INDY with support and no salary
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Would you rather have this or a salary/draft with any one else?
Curious since so many people here love the INDY freedom.
With this being stated the obvious is this individual would have to support themselves for a bit.
If you’re getting a salary then you work for someone else, AF. Many people would rather own their own business. That’s really the biggest difference between Indy and Other. For small business owners the important thing is that they control their own destiny, as opposed to being at the mercy of a manager or a board.
Unless you have been in the business for some time AND have a book of business that you feel will follow you as an independent, I would suggest you start out with an established firm, even if you are on commission only. This job is hard enough without the advantage of a "name brand" firm to open the doors for you as a newbie.
Also, unless you have a large cash cushion or spouse with a damn good job, you are better off learning the ropes at a firm that will support you with a draw for the first year or a guarantee of some sort of base salary.
THEN, you can go indy.....and I love it. If I had tried to do the indy route first, I'm sure I would have failed and given up. After all, we do have to eat and pay the mortgage :D
I would toss in having a minimum of five years experience, $50 million AUM, and $300K annual production, with LOYAL clients. Don’t overlook the obstacle that a well-crafted non-compete agreement can be. Some can make it happen with less, but those are close to my actual metrics when I went independent, and I would consider mine a successful move…far from the most successful, but successful nonetheless.
[quote=Indyone]I would toss in having a minimum of five years experience, $50 million AUM, and $300K annual production, with LOYAL clients. Don't overlook the obstacle that a well-crafted non-compete agreement can be. Some can make it happen with less, but those are close to my actual metrics when I went independent, and I would consider mine a successful move...far from the most successful, but successful nonetheless.[/quote]
$300,000 in annual production? The last time you were tossing numbers around you indicated that with luck you'd hit $200,000 in your 17th year in the business. Right?
[quote=babbling looney]
THEN, you can go indy.....and I love it.
[/quote]
Have you ever experience the camaraderie of working in an environment where there are a dozen or more similarly driven entrepreneurs who are there exchanging ideas and encouragement? Have you ever brought a client into a meeting room with wonderful furnishings overlooking a spectacular view from high in a sky scraper? Have you ever experienced the comfort level of knowing that an expert in just about anything you can imagine is just down the hall--and certainly no farther away than a phone call. Have you ever experienced the prestige of representing a household name? The joy of being in "Indy" is similar to having a hamburger stand while assuring yourself that there is no difference between your place and the McDonalds down the street.[quote=Devil’sAdvocate][quote=babbling looney]
THEN, you can go indy.....and I love it.
[/quote]
Have you ever experience the camaraderie of working in an environment where there are a dozen or more similarly driven entrepreneurs who are there exchanging ideas and encouragement? Yes. There is good and bad to be said about being in a group think tank type of environment. First of all I hate groups, always have, and most often the camaraderie is just superficial with most of the group being more than willing to throw you under the bus if it were to their advantage. I do miss the lack of being able to exchange ideas and sales experiences, but then again, I can read publications, research the net, attend web based learning events and sponsored presentations, and I do know how to use the telephone to conference call at least once a month with several of my independent colleagues to share ideas. Have you ever brought a client into a meeting room with wonderful furnishings overlooking a spectacular view from high in a sky scraper? Well, gee... I would have to travel over a thousand miles to get to a place where there was a skyscraper and my clients would rather get herpes or poke their eyes out than go to New York City or any other such place. I grew up in and used to live in such a place so I do have a basis of comparison. I think the view from my office is pretty spectacular. From my office window I can see pine clad snow capped mountains, fluffy white clouds in a crystal blue sky that has a visibility factor of at least 75 miles, a meandering stream down the slope lined with oaks, populated by Canadian Geese and Wood Ducks, and the soaring Bald Eagles are pretty scenic too. How are those bums in Times Square, garbage in the streets and the honking taxi cabs contributing to your ambiance? Have you ever experienced the comfort level of knowing that an expert in just about anything you can imagine is just down the hall--and certainly no farther away than a phone call. Sure. I have that comfort every day. I even have a real modern touch tone phone, not dial up. Wow. It is amazing that I can talk just the same to someone who is not next door as to someone in New York. What'll they think of next? Live computer meetings and video cams so we can all see each other while we are conferencing Nah. Have you ever experienced the prestige of representing a household name? Yes, I do that now in addition to having a DBA, I also have my broker/dealer name prominently displayed in my advertising and in the office signage. The joy of being in "Indy" is similar to having a hamburger stand while assuring yourself that there is no difference between your place and the McDonalds down the street. There is a difference. There is no "McDonald's" down the street or within 40 miles to be exact, and if there were, I don't serve hamburgers that are frozen pre-made pieces of crap (although I do enjoy an egg McMuffin once in a while when traveling .) My menu is catered to each customer's individual tastes using a blend of carefully chosen ingredients. Because you have always been a drone, a cog in a machine you can't understand that other people have different points of view and different needs. This is the difference between you and me. I accept that you have the ability to enjoy your lifestyle and your manner of working even though you couldn't pay me enough to do the same, while you denigrate and belittle anyone who doesn't meet your lofty exalted standards. Are you a Democrat? You must be. [/quote]Haaaaa… I wonder if Independents would rather make 100k as INDY or 150k under a firm.
