Best independent for me?

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Jul 8, 2007 8:11 pm

I've been examining various bank and wirehouse options but believe if I can pull it off I'd like to go indie earlier without using one of these jobs as a stepping stone.  Here's what I'd LIKE to do:

1) Start off with a few clients I know I can "drop in" from natural market, having discussed situation before getting started.

2) Work nearly full-time in my previous industry (flexible hours) while building up book during first year and waiting for one-year non-compete to expire. 

3) Gradually cut back on other position as book becomes larger and agressively go after former client base with direct solicitation at end of year. (May "notify" of change earlier depending on discussion with compliance/securities attorney, etc.)

Based on above statements I need an indie BD who will allow production from home and outside non-securities related employment in first year and not impose initial production limits. It of course goes without saying that these hopes would be in addition to a good platform with reasonable fees and decent back office and compliance support.  Ability to clear futures is a SLIGHT plus but definitely not a deal maker or braker in larger scheme of things.

I'd appreciate anyone's thoughts on the issues I've specifically addressed for my situation, in addition to any "general" pros and cons of any company you may recommend. I've searched the site for quite a bit of useful info on going indie and hope to take the plunge in the first or second month of 2008.  Should be enough time to plan and get ready for an exciting step. Looking forward to your comments/suggestions and feel free to discuss your own situation when you made the move as well. I've found the indie discussions here some of the more useful and enthusiastic on the site.

Jul 9, 2007 1:32 pm

Where are you now?  What type of channel and what does your existing book look like?

Jul 9, 2007 6:38 pm

if you’re not going to committ a 100% from the start, you’re better off not starting at all.

Jul 27, 2007 3:10 pm

NEXT Financial Group is good!

They pay weekly, excellent leadership, and 85% payout (I'm not an OSJ).  There technology platform is creaky, but only LPL seems to have a better offering.


Jul 27, 2007 8:35 pm

I just joined Berthel Fisher 2 months ago.  The President of Berthel was at Next I believe when they doubled in size in a short time.  I have been told their back channels have lagged with their growth and what not.  Also told they have been more worried about growing and winning awards than servicing existing brokers.  NO first hand knowledge of this, just what I heard from others. 
As I just went through the whole process of finding a B/D myself, I’d be more than happy to help you with some general questions-what I learned more or less, things I hadn’t even thought of per se.

Aug 2, 2007 4:10 pm

I looked at LPL, Securities America and a few other firms.  It seemed that LPL was forcing me to use their SAM accounts, Securities America was giving me a great payout but taking it back by nickel and diming me.  Next Finanical had no back office support and First Allied seemed like rookies.  The stress of interviewing brokerdealers was horrible.  I didn’t want to make the wrong choice.  A friend has recently referred me over to the recruiter in southern california for Royal Alliance.  This kid is pretty good(at my age everyone is a kid).  He’s helped me take a deep introspective look at where I want to go.  I’m still not sure if Royal Alliance is the right place yet, but their recruiter is sure helping me find out.  Has anyone heard any negatives on Royal Alliance?  The parent company AIG is really strong but that can also be a negative.  Happy hunting!!

Aug 27, 2007 3:42 pm

Glad you found a home with Berthel Ironhorse.

I figured you would like them!! Congrats!

Aug 30, 2007 11:51 am

Has anyone ever heard of GWN Securities? Pro's or Con's..

I guess they are a major player in the 403(B) market.


Aug 30, 2007 12:43 pm lang__en-US/tabID__3329/DesktopDefault.aspx

Aug 30, 2007 8:05 pm

So did you post the website to GNW to try and help me?? I know how to use a search engine....Thanks...

Any useful feedback?

Sep 7, 2007 12:05 pm

It is hard for me to believe that you will find a credible, top firm, that will let you work part time.  Until you see if you like it.  And see if you can make it.