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bc2051 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2019 at 1:18pm
Originally posted by PEACH_cm PEACH_cm wrote:

Originally posted by Omar Omar wrote:

Funny, I feel like in the last few years I've become a prospect in the eyes of every service out there designed to provide me leads.  Hunter has become hunted.
RIAs have been nonstop with their investment philosophy pitches on why they should manage my clients money, people selling lists, people selling business buying opportunities, technology, etc.
Shit, everyone is looking for subscription based revenue these days.
that is because most money managers realize the vast majority of FAs are terrible about managing money. Problem is until consumers become more educated the bad FAs continue to make bank


And to be clear, the FA that is bad at managing money would be better than if the insurance guy got ahold of them along with a bunch of others. There is levels of shittiness
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PEACH_cm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote PEACH_cm Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2019 at 1:23pm
Originally posted by bc2051 bc2051 wrote:

Originally posted by PEACH_cm PEACH_cm wrote:

Originally posted by Omar Omar wrote:

Funny, I feel like in the last few years I've become a prospect in the eyes of every service out there designed to provide me leads.  Hunter has become hunted.
RIAs have been nonstop with their investment philosophy pitches on why they should manage my clients money, people selling lists, people selling business buying opportunities, technology, etc.
Shit, everyone is looking for subscription based revenue these days.
that is because most money managers realize the vast majority of FAs are terrible about managing money. Problem is until consumers become more educated the bad FAs continue to make bank


And to be clear, the FA that is bad at managing money would be better than if the insurance guy got ahold of them along with a bunch of others. There is levels of shittiness
agreed... for the most part

Edited by PEACH_cm - May/21/2019 at 1:24pm
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B24 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2019 at 1:34pm
Originally posted by PEACH_cm PEACH_cm wrote:

Originally posted by Omar Omar wrote:

Funny, I feel like in the last few years I've become a prospect in the eyes of every service out there designed to provide me leads.  Hunter has become hunted.
RIAs have been nonstop with their investment philosophy pitches on why they should manage my clients money, people selling lists, people selling business buying opportunities, technology, etc.
Shit, everyone is looking for subscription based revenue these days.
that is because most money managers realize the vast majority of FAs are terrible about managing money. Problem is until consumers become more educated the bad FAs continue to make bank

I think it's more because the industry is focusing more on planning vs. investments. It is fairly accepted wisdom that most money managers don't add much value (above advisors or other money managers), so it is best to use the lowest-cost money management and add value through planning.

I actually ran into a colleague last night getting my hair cut. He's an indy advisor in town that I know pretty well, but we never talked too much about business. Turns out, he outsources ALL of his investments management to AssetMark. I wasn't clear from his explanation, but I think he pays (or client pays actually) like 50 Bips for that. Then there's the fund expenses. Then there's his fee. He didn't say specifically, but he's gotta be 1.5-2% all-in with that structure. He's indy through Lincoln Financial Securities.

I guess I just don't see the point. I assume they are just ETF or fund portfolios.Not sure why you don't just run the same portfolio with cheap ETF's and save 50+Bips. I suppose maybe it allows you to leverage your time better and serve more clients. 

It's like that Dan Goldie guy that had a Billion as a solo RIA. 
"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18
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luvindy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2019 at 1:53pm
Originally posted by Omar Omar wrote:

Funny, I feel like in the last few years I've become a prospect in the eyes of every service out there designed to provide me leads.  Hunter has become hunted.
RIAs have been nonstop with their investment philosophy pitches on why they should manage my clients money, people selling lists, people selling business buying opportunities, technology, etc.
Shit, everyone is looking for subscription based revenue these days.

Along this line I was just saying recently that I feel like suddenly I have become the potential employer of choice for people looking for a better situation at the same level of guaranteed income with all of the upside to them. There must be a turning point in age and longevity when you become hunted in a variety of ways.

