Top 5/Bottom 5 Indy BD Choices

83 replies [Last post]
burtonfinancial1's picture
Joined: 2008-09-30

Here's one for the masses... whether you're independent already or just thinking about it, I'm working on a project touching the BEST and WORST of the independent BDs out there. I'd like some informal and certainly unscientific feedback from the crowd here. Please respond with your:TOP 5 picks.. who would you go to or stay with on the indy side- a word or two stating why would be niceBOTTOM 5- who do you hate, would you not work for or want to leave if you're there now- add a word or a few descriptors as to why you feel this wayTHANKS!!!

CALI123's picture
Offline
Joined: 2009-01-30

my 2 cents (without listing any names)The indy world is growing at a very fast rate. Make sure whatever firm you choose, that it can handle the growth. I had an experience with a good sized B/D that was located in the middle of nowhere. It was great until the mass movement into indy occurred. Then everything fell through the cracks. Because of their location, they had a "limited" pool of people in the surround communities. They had a really hard time hiring good people. So they decided to replace customer service with technology. Big mistake and they lost good reps who got fed up with them.Stick with a b/d that is located in a major city.

B24's picture
B24
Offline
Joined: 2008-07-08

Cambridge?

burtonfinancial1's picture
Joined: 2008-09-30

CALI123 wrote:my 2 cents (without listing any names)The indy world is growing at a very fast rate. Make sure whatever firm you choose, that it can handle the growth. I had an experience with a good sized B/D that was located in the middle of nowhere. It was great until the mass movement into indy occurred. Then everything fell through the cracks. Because of their location, they had a "limited" pool of people in the surround communities. They had a really hard time hiring good people. So they decided to replace customer service with technology. Big mistake and they lost good reps who got fed up with them.Stick with a b/d that is located in a major city.
So, I take it a BD in Des Moines or Stola City is probably not on your radar?!  Thanks for the feedback. Makes a lot of sense

Squash1's picture
Offline
Joined: 2008-11-19

CALI123 wrote:my 2 cents (without listing any names)The indy world is growing at a very fast rate. Make sure whatever firm you choose, that it can handle the growth. I had an experience with a good sized B/D that was located in the middle of nowhere. It was great until the mass movement into indy occurred. Then everything fell through the cracks. Because of their location, they had a "limited" pool of people in the surround communities. They had a really hard time hiring good people. So they decided to replace customer service with technology. Big mistake and they lost good reps who got fed up with them.Stick with a b/d that is located in a major city.

Disagree completely with the last statement(thought depends what you consider a major city).. I think like you said the b/d has to be able to handle and know what to do with growth, not just want it.
 
The more major city you go, the higher the expenses(salaries, offices etc).
 
THough i am younger so I prefer email contact as opposed to waiting on the phone and talking to someone who makes up an answer, in email it's documented and then you move to next level..

CALI123's picture
Offline
Joined: 2009-01-30

let me restate - a larger city. Avoid the b/ds sitting in the middle of the cornfields.  - from my personal experience.

CALI123's picture
Offline
Joined: 2009-01-30

one more thing... make sure to talk to Commonwealth. For the past few years they send me all sorts of cool gifts -even though I never had more than a 20 minute conversation with them. Just got my football today...

Squash1's picture
Offline
Joined: 2008-11-19

iceco1d wrote:Burton,
 
If I were to move, I would be considering (in no particular order):-LPL My only fear with them is size and intergration. I have some friends there who are starting to have issues with getting things done(simple things) they also have a huge issue against outside business(i.e. insurance/indexed annuities)
-Raymond James A little more costly then LPL but I think worth it. Very good firm/systems/platforms(a little weak in alternatives by choice)
-Commonwealth
-Cambridge
-Harbor I would vote these guys number one(would love to move there).. Beautiful platform(TDA & RJ) freedom on insurance(CRUMP) and a fixed cost, no more guessing.. They are my goal in 2-3 years.
 
For RIA custodian, it would be a no-brainer - Trade PMR TD Ameritrade is real good too..
 
