Indy wants to go wire...Help me!

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Jan 31, 2010 11:27 pm

I can’t believe that I up and left my large wirehouse firm last year. Jumping off that large vessel was so scary because I really needed the look and feel of such a well run machine. Maybe I acted too rash? Indy is only a fad and a short lived trend until the public gets wise and realizes they need big firms again. There is really big hope for the Wires. When all this settles, clients will feel safest under their care. Gosh, after all my wise manager even said that only losers went independent. Said they work in their pajamas on do low #s. Said FAs would only retain 40% of their books after ‘08 and Madoff if they dared venture out of the haven of the big guys. I could have even stayed and been offered some money if I only agreed to sign away all rights to my book and commit to another 7-8 yrs. of three stooges management. I can’t beleive that I made the leap?! Wonder if I could ever go back?

I guess I have to settle for the following: Now I have total control over my office space, have better technology, can make hiring/firing decisions, can expand by buying another book without the claw of another entity in MY business, have 1099 income vs. w-2 AMT issues, have a higher payout, ramped up to 95% of assets quickly, get to call my firm whatever I freakin’ feel like, no politics / jealousy from other FAs, no more asking for support from the BOM, have a muni desk, product support, own MY business rather than lease it from a wasteful corp. mess, don’t have to defend any of the senior idiot behavior, sanity of creating my own work environment…Oh yeah, that morale issue. I am so happy to be out of the hostile and depressing culture I can’t tell you! Can’t believe I stayed for as long as I did. Wait, there must be something I am forgeting? Oh yeah, can’t remember what what I liked so much about my old firm. I do admit to being scared before leaving. I admit the fear of leaving and almost feel guilty knowing what In know now when good people are at these firms.   

But…maybe I can come back to you guys??? Would you take me back? After all, I will probably have an even higher client retention now because I own my book and don’t have a bunch of FAs trying to call my clients. I don’t even have TRO language in a contract for your lawyers to review. Tell me, Is it hard to transition into a more restrictive culture? How did other Indy’s who returned accept the lunacy and reduction in payout? Will you take some of my payout and ration out staff and marketing support for my business? Can you help me see the light? What’s it like to come back to a wire? Really? um, am I the only one asking to return?   Sally? You’ll give me a deal won’t ya? I think your brand will really boost new business for me! And the coaching! Gotta have some corp. guy help me incorporate how to position the firm’s new team approach and get my lending business up. You will help me with this won’t ya? Maybe I will consider coming back to a "real firm?"

Nah, just kidding.

It’s that funny!   

Feb 1, 2010 10:02 am

Wow! That’s funny and pretty awesome…

Feb 1, 2010 10:58 am

I am always amazed at how much BMs bad mouth the indy’s when they don’t even understand how it is set up.

Feb 1, 2010 11:25 am

I think your right. It would be cool to be independent although I have never done it. Most of what these firms bring to the table are hassles

I remember when I first started and thought the name was SO important for credibility. Hell, all the firms now are a negative.

jennifer nettles? ? sugarland

Feb 1, 2010 2:37 pm

I thought for the first couple of lines that NASD Newbie (or whatever his name was) was back on the board.

  Alright, I've had my 10 minutes of mental health break.  Back to work, I've got clients to take back from the bank!
Feb 1, 2010 2:39 pm

How is it going sofar?

Feb 1, 2010 3:43 pm

Oh, but you forgot to mention the club trips that they tax your spouses share, prime us for up coming “revenue nuetral payouout adjustments”,    then wonder boy management  tries to convince you that its their $$ that sent us here, and since we like you so much we are reallly splurging using our $$. 

  GREAT POST Logans.  
Feb 1, 2010 6:29 pm


GREAT POST Logans.  [/quote]   +1 1/2!!   Great post. And for the first sentence or two i thought you were serious(ly insane)   I turned down a check from Wachofargo to go indy, and i havent regretted it for a minute.
Feb 3, 2010 11:51 pm

Ferris - go help your friend find his dad’s Ferrari while I take your girl for a ride.