EDJ to Indy---Are you really happy
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$$$$$,
Listen to me...you can go independant with that production. Your net may dip a little at first, but even in light of your personal circumstances, it makes sense.
Your Gross won't drop as much as you think, and your NET will drop even less. The "long run numbers" diverge more than you can imagine!
I know Robert Fragasso, although I am not with him. Indyone is right!
Stop being afraid......of success!!! Go for it!!
PM me if you want to talk more...
[quote=illuminati]
$$$$$,
Listen to me...you can go independant with that production. Your net may dip a little at first, but even in light of your personal circumstances, it makes sense.
Your Gross won't drop as much as you think, and your NET will drop even less. The "long run numbers" diverge more than you can imagine!
I know Robert Fragasso, although I am not with him. Indyone is right!
Stop being afraid......of success!!! Go for it!!
PM me if you want to talk more...
[/quote]Agreed. I thought he was saying that his gross production was 175k.
[quote=$$$$$]Let me qualify my last post. my recurring fees and trails are approx. 175k. I do about 310k gross for the year.[/quote]
That's pretty close to my production when I left the bank. It's big enough...get the Fragasso book and start planning ASAP to leave next summer...preferably when your boss is on vacation...
[quote=Indyone]
[quote=$$$$$]Let me qualify my last post. my recurring fees and trails are approx. 175k. I do about 310k gross for the year.[/quote]
That's pretty close to my production when I left the bank. It's big enough...get the Fragasso book and start planning ASAP to leave next summer...preferably when your boss is on vacation...
[/quote].....preferably in Hawaii or Europe....
Thanks guys. I will take it under consideration. However still scared as hell I’m going to arbitration for the upfront money I took and won’t pay back.
[quote=$$$$$]Thanks guys. I will take it under consideration. However still scared as hell I’m going to arbitration for the upfront money I took and won’t pay back.[/quote]
Well how long do you have left on your contract?
4 more years or $90k. It could get ugly. However many ex-BOA brokers are suing or going to arbitration. With as many cases as they are seeing, there could be settlement between now and then.
[quote=$$$$$]4 more years or $90k. It could get ugly. However many ex-BOA brokers are suing or going to arbitration. With as many cases as they are seeing, there could be settlement between now and then.[/quote]
OK...it's time to learn to live on less and put the money back just as hard and fast as you can. That way, you'll have cash ready when it comes to settling. You may have to work out a payment plan for some of it, but your freedom is absolutely worth it.
BTW, what did you do with that fat up-front check? tsk, tsk...
There are firms that will give you (well, "lend you" is the truth) upfront dollars (I hear as high as 85% of t12) which is $250+ M on a $300+ book. x out 90 to pay back the up front and 100 to set up the shop (I don't know where you are so I don't know what rents look like, but don't forget to cover the client's acats fees at $100 per account and a nice office with furniture and computers and phones and all) which should be WAY over the top and you still have working capital of $60,000. How many months can you live on that?
Three years since your last jump? How much of your book came from your last employer? If your book is all bank clients... They will not move with you (I don't think so anyway). Bank customers are much more used to the idea that you are just an employee of the bank and the next drone will fill your seat just as well as you did. It generally takes more than three years to overcome the loyalty to the bank branch.
If, OTOH you got your clients by smiling and dialing, you will have a much better retent rate.
Wait a second... You have 90 grand left on a 7 year note 3 years in. So you got like 150 to join. Depending on the nums in '03 (which generally weren't good) they gave you between 70 and 100% which puts you in the 150 to 225 area. This means that probably much more than half your book is from since you joined the bank...
Unless you brought them into the bank, those are most probably NOT your clients. Let me put it this way. I personally wouldn't bet that you are going to retain 50% of your assets. OTOH, if you can maintain half of your prodo, at a net net of 60% (you'll have to keep a tight lid on you expenses) you'll be even (ish).
Life's too long to be doing something you don't like. Make the move.
Mr. A
Man, five paragraphs into it I would have thought you thunk I was Fu@Ked., and then you turned it around on me. What gives you SOB??
[quote=mranonymous2u]
Life’s too long to be doing something you don’t like. Make the move.
Mr. A
[/quote]That's the key right there. That's why so many of us choose the path of ownership, independence, and freedom!
What about all your insurance. The big ones such as health, disability, life. Do you all carry ST/LT disability?
My family health policy runs less than $300/month, but it only covers the big stuff...$911 per event deductible...80/20 on the next $5K, then 100%. I cover the small stuff out of pocket...cheaper that way.
My short-term disability is my money market account...long term is through the AICPA $5K/month after 180 days for less than $400/year. I also carry $1 mil in term coverage through the AICPA for about $400/year. I tend not to go crazy on insurance...just cover the minimums and hope I never need coverage. The health insurance already paid close to 10K for an outpatient hand surgery last summer...my part was close to $2K.
[quote=Indyone]
My family health policy runs less than $300/month, but it only covers the big stuff…$911 per event deductible…80/20 on the next $5K, then 100%. I cover the small stuff out of pocket…cheaper that way.
My short-term disability is my money market account...long term is through the AICPA $5K/month after 180 days for less than $400/year. I also carry $1 mil in term coverage through the AICPA for about $400/year. I tend not to go crazy on insurance...just cover the minimums and hope I never need coverage. The health insurance already paid close to 10K for an outpatient hand surgery last summer...my part was close to $2K.
[/quote]So you have "over the hill softball injury coverage"?
Seriously, though, have you considered setting up an HSA?
Yeah, thankfully...but I'll be right out there again next year doing foolish things and putting my OTH body at risk. Thankfully, this job can be done from a wheelchair...
I've thought about the HSA and may get to it eventually...was more concerned about funding my solo(K) this year...
[quote=$$$$$]What is AICPA? A CPA group I guess huh?[/quote]
What was your first clue?
[quote=Indyone]
Yeah, thankfully...but I'll be right out there again next year doing foolish things and putting my OTH body at risk. Thankfully, this job can be done from a wheelchair...
[/quote]
Be careful with those softball injuries. I'm the pitcher on our SP team and have thought seriously about joining a golf league next year instead. Too many line drives up the middle a little to close to comfort for me.