fastest way to take tests and go indy!

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brothaK's picture
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just wondering what is the best and fastest route to take my tests to go independent.

no idea's picture
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Change your name to Special K and the world will be yours...

Maxstud's picture
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Joined: 2005-12-29

You really have no idea about this business do you?

brothaK's picture
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maybe i do maybe i dont
but I would rather stick to the question I have currently and then go offtopic with any other questions

Maxstud's picture
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brothaK wrote:
maybe i do maybe i dont
but I would rather stick to the question I have currently and then go offtopic with any other questions

Funny.

brothaK's picture
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i have seen a couple of people go to ameriprise get their liscenses and just quit after they receive their liscenses.  I am thinking about doing that, but I am wondering if there are any other suggestions.
I am highly considering going independent as soon possible

NASD Newbie's picture
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brothaK wrote:
i have seen a couple of people go to ameriprise get their liscenses and just quit after they receive their liscenses.  I am thinking about doing that, but I am wondering if there are any other suggestions.
I am highly considering going independent as soon possible

What a great idea!  You have no clients and you want to start your own financial advisory firm--no need to spend time learning how to present investment ideas.
What the hell, master two statements:


  • Mrs Jones you need a variable annuity

  • Mrs Jones, the stock market always goes up--have you never heard of inflation and how good it is for stock prices

That should be all you need.

munytalks's picture
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NASD Newbie wrote:brothaK wrote:
i have seen a couple of people go to ameriprise get their liscenses and just quit after they receive their liscenses.  I am thinking about doing that, but I am wondering if there are any other suggestions.
I am highly considering going independent as soon possible

What a great idea!  You have no clients and you want to start your own financial advisory firm--no need to spend time learning how to present investment ideas.
What the hell, master two statements:


  • Mrs Jones you need a variable annuity
  • Mrs Jones, the stock market always goes up--have you never heard of inflation and how good it is for stock prices

That should be all you need.

 
NASD-
Your forgot this one:
Suck it up Mrs. Widow and stop that crying. Here, let's put all your money into some 30 year bonds...... now get the hell outta my office.

no idea's picture
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How about this for a positioning statement; "Mrs. Jones I want to take your money and my experience....and make it your experience and my money".

iar_newb's picture
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I worked at UBS for a year or so, and linked up with a fee-only advisor in my area.  Now I'm studying for my Series 65, and will register as an Investment Advisor Representative (hence the forum handle).  Once I have enough experience, and once other established RIAs agree with me on that, I will start my own RIA.  Granted they may tell me I'll never be ready so that I'll stay with their firm forever 

iar_newb's picture
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...so your best bet is becoming an IAR for some fee-only firms to learn the ropes.  What's nice is that you can become an agent for multiple firms, thereby broadening your experience.

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no idea wrote:How about this for a positioning statement; "Mrs. Jones I want to take your money and my experience....and make it your experience and my money".
I like it.
I wonder how many of these annuity fans explain to their clients that the "guaranteed income" requires that they annuitize the contract.
If Mrs. Jones wants to leave her estate to her children how much of it passes to them if she's annuitized the contract?

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Since the money in a Variable Annuity is locked up for, say, nine or ten years why not just invest in ten year Treasury bonds?
I understand that Treasury bonds don't spin off anywhere near as much in fees--I was asking as if I were a customer.

brothaK's picture
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Joined: 2006-04-18

lol... ok guys tell me what do you suggest.
I feel I am confident enough to do anything and felt this would be the best option.
Instead of wasting my time and efforts in a wirehouse and making only 30% of my transactions and then at the end transfer under 70% (if I am lucky) to go independent.
I am very motivated, even enough to teach myself or train myself through books, tapes, whatever there is.
Even though I do appreciate the negative comments because it does keep me thinking, I am still not convinced.
However, what would be great is to post at least something to my initial question. I know ameriprise is a POS company and that is why I am choosing them to get my liscenses from and then simply walk away from them, without them trying to get at me for fees for the liscenses and training etc..
I believe this career is accomplished mainly through: time, money, hard work and a good personality.
So why waste that on some wirehouse while they will try as hard as possible to retain my clients, while also in the begininning I will be running around like a dog trying to get clients and not relationships.