Indies I would avoid would be...
 
-Ameriprise No kidding
-Finet
-Anything under the AIG umbrella
-NEXT: Like a lot of these firms that win B/D awards, just complete crap and marketing..
 
and for RIA custodian, I would definitely avoid Fidelity (they just seem to have gotten too "fat" with the wirehouse fallout last year...they don't want anyone under $100MM and an average account size of $250K - mind you, not HOUSEHOULD, ACCOUNT SIZE).
 
 

Squash1's picture
Offline
Joined: 2008-11-19

They are an example of a firm that grew to quick and has no idea how to adapt, plus the guy who initiated the growth left(jeff ausll or something like that) and they had no idea what to do..

B24's picture
B24
Offline
Joined: 2008-07-08

I'ms sort of surpprised TradePMR only has like $2B under management.  I realize they are relatively new, and cater to smaller RIA's.  Hopefully they are not planning to get bought one of these days.

burtonfinancial1's picture
Joined: 2008-09-30

Squash1 wrote:iceco1d wrote:Burton,
 
If I were to move, I would be considering (in no particular order):-LPL My only fear with them is size and intergration. I have some friends there who are starting to have issues with getting things done(simple things) they also have a huge issue against outside business(i.e. insurance/indexed annuities)
-Raymond James A little more costly then LPL but I think worth it. Very good firm/systems/platforms(a little weak in alternatives by choice)
-Commonwealth
-Cambridge
-Harbor I would vote these guys number one(would love to move there).. Beautiful platform(TDA & RJ) freedom on insurance(CRUMP) and a fixed cost, no more guessing.. They are my goal in 2-3 years.
 
For RIA custodian, it would be a no-brainer - Trade PMR TD Ameritrade is real good too..
 
Indies I would avoid would be...
 
-Ameriprise No kidding
-Finet
-Anything under the AIG umbrella
-NEXT: Like a lot of these firms that win B/D awards, just complete crap and marketing..
 
and for RIA custodian, I would definitely avoid Fidelity (they just seem to have gotten too "fat" with the wirehouse fallout last year...they don't want anyone under $100MM and an average account size of $250K - mind you, not HOUSEHOULD, ACCOUNT SIZE).
 
  Thanks for the frank and open feedback! 

Jerry Maguire's picture
Offline
Joined: 2010-02-02

The destruction of NEXT came from the top where the priority was to grow at all costs. Someone thought that unsustainable growth was attractive when in reality, it was impossible. Thus, service suffers.
<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />To say one b/d fits all is a fallacy. There are many great b/ds out there with the sole purpose of this understanding: The advisor is the client and their job is to help facilitate and process business effectively and efficiently. Many of these great firms don't advertise because they DON'T want to grow too fast and outpace their ability to provide excellent service. They are almost like an exclusive club.
The way you answer the question "Which indy b/d is right for me?" is by performing self discovery on your practice, identifying and listing you top priorities and concerns, and then research for potential matches. Service, technology/platforms/procedures, culture/values/ideologies, marketing assistance, transition assistance, FINANCIAL STRENGTH, future b/d growth plans and expectations, etc. are just a few items to think about.
I think the best independent firms are VERY selective about who they allow to affiliate with them and they have a strategic vision about how they want to grow and aren't afraid to tell you. A few things that I would suggest asking when performing your due diligence is:
1. Document rep and management turnover for the last two years
2. Perform a FINRA background check
3. Check b/ds financials
4. Service metric - what metric or set of metrics does the b/d have in place to measure their level of service to the advisors in the field. Ask this early in the interview (it is an interview... they should be interviewing you as much as you are interviewing them for commonality and fit), if they can't answer it right away, they don't have one. Take a home office tour to get a feel for the corporate culture and look to see if the employees are happy or not, you will know.
My mama always said, "Broker/dealers are like a box of chocolates, you never know what you're gonna get... until you affiliate."

Indyone's picture
Offline
Joined: 2005-05-30

LPL is pissing me off with their stupid gestapo CIP issues.  We can't open an account anymore without the new client being questioned as if they were members of the Taliban.
 
