It’s on my radar Joe but my b/d hasn’t P.M.O enough yet.

[quote=Registered Rep]It’s on my radar Joe but my b/d hasn’t P.M.O enough yet.[/quote]

lol…give 'em time!
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Just read this thread straight through. I have to say how much I respect

those of you who have buckled down and moved out to start your own

business. I really respect that.



What I am looking for is a little different advice. I am about to start my

career in a wirehouse. I am young <25, but what would you say to me if

my “final goal” is to leave the wirehouse (after establishing a quality book)

to go indy. I know I would love running my own shop one day. I also know

that I am thinking way ahead of myself, but you have to have a game

plan. Right?



Advice I am looking for after reading this thread: (plus you general

thoughts)



-what do I do if I am asked to sign a non-compete or any other document

-how would you go about your wirehouse career if you knew you wanted

to eventually leave to run your own shop?

-any other thoughts on my situation in general

[quote=Boomer]

Just read this thread straight through. I have to say how much I respect
those of you who have buckled down and moved out to start your own
business. I really respect that.

[/quote]

They were not making a living where they were, so they toss all the "unnecessary" things overboard in a last gasp effort to stay afloat.

There is very little to "respect" about those who become independent brokers.

It's like a lawyer in a law firm who is not offered a partnership--he's going nowhere fast so he leaves and forms his own firm.

You're not tuned into reality if you think he did that because he was doing so well at the larger firm.

[quote=Boomer]

What I am looking for is a little different advice. I am about to start my career in a wirehouse. I am young <25, but what would you say to me if my "final goal" is to leave the wirehouse (after establishing a quality book) to go indy. I know I would love running my own shop one day. I also know that I am thinking way ahead of myself, but you have to have a game plan. Right?

[/quote]

What about a job that you have not even started do you find to be so unattractive that you want to leave before you even walk in?

What you should do is not even start--you're too young to have much of a chance of building a book worth moving.

[quote=boomer]

Advice I am looking for after reading this thread: (plus you general
thoughts)
-what do I do if I am asked to sign a non-compete or any other document
-how would you go about your wirehouse career if you knew you wanted to eventually leave to run your own shop?
-any other thoughts on my situation in general

[/quote]

Sign the non-compete agreement if you want the job

One should not start a career planning to fail and leave.  If that's your mindset don't even start.

"They were not making a living where they were, so they toss all the "unnecessary" things overboard in a last gasp effort to stay afloat.

There is very little to "respect" about those who become independent brokers.

It's like a lawyer in a law firm who is not offered a partnership--he's going nowhere fast so he leaves and forms his own firm.

You're not tuned into reality if you think he did that because he was doing so well at the larger firm."

-----NASD Newbie

How do you think Morgan Stanley got started?  AG Edwards?  Merrill?  Edward Jones?  Were they all failures at their former firms?

You're still a moron.

Boomer, I was doing just fine financially where I was before I made the decision to open an independent office.  In fact, I was #2 overall in our group of 10 and #1 fee-based, so I was hardly on the bottom in production.  Moreover, since I've left, I've taken almost 85% of what I targeted without violating my non-solicitation clause.  Now that I'm a year out and the non-compete agreement has expired, I'm still not chasing my old clients, and despite that, they are still transferring over.

Nasty Newbie knows a lot about the industry, but with all due respect, he knows nothing very little about being independent other than what he reads here, and the propaganda he was fed by his former employer.  I met many million dollar producers at the LPL national sales conference earlier this month, so I know for a fact that going indy is far from the last gasp effort to stay in this business that Nasty paints it as.  I'm sure there are some that go indy because they couln't cut the production requirements, but that's far from the truth for many of us.  I've enumerated many times on these forums why I went independent and failure with my former employer was never in the equation.  More money wasn't a factor either, but my disgust with my former employer's greed and the obvious jealousy of senior management sure was.  Nasty often refers to the "siren song" of increased payout at independent B/Ds as the primary motivator, but again, he speaks from no personal knowledge on this matter, and that was not even in my top three.  For me, it was, and always will be about freedom.  Freedom from employer politics.  Freedom to work flexible hours.  Freedom from stupid, meaningless pep sessions.  Freedom to use the investment alternatives you feel are best for your clients.  Sure, there's still compliance, and client demands will always dictate some of what you do, but as I've said before, I feel like I've been paroled.

