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opensesame View Drop Down
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    Posted: Oct/13/2016 at 8:41pm
Thankforthehelp

Edited by opensesame - Nov/19/2016 at 11:22am
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Why not try and find an admin assistant role at an indy firm instead? Earn a salary while learning the business. They may even let you study for licensing on the job.  Be clear about your intentions up front and they will likely be supportive, may even pass some smaller accounts your way to cut your teeth.  
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You're entering at the perfect time. The DOL is implementing rules where you're going to see a huge increase in advisors. Congrats on getting in on the ground floor!
Money can't buy happiness, but it's a damn good down payment!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Macduff Quote  Post ReplyReply Direct Link To This Post Posted: Oct/13/2016 at 11:46pm
Originally posted by wiredup wiredup wrote:

You're entering at the perfect time. The DOL is implementing rules where you're going to see a huge increase in advisors. Congrats on getting in on the ground floor!

I think this is true. I can't tell if you're being serious or not but I think it's true.

I think the biggest impact of the DOL is going to be the amount of work that goes into each account. Between annual reviews, goals, and (possibly) actual planning, DOL is going to put a cap on the number of accounts that each advisor can service. Some firms will implement a hard cap on households, others will have a soft cap. Either way, I think that it's going to be hard to defend yourself as a fiduciary if you have 300+ households.

The winner of this is young advisors. I think that older advisors are going to be trying to shed their smaller accounts and team up with younger advisors in order to provide continuity for their clients. 

I've seen this in my own life. I'm with Merrill now, as a PMD. I'm failing out, if we're being quite honest. I know though, were I to fail out tomorrow, I could find another job within the next month fairly easily. One of the RD's from a competing local wirehouse is looking for young advisors to partner with his older advisors. We're having lunch soon to talk. Same for at least one of the local indies. There just aren't many good young advisors. Personally, I've learned that I'm not a good salesman. I am good at client servicing though and I'm very good at financial planning. Learn to play to your strengths.
“I was born for the storm, and a calm does not suit me.”

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Delbs Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2016 at 7:24am
Originally posted by jdavid83 jdavid83 wrote:

Why not try and find an admin assistant role at an indy firm instead? Earn a salary while learning the business. They may even let you study for licensing on the job.  Be clear about your intentions up front and they will likely be supportive, may even pass some smaller accounts your way to cut your teeth.  


Disagree. If you want to do this, do it now. It doesn't sound like your 22, so in a few years you can be an assistant or an FA who has three years worth of clients and assets.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jdavid83 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2016 at 12:44pm
Originally posted by Delbs Delbs wrote:

Originally posted by jdavid83 jdavid83 wrote:

Why not try and find an admin assistant role at an indy firm instead? Earn a salary while learning the business. They may even let you study for licensing on the job.  Be clear about your intentions up front and they will likely be supportive, may even pass some smaller accounts your way to cut your teeth.  


Disagree. If you want to do this, do it now. It doesn't sound like your 22, so in a few years you can be an assistant or an FA who has three years worth of clients and assets.

He clearly already has reservations about doing it. They're going to chew him up and spit him out at a wirehouse.  How old are you opensesame? 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2016 at 3:14pm
The DOL has nothing to do with how many households you have.  You can still be a fiduciary easily for a small household with limited needs. 

The advisor headcount in our industry is going to shrink, not grow. 

I'd take the job at the wire and get paid to get licensed and learn what you're doing.  Plan on getting fired.  Depending on when that happens, I'd either go to EDJ or another wire (for another round of salary or free assets) if you think you're going to make it with enough time, or go to a bank if you suck at prospecting (which will take you once you are licensed and have experience at a wire), preferably a community bank.

The other route I'd take is keep your day job now, and start your own RIA from scratch.  Quit your day job when you have enough AUM to do this full time.
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Originally posted by helado helado wrote:


The DOL has nothing to do with how many households you have.  You can still be a fiduciary easily for a small household with limited needs. 

The advisor headcount in our industry is going to shrink, not grow. 

I'd take the job at the wire and get paid to get licensed and learn what you're doing.  Plan on getting fired.  Depending on when that happens, I'd either go to EDJ or another wire (for another round of salary or free assets) if you think you're going to make it with enough time, or go to a bank if you suck at prospecting (which will take you once you are licensed and have experience at a wire), preferably a community bank.

