Friday is my last day as an Independent
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[quote=remotecontrol][quote=RecordGuy]
Remote Control,
A good ass kicking would do you a lot of good.
[/quote]
It never has before.
[/quote]
Well, keep at it. We wouldn’t want you to be a quitter.
[quote=skeedaddy]Fellas, relax. Thanks for the concerns many have expressed, I really appreciate it. [/quote]
Good luck to you, Skee
Skee, I too would like to hear more. Reason- I’m (again!) considering going independent. First considered it a year ago, decided to go with a merger, now will likely be moving on. Not sure whether to go indy, indy employee, or employee again. You would be doing a great service to many if you went into some more detail about the look of your book, etc. Thanks in advance.
[quote=skeedaddy]I’m curious, what exactly is (are) the deciding factors to “fire” a money
manager? and how many times in the past 3 or 5 years have you fired
one?
Is it performance slippage? or personnel changes? is it redundancy in
positions or changes to asset allocation? And why did you select those
managers in the first place?
I guess what I'm driving at is the dreaded word "performance" We and
most all investors are attracted to results. Its the first thing we see when
you look at a firm's profile. Alpha or beta or r-squared is a distant
consideration.
Also what value is a financial plan if your assets aren't performing? I think
the industry has blown smoke up everyone's asses with this financial
planning stuff. Like the question, "what are your goals?" my simple
answer is "make the most with the least amount of risk!"
Can you imagine your doctor/lawyer asking "what's your goal today?" I
mean have you seen some of these questionnaires? I'm embarassed to
pull them out because they're so stupid.
[/quote]
A financial planning approach is not only right for the client, but it can help advisors build a lasting business. Ignoring it can be bad.
[quote=skeedaddy]It’s been a nice experiment…but no thanks. After a couple of years, I’m
going back to being an employee. The old adage still stands…"The house
always wins"
There really is no independence within a B/D structure. 85% payout is a lie.
When you factor in administrative staff, office lease, ticket charges, general
overhead, etc., its not a big deal.
Not to mention the fact that big money is tough to attract in an indy
environment. It may work for some, but not for me.
[/quote]
Dude I don’t know where you were working, but I’ve found there is plenty of independence.
I’m sorry it hasn’t worked out for you. Sounds like you had a few factors that created a significant headwind for you. Having a partner walk out can really put you in a bind, especially if that leaves you with a higher cost structure than needed for your business.
I personally have found it easier to bring in assets as an indy. I think, not to give you a hard time, it depends upon how you position yourself and how confident you feel about what you do. I personally am so much happier being indy, and so much more comfortable having avoided many of the conflicts of interest baked into the big wire product pushign shops, that it comes through when I sit with clients. I’m not “an independent broker working with a firm you never heard of”, I’m an “experienced independent professional working in private practice, kind of like your attorney or CPA”. Folks seem to like that.
Anyway-sorry you had a bad experience and I wish you luck!
[quote=joedabrkr] [quote=skeedaddy]It's been a nice experiment...but no thanks. After a couple of years, I'm
going back to being an employee. The old adage still stands..."The house
always wins"
There really is no independence within a B/D structure. 85% payout is a lie.
When you factor in administrative staff, office lease, ticket charges, general
overhead, etc., its not a big deal.
Not to mention the fact that big money is tough to attract in an indy
environment. It may work for some, but not for me.
[/quote]
Dude I don't know where you were working, but I've found there is plenty of independence.
I'm sorry it hasn't worked out for you. Sounds like you had a few factors that created a significant headwind for you. Having a partner walk out can really put you in a bind, especially if that leaves you with a higher cost structure than needed for your business.
I personally have found it easier to bring in assets as an indy. I think, not to give you a hard time, it depends upon how you position yourself and how confident you feel about what you do. I personally am so much happier being indy, and so much more comfortable having avoided many of the conflicts of interest baked into the big wire product pushign shops, that it comes through when I sit with clients. I'm not "an independent broker working with a firm you never heard of",
I'm an "experienced independent professional working in private practice, kind of like your attorney or CPA". Folks seem to like that.
Good line.
Anyway-sorry you had a bad experience and I wish you luck!
[/quote]
[quote=remotecontrol][quote=RecordGuy]
Remote Control,
A good ass kicking would do you a lot of good.
[/quote]
It never has before. Are YOU up to the task?
[/quote]
RecordGuy: How bout I come down 'ner and whup yore @ss?
Remote Control: Well how big an ol boy are ya?
RecordGuy: Big enuff to get some satisfaction, by God.
he he he I couldn't help it. It was starting to sound like a Roy D Mercer tape.
By the way, I didn't mean either any dis-respect. If you know who Roy D Mercer is then you'd think it was funny.
Loved the one where Ol' Roy called the marine running the flower shop...
"You a marine and you a growin' pansies?!! I know ah could whup yo @ss!!!"
Skee-
How about working from a home office and using the conference room to meet clients? Use a virtual office.
[quote=Indyone]
Loved the one where Ol' Roy called the marine running the flower shop...
"You a marine and you a growin' pansies?!! I know ah could whup yo @ss!!!"
[/quote]
I like the one where he accuses the auto mechanic of leaving a pair of panties in his glove compartment of his car & his lovely wife Sharn Jean found them.
priceless....