FreedomLvr's picture
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NASD Newbie wrote:
no idea wrote:How about this for a positioning statement; "Mrs. Jones I want to take your money and my experience....and make it your experience and my money".
I like it.
I wonder how many of these annuity fans explain to their clients that the "guaranteed income" requires that they annuitize the contract.
If Mrs. Jones wants to leave her estate to her children how much of it passes to them if she's annuitized the contract?

Some of the "guaranteed income" riders on VA's created in the last few years don't require an annuitization; they'll pay a flat % of the current account value for an additional fee.
If she annuitizes it for Life Only they'll get nothing.
If it's life with cash refund they'll get the full account value minus her payments in a lump sum (installment refund will continue to make her payments to the bene's until the full amount is repaid).
If she annuitizes it for a period certain it will pay for the duration of that period regardless of lifespan.

NASD Newbie's picture
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That's the stupidest string of thoughts I have ever read.
In the second to final sentence the idea of intelligence never comes up--time, money, hard work and a good personality.  Obviously the ability to think is irrelevant.
Tell us, child, are you going to start your own broker/dealer or will you be asking another one to act in that role for you?
Put yourself in that B/D's shoes.  Would you want to represent a kid who has no clients and has never had one?

brothaK's picture
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Joined: 2006-04-18

sure intelligence can help but I have seen many top producers that do not even have a slight bit of intelligence so thats why i knocked it off my list.
Your telling me that there is not ONE B/D that would represent someone with no clients? I think your wrong.
I understand that the B/D that I will choose when I go independent may not be up in par with LPL or RJFS, but that doesnt mean I would be staying with that particular B/D for the long run.

dude's picture
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brothaK wrote:
lol... ok guys tell me what do you suggest.
I feel I am confident enough to do anything and felt this would be the best option.
Instead of wasting my time and efforts in a wirehouse and making only 30% of my transactions and then at the end transfer under 70% (if I am lucky) to go independent.
I am very motivated, even enough to teach myself or train myself through books, tapes, whatever there is.
Even though I do appreciate the negative comments because it does keep me thinking, I am still not convinced.
However, what would be great is to post at least something to my initial question. I know ameriprise is a POS company and that is why I am choosing them to get my liscenses from and then simply walk away from them, without them trying to get at me for fees for the liscenses and training etc..
I believe this career is accomplished mainly through: time, money, hard work and a good personality.
So why waste that on some wirehouse while they will try as hard as possible to retain my clients, while also in the begininning I will be running around like a dog trying to get clients and not relationships.

brothak:
I'm normally one of the more forgiving guys on this board, but you are way too nieve about this business to be coming to the above conclusions.  You should be thankful to get an offer from any reputable wirehouse....assuming your lucky enough to get one.  Ameriprise is not a POS company (although I wouldn't choose work there) even though it is nowhere close to a wirehouse. 
It's hard enough to make it at a wirehouse, utter insanity to try and go indy without experience.  At least you would have a recognized name brand to back you up as an unknown rookie, which is far more palatable to people with money than NO experience and NO brand recognition.  You need waaaay more than licenses to do this business.  A wirehouse provides training in areas you would have a hard time duplicating on your own, especially when it comes to working shoulder to shoulder with veterans.
As far as only 70% of your clients going with you that can end up being a GREAT thing.  Trust me, if you make it you won't want 100% of your clients.  Paring down a book of business is one of the best things an established producer can do, really.  You should only want the clients that would follow you to another firm or indy (within reason of course) anyway.
Go to a wirehouse and quit acting like you deserve more than 30% until you earn it.

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FreedomLvr wrote:
Some of the "guaranteed income" riders on VA's created in the last few years don't require an annuitization; they'll pay a flat % of the current account value for an additional fee.
If she annuitizes it for Life Only they'll get nothing.
If it's life with cash refund they'll get the full account value minus her payments in a lump sum (installment refund will continue to make her payments to the bene's until the full amount is repaid).
If she annuitizes it for a period certain it will pay for the duration of that period regardless of lifespan.

