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Jul 12, 2009 3:05 am

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Jul 12, 2009 4:21 am

[quote=spoiled996]What options would someone have if FINRA barred them? I may be over-reacting but better to start asking now. Have about $50MM in AUM in my 1st 2 years in the business. [/quote]

Liar.

Jul 12, 2009 2:47 pm

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Jul 12, 2009 3:39 pm
spoiled996:

[quote=DHK] [quote=spoiled996]What options would someone have if FINRA barred them? I may be over-reacting but better to start asking now. Have about $50MM in AUM in my 1st 2 years in the business. [/quote]

Liar.

what the heck is that supposed to mean? What am i lying about? [/quote]

50mm in first two years.
Jul 12, 2009 11:56 pm
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Jul 13, 2009 12:08 am

Is this why FINRA might be barring you? Did you lie to get assets in (e.g., you told them you could double their money guaranteed?).



I wish the wind posts were up. No one believes it. 60% T12 sucks for someone knocking it out like that.



Why would you be worried about getting barred?

Jul 13, 2009 1:22 am

How much of the 50 mm was family money “spolied”?

Jul 13, 2009 1:39 am
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Jul 13, 2009 3:16 am

[quote=spoiled996]actually i do have $50MM in AUM and did $1,003,764 in revenue my first 24 months which just ended this June. I know what i have done as we get monthly updates where we are towards our training goals. I was the first rep my firm has ever had that made president club in their training period.

  I have an offer for 60% T12 up front + $110k to pay back my def comp, and another 60% of my T12 if i hit my current T12 in 15 months at the new firm.   Someone helpful please post any advise to the question. Thanks![/quote]


Liar.
Jul 13, 2009 3:36 am

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Jul 13, 2009 4:49 am

Let me see, 50 million in assets, 1 million in production, a spin ratio of over 2.0, all within two years, and those two years happen to be the worst two years since the great depression.  Let me do the quick math here, you are averaging 2.1 million per month in new assets starting from scratch.  Took me around 7 years to get 50 million under management working my tail off and still haven’t cracked a million in production even with over 140 million under management.  I’m with DHK here.  Either you were given a big book and churned the hell out of it, or you are lying.

  By the way, if FINRA bars you, you are F'ed.
Jul 13, 2009 11:51 am

[quote=spoiled996]

only $120k is family money.



i didnt promise a client anything. they didnt even lose money, but are claiming i did something that i didnt, and its my word against theirs.



I think 120% of T12 over 15 months + $110k to pay back towards my old firms def comp i would owe isnt that bad. they were the first company to talk to me, but i may not have enough time to look around elsewhere. Once again, i am looking for advise.



Thank you all. [/quote]



If you didn’t do anything wrong, you should be fine. Hopefully, you documented all of your conversations. I had two similar incidents last year. It didn’t even go to arbitration, because I documented EVERYTHING.



If you didn’t, like rank said, you’re f***ed.



Jul 13, 2009 12:23 pm
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Jul 13, 2009 12:27 pm

[quote=spoiled996] [quote=rankstocks]Let me see, 50 million in assets, 1 million in production, a spin ratio of over 2.0, all within two years, and those two years happen to be the worst two years since the great depression. Let me do the quick math here, you are averaging 2.1 million per month in new assets starting from scratch. Took me around 7 years to get 50 million under management working my tail off and still haven’t cracked a million in production even with over 140 million under management. I’m with DHK here. Either you were given a big book and churned the hell out of it, or you are lying.



By the way, if FINRA bars you, you are F’ed.[/quote]



you are correct. I am affiliated with a bank, and cover 6 offices, plus work with private banking and business banking. In addition i work a lot with high net work physicians due to personal contacts i have. The million in production is over my first 24 months, not T12 (just to clarify) I have a solid book and use multiple investment platforms. No i didnt churn the hell out of it, i actually discount any stock trades for clients.



Can you not be a RIA if barred?[/quote]



I have no idea if you can be RIA if barred. We’re not responsible to FINRA, but it would likely look bad on ADV if you were barred from FINRA.
Jul 13, 2009 12:38 pm

[quote=spoiled996][quote=rankstocks]Let me see, 50 million in assets, 1 million in production, a spin ratio of over 2.0, all within two years, and those two years happen to be the worst two years since the great depression.  Let me do the quick math here, you are averaging 2.1 million per month in new assets starting from scratch.  Took me around 7 years to get 50 million under management working my tail off and still haven’t cracked a million in production even with over 140 million under management.  I’m with DHK here.  Either you were given a big book and churned the hell out of it, or you are lying.

  By the way, if FINRA bars you, you are F'ed.[/quote] you are correct. I am affiliated with a bank, and cover 6 offices, plus work with private banking and business banking. In addition i work a lot with high net work physicians due to personal contacts i have. The million in production is over my first 24 months, not T12 (just to clarify) I have a solid book and use multiple investment platforms. No i didnt churn the hell out of it, i actually discount any stock trades for clients.   Can you not be a RIA if barred?[/quote]

Morgan Keegan is a bank?
Jul 13, 2009 3:20 pm

I wonder if the OP formed an RIA before barred what would happen. I remember reading an article about and RIA in FL who had numerous marks as a 7 rep, but to the RIA clients he looked squeaky clean