They've been great in the past, but right now, they need to get their sh*t together.  With what we've been dealing with the past couple of weeks, I wouldn't recommend them to the shoeshine bear.

Indyone's picture
Offline
Joined: 2005-05-30

Also, if you do a significant amount of VA's, Raymond James sucks.  My book is about 20% VAs and as a result, I won't consider RayJay unless everyone else starts haircutting like RayJay.

Omar's picture
Offline
Joined: 2009-03-19

LPL and Commonwealth are the big players in my area. But, Investors Capital has been stealing brokers away from both. Their selling point is service and they just hired a bunch of new operations people to handle the demand. I sell quite a bit of VAs and I would consider them a VA friendly B/D. I get paid 90% on everything and 100% on insurance if I go direct.

Squash1's picture
Offline
Joined: 2008-11-19

Indyone wrote:Also, if you do a significant amount of VA's, Raymond James sucks.  My book is about 20% VAs and as a result, I won't consider RayJay unless everyone else starts haircutting like RayJay.

Explain??

Indyone's picture
Offline
Joined: 2005-05-30

Squash1 wrote:Indyone wrote:Also, if you do a significant amount of VA's, Raymond James sucks.  My book is about 20% VAs and as a result, I won't consider RayJay unless everyone else starts haircutting like RayJay.

Explain??

 
I do L-share annuities.  I like 'em because they have a short (4-year) surrender, which makes them client-friendly.  They also pay an up-front of 3-4% and have a 1% trail so I am paid to do all the paperwork and planning now and get paid a fee to service and reallocate them each year.  RayJay thinks the L-share pays me too much and outlawed them.  I happen to disagree.
 
Worse yet, I suspect that the push to make vendors create custom RayJay annuities was designed to camoflage a haircut system where RayJay keeps a bigger piece of the pie much like Edward Jones does.  I have no proof of this...just an uneasy suspicion.

Omar's picture
Offline
Joined: 2009-03-19

Indyone wrote:Squash1 wrote:Indyone wrote:Also, if you do a significant amount of VA's, Raymond James sucks.  My book is about 20% VAs and as a result, I won't consider RayJay unless everyone else starts haircutting like RayJay.

Explain??

 
I do L-share annuities.  I like 'em because they have a short (4-year) surrender, which makes them client-friendly.  They also pay an up-front of 3-4% and have a 1% trail so I am paid to do all the paperwork and planning now and get paid a fee to service and reallocate them each year.  RayJay thinks the L-share pays me too much and outlawed them.  I happen to disagree.
 
Worse yet, I suspect that the push to make vendors create custom RayJay annuities was designed to camoflage a haircut system where RayJay keeps a bigger piece of the pie much like Edward Jones does.  I have no proof of this...just an uneasy suspicion.
 
An Indy firm that doesn't let you sell L-shares.  I wouldn't call that Independent.

Squash1's picture
Offline
Joined: 2008-11-19

I didn't realize they did that...that sucks..
 
Does anyone know if Harbor does that? ( I know they use the RJ platform but not sure if they adhere to all the VA policies) ice?

52new's picture
Offline
Joined: 2009-12-14

Have any of you had any dealings with Centaurus?

Sportsfreakbob's picture
Offline
Joined: 2008-08-24

Indyone wrote:
I do L-share annuities.  I like 'em because they have a short (4-year) surrender, which makes them client-friendly.  They also pay an up-front of 3-4% and have a 1% trail so I am paid to do all the paperwork and planning now and get paid a fee to service and reallocate them each year.  RayJay thinks the L-share pays me too much and outlawed them.  I happen to disagree.

One thing i will say about RJ is that they are very conservative, sometimes to a fault. I agree with your take on L-Shares - i think they work for the client and the FA, if they are doing a VA. I knew about it going in, but it didnt bother me because annuities are a very small piece of my biz. I am not saying they are bad, lets not even go there (again and again) I am just saying i dont do them, not my style, except in very specific circumstances.
 
