I moved to RJ from a wire (where i was a producing manager) last year. Very positive experience. Move was easy, they bent over backwards to help me any way they could, and a little less than a year later i consider it a complete success. If you want more detail/answers to specific questions, feel free to PM me. Hurry though, they are changing the software on the board next week, and all the PM’s will dissappear.

Best to sit down with a slide rule and calculate your payout on managed accounts. They are definitely a quality firm, but the admin fees seemed high last year when I looked very hard at them. Good marketing capabilities and decent people. Seemed like they have a good grasp of the business. If you are used to high net worth stuff from a major, they may be a little behind but make up for it with well run and tenured dept. heads. Again, the transition money as well as economics of managed account administrative fees / manager fees was a drawback to this firm. Be sure to carefully match up exactly what managers you have and whether or not the new firm has the same SAM manager or even A or I class on mutual funds. This can be tricky and you really have to look carefully. Also, some managers may have higher minimums on different platforms. Make the new firm specifically prepare a spreadsheet showing exact manager name/style and admin fees (all in) so you can see your net.



Don’t think you’ll go wrong leaving a wire - should be well recieved by clients as the sentiment is way in your favor. Now is the time to do this before the strive to rebuild their images. It will still be good in the future, just a little easier now if you have vultures in your office waiting for you to leave.



I looked at every firm that offers independent channel as well as RIA. The larger ones seemed to have better technology and support, yet at a slight cost disadvantage. Watch out for the cross selling at the discount houses. Fidelity admin fees were high, but they have some great technology. A large name like this will reassure clients, but again, you have the wind at your back with the wires scrambling to regroup.

Look at FiNet.



https://www.wfafinet.com/home.htm

Whatever you do don’t go to finet. These are the same incompetent crooks that’s been running wach for years.

[quote=Midwest Advisor]



AUM $220M with trailing revenues of $2.0M. Our business is 85% fees.





[/quote]



You did not mention another wire.   I guess you have had it.



If not, those numbers with that fee based % would get you a huge check.

Highest % ever. You’re exactly what they want.



are u running dollars or using managers?

The wires are out...We manage the money ourselves.

[quote=Midwest Advisor]My partner and I have been at a wire house for 14 years.  AUM $220M with trailing revenues of $2.0M.  Our business is 85% fees.  We are going to move.  We have conducted preliminary due diligence at the independent contractor option at Raymond James, the Hybrid RIA option at LPL, and moving to our own RIA at Schwab and Fidelity.  Can anyone provide advice or experience in assisting us with this decision?[/quote]

If you are 85% fees, you should start your own RIA at Fidelity.  You are exactly what they are looking for.  Or give Fred a call at TradePMR.  With that kind of jack, I’m sure he could hook you up with all kinds of discounts, and their platform is head and shoulders above AdvisorChannel and probably even WealthCentral.

I wouldn’t go to RJ or LPL, but that’s just my preference.  I can’t imagine paying them to do something that you can take care of yourself, or pay someone a lot less to help with.

And really, unless you are doing a lot of trading, why keep the 7 and have to deal with FINRA? 

Go the RIA route. I was a discretionary money manager at a wirehouse, the majority of my book fee base. I was going to make the leap to RIA and the b/ds scared me to death about the compliance issues of being an RIA. How hard it would be to navigate compliance without a b/d behind me.

I went with the b/d and wasted 2 years battling with compliance. The most common response I got from compliance was, "if you want to do this, why are you not set up as an RIA?"

Go the RIA route, compliance is very easy, no ridiculous FINRA rules to deal with

[quote=icebear48]

[quote=Midwest Advisor]

The wires are out

 Yes CALI123, we have an RIA who clears it’s trades with us (AUM about 190M) we do not invade RIA revenue, but make our money from clearing and the non RIA brokerage that they do.  What you say is true, we as a BD are responsible for oversight of that RIA, so is is a situation we would not want with everyone (especially the inexperienced), but in this case we are comfortable.

[quote=icebear48]

[quote=Shania Twain][quote=Midwest Advisor]

The wires are out

[quote=Moraen]

[quote=icebear48]

[quote=icebear48]

I love all the BS oversight required in this industry…meanwhile, Bernie M gets away with $50B! Shameful industry. Seriously.

Uh, corporate fraud anybody?  Those CFO’s who signed off on crap 10-k’s were… you guessed it… CPAs!