EDJ to LPL soon . Need Advice Please

3 replies [Last post]
Caddoducker's picture
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Joined: 2013-01-08

Hi,

Quick intro
AUM: 15m
T-12= 150k

I'm seriously considering a move to lpl soon as I am burned out with Jones. The only logical way of doing this is to office with another lpl agent of which I have found. If I'm going to stay in this business , I want to build some equity in myself. I feel like it is a low risk for me , but want advice so I have no regrets. I'm thinking I will also get about 20k in a transition package. I don't think I'll transition but around 5 m bc of my short stint at my current location. Will I starve ? I was previously think of leaving the industry ,but have nothing line up. I feel like this could help me get motivated. Anyone have any good scripts or system during this process?

Element's picture
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Joined: 2011-12-28

LPL fees are going to eat you alive at that AUM level. Find another B/D - the key is to prospect like crazy and keep those expenses as low as possible.

MISS INDY's picture
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Joined: 2012-05-05

5 Million is too little to transition. I left EDJ for LPL and agree the costs with being INDY will be too much for you since you won't have the revenue stream needed to move and still make a decent living.

Caddoducker's picture
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Joined: 2013-01-08

So here is the deal. The transition assistance is going to be around $26,500. Office expenses will be paid for in the form of and 70/30 over ride with the advisor . Ill still owe roughly 10 to lpl I take it. The advisor that has the office is a large producer and I'm hoping there will be some help from his end. I will be the first person he has brought on . I plan on prospecting like crazy, but do you guys still think its a no go? I feel like having my rent and all office expenses covered will help keep my initial expenses beat down. I plan on taking the lowest route on tech and of course the e/o will be 3k additional. Other than that I feel like the big expenses are out of the way. My projected transition amount will be 6-7 million. Thanks for all the opinions guys. Regardless of what they are, that is exactly what I want.

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