But yes, RJ is very conservative, sometimes thats good, and sometimes its a pain.
 They also have a rule that in 529 plans if the beneficiary is 12 yrs old or younger, you can't do C shares. They say they got a lot of heat from FINRA which resulted in that rule.
 
RJ compliance is not much diff from the wire i came from. I dont know or have a way of knowing, how much of that is RJ and how much is FINRA, maybe compliance is compliance whereever you go, i would be curious to hear other indies thoughts and experiences on this. But the one difference is that at RJ, when the compliance people are making life difficult, they are very nice about it. Very diff than what i was used to. It sounds stupid, but it makes a difference.

FVDA_Trade-PMR's picture
Offline
Joined: 2008-09-24

Thanks all for the nice comments on Trade-PMR!    As far as the B/D comment is concerned, I think it is all relative to what each Advisor needs (and wants).  I used to work for that firm in the middle-of-the-cornfield and before that worked for those firms in 'the big city.'  If I were looking for a B/D relationship, and this is just my own personal opinion, I'd look for a B/D that has the capabilities of a wirefirm but is independent and is not owned by a large conglomerate.  These types of firms tend to be self-clearing but not always.

mrclutch's picture
Offline
Joined: 2006-09-23

I'm going to go ahead and give a shameless plug for my firm, Capital Guardian, LLC.  We are a small, boutique, privately owned BD/RIA located just outside Charlotte, NC.  Founders started the firm in 2005 after 20 years with Raymond James.  We clear and custody with Pershing.  We do not haircut commissions on VAs or any other products.  We are a solutions based, knowledge cooperative.  Our management team is young, energetic and knows the business.  The majority of management was either an FA at one point or still is to some degree.  Our platform is better than a wirehouse b/c of our true open architecture.  Great fee-based solutions, robust lineup of alternative investments (and I don't mean private REITs & Oil/Gas LPs), direct access to fixed income traders for corporate and muni bonds (we will kill wirehouse or other retail inventory pricing) and tremendous capabilities for the international client.  We are everything that that the wirehouses, RJ & LPL are not.  We aren't for everyone and we are selective.  Currently have ~ 60 FAs, mostly on east coast.  We run two channels - regular Indy channel and a branch office channel (currently in Miami, West Palm Beach, and Charlotte - opening soon in Washington DC and probably Baltimore).  We offer equity in the branch offices to founding members and select producers.  Attracting a lot of wirehouse advisors and sophisticated Indy reps who are tired of what RJ, LPL and other large BDs have become.Based on that information, firms who I would avoid:  1. RJ  2. LPL  3. FiNet  4.  Insurance Based BDsOther firms we have respect for:  1. Commonwealth  2.  Stifel  3.  Geneos

Squash1's picture
Offline
Joined: 2008-11-19

No offense buddy but maybe the founders had a combined 20 years with RJ.. but actual years was 7 for your president and founder who also has a complaint and settlement on his account for get this...
BREACH OF FIDUCIARY
BREACH OF CONTRACT
VIOLATION OF THE SECURITIES EXCHANGE ACT
VIOLATION OF THE NORTH CAROLINA SECURITIES ACT ... and my personal favorite..
VIOLATION OF THE NORTH CAROLINA'S RICO ACT(WTF... RICO.. really?)
 
No one takes you reco's seriously anymore...NEXT TIME BUY AN AD....it's less embarassing...PIKER>>>

mrclutch's picture
Offline
Joined: 2006-09-23

Squash, I appreciate you doing your research. Yes, one of the founders has a mark on his U4. It was an unfortunate situation, but in no way characterizes the type of firm that we are. I don't think there is anything wrong with putting a few sentences about our firm on this forum. At the end of the day, each rep needs to do their own research and decide what's best for them. I guess my message to the creator of this thread is that there are a good BDs out there that a lot of people have probably never heard of. You will get a larger product offering, better service and lower fees. I apologize if I offended anyone with my post.

