"Hate the game, hate the people who play it even more." a Dale Foley character.

Oh btw if you googled my name you'd see that PGA tour record (it wouldn't really be mine but another guy with the same name, and quite a long while ago)with all the wins!

Centimillionaires, yeah they'll be all over your advice... as opposed to the advice they're getting from the analysts at the investment bankers that are lining up to do their latest deals.

It's not a good thing when the help gets uppity.

Stick with what you're good at.

Mr. A

[quote=bigmack72]

My contacts will want to do business with me, not
him.  I am leveraging his reputation and willingness to help me
learn the business as he is very successful and looking to bring in a
partner.  I don’t expect the HNW people I know to give me anything
until I develop a track record.  Those people loved me and know my
history when it comes to developing relationships, work ethic and being
a true professional.  If I do as I did in my previous profession
they will come to me. 

[/quote]



Bigmack, you are setting yourself up for a great big fall. And at least one lost “friendship”.



Tell your buddy to go indy first, and then take you on as a partner under the Lehmann 50-40-30 system.

Your glengarry leads are yours and yours alone. Don’t give up your precious inheritance for mess of pottage.



Whacking a ball with stick implies nothing about your skill as an FA.

Time spent on a golf course is not time spent on investments. While
your buddy is going indy, I’d work on developing the skills needed to
be an FA so you can be a useful partner.

While I agree with much of the above, I have a slightly different take.  You should surely examine the offer from your "friend" in great detail.  It's hard to make a decision based on the little info you've given.  Is it 10 or 20 mill?  20 mill farmed well is a good jump even if it is a lot of inactive accounts.  Make sure you have a firm committment on the number, because I've seen 20 become 5 million very quickly with nothing to enforce the agreement. 

A good network of high networth individuals cound mean next to nothing with just a "golfing connection".  You are not neccessarily "sitting" on a gold mine, although it's entirely possible.  It depends mostly on the depth of the relationships and your ability to close them.  Be careful as was said though not to get used by anyone.   Make sure you remain the primary advisor for any clients you bring on.  Don't let your buddy become the primary contact.   

Mac- If there is one thing I've learned about this business, it's that brokers do whatever is in their best interest.  The greed factor often appears, and the altruistic ploy is just that- a ploy with ulterior motives.  Yes, I sound cynical; though I've seen it so often.

Your "friend" will give you 20 million in assets that will be basically useless.  It will either have been picked over or is already in b-shares/annuities/etc that you can do nothing with.  In addition, all of the jerks will be tossed in that pile.  That's not to say you won't get any business from it.  You will- though the time spent on trying to cultivate it will be significant.

As others have said, your "friend" wants at your HNW contacts.  You will be relegated to the backseat and they will try and control any new relationships that you bring on board.  Under the guise of them being the experienced rep and all.  And while you may bring aboard some of these contacts, keep in mind it will take a number of years for that to occur.  They still have (in their minds) the image of you as a scratch golfer/pro.  In addition, many individuals will be very hesitant in sharing their finances with you.  And they'll have existing relationships.

IMO your best bet is to go with a major wirehouse, if you are truly committed to entering the industry.  Get the proper training, and GO IT ALONE, at least in the beginning.  Work/prospect like a madman as all rookies must do, and cultive the HNW that will become clients' in a few years.  You'll suffer, your ego will take a major blow, etc etc.  Still, the business you develop will be your own.  Good luck.

[quote=The Judge]

Mac- If there is one thing I’ve learned about this business, it’s that brokers do whatever is in their best interest.  The greed factor often appears, and the altruistic ploy is just that- a ploy with ulterior motives.  Yes, I sound cynical; though I’ve seen it so often.

Your "friend" will give you 20 million in assets that will be basically useless.  It will either have been picked over or is already in b-shares/annuities/etc that you can do nothing with.  In addition, all of the jerks will be tossed in that pile.  That's not to say you won't get any business from it.  You will- though the time spent on trying to cultivate it will be significant.