You've asked elsewhere about joining a young, successful independent producer and if the chemistry is good, that may not be a bad idea.  You should have an agreement in place to protect each of you in the event that it becomes necessary to separate later.  If your eventual goal in this industry is independence, working a junior position in an indepent office sounds like a pretty natural place to be.

[quote=indyone]

More money wasn't a factor either, but my disgust with my former employer's greed and the obvious jealousy of senior management sure was.

[/quote]

What in the world does that mean?  What is "greed?"  Define it.

As for senior managment's obvious jealousy--what in the world are you talking about?

[quote=indyone]

For me, it was, and always will be about freedom.  Freedom from employer politics.  Freedom to work flexible hours.  Freedom from stupid, meaningless pep sessions.  Freedom to use the investment alternatives you feel are best for your clients.

[/quote]

If you met "a lot of million dollar producers in San Diego" why is it that the top 20 LPL producers don't have an average production exceeding, or even approaching, a million?

Have you ever worked for a wirehouse?  If I understand what you've said you are a Jonesie who went to LPL--you didn't have what it takes to get on with Merrill or one of their peers and as a result you have virtually no knowledge of the world from which I come.

Perhaps it would do you well to listen to me.

Starting with this truth.  Big hitters at the wirehouses do not go Independent, because it doesn't make good sense.

Those who were about to be fired often go independent, because they are making their last stand.  They're on the way out of the industry but 90% plus sounds very attractive--who needs a lot of support anyway--the business is actually very very easy.

[quote=NASD Newbie][quote=indyone]More money wasn’t a factor either, but my disgust with my former employer’s greed and the obvious jealousy of senior management sure was.[/quote]What in the world does that mean?  What is “greed?”  Define it.

As for senior managment's obvious jealousy--what in the world are you talking about?[/quote]

Greed is reducing the payout grid three years running.

Jealousy is being told that they couldn't give us stock options because..."that's the only thing the bankers have that you don't."

[quote=Indyone][quote=NASD Newbie][quote=indyone]More money wasn’t a factor either, but my disgust with my former employer’s greed and the obvious jealousy of senior management sure was.[/quote]What in the world does that mean?  What is “greed?”  Define it.

As for senior managment's obvious jealousy--what in the world are you talking about?[/quote]

Greed is reducing the payout grid three years running.

Jealousy is being told that they couldn't give us stock options because..."that's the only thing the bankers have that you don't."

[/quote]

If you have to take a small hit on the grid in order for your firm to remain profitable is that too much to ask?  Could you not make up for it by increasing your production?

If you really were told that options were given to bankers but not to producers to separate them from the producers--which I doubt you were told--it would make you the jealous one, not the management.

It does not follow that management is jealous of the producers so they withhold from the producers.

I have never felt jealous regarding a producer--in fact I feel sorry for them, doing entry level work for an entire lifetime cannot make the image in the mirror very impressive.

[quote=indyone]For me, it was, and always will be about freedom.  Freedom from employer politics.  Freedom to work flexible hours.  Freedom from stupid, meaningless pep sessions.  Freedom to use the investment alternatives you feel are best for your clients.

If you met "a lot of million dollar producers in San Diego" why is it that the top 20 LPL producers don't have an average production exceeding, or even approaching, a million?  Uh, I'm calling you on that one.  Post your proof.  I've spoken with one at about 6 million and one at about 3 mil.  That's just two and we're already at an aggregate of 9 mil.  Advisors need $1.1 million in gross production just to attend the Master's Conference.  I don't know where you've gotten your information. but you're way off here...all I can assume is that your numbers are really old or you're just making things up to get me excited.