Moraen's picture
Offline
Joined: 2009-01-22

How the hell are they still in business after that?  Why don't they bar you from the Securities industry?

DD's picture
DD
Offline
Joined: 2009-11-21

Squash1 wrote:No offense buddy but maybe the founders had a combined 20 years with RJ.. but actual years was 7 for your president and founder who also has a complaint and settlement on his account for get this...
BREACH OF FIDUCIARY
BREACH OF CONTRACT
VIOLATION OF THE SECURITIES EXCHANGE ACT
VIOLATION OF THE NORTH CAROLINA SECURITIES ACT ... and my personal favorite..
VIOLATION OF THE NORTH CAROLINA'S RICO ACT(WTF... RICO.. really?)
 
No one takes you reco's seriously anymore...NEXT TIME BUY AN AD....it's less embarassing...PIKER>>>You're such a tool bagProbably 250k producer acting like a big shotWhen you make enough to hire an assistant let us know

Magician's picture
Offline
Joined: 2008-05-19

DD wrote:
Squash1 wrote:No offense buddy but maybe the founders had a combined 20 years with RJ.. but actual years was 7 for your president and founder who also has a complaint and settlement on his account for get this...
BREACH OF FIDUCIARY
BREACH OF CONTRACT
VIOLATION OF THE SECURITIES EXCHANGE ACT
VIOLATION OF THE NORTH CAROLINA SECURITIES ACT ... and my personal favorite..
VIOLATION OF THE NORTH CAROLINA'S RICO ACT(WTF... RICO.. really?)
 
No one takes you reco's seriously anymore...NEXT TIME BUY AN AD....it's less embarassing...PIKER>>>You're such a tool bagProbably 250k producer acting like a big shotWhen you make enough to hire an assistant let us knowHe's a tool bag for pointing out that advisors and presidents of B/D's with those kinds of violations shouldn't be trusted an might not be a good place to work?Besides 250k is probably more than you've done the last three years combined.When the wirehouse lets you start sharing an assistant, let us know.

DD's picture
DD
Offline
Joined: 2009-11-21

Magician wrote:
DD wrote:
Squash1 wrote:No offense buddy but maybe the founders had a combined 20 years with RJ.. but actual years was 7 for your president and founder who also has a complaint and settlement on his account for get this...
BREACH OF FIDUCIARY
BREACH OF CONTRACT
VIOLATION OF THE SECURITIES EXCHANGE ACT
VIOLATION OF THE NORTH CAROLINA SECURITIES ACT ... and my personal favorite..
VIOLATION OF THE NORTH CAROLINA'S RICO ACT(WTF... RICO.. really?)
 
No one takes you reco's seriously anymore...NEXT TIME BUY AN AD....it's less embarassing...PIKER>>>You're such a tool bagProbably 250k producer acting like a big shotWhen you make enough to hire an assistant let us knowHe's a tool bag for pointing out that advisors and presidents of B/D's with those kinds of violations shouldn't be trusted an might not be a good place to work?Besides 250k is probably more than you've done the last three years combined.When the wirehouse lets you start sharing an assistant, let us know.He's a tool bag for making a statementNot asking the question"MrClutch, care to comment on this.  Why should we work with you"No coming off as discovering something we'd all not find on due dil. DD :)A small producer know it allTOOL BAG

Magician's picture
Offline
Joined: 2008-05-19

Why does he need to ask a question?  The statement says it all.  If mrclutch wants to defend, he can.I'd take a small producer any day over a crook.

Squash1's picture
Offline
Joined: 2008-11-19

DD wrote: Squash1 wrote:No offense buddy but maybe the founders had a combined 20 years with RJ.. but actual years was 7 for your president and founder who also has a complaint and settlement on his account for get this...
BREACH OF FIDUCIARY
BREACH OF CONTRACT
VIOLATION OF THE SECURITIES EXCHANGE ACT
VIOLATION OF THE NORTH CAROLINA SECURITIES ACT ... and my personal favorite..
VIOLATION OF THE NORTH CAROLINA'S RICO ACT(WTF... RICO.. really?)
 