They will guarantee that Mrs. Jones can withdraw a certain amount from her own money if she pays them an additional fee?  What a deal.
Suppose Mrs. Jones has $1 million in CDs that are going to mature in the next six months.  She is age sixty, widowed, wants to leave the $1 million to her three kids who have no visible need for their inheritance before 2026.
How is this family better served with a Variable Annuity than by simply moving into the 2026 Treasury bond market at the CDs come due?

Indyone's picture
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Brotha,
You seem very sincere, so my advice is equally sincere.  You probably need AT LEAST five years working for someone else before you even consider going independent.  There's a lot to learn about this business, and there's no way you should try to learn the basics as an independent.  Most independents wouldn't take you as a rookie.  They want proven production and a fair amount of it before they'll consider you.  Suck it up and get used to the idea that you'll have to work for someone, at least for awhile.
Some businesses may allow for being self-taught...this really isn't one of them.

brothaK's picture
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dude that was probably the best post on this thread. Thanks man.
Could I ask what platform do you work in? wire, bank, indy etc..

Indyone's picture
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NASD Newbie wrote:They will guarantee that Mrs. Jones can withdraw a certain amount from her own money if she pays them an additional fee?  What a deal.
Suppose Mrs. Jones has $1 million in CDs that are going to mature in the next six months.  She is age sixty, widowed, wants to leave the $1 million to her three kids who have no visible need for their inheritance before 2026.
How is this family better served with a Variable Annuity than by simply moving into the 2026 Treasury bond market at the CDs come due?
I'm going to go out on a limb here and suggest that the VA will probaby be worth quite a bit more than the treasury at the end of 20 years, even considering a 5% withdrawal rate from the VA.

brothaK's picture
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indy thank you for the reply, I will take your advice just for the sole reason of your sincerity.
so now lets change the topic of the thread.
Where would be the best place to work initially while in the back of your mind you know you are going independent as soon as possible.

no idea's picture
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If being a solo act is what you really want, I echo dudes' thoughts. Go to a wirehouse and learn as much as you can. You need to look at it like going to school. You have to pay to go to college and you're going to have to pay to learn this business. Nobody rides for free.

Indyone's picture
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brothaK wrote:
indy thank you for the reply, I will take your advice just for the sole reason of your sincerity.
so now lets change the topic of the thread.
Where would be the best place to work initially while in the back of your mind you know you are going independent as soon as possible.
This may surprise you, but given what you've told us, I'd look at Edward Jones or Raymond James.

dude's picture
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brothaK wrote:
dude that was probably the best post on this thread. Thanks man.
Could I ask what platform do you work in? wire, bank, indy etc..

I have worked in wirehouse and bank channels and honestly, this is hard to say.......I may be on my way out after 4 years in the biz, despite having all the attributes you mentioned *plus* GOOD LOOKS to boot:

DO NOT underestimate the challenge of this work, and it is only getting harder.  Even for us smart, buff and *ahem* humble guys.

brothaK's picture
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lol... tooo sexy
indyone: why do you suggest working for edjones or rjfs?

Indyone's picture
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That guy was on TLC last night.  His arm literally blew up and doctors had to cut part of the muscle out to get rid of an infection...fascinating...and gruesome.

dude's picture
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You were watching me on TV last night?

Indyone's picture
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brothaK wrote:lol... tooo sexy
indyone: why do you suggest working for edjones or rjfs?
Jones will teach you to prospect, and does not have a non-compete...only training cost reimbursement if you leave too quickly.  From what I understand, there's no reimbursement if you leave at say five years.  Also, you get your own office, so it has an "indy" feel, even though you are a W-2 employee.
RJ because they will allow you to eventually go indy inside the firm...don't even have to leave.

dude's picture
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Lest you take me seriously. 

Indyone's picture
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dude wrote:You were watching me on TV last night?
Only if you're admitting massive steroid use!  I can't recall his name, but I'm pretty sure it wasn't Dude"...

dude's picture
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Brothak:
I somewhat disagree with indyone on the Ed Jones idea.  If you can't get into a wirehouse then fine, but if you can get in to a wirehouse you will be light years ahead in education and hopefully have some successful 'vets' to model yourself after....in addition to being current in the world of investments (Ed Jones is disgustingly archaic compared to the wirehouses).