As others have said, your "friend" wants at your HNW contacts.  You will be relegated to the backseat and they will try and control any new relationships that you bring on board.  Under the guise of them being the experienced rep and all.  And while you may bring aboard some of these contacts, keep in mind it will take a number of years for that to occur.  They still have (in their minds) the image of you as a scratch golfer/pro.  In addition, many individuals will be very hesitant in sharing their finances with you.  And they'll have existing relationships.

IMO your best bet is to go with a major wirehouse, if you are truly committed to entering the industry.  Get the proper training, and GO IT ALONE, at least in the beginning.  Work/prospect like a madman as all rookies must do, and cultive the HNW that will become clients' in a few years.  You'll suffer, your ego will take a major blow, etc etc.  Still, the business you develop will be your own.  Good luck.

[/quote]

FWIW Mack The Judge is a long time well respected poster on this board who doesn't really pipe up on every topic.  Consider his words.

Also-you might want to search back for posts on BAC and Pathways.  They have a VERY poor reputation on this board for fiddling with payouts, high management turnover, and bad treatment of FA's.

[quote=The Judge]

Mac- If there is one thing I've learned about this business, it's that brokers do whatever is in their best interest.  The greed factor often appears, and the altruistic ploy is just that- a ploy with ulterior motives.  Yes, I sound cynical; though I've seen it so often.

Your "friend" will give you 20 million in assets that will be basically useless.  It will either have been picked over or is already in b-shares/annuities/etc that you can do nothing with.  In addition, all of the jerks will be tossed in that pile.  That's not to say you won't get any business from it.  You will- though the time spent on trying to cultivate it will be significant.

As others have said, your "friend" wants at your HNW contacts.  You will be relegated to the backseat and they will try and control any new relationships that you bring on board.  Under the guise of them being the experienced rep and all.  And while you may bring aboard some of these contacts, keep in mind it will take a number of years for that to occur.  They still have (in their minds) the image of you as a scratch golfer/pro.  In addition, many individuals will be very hesitant in sharing their finances with you.  And they'll have existing relationships.

IMO your best bet is to go with a major wirehouse, if you are truly committed to entering the industry.  Get the proper training, and GO IT ALONE, at least in the beginning.  Work/prospect like a madman as all rookies must do, and cultive the HNW that will become clients' in a few years.  You'll suffer, your ego will take a major blow, etc etc.  Still, the business you develop will be your own.  Good luck.

[/quote]

I do know this is a greedy self serving business.  Many wise old brokers have warned me about it. 

I agree with everybody here about the scrapes he is throwing me.  I don't care.  I am going to build my book on my own and if I can squeeze some gravy from it great. 

You are right about me and my contacts.  I won't be approaching them anytime soon.  But I already have it down that what I bring in is mine.  Can anybody recommend so legal issues I need to cover prior to signing on.  Should I hire an attorney?

I have looked at MS and I am talking to Wachovia.  The ML guys here are idiots.  I plan on raiding their books as I know a bunch of their clients.  The bank is going to pay me so it won't be as hard on my finances and my friend is willing to help show me the ropes.  I feel if I can use him to avoid the major mistakes most beginning FA'a make I can get up and running faster.  

He has talked about going indy but he has a pretty good set up at the bank and it's not the right time.  I couldn't convince him but if all goes as planned with bringing me on and I can get it going we may do it eventually.  That is my LT plan(5 years max).

I can't wait to get my ego cushed and work like a madman.  Thanks for the sound advice! 

[quote=mranonymous2u]

"Hate the game, hate the people who play it even more." a Dale Foley character.

Oh btw if you googled my name you'd see that PGA tour record (it wouldn't really be mine but another guy with the same name, and quite a long while ago)with all the wins!

Centimillionaires, yeah they'll be all over your advice... as opposed to the advice they're getting from the analysts at the investment bankers that are lining up to do their latest deals.

