I was in you exact position a few years ago, researched all options and made the decision to join ML. I can say that I have been very happy with my decision, I think a lot of people talk about payouts and they discount the higher production that you can generate at a firm like Merrill and the amount of time and expense it takes to run a RIA from “A-Z”. People talk about being locked in for 6 years and they discount that you can always leave in this day and age if you are unhappy. I would make sure the contract gives you the ability to solicit the clients you bring with you if you leave so you can leave with no limitations.     For me personally, Merrill did everything and more than they promised, even with all of the news lately I still could not be more pleased with my decision.   Good Luck with your decision.

Test

I left SB for Harbor just before the end of 2008, and it’s been very good.
The arrangement here for RIA business is that you keep 98% of all the RIA fees you do.  They can come from real estate, from money management (we use TD Ameritrade as the clearing platform), from whatever RIA brokerage stuff you can imagine.  As long as you send everything through the RIA here, you get a 98% payout on it.  We use RJ for our transactional business.
One advantage of partnering up, instead of opening your own, is obviously the cost and time involved fulfilling registration requirements.  If you’re going to be with an indy RIA firm, make sure they’re registered in all 50 states–that greatly reduces YOUR cost to get licensed in states they might not be, in the event their firm’s AUM is south of $50mm.
Good luck in whatever you decide.

You may want to kick the tires at Ameriprise Financial.  I have been in the business 17 years and spent most of my career at Merrill Lynch.  I have also been with UBS and Wachovia Securities.  Ameriprise’s transfer comp package is made up of 4 pieces.  A 3-year grid lock which in your case would be between 50-52 percent, an upfront check of 30-40%, an asset bonus which is based on bringing over 50% of your assets in the first 6 months, then a production bonus for months 7-12 which can be up to 100%.  The company is financially strong and with its recent purchase of H&R Block Financial Advisors they are currently integrating the platforms which will bring their brokerage platform up to speed.  They also have a great financial planning tool and platform for fee-based financial planning.  I have had 2 SB advisors join my office and the transfer of assets has been pretty compatiable.  Ameriprise also has two platform for advisors, an employee channel like SB and a franchise channel which is more like an independent.  They are flexible and what I have recommended to some advisors is to join us in the employee channel to learn the culture and systems then move to the franchise side 3 to 5 years down the road.  The transfer is seamless for clients.  You can build equity in your practice and then sell it when you decide to retire.  Ameriprise even has a department which will help you find a buyer and do all the financing.  If you would like to learn more feel free to email me at [email protected].  My name is David.  You can also check out www.joinameriprise.com.  Good luck with your search.

Take the Upfront $ and go to ML. It will be easier transition for you, as you will not have to worry about all that goes into opening and running an indy office.

Well, in context that sounds good. Unfortunately the deals have changed, upfront is only 100% with 1/4 of that deferred. ML’s deal is mostly back end loaded based on assets that are moved over. Reachable goals but half of that is paid in cash and half is deferred also.

It’s always a good sign when the company changes the deal before you even get hired…

[quote=Whatnow]Well, in context that sounds good. Unfortunately the deals have changed, upfront is only 100% with 1/4 of that deferred. ML’s deal is mostly back end loaded based on assets that are moved over. Reachable goals but half of that is paid in cash and half is deferred also.

That was misunderstood. He didn’t change my deal, it’s just deals overall have changed in the past few months.

Is ML using your TR12 or 08 numbers?

I said my 08 was 575 but meant T12…

SB offered 100% upfront with another 100% over 5 years ( 9 year contract) if all my assets came over (or market value of what I brought over increased to my 08 asset level - 70k) but the deal was only good until May29th. They now say deals dropped to 80% upfront with another 80% back end at my T12 - apparently bc the JV.

One thing I would definitely consider is “back-up” support should you go INDY. If you fly solo and need time off (vacation, surgery, etc.), who will cover. If you are not covered by spouse’s health insurance/disability, can you get  it etc. Some indy firms do a great job on this end, you can connect/partner with another rep, and some have flexible business transition/insurance protection plans.