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XsandOs View Drop Down
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    Posted: Aug/15/2012 at 10:31am
Hello,
 
My name is Skip and this is my first post to the group.  I have been in the business 27 years and recently jumped ship from the wirehouse system to my own shop.  I've got all the usual licenses and just added a shiny new Series 24.  I live and work in Asheville, NC and have been here 12 years.  My business is primarily wealth management and I use a lot of technical analysis in setting portfolios up.  The MPT sleeves are easy but haven't really delivered this century and I want the ability to overweight (or completely remove) asset classes from the book. 
 
My reason for joining here is mostly practice management.  I'll have a bunch of questions on operating outside the umbrella of a large wirehouse environment -- and can hopefully add some gray-hair observations for things I've seen since 1985.  Since this post is my initial hi-howdy, I'll put some of those questions at the bottom of the page and see if I get some bites.  I'm clearing through LPL so those in that situation are extra welcome to comment on ways you have augmented their platform.
 
Thanks for reading and I'm looking forward to e-meeting you,
 
1) favorite accounting and payroll software for a small practice,
2) favorite cell-phone for scheduling, navigation and contact management (and please, please spam
        control),
3) Time management for OSJ responsibilities.        
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balancedbull View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote balancedbull Quote  Post ReplyReply Direct Link To This Post Posted: Aug/15/2012 at 10:34am
Welcome Skip, I lived in Asheville for 10 years myself (house on Town Mountain Rd). Beautiful place to hang your hat!
“If Pac-Man had affected us as kids, we'd all be running around in dark rooms, munching pills and listening to repetitive electronic music.”

― Marcus Brigstocke
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MainStreet View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MainStreet Quote  Post ReplyReply Direct Link To This Post Posted: Aug/15/2012 at 10:38am
insofar as I'll be looking for my own "shiny new S24" shortly, I'm damned pleased to meet you.
 
Asheville NC ... what a great place to live. Welcome.
Trouble is, you think you have time ~ Buddha
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XsandOs View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote XsandOs Quote  Post ReplyReply Direct Link To This Post Posted: Aug/15/2012 at 10:48am
Thanks gents,
 
MainStreet, I squeeked by with a 72.  Lot's of questions that weren't in the study materials.  My wife had a 24 when she was the OSJ (didn't call it that then) with a mutual fund company.  She pointed out that passing only means you can get sued for a lot more stuff. 
 
The important thing is that if I ever decide to head a syndicate to issue interstate trucking company preferreds, I know how many accredited investors I need. 
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advisorman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Aug/15/2012 at 10:49am
Originally posted by XsandOs XsandOs wrote:

Hello,
 

My name is Skip and this is my first post to the group.  I have been in the business 27 years and recently jumped ship from the wirehouse system to my own shop.  I've got all the usual licenses and just added a shiny new Series 24.  I live and work in Asheville, NC and have been here 12 years.  My business is primarily wealth management and I use a lot of technical analysis in setting portfolios up.  The MPT sleeves are easy but haven't really delivered this century and I want the ability to overweight (or completely remove) asset classes from the book. 

 

My reason for joining here is mostly practice management.  I'll have a bunch of questions on operating outside the umbrella of a large wirehouse environment -- and can hopefully add some gray-hair observations for things I've seen since 1985.  Since this post is my initial hi-howdy, I'll put some of those questions at the bottom of the page and see if I get some bites.  I'm clearing through LPL so those in that situation are extra welcome to comment on ways you have augmented their platform.

 

Thanks for reading and I'm looking forward to e-meeting you,

 

1) favorite accounting and payroll software for a small practice,

2) favorite cell-phone for scheduling, navigation and contact management (and please, please spam

        control),

3) Time management for OSJ responsibilities.        



I'm sending you a PM
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MainStreet View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MainStreet Quote  Post ReplyReply Direct Link To This Post Posted: Aug/15/2012 at 10:54am
Originally posted by XsandOs XsandOs wrote:

Thanks gents,
 
MainStreet, I squeeked by with a 72.  Lot's of questions that weren't in the study materials.  My wife had a 24 when she was the OSJ (didn't call it that then) with a mutual fund company.  She pointed out that passing only means you can get sued for a lot more stuff. 
 
The important thing is that if I ever decide to head a syndicate to issue interstate trucking company preferreds, I know how many accredited investors I need. 
LOL. I'm good with a 71.
 
Which study materials did you use, so I know which ones not to work with?
Trouble is, you think you have time ~ Buddha
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XsandOs View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote XsandOs Quote  Post ReplyReply Direct Link To This Post Posted: Aug/15/2012 at 12:51pm
I used PassPerfect and I think it is probably as good as any.  I'd say 30-40% of the test is a rehash of the 7.  A lot is underwriting.  No options (thankfully).  Most of the rest is supervisory and some real nitty gritty about the trading markets.  Stuff like how the specialist's book has to be ordered and when (and by whom) trades have to be posted to the SROs.  Capital requirements depending on whether you are a market maker or sub that out to someone else.  The kinds of things you would need to know if that was all you did.
 
One of the annoying aspects is that some parts are completely outdated -- and the study materials admit it -- but the regs haven't changed so it is still tested.  An example is how you enter a bid/ask so you can't lock the spread.  Computers have done that for years.  I'm not going to be making markets anyway so I don't have a lot of practical use for obsolete methods of doing what I don't do.  Nothing on ETF construction either.  That would have been useful.
 
No matter what you do, you have to take time and just grind through it.  Good luck, sh
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Chief View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Chief Quote  Post ReplyReply Direct Link To This Post Posted: Aug/16/2012 at 11:32am
What made you decided to leave?
"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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Sportsfreak View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Aug/17/2012 at 8:39pm
X&O - Let me guess - you are a DWA disciple. 

& Competition for the grey hair.
Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014
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XsandOs View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote XsandOs Quote  Post ReplyReply Direct Link To This Post Posted: Aug/17/2012 at 9:40pm
Chief, same story as most.  When I started, you needed mass for access to inventory.  Now, you can trade commodities at any market in the world from a tree house in Guatemala.  I don't need to carry that kind of weight on the short side of the grid.  The relationships are all that really mattered.  Wish I'd realized that earlier.

Pull a 10-year chart on BAC (not my company but I was MER for 15 years).  Stare at it for a minute. Does that represent the kind of commitment, resources, integrity and vision your clients hired you to find?  Plus, almost all wirehouse research is now controlled by TARP recipients.  It really wasn't explained to me how they would let us know when the next meltdown was looming :)

I've got a Farside cartoon on my office wall of three dinosaurs.  Two of them are laughing at a small furry mammal.  The third looks bewildered by falling snowflakes.  
 
PS  Sportsfreak, I use him a lot but also share the love, sh


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Post Options Post Options   Thanks (0) Thanks(0)   Quote stevuke Quote  Post ReplyReply Direct Link To This Post Posted: Aug/17/2012 at 10:24pm
Welcometo the board XsandOs!
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