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Jun 1, 2007 4:58 pm

[quote=Billyclub]How long did it take you to get where you are now?[/quote]

I'm curious about this also.  In addition, I'm assuming that you mean your gross is $15K+ per month?  If you can give us a bit more background (age, years in business/how long at Jones, composition of your book, etc.), you'll probably get better advice.

Jun 1, 2007 5:00 pm

I'm not going to post it all again, but if you check my old posts you can find something. 

I was in a similar situation last year (not great prospector), my 3 years were up, and I went to a bank.  Lots of variation in bank programs, some are great, some suck, so you need to do your due dilligence if you go that route.  It was a good fit for me, I went from a low Segment 3 broker to producing probably in the $250-300 GDC range for this year, my payout is about the same, and even though there is BS to deal with at a bank, it's just different BS than I had at EDJ or would have at a wire.

Independent would be nice, but I would think that's a pretty small book to start.  I think Indyone, started with pretty low AUM, maybe he will chime in.

Jun 1, 2007 6:44 pm

[quote=parachute]I mentioned I have better things to do.  [/quote]

I think you're lying. Prove me wrong and go do one of those "better" things....

Jun 1, 2007 7:24 pm

[quote=Dontknow]schizophrenia is fun but does anyone have any ideas that relate to the actual topic?[/quote]

How long have you been at Jones?  Are you beyond the time where you might have to pay the training costs back.

Given that you feel you will only be able to move 10 to 15 million of your book, you might consider looking into a partnership/working relationship with another independent rep or planning/financial advisory company where you don't have to pull all the freight yourself. 

If you don't like having a branch manager tell you what to do, I imagine you won't like working for a bank either.  The advantage to a bank platform is that you usually have a base salary in addition to commissions.

Jun 1, 2007 7:35 pm

[quote=EDJ4now]Independent would be nice, but I would think that's a pretty small book to start.  I think Indyone, started with pretty low AUM, maybe he will chime in.[/quote]

I left AUM in the upper 40's and targeted about half of that (23-24 mil) as moveable/desireable.  Most of that came over and with new business/appreciation, I'm just over $35 mil now, a little less than two years in.  You can make independence work at your level, but it will be a struggle if 10-15 mil max, all transaction-based is what you expect to bring.  Again, if the original topic poster will fill in a few more details, he/she will most likely get better advice.

Jun 1, 2007 10:55 pm

I’ve been at Jones past my 3 year point, and have a bit under $20million. Only about $15 of that would I want to take with, so obviously if that is my target, less would actually follow.   



I do mostly mutual funds, some bonds but I don’t like what I have to offer in that arena. Insurance is just starting to be a real focus. VA’s but mostly 1035 targets when I do them. My client base is late 30’s to mid 60’s. Avg acct size around $150K. I know the mother ship doesn’t train us on anything other than the recipe, and I know there is a bigger world out there. I’ve always figured I would end up independent eventually, but the longer I’m here the more clear it becomes that it’s pretty hard to see all the colors of the rainbow through the green magical glasses. How am I supposed to learn about the rest of the story if I’m still here in the mix?



I don’t have some driving goal to be the biggest or richest advisor in the world. I want to treat my clients well, feel like I am actually working in their best interest, and provide a comfortable lifestyle for my family.



Jun 2, 2007 12:16 am

Dontknow,

That’s fine if you want to go independant. But I don’t think hanging a

new shingle will make you magically “know more” or be a better advisor.

You need to be self-taught in this industry. I don’t think any veteran -

Jones or otherwise - would tell you that they learned what they know

from their firm. I work for Jones and am well aware that I need to teach

myself what is out there. I like Jones, but I am NOT a kool-aide drinker.

My suggestion would be to get your AUM up, continue learning as much

as you can (read a LOT - but not Jones literature), and keep researching

the alternatives out there. Making the jump too soon can really derail

your plans.

Just my own thoughts…

Jun 2, 2007 4:34 am

That’s sage advice…I’m thinking too that it may be just a bit early to make a move.  Consider using some C shares to create a poor man’s fee-based account for those who suit a fee-based arrangement.  You might also enroll in the CFP curriculum and eventually sit for the exam.  A better benchmark for making the move is probably five years in and at least $30 million AUM.

Jun 2, 2007 9:24 pm

I totally agree with Broker24 and Indyone. Wait until you have 35-45 Mil. At that point you have scale to succeed.

Jun 2, 2007 10:56 pm

[quote=Indyone] Consider using some C shares to create a poor man’s fee-based account for those who suit a fee-based arrangement. [/quote]



With a total expense ratio north of 2%, C-share are indeed suitable for creating a poor man’s account.

Jun 10, 2007 3:41 am

I got a phone call yesterday that has me interested. Is anyone familiar with LPL Advisors working through banks? I was under the impression that bank brokers were employees of the bank. Anyway, I’m going to talk to them next week because I don’t know what the opportunity looks like at all.   

Jun 11, 2007 10:20 pm

Dontknow… yep, LPL reps are in about 600 financial institutions… they have a whole infrastructure for it.  Bought UVEST early this year which is big on that line of business.  I’m personally not familiar with how it works, but I can see where the synergy/opportunity is (HELLO AGE FC’s in Wachovia branches!), for sure.

Jun 13, 2007 3:49 pm

Ok, so now I’ve got a call from M&I bank. anyone have info on them? they’re one of the smaller ones in my area so I’m not really familiar with them.