No one takes you reco's seriously anymore...NEXT TIME BUY AN AD....it's less embarassing...PIKER>>>You're such a tool bagProbably 250k producer acting like a big shotWhen you make enough to hire an assistant let us know

Actually did $300+ last year... I know small time compared to you wirehouse guys.... But oh well...

mrclutch's picture
Offline
Joined: 2006-09-23

Sorry for taken so long to respond, but I've been in two meetings out of the office this morning.  I want to remain as professional as possible, but Squash, you probably should have done your homework a little better before you decided to start bad mouthing people.  Copied below is the case summary from the NASD Dispute Resolution.  This was nothing more than a client wanting a "take back" on some tech stocks that he bought back during the internet and tech boom.  I'm sure there are plenty of advisors who have similar complaints.  I can't explain the RICO thing, maybe the client's attorney was really trying to make a name for himself.  I'm not going to call Squash a tool, but I am a little disappointed that he would post such harsh comments without knowing the details, especially when the details were only a couple clicks away after you were already in his FINRA report.
 
Our firm is held in very high regards with our clearing firm and there has been plenty of other due diligence done on us by some very important people in this country.  If you need more details, feel free to PM me and we can have a phone conversation.
 

Case Summary
Claimant asserted the following causes of action, among others: breach of fiduciary duty, breach
of contract, violation of the Securities Exchange Act of 1934, violation of the North Carolina
Securities Act, violation of North Carolina's RICO Act, and negligence. The causes of action
relate to various stocks including: Intel, Sun Microsystems, Cisco, Dell and JDS Uniphase.

suspended's picture
Offline
Joined: 2010-02-05

How is Bernie posting from prision?

LockEDJ's picture
Offline
Joined: 2009-07-06

From the way I read it, it might have been FVDA. He wasn't stridently against anyone, offered a professional insight, suggested his firm was good. Moreover, mrclutch makes cogent contributions on matters that don't directly reflect on his firm on these forums. Of course, that's because in addition to being a recruiter he's actually an active financial advisor.
 
Insofar as the commentary regarding Capital Guardian's President and founder ... I think it's worthwhile to take a moment, read the complaint, and realize the environment. Then, while you're at it, consider if anyone else - anyone else - at the firm has even a single mark against them. As a firm, they are clean and individually they are clean.
 
Wondering if any other broker dealer could say the same. Funny thing ... I don't recall Squash saying what firm he was with ...

hotair1's picture
Offline
Joined: 2009-03-12

No, Squash just likes to run to broker check and run reports on people for hours.  Piker.
 
Post yours big boy.

chief123's picture
Offline
Joined: 2008-10-28

Ok.. Squash is kind of creepy, but that guy seemed to be full of sh*t too..I love how we still measure our penis by production and number of assistants....Really?? So all of a sudden producing $250K taking home $225 before taxes and expenses is a bad thing? maybe i should pay somebody another $40K to answer a phone and greet people(retards do that at walmart... )
 
Isn't the reason most of us when independent so we don't have to deal with stupid notions of how much to produce this year to justify my job...
 
Anybody who does over $250k can do $750k if they are willing to put in the time... But I thought the goal of indy was life/work balance...?????

LockEDJ's picture
Offline
Joined: 2009-07-06

I got no problem with production numbers, and whether or not to have an admin (there was a long, long thread where I took considerable heat about that). For that matter, I've published enough of my numbers, my LOS and the firm for whom I work. There's really little mystery about me. 
 

I have a problem with people hiding behind usernames, taking shots at respectable people and firms with no particularly good reason.

chief123's picture
Offline
Joined: 2008-10-28

LockEDJ wrote:I got no problem with production numbers, and whether or not to have an admin (there was a long, long thread where I took considerable heat about that). For that matter, I've published enough of my numbers, my LOS and the firm for whom I work. There's really little mystery about me. 
 

I have a problem with people hiding behind usernames, taking shots at respectable people and firms with no particularly good reason.
What side were you on?(just curious)...
 