The other route I'd take is keep your day job now, and start your own RIA from scratch.  Quit your day job when you have enough AUM to do this full time.


5 yr plan = divorce and suicide. This sounds miserable.

What do you get from the wire in round 1?

I'd start at EJ and collect the salary and build your fee based book. If you do the work, you'll make it. If not, you probably weren't making it anywhere else either. Maybe get lucky and get assets. I just don't see the point in going to a wire knowing you'll fail like you say here. EJ pays training as well
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Post Options Post Options   Thanks (0) Thanks(0)   Quote apac707 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2016 at 9:20pm
Originally posted by helado helado wrote:

The DOL has nothing to do with how many households you have.  You can still be a fiduciary easily for a small household with limited needs. 

The advisor headcount in our industry is going to shrink, not grow. 

I'd take the job at the wire and get paid to get licensed and learn what you're doing.  Plan on getting fired.  Depending on when that happens, I'd either go to EDJ or another wire (for another round of salary or free assets) if you think you're going to make it with enough time, or go to a bank if you suck at prospecting (which will take you once you are licensed and have experience at a wire), preferably a community bank.

The other route I'd take is keep your day job now, and start your own RIA from scratch.  Quit your day job when you have enough AUM to do this full time.

Sound advice, wish I listened before entering in. Im working it out at the wire now given the situation, but a local CU would be the way to go
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don't enter this industry, its shrinking. 

Enter a growth industry
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opensesame View Drop Down
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Thanks

Edited by opensesame - Nov/19/2016 at 11:23am
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opensesame View Drop Down
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thanks

Edited by opensesame - Nov/19/2016 at 11:23am
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PEACH_cm View Drop Down
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Get an attorney rather than take advise from people you do not know regarding your planned failure in this industry.
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Oct/15/2016 at 10:50am
Originally posted by opensesame opensesame wrote:

Originally posted by helado helado wrote:

The DOL has nothing to do with how many households you have.  You can still be a fiduciary easily for a small household with limited needs. 

The advisor headcount in our industry is going to shrink, not grow. 

I'd take the job at the wire and get paid to get licensed and learn what you're doing.  Plan on getting fired.  Depending on when that happens, I'd either go to EDJ or another wire (for another round of salary or free assets) if you think you're going to make it with enough time, or go to a bank if you suck at prospecting (which will take you once you are licensed and have experience at a wire), preferably a community bank.

The other route I'd take is keep your day job now, and start your own RIA from scratch.  Quit your day job when you have enough AUM to do this full time.

Thanks for response.  Should I plan on being able to take assets from wire #1 to whatever job #2 is?  Or am I under some employment contract that prevents you from taking assets you have accumulated to future jobs?  Apologies for the question, I am not familiar with the industry.
 
They are all pretty much the same and they all belong to the broker protocol. You'll be able to take assets as long as you follow the rules AND your next firm belongs to the protocol...note: Edward Jones isn't a protocol firm.
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dead Money Quote  Post ReplyReply Direct Link To This Post Posted: Oct/16/2016 at 10:43am
I'd listen to Helado.  Go to Jones in phase two.  Another round of salary and a restart.  Good chance of getting assets and an established office as a transfer broker and better chance at survival.  What makes you think Merrill will hire you in the first place?  Just because you can fog a mirror doesn't mean they will want you.  They probably want people with rich family members or wealthy natural market...
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What is the training like at a wire? How is it similar/different than EJ?
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Originally posted by bc2051 bc2051 wrote:

What is the training like at a wire? How is it similar/different than EJ?

What does it matter at this point?
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opensesame View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote opensesame Quote  Post ReplyReply Direct Link To This Post Posted: Oct/22/2016 at 11:38am
thank you for the help
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/22/2016 at 6:48pm
Originally posted by Iamlegend Iamlegend wrote:

Originally posted by bc2051 bc2051 wrote:

What is the training like at a wire? How is it similar/different than EJ?

What does it matter at this point?


Just always been curious
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Oct/22/2016 at 11:40pm
Originally posted by bc2051 bc2051 wrote:

Originally posted by Iamlegend Iamlegend wrote:

Originally posted by bc2051 bc2051 wrote:

What is the training like at a wire? How is it similar/different than EJ?

What does it matter at this point?


Just always been curious

Did you notice the ?

Actually EJ training is probably best because they focus on it.
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