Leaving the wire |
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Gob
Rookie Joined: Jan/19/2018 Status: Offline Points: 35 |
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Posted: Jan/19/2018 at 8:35pm |
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Hi,
My partner and I are looking at leaving our current firm for RIA land and I’m looking to get some advice. We are currently getting recruited by an ria. Their pitch essentially is to take care of all the admin stuff, help with the transitioning, and provide a top tier tech suite. They would take 15 bips to provide this service. My first question is about tech. I’m concerned with finding tech that works well together. What are you guys using for crm, rebalancing, etc that Work together? How long would you say it takes to plan an exit if we did it all ourselves instead of going to an already established RIA? |
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Fitness1983
Senior Member Joined: Mar/06/2016 Status: Offline Points: 804 |
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There's that word again
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PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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Depends on your practice size, investment strategy, services offered, etc.
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Gob
Rookie Joined: Jan/19/2018 Status: Offline Points: 35 |
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Huh? |
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Gob
Rookie Joined: Jan/19/2018 Status: Offline Points: 35 |
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100mm close to 100% fee based. Mainly running etf portfolios with some individual stock portfolios mixed in. |
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Still amazed at FAs that don’t know what bps are.
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OnTheLoose
Member Joined: Jan/06/2016 Status: Offline Points: 159 |
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Could you run your office with one admin? You could pay them a very healthy salary, pay for tech out of pocket, and still come out way ahead compared to 15 bps on 100mm. Portfolio Management & Rebalancing - TD Ameritrade iRebal CRM - Wealthbox Billing - BillFin Planning - MoneyGuidePro Risk Analysis - FinaMetrica Compliance - Smart RIA
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Haha. He’s talking about the word -recruited |
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Fitness1983
Senior Member Joined: Mar/06/2016 Status: Offline Points: 804 |
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That's pretty funny |
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PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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I cannot believe people pay for rebalancing programs.
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Chief
Gold Member Joined: Mar/12/2010 Status: Offline Points: 16265 |
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THIS
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"You like winning don't you?" "Saves you from having to say the word please."
Good point Chief. Iceco1d 10/30/12 |
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Fitness1983
Senior Member Joined: Mar/06/2016 Status: Offline Points: 804 |
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Why not? What is the main value you offer and deliver to your clients? |
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TheStupidInvestor
Senior Member Joined: Aug/10/2013 Location: Canada Status: Offline Points: 1403 |
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I think it's because "rebalancing" can be figured out in excel in less than 2 minutes. If there is a program out there that tracks each individual client mandate and automatically rebalances portfolios at once, their may be some value in that
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Popcorn ready. This is the kind of question that sets AH off |
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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Offline Points: 30786 |
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FinaMetrica is garbage. There is no reason to pay for risk tolerance software unless it is providing some sort of lead generating value, or sales juju a la Riskalyze. For regulatory purposes, come up with a quick five question "risk assessment" and use that. |
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I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis
Fiduciary as Fuck - iMo |
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PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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You skipped leg day. |
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PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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Fitness1983
Senior Member Joined: Mar/06/2016 Status: Offline Points: 804 |
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I didn't say re-balancing was a main value. I just asked what your main value add to your clients is. "I manage money" doesn't sound like much of a differentiator. How do you manage it? I'm seriously asking. I'm curious what you say to clients/prospects |
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Buy AAPL on margin as a cash surrogate. 😁
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Gob
Rookie Joined: Jan/19/2018 Status: Offline Points: 35 |
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I am the best manage money. Ask anyone on the street. They will tell you how fantastic I am at managing money. Now sign this acat. Are there platforms that offer a full tech stack? My main concern is integration between programs. |
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