I agree hiding behind the name is cowardly, but both of them are doing it...
 
There is obviously a difference of opinion on what is "respectable".....

LockEDJ's picture
Offline
Joined: 2009-07-06

I'm definitely in the life/work balance, chief, just like you.
You're right about production and admins ... we tell our clients it's not what you make but what you keep, right? If I can keep my gross at 16-20K a month in the indy world, I'd make as much as the very best producers in my area at Jones. That's just sick.
*****
Good:
Cambridge - really excellent technology, tools to develop FAs
Cantella - access to more free research than any other firm (RJ, Credite Suisse, JPM for free), good payout, limited additional bills.
Capital Guardian - real feeling like you're directly working with great people; incredibly flexible in tangible ways; lower costs & higher payouts; developed channels other firms don't even talk about, seemed strong in alternative investments.
KSI - insurance, online website (for me), loved the proximity of their office (hence, annual conference) to my mom's home in Dade County.
 
Bad:
LPL and RJ made it clear to me they were more interested in larger producers today. Which is cool, that's where they want to go. (see above).
 

CALI123's picture
Offline
Joined: 2009-01-30

chief123 wrote:(retards do that at walmart... )
 Um it's pronounced re-tard (think Hangover)

chief123's picture
Offline
Joined: 2008-10-28

CALI123 wrote: chief123 wrote:(retards do that at walmart... )
 Um it's pronounced re-tard (think Hangover)

"It's not illegal. It's frowned upon, like masturbating on an airplane"

chief123's picture
Offline
Joined: 2008-10-28

"Uh, if we're sharing beds, I'm bunking with Phil. You cool with that?"

CALI123's picture
Offline
Joined: 2009-01-30

Hey, this is Phil. Leave me a message, or don't, but do me a favor: don't text me, it's gay

Indyone's picture
Offline
Joined: 2005-05-30

chief123 wrote:Isn't the reason most of us when independent so we don't have to deal with stupid notions of how much to produce this year to justify my job...
 
Anybody who does over $250k can do $750k if they are willing to put in the time... But I thought the goal of indy was life/work balance...?????
 
Exactly...and well said.

hotair1's picture
Offline
Joined: 2009-03-12

Indyone wrote:chief123 wrote:Isn't the reason most of us when independent so we don't have to deal with stupid notions of how much to produce this year to justify my job...
 
Anybody who does over $250k can do $750k if they are willing to put in the time... But I thought the goal of indy was life/work balance...?????
 
Exactly...and well said.Interesting insight... in that case why ever leave Jones?  Paid assistant.  Nice advisory program.  Trips.  Office paid for.  Good name on the street.  LP. Profit Sharing.  Seems like a good "work/life" balance to me.

Indyone's picture
Offline
Joined: 2005-05-30

hotair1 wrote: Indyone wrote:chief123 wrote:Isn't the reason most of us when independent so we don't have to deal with stupid notions of how much to produce this year to justify my job...
 
Anybody who does over $250k can do $750k if they are willing to put in the time... But I thought the goal of indy was life/work balance...?????
 
Exactly...and well said.Interesting insight... in that case why ever leave Jones?  Paid assistant.  Nice advisory program.  Trips.  Office paid for.  Good name on the street.  LP. Profit Sharing.  Seems like a good "work/life" balance to me.
 
For some, it is.  I personally never worked there, but without question, I get a much higher payout for my effort, I have a much wider array of products, and when I retire, I have something to sell or pass down to my kid.  Those are a few differences I can think of that mean something to me.

LockEDJ's picture
Offline
Joined: 2009-07-06

hotair1 wrote: Interesting insight... in that case why ever leave Jones?  Paid assistant.  Nice advisory program.  Trips.  Office paid for.  Good name on the street.  LP. Profit Sharing.  Seems like a good "work/life" balance to me.

To move from $80K to $120K is pretty damn difficult at Jones. If you're working at Jones later in your third year, you pretty much are pushing up 80K net.

