Finet vs LPL vs RJFS
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There have been a few outstanding posts comparing the various indy
firms. Thank you for sharing your insights. In talking to
Jim Hays at the Sr. Mgt. road show a few days ago, he indicated that
the move from AGE/WS to their indy platform will be easy once the
computers are merged (Sept 2008 he says). I was wondering if
anyone has any experience with Finet? If you have an interest in
the indy channel, does waiting a year and avoiding the time, expense
and risk of a move worth the wait?
Jim Hays told me that they would not try to stop anyone from moving to
the indy channel because if someone is planning to move, they would
rather keep them in their system than have them go to RJFS, LPL,
etc. Only restrictions are you have to do $250k T12, clean
compliance, give back retention bonus and a 15% reduction in payout the
first year.
That’s a smart move on their part…allow migration vs. losing the rep altogether. Whomit knows FINET…there may be others here…
Just curious. What is the reasoning for the 15% reduction in payout the first year?
Indy model is least profitable and given the parent firm is a bank…they make it a bit painful to do that move.
I was told the reason for the 15% haircut is to compensate the branch
manager that is losing you.
I am not sure how painful it is to move. From talking to the senior
management, it is easy. I would love to talk to someone who made the
move from WS to Finet.
[quote=VABroker]Just curious. What is the reasoning for the 15% reduction in payout the first year?[/quote]
Compensate the losing Branch manager. Since most of the branches are running at a 20-25% profit margin its probally a deal.
Not to mention, you move and nobody is trying to steal your clients!
Sounds like a great deal, I'll betcha less than 5% do it.
Indy ain't for everybody.