Starting with Independent firm?

3 replies [Last post]
logan's picture
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Joined: 2005-05-08

Hello all,
Do Independent firms sponsor and train new advisors?
Best way to find an Indy to take on new person?
What would be the negatives going this route compared to say employment with a Raymond James type company?Peaked my interest as starting out Indy would great from a hassle stand point. As that is where I would like to be down the line anyway.
Thank you.

BrokerRecruit's picture
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Joined: 2005-04-19

Call directly to a corporate office.  They will more than likely do the work for you and have a database of info to dig through.

Duke#1's picture
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Joined: 2004-12-06

logan wrote:
Hello all,
Do Independent firms sponsor and train new advisors?
Best way to find an Indy to take on new person?
What would be the negatives going this route compared to say employment with a Raymond James type company?Peaked my interest as starting out Indy would great from a hassle stand point. As that is where I would like to be down the line anyway.
Thank you.

Most, if not all, indy firms will sponsor you for your 7, etc.  Rookie broker training, though, is not usually available as it would be for wirehouses, etc.  So, starting out as an indy, you should expect that most of your initial training will come from your indy Branch Manager, and most indy managers don't have an interest in spending the time to do that (nor may they have the ability/talents to train).  RJFS does make some rookie broker training available through its NYSE sister company's (RJ&A) training program.  But, RJFS reps who elect to do this must pay for the training to RJ&A (as well as their travel, lodging costs in St. Pete). 
As a general rule, I don't think a rookie should begin in an indy situation because of the lack of training.  Go to a traditional employee firm, get trained (and get trainee pay), build a book, and then make the move if you still want an indy situation.  One exception to that would be if you could find an indy office that is looking for a rookie that they want to develop into becoming a part of their practice. They may provide very good on the job training as they have you do work for them with their clients (running proposals, asset allocation reports, financial plans, making calls, etc.).  Eventually, you start working jointly with their clients & take on their small clients, while you're also building your own book.  The ideal is that if things work out you ultimately earn a partnership in their practice and you may be a part of their succession plan to eventually buy them out & take over everything.
Since you mentioned Raymond James, they offer a unique situation.  You can start out there on the RJ&A side (get trained, build your book, etc.) and then later on if you want to be indy you can move over to RJFS, their indy platform.

Put Trader's picture
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Joined: 2005-04-08

Duke#1 wrote:Since you mentioned Raymond James, they offer a
unique situation.  You can start out there on the RJ&A side
(get trained, build your book, etc.) and then later on if you want to
be indy you can move over to RJFS, their indy platform.

I believe you'll find that to be the case at Wachovia too.

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