Have you ever worked for a wirehouse?  If I understand what you've said you are a Jonesie who went to LPL--you didn't have what it takes to get on with Merrill or one of their peers and as a result you have virtually no knowledge of the world from which I come.  I'm no former jonsie...came out of the bank channel.  I'll freely admit that I don't believe I would flourish in a wirehouse channel, probably more for lack of compatibility rather than lack of talent.  It's arrogant for you to assume that I can't be successful in this business since the wirehouse environment is not well suited for me.  Yes, my knowledge of your world is limited to outside observation...no different than your knowledge of life as an independent.

Perhaps it would do you well to listen to me.  When you speak from experience, I will.

Starting with this truth.  Big hitters at the wirehouses do not go Independent, because it doesn't make good sense.  That's your opinion and it's far from universal.

Those who were about to be fired often go independent, because they are making their last stand.  They're on the way out of the industry but 90% plus sounds very attractive--who needs a lot of support anyway--the business is actually very very easy.[/quote]

Nasty, I don't want to litter this thread with a food fight, so I'll not respond anymore here.  If you want to ruin another thread with this debate, fine, but I won't discuss it any further here.

I also have no desire to engage in a food fight.

I am curious to what you mean when you say that the wirehouse environment is not for you?

Could you not walk through a luxurious office to your own private office against a back wall with windows facing the most specatular scenery in your part of the country.  Sitting outside is a sales assistant or more--there is everything you could possibly want in the way of research at the tips of your fingers.  Your every wish is catered to by a branch manager who is there to help when you need it, but stay out of your way when you don't.

If you were a lawyer would you not want to be a partner in the premier law firm in town rather than chasing ambulances from some seedy office above a barber shop?

I don't care how nice you think your office is--it pales by comparison to the palaces where wirehouse brokers work.

There are tens of thousands of people out here who don't trust their money with anybody except the firms who are members of the NYSE who operate out of fancy offices with brokers who they assume have college degrees and are well trained.

The further you drift from that image the fewer prospects you have.

If you're able to do a quarter of a million on your own you'd probably do a million if you had the mystical power of a business card that introduced you as coming from the legendary firms.

Again, the only people who leave the wirehouses are those who were going to be fired in the next year or so.  It's just the way it is--with a handful of exceptions.

So, if you have what it takes to catch on with a wirehouse GRAB IT.  If you don't try the regionals in your area.  If you can't get on there try the banks and credit uinons.

Then, when you're not making a living wherever you are do the Alamo--take your last stand as an independent.

dino boy a.k.a NASD Newbie

go get a colonoscopy as you seem to sound as if have had the matching lobotomy

My version of scrim's update for the curious...as of today, a little over $26 million AUM.  September's commission pipeline is about $50K gross (although I'm certainly not averaging that...running about $15-20K in a normal month).  Asset growth over the summer was slow, but I've got $700K in the transfer/new assets pipeline and more indications of interest, so $30 million by December is looking like a very realistic goal.  I'm starting to do my first round of annual reviews and I had a successful client appreciation event earlier this month that drew just over 100 people (which Nasty would say was too many...oh well).

I'm in the process of helping another former colleage make the jump to LPL in a neighboring town.  I'm well pleased with the transition and well pleased with LPL.

[quote=NASD Newbie]

I also have no desire to engage in a food fight.

I am curious to what you mean when you say that the wirehouse environment is not for you?

Could you not walk through a luxurious office to your own private office against a back wall with windows facing the most specatular scenery in your part of the country.  Sitting outside is a sales assistant or more--there is everything you could possibly want in the way of research at the tips of your fingers.  Your every wish is catered to by a branch manager who is there to help when you need it, but stay out of your way when you don't.

If you were a lawyer would you not want to be a partner in the premier law firm in town rather than chasing ambulances from some seedy office above a barber shop?