There is something about running your own business that those who have not experienced would not understand.
For sure I would rather not go to a tower or some big a$$ building for my consultation. Something about the $30 a day parking and 20 floors pisses me off.
I thought my clients were more interested in the financial solutions then a household name.
[quote=AirForce]Haaaaa… I wonder if Independents would rather make 100k as INDY or 150k under a firm.
There is something about running your own business that those who have not experienced would not understand.
For sure I would rather not go to a tower or some big a$$ building for my consultation. Something about the $30 a day parking and 20 floors pisses me off.
I thought my clients were more interested in the financial solutions then a household name.[/quote]
I would take the 100k as indy alllllll day…
[quote=Devil’sAdvocate]
[quote=Indyone]I would toss in having a minimum of five years experience, $50 million AUM, and $300K annual production, with LOYAL clients. Don't overlook the obstacle that a well-crafted non-compete agreement can be. Some can make it happen with less, but those are close to my actual metrics when I went independent, and I would consider mine a successful move...far from the most successful, but successful nonetheless.[/quote]
$300,000 in annual production? The last time you were tossing numbers around you indicated that with luck you'd hit $200,000 in your 17th year in the business. Right?
[/quote]
Why are you so cheap? Can't you compete on anything but price?
[quote=joedabrkr] [quote=AirForce]Haaaaa.... I wonder if Independents would rather make 100k as INDY or 150k under a firm.
There is something about running your own business that those who have not experienced would not understand.
For sure I would rather not go to a tower or some big a$$ building for my consultation. Something about the $30 a day parking and 20 floors pisses me off.
I thought my clients were more interested in the financial solutions then a household name.[/quote]
I would take the 100k as indy alllllll day....
[/quote]
I don't know if any pther indy's felt like this, but my production went much higher when I started to get to keep more of it. There's something about giving away 60% of MY money to a firm that stifles me in terms of wanting to produce more.
[quote=Indyone]I would toss in having a minimum of five years experience, $50 million AUM, and $300K annual production, with LOYAL clients. Don’t overlook the obstacle that a well-crafted non-compete agreement can be. Some can make it happen with less, but those are close to my actual metrics when I went independent, and I would consider mine a successful move…far from the most successful, but successful nonetheless.
$300,000 in annual production? The last time you were tossing numbers around you indicated that with luck you'd hit $200,000 in your 17th year in the business. Right?[/quote]
I'm starting to think that Devil's Advocate is a euphanism for Dumb Ass. You know what you're saying is a grossly misleading distortion and yet you just keep repeating it like Rain Man. Do you also stand in telephone booths saying "uh oh...fart"?
[quote=My Inner Child][quote=Devil’sAdvocate]
[quote=Indyone]I would toss in having a minimum of five years experience, $50 million AUM, and $300K annual production, with LOYAL clients. Don't overlook the obstacle that a well-crafted non-compete agreement can be. Some can make it happen with less, but those are close to my actual metrics when I went independent, and I would consider mine a successful move...far from the most successful, but successful nonetheless.[/quote]
$300,000 in annual production? The last time you were tossing numbers around you indicated that with luck you'd hit $200,000 in your 17th year in the business. Right?
[/quote] Why are you so cheap? Can't you compete on anything but price? [/quote]
My velocity is about 70 bps,. which I realize is probably less than yours, but I take mine over time rather than all up front...different strokes. I don't compete on price...what I offer is unique in my market...people either buy it at the price I offer or they don't.