At that same time, you're grossing $200K ... and all you're approaching $150K. You can even give an admin $30K for parttime work and still make more than all your buddies back at Gang Green.

chief123's picture
Offline
Joined: 2008-10-28

hotair1 wrote: Indyone wrote:chief123 wrote:Isn't the reason most of us when independent so we don't have to deal with stupid notions of how much to produce this year to justify my job...
 
Anybody who does over $250k can do $750k if they are willing to put in the time... But I thought the goal of indy was life/work balance...?????
 
Exactly...and well said.Interesting insight... in that case why ever leave Jones?  Paid assistant.  Nice advisory program.  Trips.  Office paid for.  Good name on the street.  LP. Profit Sharing.  Seems like a good "work/life" balance to me.

You are kidding right??
Terrible investment platform, trips and LP are part of the carrots.. Name on the street is good with people with $25-$175K in metro areas(if you live in the sticks it is the go to place because you are comparing it to "towny" banks)..
Why leave jones?Umm???? 33% payout on C shares. No VA choices but A shares, no platform to actually manage money(the term financial advisor doesn't even fit at jones, salesman is better). No options, secretary is not needed for the first 4 years, so you are paying for nothing...Regional meetings(waste of time) segment meetings(waste of time)..
 
 
Sorry...
 
 

chief123's picture
Offline
Joined: 2008-10-28

Indyone wrote:hotair1 wrote: Indyone wrote:chief123 wrote:Isn't the reason most of us when independent so we don't have to deal with stupid notions of how much to produce this year to justify my job...
 
Anybody who does over $250k can do $750k if they are willing to put in the time... But I thought the goal of indy was life/work balance...?????
 
Exactly...and well said.Interesting insight... in that case why ever leave Jones?  Paid assistant.  Nice advisory program.  Trips.  Office paid for.  Good name on the street.  LP. Profit Sharing.  Seems like a good "work/life" balance to me.
 
For some, it is.  I personally never worked there, but without question, I get a much higher payout for my effort, I have a much wider array of products, and when I retire, I have something to sell or pass down to my kid.  Those are a few differences I can think of that mean something to me.
Exactly.. It feels better when you build something that is yours to keep as opposed to giving back to the "master" when you are done...
 
Also i get to determine expense, no need for retail(read next to subway) location and paying out the ear for it. No need for whatever technology jones is using and paying so much for. I think my internet,phones,fax, research subscriptions, crm are stil 50% of what jones charged me..(and double the payout helps) those trips suck by the way(nice locations) but just an EDJ beat off session...

Ron 14's picture
Offline
Joined: 2008-07-10

hotair1 wrote: Indyone wrote:chief123 wrote:Isn't the reason most of us when independent so we don't have to deal with stupid notions of how much to produce this year to justify my job...
 
Anybody who does over $250k can do $750k if they are willing to put in the time... But I thought the goal of indy was life/work balance...?????
 
Exactly...and well said.Interesting insight... in that case why ever leave Jones?  Paid assistant.  Nice advisory program.  Trips.  Office paid for.  Good name on the street.  LP. Profit Sharing.  Seems like a good "work/life" balance to me.
 
Single most ridiculous post ever. What a dumbass.
 

Moraen's picture
Offline
Joined: 2009-01-22

hotair1 wrote: Interesting insight... in that case why ever leave Jones?  Paid assistant.  Nice advisory program.  Trips.  Office paid for.  Good name on the street.  LP. Profit Sharing.  Seems like a good "work/life" balance to me.
 Why not be a slave?  Master feeds you.Master clothes you.Master gives you a good white name.Master has a good program that let's you pick the cotton you want (read:  the cotton on his plantation).Master has other slaves to bale the cotton that you picked (read:  assistant).As for the trips, I guess Jones does have an advantage unless you count the trips with Master to the market.Great work/life balance.For all the Jones people who will talk about the unfair characterization - you are right.  This was extreme.  But, I always felt I didn't have the flexibility I needed to be effective.

Please or Register to post comments.

Industry Newsletters
Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×