Wanting to go INDY

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Mar 15, 2006 3:35 pm

What are the minimum requirements for going indy with LPL?  Or any suggestions for a new broker looking to go INDY.

I am a young IR.  I started with Jones and it just does not seem a fit for me.  I have made some decent progress with gathering assets but just can't seem to agree with the business model or pay structure.


Mar 15, 2006 3:48 pm

I believe the minimums are the same:  $125k in GDC or $10m in fee based.  I think you have to have at least 2 years of experience too - this is to run your own shop, you may find somebody already there who is looking to add an advisor or two to their practice.

Mar 15, 2006 3:54 pm

Thanks!  I live in small town and there are no other investment companies here.  Least of all someone from LPL to partner with.  The only place here to invest currntly is at some local branch banks.

Thanks Again.

Mar 15, 2006 5:00 pm


Mar 15, 2006 6:56 pm

Hey RR, you can always jump on LPL’s website and get a list of the LPL guys that are closest to you.

Mar 15, 2006 7:09 pm

Thanks  I just came across it on the website.

Mar 16, 2006 1:19 pm

If there is an LPL office near by but not in the town you want, you cold approach the branch manager about setting up a satellite office that would be under their supervision and series 24 license but operate in the town you want.  You’ll prob have to pay an override to the BM but at least you would be ind and working where you want to.  Then once your biz hits the right numbers you could get your 24 and be your own osj.  You would want to work that out with your Branch manager before you got started though.  Good Luck!