It's not a good thing when the help gets uppity.

Stick with what you're good at.

Mr. A

[/quote]

Guess you knew it all the day you started.  Must be nice! 

[quote=bigmack72]I do know this is a greedy self serving business.  Many wise old brokers have warned me about it.[/quote]

You have no clue about how bad it is.

People would sell their own mother an annuity just to make quota.

[quote]I agree with everybody here about the scrapes he is throwing me.  I don't care.  I am going to build my book on my own and if I can squeeze some gravy from it great. [/quote]

He's going to toss you the bottom of the book, while working over your good contacts. You are like a disposable syringe, that will be used to inject AUM into his book, and then be discarded. 

[quote]Should I hire an attorney?[/quote]

YES!!!

The fact that you need a lawyer to protect your interests from your "friend" is a sign of the quality of the relationship.

[quote]I have looked at MS and I am talking to Wachovia.  The ML guys here are idiots.  I plan on raiding their books as I know a bunch of their clients.[/quote]

Not so easy if they have sewn people up with the total merrill platform. However you should get a copy of Randy Schwantz's
"how to get your competition fired" book.

[quote]The bank is going to pay me so it won't be as hard on my finances and my friend is willing to help show me the ropes.  I feel if I can use him to avoid the major mistakes most beginning FA'a make I can get up and running faster.[/quote]

BAC is really not a good place to get started at all. Your "friend" is looking to use you as means of escape.

[quote]He has talked about going indy but he has a pretty good set up at the bank and it's not the right time.  I couldn't convince him but if all goes as planned with bringing me on and I can get it going we may do it eventually.  That is my LT plan(5 years max).[/quote]

Make him show some commitment to an equitable partnership or no dice.

[quote=AllREIT]
BAC is really not a good place to get started at all. Your “friend” is looking to use you as means of escape.

Make him show some commitment to an equitable partnership or no dice.

[/quote]

This sums up the concerns that drove the thinking in my earlier post.

Do yourself a HUGE favor and seek out some of the threads in the other topic areas regarding BAC.  They are having problems keeping experienced advisors, and morale is rather poor.

My .02.

I was in my own business for 13 years.  All of my friends and business contacts knew me from that business.  When I sold that business and started a new career, all of my friends and contacts still thought of me as the old person.  It took 4 years before they finally thought of me differently. 

Believe me,  when you go from a golf pro to an FA,  they will still think of you as a golf pro for a long time....They are going to ask you more questions about how to fix their slice instead of their portfolio.  It's stinks, but it's true.

[quote=joedabrkr]

[quote=AllREIT]
BAC is really not a good place to get started at all. Your “friend” is looking to use you as means of escape.

Make him show some commitment to an equitable partnership or no dice.

[/quote]

This sums up the concerns that drove the thinking in my earlier post.

Do yourself a HUGE favor and seek out some of the threads in the other topic areas regarding BAC.  They are having problems keeping experienced advisors, and morale is rather poor.
[/quote]

And a hard time keeping depositors as well. Hence the recent "We'll give you 30 free trades/yr, if you tie up $25,000 in low/no interest accounts promotion"

Somehow I don't think we on this forum are getting through to Mr Bigmack.

Mack, from your post I can see you have some moxie.  That is good.  You need a tough skin in this business.

I transitioned to this business from another career, but in the other career I managed money.  People were very used to assoicating me with money, so I have had a successful start.

Honestly, it is a BIG deal for people to give you their money.  You may be more successful in some other type of sales job, like cars or something.

Mack, why is it that you want to be in this business?  That is what you need to talk about.

Are you there or did you find another way to make a living?

Do you have an education in this field?  Do you have a burning desire in your belly to be totally immersed in the stock market?  Will you educate yourself (many long hours) and WORK to be the best at this?

Why are you pursuing this career? 

Better yet, why would I give my money to you?