8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,322
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Omar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Omar Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2019 at 4:59pm
Originally posted by B24 B24 wrote:

Originally posted by PEACH_cm PEACH_cm wrote:

Originally posted by Omar Omar wrote:

Funny, I feel like in the last few years I've become a prospect in the eyes of every service out there designed to provide me leads.  Hunter has become hunted.
RIAs have been nonstop with their investment philosophy pitches on why they should manage my clients money, people selling lists, people selling business buying opportunities, technology, etc.
Shit, everyone is looking for subscription based revenue these days.
that is because most money managers realize the vast majority of FAs are terrible about managing money. Problem is until consumers become more educated the bad FAs continue to make bank

I think it's more because the industry is focusing more on planning vs. investments. It is fairly accepted wisdom that most money managers don't add much value (above advisors or other money managers), so it is best to use the lowest-cost money management and add value through planning.

I actually ran into a colleague last night getting my hair cut. He's an indy advisor in town that I know pretty well, but we never talked too much about business. Turns out, he outsources ALL of his investments management to AssetMark. I wasn't clear from his explanation, but I think he pays (or client pays actually) like 50 Bips for that. Then there's the fund expenses. Then there's his fee. He didn't say specifically, but he's gotta be 1.5-2% all-in with that structure. He's indy through Lincoln Financial Securities.

I guess I just don't see the point. I assume they are just ETF or fund portfolios.Not sure why you don't just run the same portfolio with cheap ETF's and save 50+Bips. I suppose maybe it allows you to leverage your time better and serve more clients. 

It's like that Dan Goldie guy that had a Billion as a solo RIA. 
 

I know plenty of Advisors who use third parties to manage their portfolios.  Yes, it's more expensive to the client (assuming the Advisor doesn't cut their fee).  But, it does free up the Advisor's time to prospect and/or spend more time being productive.  All of these guys I know are very big producers.
For me, I actually enjoy building and managing the accounts.  Plus, I can't trust that the third party isn't giving preference to certain funds with support/sponsor funds they receive. I've had several clients tell me that they prefer me making all of the decisions.  But yeah, if I offloaded some of that management I'd have more time for sure. 
The game is out there. Either play or get played.
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luvindy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2019 at 8:19pm
Originally posted by Omar Omar wrote:

Originally posted by B24 B24 wrote:

Originally posted by PEACH_cm PEACH_cm wrote:

Originally posted by Omar Omar wrote:

Funny, I feel like in the last few years I've become a prospect in the eyes of every service out there designed to provide me leads.  Hunter has become hunted.
RIAs have been nonstop with their investment philosophy pitches on why they should manage my clients money, people selling lists, people selling business buying opportunities, technology, etc.
Shit, everyone is looking for subscription based revenue these days.
that is because most money managers realize the vast majority of FAs are terrible about managing money. Problem is until consumers become more educated the bad FAs continue to make bank

I think it's more because the industry is focusing more on planning vs. investments. It is fairly accepted wisdom that most money managers don't add much value (above advisors or other money managers), so it is best to use the lowest-cost money management and add value through planning.

I actually ran into a colleague last night getting my hair cut. He's an indy advisor in town that I know pretty well, but we never talked too much about business. Turns out, he outsources ALL of his investments management to AssetMark. I wasn't clear from his explanation, but I think he pays (or client pays actually) like 50 Bips for that. Then there's the fund expenses. Then there's his fee. He didn't say specifically, but he's gotta be 1.5-2% all-in with that structure. He's indy through Lincoln Financial Securities.

I guess I just don't see the point. I assume they are just ETF or fund portfolios.Not sure why you don't just run the same portfolio with cheap ETF's and save 50+Bips. I suppose maybe it allows you to leverage your time better and serve more clients. 

It's like that Dan Goldie guy that had a Billion as a solo RIA. 
 

I know plenty of Advisors who use third parties to manage their portfolios.  Yes, it's more expensive to the client (assuming the Advisor doesn't cut their fee).  But, it does free up the Advisor's time to prospect and/or spend more time being productive.  All of these guys I know are very big producers.
For me, I actually enjoy building and managing the accounts.  Plus, I can't trust that the third party isn't giving preference to certain funds with support/sponsor funds they receive. I've had several clients tell me that they prefer me making all of the decisions.  But yeah, if I offloaded some of that management I'd have more time for sure. 

And people wonder why our industry has a bad reputation.


8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,322
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