show them a certain amount of GDC on a trailing twelve month basis.

Apr 25, 2008 9:48 am

There is probably plenty of LPL presence in your neighborhood, you just don’t know it.  EDJ is a corporate name and all of our offices are going to be branded as such.  With LPL, an independant firm, the individual advisors get to choose the name of their business.  You’ll see them titled things like Cornerstone or Wealth Management or the really creative ones call it “B-rad, Financial Planner, LLP” or something similar. 

  You can go about getting into this business however you choose, but if I were you I'd look initially for a well know company that has a good training program and a process for helping you get your feet wet.  If after a while you have the desire to go independant and open up B-rad's Financial Planning, LLP then you have the experience, clients, assets, and money to do it.       Unless you can find one of those places to hire you and take you in under their wing, you aren't going to start out in the independant channel.  Typically those independant guys will work for a company, like EDJ, for a few years, then move to an independant shop.   
Apr 25, 2008 11:53 am

b-rad, I’ve been indy at LPL for over a year—I wouldn’t take you because you have no client base!  I was at Jones over 14 years–go to a wirehouse, regional like Jones to build a book–get some experience.

  You have to pay your dues!
Apr 25, 2008 6:04 pm

Thanks for the input guys much appreciated. NOt all that excited about edward jones but seems like a reasonable trainging program I guess. Do you have to become a CFP to go independent through LPL? Is it recommended for building a larger client base? If I am ever in the area I will be sure to look you up Space man spiff…your in the phonebook under Spaceman Spiff’s Financial Planning Emporium right?? ;)Such a creative guy you are!

Apr 25, 2008 6:46 pm

 b-rad, do you know what a CFP can do that a non-CFP can’t do?