Indyone's picture
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dude wrote:Brothak:
I somewhat disagree with indyone on the Ed Jones idea.  If you can't get into a wirehouse then fine, but if you can get in to a wirehouse you will be light years ahead in education and hopefully have some successful 'vets' to model yourself after....in addition to being current in the world of investments (Ed Jones is disgustingly archaic compared to the wirehouses).
True...I was just thinking of firms that were relatively easy to escape from, and I was under the impression that most wirehouses have non-expiring non-compete agreements.

dude's picture
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Indyone wrote:dude wrote:Brothak:
I somewhat disagree with indyone on the Ed Jones idea.  If you can't get into a wirehouse then fine, but if you can get in to a wirehouse you will be light years ahead in education and hopefully have some successful 'vets' to model yourself after....in addition to being current in the world of investments (Ed Jones is disgustingly archaic compared to the wirehouses).
True...I was just thinking of firms that were relatively easy to escape from, and I was under the impression that most wirehouses have non-expiring non-compete agreements.

You must be aware that is is hard for firms to enforce the non-compete's right?  Lest there would not be the brokerage recruiting industry or such a focus on managers being recruiters.  Admittedly this is among the big firms.  I have no clue about jumping from wire to indy though.

dude's picture
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Indyone wrote:
dude wrote:You were watching me on TV last night?
Only if you're admitting massive steroid use!  I can't recall his name, but I'm pretty sure it wasn't Dude"...

 
Well I'm sure your name ain't 'indyone' now is it? 

Indyone's picture
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No, but I have toyed with legally changing it...

brothaK's picture
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so raymond james over wirehouse?

NASD Newbie's picture
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Come on kid--don't choose what to do with your life from a message board.
Please tell me you're brighter than that.

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Also, do you suppose that all you have to do is walk into a Ray Jay office and the manager is going to wet his pants in anticipation of hiring you?
Have you given any consideration to the relative difficulty of attracting clients in a protracted bear market?  It is possible that the market could go down for ten or more years--it's long overdue for something like that.
Go ask an older person what Wall Street types mean when they say, "No tree grows forever."
Also, while you're at it ask what they mean when they say, "If the ducks quack you gotta feed them."   Then post if for me see and send it to me by PM too in case I miss it.

dude's picture
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brothaK wrote:so raymond james over wirehouse?
I don't know Raymond James' program, but I reiterate that name brand recognition is an asset, at least while you are an unknown rookie.  I'd bet that very few people would recognize the Raymond James name.  I'm sure they are a fantastic company but not so sure that their payouts are going to be much higher (as an 'employed' broker, not an indy) than a wirehouse, plus I'd bet that wirehouses will give you a better overall package (assuming your worth it).
I would focus your attention on the companies that can increase your odds of surviving.  Although I am not one of these zealots that believe wholeheartedly that the wirehouses' brand recognition is the holy grail, I do believe it can really help an unknown, ungroomed rookie attract clients.

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dude wrote:brothaK wrote:
dude that was probably the best post on this thread. Thanks man.
Could I ask what platform do you work in? wire, bank, indy etc..

I have worked in wirehouse and bank channels and honestly, this is hard to say.......I may be on my way out after 4 years in the biz, despite having all the attributes you mentioned *plus* GOOD LOOKS to boot:

DO NOT underestimate the challenge of this work, and it is only getting harder.  Even for us smart, buff and *ahem* humble guys.

 
HEY- I KNOW THAT GUY- He's the one who blew up his arms! Took Steriods for YEARS... pumped his arms so large they got infected and blew up.....Now he crusades against steriod use.

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Indyone wrote:That guy was on TLC last night.  His arm literally blew up and doctors had to cut part of the muscle out to get rid of an infection...fascinating...and gruesome.
Just saw this- you watched that too? He used dirty needles shooting up the steroids... it was right after Sports Disasters... Guess he made his point... did you notice the tie in with Schwartzenegger? Are they implying... maybe he did a little something. Could explain why my state is so screwed up right now.

dude's picture
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OK, OK, Ok........I admit it.
It's not me.
(thank God)

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