I don't care how nice you think your office is--it pales by comparison to the palaces where wirehouse brokers work.

There are tens of thousands of people out here who don't trust their money with anybody except the firms who are members of the NYSE who operate out of fancy offices with brokers who they assume have college degrees and are well trained.

The further you drift from that image the fewer prospects you have.

If you're able to do a quarter of a million on your own you'd probably do a million if you had the mystical power of a business card that introduced you as coming from the legendary firms.

Again, the only people who leave the wirehouses are those who were going to be fired in the next year or so.  It's just the way it is--with a handful of exceptions.

So, if you have what it takes to catch on with a wirehouse GRAB IT.  If you don't try the regionals in your area.  If you can't get on there try the banks and credit uinons.

Then, when you're not making a living wherever you are do the Alamo--take your last stand as an independent.

Congrat's Indy...

Keep the struggle alive!

Newbie wrote:

If you met "a lot of million dollar producers in San Diego" why is it that the top 20 LPL producers don't have an average production exceeding, or even approaching, a million? 

Just because I love pointing out when Newbie is wrong - frankly that gets old due to the frequency. 

LPL has over 96 advisors that are producing north of $1 million.  Also, roughly another 250 advisors are doing north of $750k in production - does this qualify as "even approaching" newbie?

[quote=NASD Newbie]

I also have no desire to engage in a food fight.

I am curious to what you mean when you say that the wirehouse environment is not for you?

Could you not walk through a luxurious office to your own private office against a back wall with windows facing the most specatular scenery in your part of the country.  Sitting outside is a sales assistant or more--there is everything you could possibly want in the way of research at the tips of your fingers.  Your every wish is catered to by a branch manager who is there to help when you need it, but stay out of your way when you don't.

If you were a lawyer would you not want to be a partner in the premier law firm in town rather than chasing ambulances from some seedy office above a barber shop?

I don't care how nice you think your office is--it pales by comparison to the palaces where wirehouse brokers work.

There are tens of thousands of people out here who don't trust their money with anybody except the firms who are members of the NYSE who operate out of fancy offices with brokers who they assume have college degrees and are well trained.

The further you drift from that image the fewer prospects you have.

If you're able to do a quarter of a million on your own you'd probably do a million if you had the mystical power of a business card that introduced you as coming from the legendary firms.

Again, the only people who leave the wirehouses are those who were going to be fired in the next year or so.  It's just the way it is--with a handful of exceptions.

So, if you have what it takes to catch on with a wirehouse GRAB IT.  If you don't try the regionals in your area.  If you can't get on there try the banks and credit uinons.

Then, when you're not making a living wherever you are do the Alamo--take your last stand as an independent.

Isn’t it funny when Newbie is proven wrong he simply retreats and stops posting?

NASD Newbie - are you communicating via a time machine from the year 1985? 

I have worked in many environments in my 20 years in financial services.  I have friends in the wirehouses, in the banks, regionals, you name it.  I had lunch yesterday with another friend who, like me, is now with LPL.  We met at his new building (brand new development in the Western Suburbs of Minneapolis) and he gave me a tour.  Brand new everything - plasma screens, walnut and granite receptionist desk, large board room.  Not only was it some of the nicest space I've ever seen, HE OWNS IT!

It is the height of arrogance and denial to think independence is only for wash-outs from the wirehouses.  Large producers are jumping too, and they're only jumping one way.  It's not about failing somewhere else - that may have been true in many cases 20 years ago but no longer.  It's about wanting 100% control with NO branch manager overhead/meddling and absolutely no research or product bias.  This is what folks like you don't get - it about the advice model, not just the economics.  

You're right that it's not for everyone.  You need to have an entreprenurial gene in your body, you need to be OK with being a business owner and managing the phone bills, etc.  (Or find a colleague who will do this and partner with them.)  However, you are as wrong as a person can be about independence being the Alamo.  It's more like leaving home and finally living your own dreams.  I'll never go back.