[quote=BankFC]

I don't believe you, but as I cannot with 100% certainty affirm or deny it I will simply defer to a later time.

Regardless, I am glad to soon be rid of Pershing for the aforementioned reasons and look forward to the acquisition by LPL. 

[/quote]

It's good for you that LPL has some of the lowest standards in the indy world.

But let's get back to an example of what makes Pershing so bad--others would like to know what they can expect if their firm switches to Pershing.

Somebody who uses the phrase "God Awful" must have an example.

Right?

[quote=BankFC]

You are so sad.  I have noticed instances, actually I have pointed out instances, where you have simultaneously made grammatical errors (not typos) as you are complaining about other poster's grammar.

Were it not for the VOLUME of posts you make on a DAILY basis, I would take the time to display your ignorance AGAIN.

[/quote]

Please feel free--I learn by having mistakes pointed out.

The only mistake I routinely make is to improperly use an apostrophe in the word its.  I know better and have gotten much better about it by posting on message boards.

Are you saying that spelling grammar as grammer twice in the same sentence is a typo, or is it a mistake?

You also shouldn't capitalize the word god in "god awful."

[quote=BankFC]

You also shouldn't capitalize the word god in "god awful."

[/quote]

You don't capitalize the word in sentences like, "I look like a Greek god."

But statements like "God forsaken" or "God awful" or "God forbid" are using the word as a diety, making capitalizing it appropriate.

[quote=NASD Newbie]

[quote=BankFC]

I don't believe you, but as I cannot with 100% certainty affirm or deny it I will simply defer to a later time.

Regardless, I am glad to soon be rid of Pershing for the aforementioned reasons and look forward to the acquisition by LPL. 

[/quote]

It's good for you that LPL has some of the lowest standards in the indy world.

But let's get back to an example of what makes Pershing so bad--others would like to know what they can expect if their firm switches to Pershing.

Somebody who uses the phrase "God Awful" must have an example.

Right?

Newb,

What do you mean by lowest standards in the indy world?

Do you have an example?

I have heard LPL has very high compliance/credit standards in comparison to other b/ds.

He cannot back up his assertions.  That's why he tries (unsuccessfully) to antagonize others with questions, so his blanket statements get caught up in the sheer volume of his posts.

Sad little man.

I knew I could get NASD going.  He is so predictable and so easily stirred out of the bushes.

[quote=moleary]

Newb,

What do you mean by lowest standards in the indy world?

Do you have an example?

I have heard LPL has very high compliance/credit standards in comparison to other b/ds.

[/quote]

They have the reputation of being willing to accept producers with lower levels of production, AUM, number of clients, experience and so forth.

[quote=NASD Newbie][quote=moleary]

Newb,

What do you mean by lowest standards in the indy world?

Do you have an example?

I have heard LPL has very high compliance/credit standards in comparison to other b/ds.

[/quote]

They have the reputation of being willing to accept producers with lower levels of production, AUM, number of clients, experience and so forth.

"They have a reputation"

Could you make a statement that is any more subjective?

Wait...of course you could, it is your specialty.

He can’t.  He knows he lost this debate, and he will fade into the corner now and try and wait for his gov’t cheese and peanut butter to be delivered.

Newb,

Just b/c they can facilitate working with advisors with lower production numbers (I think there OSJ min. is $125k compared to others at $200k or $250k) would not mean they have lower standards would it?

If their scale can allow them to have lower production minimums why does that matter?

Does it seem that other firms are "going up stream" in terms of producers to get higher margins?

Why fault LPL if they maintain their margins and still facilitate advisors doing $125K?

I don't understand your thinking on this.

[quote=moleary]

Why fault LPL if they maintain their margins and still facilitate advisors doing $125K?

[/quote]

They're losing money on producers doing less than $250,000 but for some reason they're willing to do that to maintain the #1 ranking for head count and total revenue.

No doubt because if they terminated anybody doing less than 250,000 their head count would fall very low, and their total revenues would fall even farther.

It's a nice firm--lots of mediocre brokers have found a home there.

Newb,

In your mind does production level equal quality of advice?

Low standards would be they take anyone who wants to join regardless of U4 history, etc...

As long as an advisor has a clean compliance background, how can you judge their quality as an advisor?

How do you know they are losing money on reps doing less than $250,000? Do you work there?

[quote=moleary]

Newb,

In your mind does production level equal quality of advice?

Low standards would be they take anyone who wants to join regardless of U4 history, etc...

As long as an advisor has a clean compliance background, how can you judge their quality as an advisor?

How do you know they are losing money on reps doing less than $250,000? Do you work there?

[/quote]

Because I read everything I can get my hands on and have seen it in print lots of times.  Does it make sense to you that a huge payout can be offered to the individual producer and the B/D turn a profit on what's left?

I personally do not believe that a cloudy compliance record means that the advice is wrong.  In fact, I'd suggest that unless you've been dragged into arbitration there's a good chance you're being so conservative as to be on the verge of malpractice.

People do not need to pay fees to manage a very conservative portfolio--they seek you out because they need advice on how to be agressive in as conservative manner as possible.

[quote=NASD Newbie][quote=moleary]

Newb,

What do you mean by lowest standards in the indy world?

Do you have an example?

I have heard LPL has very high compliance/credit standards in comparison to other b/ds.

[/quote]

They have the reputation of being willing to accept producers with lower levels of production, AUM, number of clients, experience and so forth.[/quote]

...and yet they recently said no thanks to a local EDJ rep more than 10 years out...go figure...

[quote=Indyone][quote=NASD Newbie][quote=moleary]

Newb,

What do you mean by lowest standards in the indy world?

Do you have an example?

I have heard LPL has very high compliance/credit standards in comparison to other b/ds.

[/quote]

They have the reputation of being willing to accept producers with lower levels of production, AUM, number of clients, experience and so forth.[/quote]

...and yet they recently said no thanks to a local EDJ rep more than 10 years out...go figure...

[/quote]

Did they ask you for an opinion?  Possible CRD issues?  Probably he said the wrong thing at the wrong time--there are a zillion reasons why you don't get an offer that you thought you would.

I think he’s clean…just a little goofy and probably not the sharpest crayon in the box.  Although he certainly would have qualified revenue-wise, they took a pass.  I’d like to think that shows they have some standards, anyway…

…and no, they didn’t ask me…just told me after the fact that they’d decided to take a pass based on a conversation with him after he’d approached them.